The social development and changes of Hong Kong in the 1990s were mainly caused by the signing of the Sino-British Joint Declaration in 1984, which transferred the sovereignty of Hong Kong from the United Kingdom to the People's Republic of China and the People's Republic of China. . On the evening of June 30, 1997, the ceremony for the handover of Hong Kong, China, to the Republic of China began, bringing an end to the colonial history of Hong Kong, China. Hong Kong, China, became the first special administrative region of the Republic of China on the night of July 1st. In the late 1990s, the Asian financial crisis broke out across Asia, and the economy of Hong Kong, China, fell from its peak to its bottom. After the handover, the society of Hong Kong, China, was very dissatisfied with the government led by the first chief executive, ***, and Hong Kong, China, ended the 1990s with dissatisfaction. *** Handover Ceremony Main article: Hong Kong, China *** Handover On the night of July 1, 1997, *** the handover ceremony was held at the Hong Kong Convention and Exhibition Center in Wan Chai, China. The British flag and colonial flag were lowered, and the regional flag of the Hong Kong Special Administrative Region of China and the flag of the Republic of China were raised, marking the transfer of Hong Kong, China from British colonial governance to Chinese governance. Those attending the handover ceremony included His Royal Highness Prince Charles, the then President of the People's Republic of China, Chris Patten, the last Governor of Hong Kong, China, and the first Chief Executive of the SAR ***. *** After the handover ceremony, Hong Kong, China officially became a special administrative region of the Republic of China. *** Became the first Chief Executive, replacing Patten, the Governor of Hong Kong, China. [Edit] *** After the handover *** After the handover, the highest law in Hong Kong, China is the "Basic Law of the Hong Kong Special Administrative Region of China". The Basic Law is the constitutional document of Hong Kong, China, which grants and guarantees that Hong Kong, China, has a high degree of autonomy and residents enjoy administrative, legislative and judicial rights. [edit] Economy [edit] Asian Financial Crisis Hong Kong's Hang Seng Index fluctuated greatly during the handover period. In mid-1996, the Hang Seng Index was around 10,000 points; by August 7, 1997, it reached 16,820.3 points, setting a historic high. Speculators believe that a large amount of hot money will flow into the Hong Kong market from mainland China, creating a prosperous market situation during the handover of Hong Kong to China. Shares of Chinese companies and China-related stocks surged. However, at the same time, peripheral hedge funds also noticed the situation in the Hong Kong stock market. In July 1997, the Thai government decided to let the value of the baht float freely, triggering the Asian financial crisis. Since then, the New Taiwan dollar, South Korean won, and Indonesian rupiah have all depreciated significantly. Most stock markets in Asia have been hit, but investors in Hong Kong don't think the Hong Kong market will suffer the same problem. Peripheral hedge funds are optimistic about the weakness of the Hong Kong dollar linked exchange rate and have set Hong Kong, China as the next target. In October 1997, hedge funds suddenly moved a large amount of funds out of Hong Kong, China, causing interbank interest rates to surge sharply. The stock market is very sensitive to interest rate fluctuations. The Hang Seng Index fell from 13,473 points on October 20 to 10,426 points on October 23, a total of 2,413 points in one week. The lowest level was 9,766 points on October 23, 1997, which was considered Black Friday. On August 13, 1998, the Hang Seng Index fell to 6544 points, a drop of 62% in one year. In order to save the stock market in Hong Kong, China, the Hong Kong Government decided to inject 120 billion yuan from the Exchange Fund and purchase blue chip stocks to prevent the Hang Seng Index from rising. *** This action allowed the Hang Seng Index to return to the 8,000-point level in about two weeks, and then rose steadily the next year. This is the trend of the Hang Seng Index over the years. [edit] Technology stock bubble In mid-1999, the Hong Kong stock market experienced volatility again. Richard Li, the son of Hong Kong's richest man Li Ka-shing, listed his company PCCW through a backdoor merger. At that time, the stock prices of technology companies such as telecommunications and Internet companies were rising. Popular mergers between old-style companies and new-style companies, such as the merger of AOL and Warner. This craze for technology and Internet stocks has also landed in Hong Kong, China. For example, the stock price of Yingke Digital Power (then stock code: 1186) climbed from a few cents in Hong Kong dollars to a historic peak of 28.50 when the merger with Hong Kong Telecom was announced on February 14, 2000. However, the Internet stock bubble burst in early 2000, and the merged PCCW plunged 98% the next year. PCCW has become a huge negative asset, with a debt of HK$80 billion in a few years. PCCW later had to sell its core businesses to ease its financial difficulties. For example, the mobile phone service CSL was acquired by the Australian telecommunications company Telstra.

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