Starting from early 1980’s, Hong Kong proclaimed her intended development towards an international financial center. The study has disclosed noteworthy corporate practices by scrutinizing how the equity financing decisions of representative, large Hong Kong companies contributed to their individual corporate growth during Hong Kong’s target of development of the decade of 1980s. Impressive corporate growth of selected companies, amidst a simple taxation system commanding low taxes, did exemplify accelerated growth by equity financing amidst market capitalization of a financial center. Remarkably, the equity financing strategies being applied led to corporate growth in support of MM’s proposition of irrelevance of capital structure to firm market value. Typically, the aggregated corporate growth in equity from 1984 to 1993, for Hang Seng Index Constituent Stock Companies, has indicated a positive linear relationship to the aggregate of equities issued during the period. The...