Mainland China stock markets may quadruple in value over the next five years and erode Hong Kong's importance, according to a new report by Credit Suisse quoted in the Financial Times. Financial reforms and the recovery of mainland share prices could lead many large Chinese companies to list in the mainland. What's more, the "dysfunctional" Chinese market has improved and "the basic foundations are now more or less complete," wrote Vincent Chan, head of Chinese investment at the bank. The stock markets in Shenzhen and Shanghai halved in value between 2001 and 2005 while Hong Kong solidified its position as the leading overseas destination for Chinese companies, raising almost US$20 billion compared to US$6.1 billion in the mainland.