【英语中国】“沪港通”:内地受益大过香港 Latest China-HK Market Opening Better For Mainland Than HK

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2014-4-12 19:41

小艾摘要: China's move Thursday to open up its stock markets to more foreign cash, while allowing further access for domestic investors to Hong Kong could be more of a boon for its domestic bourses than for the ...
Latest China-HK Market Opening Better For Mainland Than HK
China's move Thursday to open up its stock markets to more foreign cash, while allowing further access for domestic investors to Hong Kong could be more of a boon for its domestic bourses than for the former British colony.

While shares in Hong Kong's stock exchange operator, Hong Kong and Exchanges Clearing Ltd., rose 11% on Friday, on hopes of massive inflows of money from the mainland, past experience shows those hopes may be misplaced. On Wednesday, after months of talks between the two markets' regulators, China approved a program that will allow investors in Hong Kong to plow up to 13 billion yuan ($2.1 billion) a day into mainland shares, up to a maximum 300 billion yuan. Mainland investors can send a lower number -- up to 10.5 billion yuan a day-- to Hong Kong, capped at 250 billion. Investors can buy dual-listed and blue-chip stocks on both exchanges.

UBS said in a note Friday that the Hong Kong stock exchange's market turnover isn't likely to raise market turnover by any more than a 'mid-single-digit', adding that Shanghai may end up being the longer term winner of the new rules.

'We note that historically there has been more demand for QFII quotas which are often fully utilised (money going in to China),' UBS said. 'Demand for QDII quotas (money coming out of China) has been more limited with we believe less than 50% currently utilised.'

Currently, Chinese financial institutions and individuals are allowed to invest $86.59 billion in foreign investments under a quota, known as the Qualified Domestic Institutional Investor program. That QDII program has only been 41% utilized, according to numbers from state media reports. That's because many domestic Chinese investors had their fingers burnt after the financial crisis and has been less keen on investing overseas since then.

Many Chinese investors rushed to buy the first batch of QDII funds in 2006. Those were mainly invested in Hong Kong stocks, which plunged 48% in 2008 alone.

Questions remain among brokers and asset managers over whether those institutions already permitted to invest in China through an existing mechanism will be able to invest under the new scheme.

The qualified foreign institutional investor (QFII) regime gives international buyers a quota which they may invest directly in the country's stock markets. China had allowed a total of US$53.6bn of foreign capital to be invested in the mainland's securities market as of March, according to the State Administration of Foreign Exchange. 'We're not sure if we can circumvent the QFII,' said one Hong Kong-based fund manager.

How the different classes of investors will be treated was not something that had yet been spelled out by regulators, said Mark Chan, a partner at the law firm Berwin Leighton Paisner. 'I don't see conflicts between the two, but it might be a case where they'll try to reconcile the limits,' he said.

中国周四公布的“沪港通”试点将向更多外资开放中国内地股市,同时允许中国内地投资者更多地投资香港股市。相比香港交易所,此举给内地交易所带来的好处可能更大。

Bloomberg news港交所交易员在电脑前工作。香港证券交易所运营商香港交易及结算所有限公司(Hong Kong Exchanges and Clearing Ltd.,简称:香港交易所)的股价周五涨11%,原因是投资者预计大量内地资金将流入香港,但根据以往经验,这样的期望可能并不适当。周三,在两地监管机构进行了数月的协商后,中国批准了一项计划,允许香港投资者每日向内地股市投资最多人民币130亿元(合21亿美元),总额度为人民币3,000亿元。内地投资者每日可向香港股市投资最多人民币105亿元,略低于前者,总额度为人民币2,500亿元。投资者可在两个交易所购买在两地上市公司的股票和蓝筹股。

瑞士银行(UBS)周五在一份报告中说,香港交易所的成交额不太可能出现超过单位数的增幅。报告还说,长远来看,上海可能成为新规定的赢家。

瑞士银行表示,该行注意到,历来对合格境外机构投资者(QFII, 流入中国的资金)额度的需求更大,QFII额度常常用光。它还说,合格境内机构投资者(QDII, 流出中国的资金)需求较为有限,该行认为目前额度只用了不到50%。

目前,中国金融机构和个人获准通过QDII进行对外投资,额度为865.9亿美元。国有媒体报道的数据显示,QDII项目额度的利用率只有41%。这是因为很多国内投资者因金融危机而蒙受损失,之后对海外投资的热情消退。

2006年,很多中国投资者争相购买第一批QDII基金。这些基金主要投资香港股市,单2008年一年就重挫48%。

对于已经获准通过现有机制在华投资的机构是否能够在新机制下投资,经纪商和资产管理公司仍存在疑问。

QFII机制给予国际买家一定额度,允许其在额度范围内直接投资中国股市。据中国国家外汇管理局称,截至3月份,QFII审批额度总计536亿美元。一位驻香港的基金经理称,不确定是否能够绕开QFII投资内地股市。

英国博问律师事务所(Berwin Leighton Paisner)的合伙人Mark Chan表示,监管机构尚未说明不同类型的投资者的待遇有何区别。他认为二者没有冲突,但可能需要监管机构协调相关的限制。

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