The Interconnection Of A Shares And Hong Kong Stocks Is The General Trend.

Rumors of "P > A share and Hong Kong stock exchange once again caused the market to agitated, but the two major agencies involved in the HKEx and the Shanghai Stock Exchange have not reached any conclusion in response to" interconnection and interoperability ". However, what is worth looking forward to is that the HKEx's announcement also indicates that" there has been a discussion on the possibility of establishing interconnection and interconnection between the mainland and the Hongkong market ".

< /p >

It is not a matter of two days since the HKEx sought to establish interconnection and negotiation with the mainland market. P should have hired Li Xiaojia, a mainland investment banker in June 2009, as the president of the HKEx. There was such a motive before Li Xiaojia took office.

< /p >

< p > remember that when I visited the Hong Kong stock exchange a few years ago, it was just when Li Xiaojia, President of the HKEx and general manager Zhang Yujun of the Shanghai Stock Exchange, convened a joint press conference. The main contents of the release were the Shanghai and Hong Kong financial cooperation and the interconnection of A shares and Hong Kong stocks, but only because the RMB capital account had not yet been opened. Cross border pactions and cross-border supervision of the capital markets were not yet sound. "Interconnection and interconnection" has not been implemented yet, but this is the general trend and is worth looking forward to.

< /p >

＜p＞　　尤其在目前的大環境下，中國主動改革開放的力度在進一步加大，資本項下開放將不再遙遙無期，人民幣國際化已經出現了驚人的步伐(國際清算銀行最新調查報告顯示2013年人民幣在全球的交易額已經排名第九)，內地對資本市場國際化和資本定價權的意識越來越強烈，尤其中國已從“資本短缺”的國家變成“資本充裕”，對資本市場的需求逐漸從融資轉向投資和資源配置，內地很多富有的個人已經開始謀求資產的全球化配置，這對香港金融服務業無疑是最好的機遇，從港交所的狀態來看，似乎早已做好了這樣的準備，2011年就已經允許企業以人民幣發行股票;2012年推出了全球首只人民幣可交收期貨合約，目前在港交所旗下市場交易的人民幣計價產品已經多達112只，儼然已成為離岸人民幣的中心，短短幾年經香港處理的人民幣貿易結算總額已經攀升至2013年的3

.8 trillion yuan, it is obvious that the current 112 products are difficult to meet the precipitation of nearly trillion yuan in Hongkong (the data in January this year is 893 billion yuan). If the RMB wants to truly achieve international and overseas precipitation, it must expand the investment function of offshore RMB.

< /p >

< p > remember that a few years ago, Chen Delin, President of the Hongkong monetary authority, told me that although Hongkong has a lot of Renminbi deposits, its utilization rate and yield are very low. If the investment market for RMB denominated is not developed, the RMB will be refunded abroad.

Obviously, this is also one of the main reasons for deregulation under capital terms. If the two capital markets can be interconnected, the mainland listed companies will be able to make joint pactions in the HKEx, which will fully meet the investment and paction needs of offshore RMB holders.

From the perspective of internal and external demand for RMB internationalization, the general trend of interoperability between two capital markets is irreversible.

< /p >

< p > from the perspective of domestic investment demand and asset allocation, it is also a general trend to moderately liberate the mainland's "a href=" http://www.91se91.com/news/index_cj.asp "individual investor" /a.

< /p >

The authority has announced the pilot scheme for the direct investment of foreign direct investment in the mainland stock market in Tianjin, which is the "Hong Kong stock direct train" which has been heated up in the mainland. However, due to the strong opposition of many scholars and officials in the mainland, the timing of China's capital account liberalization is not yet mature. This undoubtedly leads to a hole in capital control. The inflow and outflow of funds will be difficult to control. Laws and regulations, investors and market capacity are still not perfect. At that time, the valuation of the A share market is generally higher than that of Hong Kong stocks. It is feared that the "Hong Kong Equity direct train" will become a one-way capital outflow of Hong Kong stocks, but on the contrary, it will cause greater blood loss to A shares. < p > actually, as early as August 2007, China's national foreign exchange.

< /p >

< p > but today these worries have changed. Some a href= "http://www.91se91.com/news/index_cj.asp" > H shares < /a > the stock price is much higher than the A share price. The capital account will take the initiative to let go. "Interconnection" is not necessarily a one-way outflow of capital, and now the RMB fund remaining outside the country is already in the minority. It just needs investment targets and reflux mechanism.

< /p >

According to the composition and market trading status of < a href= "http://www.91se91.com/news/index_cj.asp" > Hongkong stock market < /a >, since 2007, the volume of mainland companies (including H-shares) has accounted for more than 2/3 of the volume of the entire Hongkong market. It has become the main force of Hongkong capital market, and has made great contributions to Hongkong investors and global investors to share the fruits of China's rapid economic growth.

< /p >

< p > the most incredible thing is that H shares once coincided with the GDP trend of China, representing the "barometer" of China's economic trend, and the A share market at that time ran counter to the fact that most of the H-share companies listed in Hongkong were monopolistic resource enterprises in China, and most of them were the leaders of the domestic monopoly industries. They also could represent the rapid growth of China's economy in the past, and let the domestic investors buy the H-shares with relatively reasonable valuation and relatively reasonable prices. Moreover, many high quality H-shares are still not listed in the mainland, and there is no way to invest more.

< /p >

< p > from the perspective of market competition, "interconnection and interconnection" can not only make up for each other's shortcomings, but also bring new resources and new space to Hongkong, forcing the A share market to learn quickly and adapt to international rules, and also promote mutual competition among exchanges. Especially, the A share market with obvious characteristics of "seller's market" will bring a great sense of crisis. If we do not enhance market attractiveness and do not boost market confidence, if there is a choice of diversification investment, mainland investors should not hang on to a tree of A shares.

< /p >