Shanghai And Hong Kong Through The Whole Network Test To Start Trading Volume Can Be Adjusted According To The Pilot Situation

In addition, the Securities Regulatory Commission of the SFC said that at present, the Shenzhen and Hong Kong related schemes are still brewing. The Shenzhen stock exchange can independently explore various forms of cooperation, including interconnection, based on the pilot experience of Shanghai and Hong Kong.

The daily turnover is greater than the quota itself.

According to the participants, regulators at the training meeting said that the securities companies should seriously study the characteristics of Hongkong's system and market, especially the differences with the Shanghai Stock Exchange's market system. We should do well in investor education so as to ensure the smooth passage of Shanghai and Hong Kong in October.

In terms of trading volume, the joint announcement has set the upper limit of 13 billion yuan and 10 billion 500 million yuan for Shanghai and Hong Kong's two cities daily through Shanghai and Hong Kong through the joint announcement. According to the training content, the "upper limit" does not refer to the daily total inflow limit, but the net run up after the sale and cancellation. This means that the actual volume of spanactions supported by Shanghai and Hong Kong can exceed the quota itself, and the amount of funds that can enter the Shanghai and Hong Kong market on each trading day will be higher than that of the market.

"In Continued During the spanaction period, if the balance of the balance is exhausted, the exchange will stop accepting the payment, and will not resume the day, but still accept the selling order. The person pointed out that there is a slight difference between the auction stage and the amount of the balance is exhausted. The exchange will suspend the subsequent payment of the period and accept the sales order declaration only. However, if the payment is declared to be revoked before the end of the period, the balance will be greater than zero, and the subsequent payment declaration will be resumed until the quota is exhausted again.

　　 CITIC Dunfee, a construction investment analyst, points out that the net flow after trade and balance is regarded as the quota of statistics, making the total traffic much room. The system is also considered to ensure that the inflow and outflow of RMB are basically balanced.

However, if there is such a large flow opening, will there be any hidden danger? Qiu Qiu, chairman of Cci Capital Ltd in Chongyang, Shanghai, said that the flow of funds through Shanghai and Hong Kong must pass through brokers to ensure that cross-border funds are directed to invest in the stock market, and that the impact on exchange rate is controllable.

Interest in overseas funds is strong.

At the training meeting, a number of brokerages said that from the current situation, overseas funds and overseas investors showed great interest in Shanghai and Hong Kong. A broker from Beijing said that after the concept of Shanghai and Hong Kong passed, overseas funds were frequently investigated.

Data show that the two main indexes representing foreign capital are A50ETF and A50ETF.

But this part of the fund is optimistic about Hong Kong stocks or opportunistic Shanghai and Hong Kong investment in October after the A shares, market participants are serious differences. Guotai Junan discovered through overseas roadshow that now foreign capital has been spending a lot of money in Hongkong, waiting for the Shanghai and Hong Kong to enter the game in October. Hongkong listed A shares ETF rapidly amplified, QFII quota is quite tight.

To support this view, Wang Sheng, chief strategist of Shenyin and Wanguo, said that in the past, QFII was very difficult to withdraw from the Chinese market due to factors such as investment time constraints and uncertain capital gains tax. Therefore, there was no large-scale entry into the A share market. The difference between Shanghai and Hong Kong is that all kinds of investors are buying. Investors are more diversified in structure and more concerned by the global market.

But a participating broker. Research The person in charge did not agree with the above views. He pointed out that the funds may be hidden in Hong Kong and Hong Kong through the Hong Kong stock market and invest in Hong Kong stocks. The overseas investment institutions in the mainland market are still on the sidelines.

"Shanghai and Hong Kong through the beginning of the initial net inflow of A shares or limited funds." Chen Li, chief strategist of UBS Securities, also pointed out that the initial trading between Shanghai and Hong Kong was mainly from the QFII trading position. Investors who bought shares of A shares through the borrowing amount of brokers would return the existing quota to the securities dealers after the opening of Shanghai and Hong Kong through the Shanghai Stock Exchange, and then use the Shanghai and Hong Kong quota to buy A shares.