Trading Rules Forced A Shares T+0 To Accelerate The Pilot

As a major reform of the system, Shanghai and Hong Kong will set off a new wave of reform in the A share market. Industry experts point out that Shanghai and Hong Kong will bring about many changes to China's capital market, including the basic concepts of capital market, trading mechanism, financing mechanism, delisting mechanism, product innovation mechanism, investor structure, investor protection system, supervision and law enforcement and so on.

In the above possible changes, what investors most concerned about is the change of trading rules. After the launch of Shanghai and Hong Kong, mainland investors investing in Hong Kong stocks will be able to enjoy "T+0" and "no price limits". But at the same time, because of the difference between the two places, the Hong Kong stock is T+0 and the A share is T+1, which may cause new problems. Financial analyst commentator Lao AI carefully pointed out that this is also facing the same awkward position of futures and A shares, and may even face new manipulation problems. According to the insiders, in the context of the opening of Shanghai and Hong Kong, A share T+1 appears to be more inappropriate and latent crisis, so we must speed up reform.

Beijing securities and Futures Research Institute (BIS) recently wrote that the Shanghai and Hong Kong through or promote the A share market to speed up the research and evaluation of T+0 trading system, and promote the A share market to gradually liberate the limit of rise and fall.

It is understood that T+0 It is a system commonly adopted by major global exchanges. In the world, 44 exchanges under Central Trust are realized, except for the Shanghai Stock Exchange and Shenzhen Stock Exchange, all T+0 transactions are realized. BIS said that from the international experience, T+0 can activate the market, improve liquidity, and significantly improve market pricing efficiency in a mature market environment.

In addition, bought on that day. shares After the stock price rises, Hong Kong stock investors can sell lock profits on the same day, while A share investors need to bear at least one day's risk. In order to maintain market equity, protect investors' legitimate rights and interests, and improve market efficiency, Shanghai and Hong Kong can promote or promote. A share market We should speed up the research and evaluation of T+0 trading system and conduct pilot projects on the basis of prevention and control of risks.

In addition to the settlement system, the Shanghai stock market stipulates that the stock trading price should not exceed 10% of the closing price of the previous trading day (ST 5%). Hongkong stock market has no demand for price limits. BIS said that the liberalization or reform of the price limits will help improve the overall market efficiency of Shanghai stock market. Under the premise of controlling the temporary abnormal fluctuations, Shanghai and Hong Kong can promote or push the A share market to gradually increase the limit of price rise or fall.

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Many investors believe that the implementation of Shanghai and Hong Kong Tong, for the A share market blue chips, especially the Shanghai Stock Index 50 and Shanghai 180 Index constituent stocks, constitute a direct positive, help to reverse the Shanghai stock market blue chip valuation unreasonable situation. For a long time, A+H shares, which are generally in a state of unreasonable price inversion, will benefit most directly from the Shanghai and Hong Kong through businesses. The share price of A shares and H-shares will gradually become the same, and these A+ H-shares are mainly Blue-chip company.

Shanghai and Hong Kong through the Shanghai stock exchange through the start, A shares introduced new funds and investors, to help diversify the market investment style, value share investment and growth stocks investment will find their own opportunities. Most investment experts from the mainland and Hongkong believe that Shanghai and Hong Kong will benefit from underestimating the value of blue chips from the perspective of foreign investment.

Societe Generale Securities said that at present, the performance of cyclical industries and large capitalization stocks in state-owned enterprises has lagged behind the whole, and many have been below the net asset state. The current unreasonable pricing will also bring obstacles to the reform of state-owned enterprises. With the opening of the capital market and the opportunity of Shanghai and Hong Kong, the pricing of overseas investors from the perspective of global allocation will help to reverse the low valuation of the A share market for state-owned blue chip stocks. Leading companies in utilities, daily consumption, finance, transportation and other industries are expected to have opportunities to repair valuations.

Li Daxiao, chief economist of the British Securities Institute, said that the arrival of Shanghai and Hong Kong connections meant that the spring of the blue chips has arrived, and that the winter of junk stocks and theme stocks is coming. "The end of the overestimation of pseudo growth stocks, junk stocks, theme stocks and small stocks has arrived, and can not be reversed like reform and opening up".

Li Daxiao believes that the difference between the two markets is huge. No matter from the volume of investment, investment preferences, investment ideas, trading turnover and so on, the differences are very large. After the Shanghai and Hong Kong Exchanges, the investment concepts and investment styles of the two markets will merge with each other. Hongkong will change the situation of absolute monopoly of foreign investment institutions. A share investors will lose their investment value once, and this habit will be completely changed. And only 7 million of the population and Hongkong stock market with a small number of H-shares open will be changed after Shanghai and Hong Kong are pushed through. A large number of investors with more than 500 thousand capital in the mainland continue to enter the Hongkong market. They will also gradually affect the investment habits and investment styles of the mainland, and the Hong Kong stock market will also change the concentration of some stocks.