Pi Haizhou: Shenzhen Hong Kong Tong Will Not Force The Growth Enterprise Market To Fall Sharply.

In September 5th, a spokesman for the securities and Futures Commission, Deng Ge, made clear that the SFC had supported the work of Shenzhen and Hong Kong. In the 15 opinions recently issued by the China Securities Regulatory Commission on supporting the reform and innovation of Shenzhen's capital market, it once again reiterated its support for Shenzhen Hong Kong Communications.

It should be said that the introduction of Shenzhen Hong Kong Tong is not suspense. It is only a matter of time.

At present, it has entered the October, the preparatory work of Shanghai and Hong Kong has basically been ready, and Shanghai and Hong Kong are ready to launch at any time.

There has been a great concern in the market, which is that Shenzhen Hong Kong Tong led the decline of Shenzhen stock market, especially the decline of the growth enterprise market.

After all, the average price earnings ratio of Shenzhen GEM is nearly 70 times, much higher than the average price earnings ratio of Hongkong stock market.

This worry is not only in some investors, but also in management.

For example, when explaining the question of how to advance the Shanghai and Hong Kong links, the securities and Futures Commission spokesman, Deng Ge, made clear that the market valuation level of Shanghai and Hongkong is relatively close. Shanghai and Hong Kong have a relatively small impact on the valuation level of the two market, which is conducive to preventing risks and ensuring a smooth start of the pilot.

Whether the Shenzhen and Hong Kong Tong will lead to a fall in the growth enterprise market? My personal view is that the impact is limited. The influence of Shenzhen and Hong Kong on the gem is more psychological. Even if there is a short-term drop, it is only the result of psychological action.

First of all, it is very important that the opening of Shenzhen Hong Kong Tong does not have the problem of diverting funds from Shenzhen stock market.

Because from the perspective of diverting funds, with the opening of Shanghai and Hong Kong links, the diversion of funds has basically been diverted through the way of Shanghai and Hong Kong.

Against this background, the funds for the diversion of Shenzhen Hong Kong Tong are very limited.

On the contrary, with the opening of Shenzhen Hong Kong Tong, those are willing.

Hongkong investors in Shenzhen will invest in Shenzhen through the way of Shenzhen and Hong Kong.

Including gem stock.

Secondly,

The opening of the market will not be too much pressure on the valuation of Shenzhen stock market.

After all, after the opening of Shenzhen and Hong Kong, the investors of gem are mainly domestic investors. The impact of Hongkong investors on Shenzhen stock market is relatively limited.

And in terms of the high valuation of Shenzhen stock market, this is caused by many factors in the market.

This includes investment funds such as investment funds and social security funds.

The phenomenon of high valuation in Shenzhen stock market has been affected by low price earnings ratio stock shocks in Shanghai stock market, and this impact is more direct than that of Shenzhen Hong Kong Tong.

Since the Shanghai stock market low price earnings ratio stocks have not shaken the gem high valuation phenomenon, then Shenzhen Hong Kong pass is more difficult to change the gem high valuation phenomenon.

Finally, it needs to be mentioned that in early September of this year, China Securities Index Co announced that the gem stock with three years of listing time has the qualification of sample space of CSI 300, CSI 500 and other components, and will be implemented in the next sample stock regular adjustment.

This means that GEM stocks are expected to be selected as index stocks such as Shanghai and Shenzhen 300 in December this year, which is the best affirmation for the development of gem and the recognition of the GEM market. This will help to guide investors, especially institutional investors, to further invest in the GEM market.