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    Shenzhen Stock Exchange And Hongkong Stock Exchange Are Studying Shenzhen Hong Kong Tong Scheme.

    2015/1/9 16:07:00 17

    Shenzhen Stock ExchangeHongkong Stock ExchangeShenzhen Hong Kong Tong

    With a lot of people think that Shanghai and Hong Kong through the opening of a large influx of funds, daily pactions are expected to be "spike" different, Hong Kong and Hong Kong through the opening stage, it is difficult to say that the paction is active, in addition to the first day through the Hong Kong stock exchange to buy stocks on the Shanghai Stock Exchange is used up, the amount of other trading day is not tight, especially through the Shanghai Stock Exchange to buy the Hong Kong stock exchange funds very limited, most of the time more than 80% of the quota is idle.

    In this regard, some people explained that the Shanghai and Hong Kong Tong as a trading system arrangement, its impact is gradually reflected, with "slow hot" characteristics.

    Also, mainland investors are not very familiar with the Hongkong stock market, especially as T+0 trading, no trading restrictions and other trading methods are not accustomed to, in turn, offshore funds for low valuation of Shanghai stock market blue chips demand is relatively large.

    There is also a market analysis that investors, especially institutional investors, will take a more cautious attitude when investing in new markets. They may need to perform due diligence and risk assessment before taking part in new markets. They also need time to recognize each other's market and related stocks.

    Some institutional investors may also need to change their portfolio allocation before they can invest in new markets.

    There is some truth in these judgments, but none of them seems to be able to say anything.

    After the opening of Shanghai and Hong Kong for a month, the size of the capital in the North has gradually increased, but the imbalance between the north and the south is even more serious.

    Capital has a trend of one-way flow.

    The bigger problem is that many industry researchers believe that with the interconnection of the two markets, the valuation level of Shanghai and Hong Kong stock will be the same, and the price difference will be smoothed out.

    But the reality is just the opposite, and the price difference has been widened.

    It needs to be explained that the widening of the spread here is contrary to the original situation.

    Before the opening of Shanghai and Hong Kong, a lot of Blue-chip company's A shares listed on the Shanghai Stock Exchange were lower than those listed on the Hong Kong stock exchange. Therefore, it is said that the Shanghai and Hong Kong exchanges will be opened. All parties in the market believe that the A shares will rise, thereby reducing the distance from H-shares.

    In fact, at that time, A shares did rise, not only smoothing the difference between H shares and H shares, but on the contrary, forming the surpass.

    A shares

    The price is generally much higher than that of H-shares.

    Previously, Hong Kong stocks, which were good for Hong Kong, were scarce, and the Hong Kong stock exchange was almost never listed on the active stock market.

    That is to say, in this market condition, there is not a large amount of domestic capital going south to buy cheaper H-shares. Instead, overseas funds compete to buy A shares with relatively high price.

    If we say that in the early days of the opening of Shanghai and Hong Kong, we can explain this phenomenon from the perspective of value investment, so it is obviously no longer convincing to say this again.

    In fact, the fundamental reason for this situation is that in the past two months or so, the market structure of Shanghai and Hong Kong has changed a lot. At first, it should be said that the trend of the two cities is relatively balanced. But since late November, the stock market in Shanghai has been significantly stronger than that in the Hongkong market. Most of the stocks that have gone well are mostly blue chip stocks, so the wealth effect formed will also attract overseas funds, including through Shanghai and Hong Kong through channels.

    Of course, there are also data showing that there is indeed a domestic capital bypass Hongkong, the use of local low-cost capital advantages of financing, which has increased the size of Shanghai and Hong Kong through the north and central capital.

    But it should be said that most of the northbound funds still have a real overseas background, which is also in line with the profit seeking characteristics of funds.

    It can be seen that the most fundamental reason for the emergence of the "North hot South cold" situation in Shanghai and Hong Kong is the difference in the market trend between the two markets. Where the market is good, the capital will flow to which market, and obviously the stock market is much more attractive than the undervalued value.

    From this perspective,

    Shanghai-Hongkong Stock Connect

    The result of interconnection is more convenient for funds to choose suitable investment targets, rather than simply smoothing the spread between the two places.

    This is a long-term phenomenon, and it is only a short-term performance. It may be further studied, but in any case, this situation deserves great attention.

    With the smooth operation of Shanghai and Hong Kong, the opening of Shenzhen Hong Kong Tong has also been put on the agenda.

    The latest news is that the Shenzhen Stock Exchange and the Hongkong stock exchange are studying the Shenzhen Hong Kong Tong scheme.

    It is said that in view of the low valuation of the small cap stocks traded by the HKEx, it may be possible to withdraw funds from Shenzhen stock market after the opening of Shenzhen Hong Kong Tong.

    Hong Kong stocks

    Is this possible? Perhaps Shanghai and Hong Kong's practice in the past two months has provided some references.

    Investors can make specific analysis accordingly to avoid repeated miscarriage of justice.


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