There Should Be Shenzhen Hong Kong Through Hong Kong And Shanghai.

The launch of Shenzhen Hong Kong Tong is beyond doubt. After all, the reform and opening up of the A share market is the trend of the times, and the Shenzhen stock market is an important part of the A share market. For the A share market, the Shanghai and Shenzhen two cities are inseparable. Moreover, Shenzhen and Hong Kong Live adjacent to each other, making communication convenient. In Shenzhen, the introduction of Shenzhen and Hong Kong has a stronger advantage than the introduction of Shanghai and Hong Kong through Shanghai Stock Exchange. It is precisely because the introduction of Shenzhen Hong Kong Tong is an inevitable choice. The introduction of Shenzhen Hong Kong Tong also involves many aspects of the market's interests. Therefore, I have five questions on the hot issues launched by Shenzhen Hong Kong Tong.

　　 One question: Shenzhen-Hongkong Stock Connect When will it be launched?

The reason for this is that after Premier Li Keqiang stressed that "there should be a deep link between Hong Kong and Hong Kong", there was immediately "Ji Mengzeng", the chief economist of Shenzhen Stock Exchange. However, the Shenzhen Stock Exchange has clarified this later. The Shenzhen Stock Exchange did not set up a position as chief economist, and there was no quarterly information in the internal staff directory. Therefore, the news of the Shenzhen Hong Kong pass launched before and after May Day has not been recognized by the Shenzhen Stock Exchange. The official micro-blog of the Shenzhen Stock Exchange said, "I am working with the Hongkong stock exchange to carry out a study on Shenzhen Hong Kong Tong. When the scheme is mature, we will apply for approval by the regulatory authorities of both places in accordance with the procedures." The HKEx also said that the HKEx has maintained good cooperation with the Shenzhen Stock Exchange. If there is any significant progress in the future cooperation plan, the HKSAR will inform the market.

So when can the Shenzhen Hong Kong pass be launched? I think the possibility is most likely to be launched before or after eleven, or when the Shanghai and Hong Kong pass 1st anniversary. On the one hand, the launch of Shenzhen Hong Kong Tong requires both preparatory research and technical preparation. On the other hand, when the SFC issued the 15 opinions on supporting the reform and innovation of Shenzhen's capital market in early October last year, it has clearly expressed its support for strengthening exchanges and cooperation between Shenzhen and Hong Kong's capital markets, and supported the Shenzhen and Hong Kong Exchanges in the future to explore new forms of cooperation based on the principle of mutual benefit and win-win cooperation. Because of this, after a year's pilot or nearly a year's trial, Shanghai and Hong Kong can basically meet the requirements of "accumulating certain pilot experience".

　　 Two question: will Shenzhen Hong Kong Tong trigger gem? Price of stock Crash?

This is a common concern in the market. After all, the average price earnings ratio of Shenzhen GEM is still 65 times, much higher than the average price earnings ratio of Hongkong stock market. This worry exists not only among 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.

Then, will Shenzhen and Hong Kong trigger a drop in the growth enterprise market? Personally, it is possible for Shenzhen Hong Kong to trigger the decline of the gem stock market, but this is more of the psychological role of investors. In fact, Shenzhen Hong Kong Tong has limited impact on GEM. After all, with the opening of the Shanghai and Hong Kong businesses, Shenzhen and Hong Kong have limited access to A share market funds. Moreover, the A share market is still a market dominated by domestic investors, and the impact of Hongkong investors on the A share market is limited. And the Shenzhen gem can not simply compare with Hongkong gem. On the current listing conditions, there is not much difference between Shenzhen gem and motherboard. In addition, the Shanghai and Hong Kong through the opening of the situation, the Shanghai stock market did not match Hongkong, Shanghai and Hong Kong through the opening of the Shanghai stock market out of the trend of mad cattle, this is clearly not a mature market should have the performance. Coal, iron and steel, loss of large share stocks and so on, this is obviously deviated from value investment. Therefore, even if the Shenzhen Hong Kong Tong has been opened, the growth enterprise market trend will still follow its own course and will be less affected by the Hongkong factor.

　　 Three question: Gem Should stocks be included in the scope of Shenzhen stock exchange investment target?

This is also a topic of concern to investors. Because insiders say that GEM stocks are not suitable for investment in Shenzhen Stock Exchange. The author's point of view is just the opposite, deep stock investment target should not deliberately exclude gem stock, if deliberately exclude gem stock, which itself is management in another view of gem stock, is a discrimination against GEM stocks.

Of course, the high price earnings ratio of gem is true, but there are many growth stocks in GEM companies. For those companies with growth prospects in GEM companies, their high P / E ratios are also normal. We can not use the standard of measuring bank shares to measure GEM companies. There is no comparison between the two.

Moreover, even if the gem stock market earnings are unusually high, it can also be amended through the inclusion of investment targets in Shenzhen Stock Exchange. If the HKEx wants to carry out the market test of the Shanghai Stock Exchange's securities lending business this weekend, if the test is successful, HKEx will introduce the Shanghai Stock Exchange's margin trading business, and Shanghai stock exchange can be short. It can be believed that after the opening of Shenzhen and Hong Kong, we can also introduce short selling businesses in Shenzhen Stock Exchange. If the valuation of GEM stocks is high, it can be corrected by short selling of Hongkong investors. In this regard, GEM stocks should be included in the Shenzhen stock exchange investment target.

　　 Four question: what is the impact of Shenzhen Hong Kong Tong on Shenzhen's local stocks?

Based on Shanghai and Hong Kong Tong did not cause investors to speculation about Shanghai local stocks, so there is a view in the market that Shenzhen Hong Kong Tong will not have a special impact on Shenzhen local stocks. However, I think, for the opening of Shenzhen Hong Kong Tong, the reaction of Shenzhen's local stock will be much more active than Shanghai's local stock. After all, in recent years, under the hype of various concepts, especially the concept of free trade zones, Shanghai's local stocks have been largely hyped up by the market. Moreover, in Shanghai's local stock market, there is a general problem that the concept is bigger than the performance. The real blue chip stocks are very few. In addition, Hongkong investors are not aware of the local stock in Shanghai. Therefore, Shanghai's local stocks are not favored by Hongkong investors.

Unlike Shanghai's local stocks, there is no shortage of quality companies in Shenzhen's local stock market. In recent years, the market has not made any special hype about Shenzhen's local stocks. More importantly, Shenzhen and Hongkong are adjacent. Hongkong investors know much more about Shenzhen enterprises than Shanghai enterprises. Therefore, in the case of Shenzhen and Hong Kong's opening up, Shenzhen's local stocks will be very normal by the attention of Hongkong investors.

　　 Five question: will Shenzhen Hong Kong Tong trigger a sharp rise in Shenzhen stock market?

Shanghai and Hong Kong triggered a rise in the Shanghai stock market, which is obvious to all. And the most important reason for this rising market is the discount of heavyweights. In the A+ H-share companies, especially the blue chip companies, the A share price is mostly lower than that of H-shares, so the news of Shanghai and Hong Kong links triggered the speculation of these blue chips, thereby driving the Shanghai stock index to rise.