What Does Shenzhen Hong Kong Pass Mean For The A Share Market?

The HKEx said that the technical preparation for Shenzhen Hong Kong Tong would take three months.

In addition, the central bank also made urgent clarification, saying that "the year to promote Hong Kong Tong" is president Zhou Xiaochuan's speech in May this year.

Obviously, for Shenzhen Hong Kong Tong's "opening up", it is actually planned from the end to the final launch, and then to the last "open to traffic", at least half a year or more.

Therefore, for the 4 morning's news, it is also hard to convince people.

Since November 17th last year, Shanghai and Hong Kong have been "opened to traffic" for nearly a year.

However, in retrospect of the recent year, the "opening" of Shanghai and Hong Kong has promoted the process of "interconnection and interconnection" between the two markets to some extent, and has provided two-way flow channels for the capital of the two markets.

It is undeniable that for the early morning of 4, "the launch of Shenzhen Hong Kong Tong" this year has indeed attracted the attention of the market.

Although the central bank and the central bank made a Clarification Announcement afterwards, they did not prevent the stock market from going up.

By the end of 4, the Shanghai and Shenzhen stock markets gained more than 4% all day.

Index is more than 6% of the increase.

Specifically, in April 10th of 14, the two Securities Regulatory Commission issued a joint announcement, announced the decision to carry out the Shanghai and Hong Kong stock market interconnection mechanism pilot.

Then, in the following time, we formulated the detailed rules for the implementation of the pilot scheme for interconnection and exchange of stock markets in Shanghai and Hong Kong (Draft).

5 months later, in September 26th of that year, the Shanghai Stock Exchange officially released the "pilot scheme" for Shanghai and Hong Kong, and Shanghai and Hong Kong formally opened to traffic in November 17th.

However, from the past year, Shanghai and Hong Kong through the daily use quota, but often appear on the same day that the amount is endless.

More often, Shanghai and Hong Kong through the single day usage amount is less than 5% of the total.

As a result, in fact, Shanghai Hong Kong's function is also greatly reduced.

However, from another point of view, with the gradual improvement of the "interconnection" mechanism between the two markets, Shanghai and Hong Kong through channels will further boost two-way flow of market capital and further boost the process of RMB internationalization.

At the same time, for investors, we can also use the flow data of Shanghai and Hong Kong to observe the entry and exit of external capital, so as to achieve the purpose of anticipation of market trend.

As for Shenzhen Hong Kong Tong, in fact, the concept of Shenzhen Hong Kong Tong has been mentioned frequently last year.

However, compared with the Shanghai and Hong Kong links, the Shenzhen Hong Kong Tong which is expected to be launched in the future will be further improved on the basis of Shanghai and Hong Kong's links so as to restore potential vulnerabilities of Hong Kong and Shanghai through opening up.

Among them, the paction system, paction costs, paction thresholds and trading conditions of the two markets are all the core issues that need to be perfected when the Shenzhen Hong Kong Tong is launched.

At this point, compared with Shanghai and Hong Kong,

The launch of the A share market will have a more special impact.

It is worth mentioning that due to its proximity to Hongkong, its special geographical location is more conducive to strengthening communication and exchanges between the two markets.

Obviously, compared with Shanghai and Hong Kong, this is one of the most obvious advantages of Shenzhen Hong Kong Tong.

At the same time, with the launch of Shenzhen Hong Kong Tong, combined with Shanghai and Hong Kong mutual funds mutual recognition and other measures, the interoperability mode between the two markets will be further integrated.

From a large perspective, with the strengthening of the mode of interoperability between the two markets, the future will be further boosted.

The process of internationalization has even raised the international influence of the two markets to a new high.

From the perspective of market impact, with the accelerated convergence of the two markets, the two-way flow of market funds will be further strengthened in the future, and more overseas investors will be returned to the A share market, thereby enhancing the proportion of institutional investors in the A share market in essence.

At the same time, with the strengthening of the relationship between the two markets, the mature operation mechanism of the Hong Kong stock market will gradually affect the A share market, which is conducive to improving the operation mechanism of the A share market and gradually guiding the value investing behavior of the A share market.

However, it is important to note that A shares are still dominated by retail investors for a long time, and the whole market is basically inseparable from the rule of "becoming a capital and losing money", which is also one of the market oriented characteristics of capital.

It can be seen that it is not difficult to build a A share market into a mature stock market.