How Should Foreign Exchange Enter Into A Share Investment?

The 2015 annual report released by the Bank of communications in the HKEx has inadvertently exposed the investment platform of the foreign exchange bureau, "Indus tree investment platform limited liability company".

Based on the special status of the State Administration of foreign exchange, the foreign exchange bureau has entered the A share investment and has been interpreted by the market participants as a new member of the "national team".

Obviously, compared with the Central Huijin Company and the CSI financial company, the Indus tree investment platform can not be regarded as the real "national team".

Bank of communications annual report shows that Indus tree holds 794557920 shares of Bank of communications, the shareholding ratio reached 1.07%, its eighth largest shareholder.

In contrast to last year's three quarterly bulletin, Indus tree became the eighth largest shareholder in the fourth quarter of last year.

Moreover, Indus tree has invested billions of dollars, which is undoubtedly "great skill".

In fact, Indus trees buy A shares is not only the bank.

According to the announcement issued by Pudong Development Bank, as of March 18, 2016, Indus tree became the seventh largest shareholder of Pudong Development Bank, holding 619672265 shares, with a shareholding ratio of 3.15%.

Moreover, Beijing's Fengshan investment and Beijing Kun Teng investment are also listed on the list of shareholders of relevant listed companies.

In the company that disclosed the 2015 annual report on the evening of 30, 10 of the top ten shareholders of the company appeared in the three largest investment platforms, and their stock market value reached 27 billion 100 million yuan.

Information from the national industrial and commercial registration shows that the Indus tree investment platform limited liability company was established in November 5, 2014, and its business scope mainly includes domestic and overseas projects, equity, debt, funds, loan investment, asset trustee management and investment management.

Therefore, investing in A shares is also normal.

The Chinese parasol tree was established in 2014, but it came into play in the fourth quarter of last year, which is distinctly different from the Sino US financial company and the Huijin Company as the "national team".

Influenced by many factors, mid June last year

The collapse has been very rare since the birth of A shares.

In this very period, the "national team" represented by CSI financial company and Central Huijin Company came into play.

Afterwards

The relevant information shows that the national team has more than a trillion dollars in the security fund and has bought more than 1000 stocks.

Like parasol trees holding bank and PUFA, the "national team" funds to buy shares of the relevant listed companies are also "big".

Take Pudong Development Bank as an example.

As of the three quarter of last year, China financial holding company has nearly 557 million shares of Shanghai Pudong Development Bank, and Huijin has nearly 279 million shares of Shanghai Pudong Development Bank.

It is precisely because the "national team" entered the field in an unusual way during the unusual period that the collapse of the A share market did not lead to a bigger disaster.

However, the entry of the national team deserves attention.

First, approach.

In fact, it is a game between the national team and the empty market, so as to maintain market stability.

Although Liu Shiyu, chairman of the new SFC, said during the "two sessions", the "national team" fund will not quit in the short term, but not withdrawing in the short term does not mean that it will not quit in the future.

Two, the position of the national team is more awkward.

If the national team loses money in the future (though not likely), whose money will it lose? If the national team finally returns to the whole in a profitable way, then who will make the money? Obviously, it is the state's money, that is, the taxpayers' money; the future will be the money of the vast majority of investors.

If the national team makes large investors' money, is that reasonable? At this point, if the national team is profitable, then the profits will be turned over to the investor protection fund or the best way out.

Three, it is easy for the market to suffer from "national team" dependence.

The relevant personnel of the supervisory department have made a statement. If the market will encounter another unusual period in the future, then the "national team" will not be excluded again.

And from the second half of last year, it has already been.

But this is also likely to cause the market to suffer from the "national team" dependence. When the stock market falls, especially when the market falls, investors will hope for the national team.

At present, there are Chinese national financial companies and Central Huijin Company.

Moreover, the two companies are "not bad money".

As for investment platform such as Indus tree, investment is fundamental. The market must not assume that the foreign exchange bureau is also "national team". It does not need to play the role of "national team" itself.

As an investment platform for the foreign exchange bureau, phoenix tree should be a quiet investor.