Shenzhen Hong Kong Tong Is Advancing Vigorously.

Since the second half of this year, a territory has passed through Shanghai and Hong Kong.

The channel to invest in the stock exchange of Hongkong stock exchange.

In the past, Shanghai and Hong Kong pass through, usually the Shanghai Shanghai Stock Exchange Fund has a relatively large scale, while the "Hong Kong Stock Exchange" in the south is relatively small. When the ratio between the two sides is very large, the capital in the north can be much higher than that in the South.

However, this situation has been changed since the second half of this year. By the year 8 and September, the capital in the South has gone up a lot.

Now, Shenzhen Hong Kong Tong is being pushed forward, and it is likely to be implemented in November.

As an important measure to open the domestic capital market to the outside world, its significance is great. Investors also have high hopes for this.

However, for domestic investors, participation in Shenzhen and Hong Kong must have a broad vision, not just to avoid the risk of currency devaluation. We need to take all factors into consideration, make rational decisions and make overall arrangements.

Why is there such a situation? The main reason is that domestic investors generally expect the depreciation of the renminbi, but the legal circumvention of this situation is not enough.

There are relatively few ways to prevent Hong Kong stocks from devaluing their currencies by buying Hong Kong dollar denominated shares.

It is the most convenient way to carry out the operation through the Hong Kong stock exchange.

In addition, many large enterprises in Hongkong issue and list H-shares, the price of which is lower than that of A shares issued in China, and we know more about them, and some of them are quite good, with a high dividend yield.

As a result, a considerable number of investors chose to participate in the Hongkong stock market through the Hong Kong stock exchange. An important starting point for them is to acquire overseas assets in order to maintain and increase their value in the context of RMB devaluation.

For a while, the Hong Kong Stock Exchange went on like this.

It has also gone up considerably.

Hongkong investors, as well as the early entry of Hong Kong stocks through investors, are all very happy.

In particular, the latter enjoyed the double gains of rising share price and appreciation of Hong Kong dollar.

However, things are always changing. From late September, Hong Kong stock market seems to be a bit cold, and after October long holidays, the capital in the south is becoming scarce.

Why is this possible? The reasons may be in the following aspects. First, after the Shanghai and Hong Kong links, Shenzhen and Hong Kong will soon be opened. The Hong Kong stocks in Shenzhen Hong Kong pass are different from those of Hong Kong and Shanghai through the Hong Kong and Shanghai links. Relatively small and medium sized shares are relatively large, which is more consistent with the appetite of domestic investors.

When new investment opportunities are coming, it is also understandable that people should slow down the intervention speed of existing investment varieties.

Second, the Hong Kong stock market has gone through a period of rising, and now its position is not low. The price difference between H-shares and A shares has been greatly reduced. The liquidity of Hong Kong stocks and the activity of stocks are going to be inferior to those of the domestic stock market. This makes the attractiveness of Hong Kong stocks somewhat lower and domestic investors no longer rush to it as before, which has led to a real cooling down of Hong Kong stocks.

Finally, many domestic investors bought H-shares listed in Hongkong, which are priced in Hong Kong dollars, but the actual assets are in the territory or in Renminbi.

In theory, when the RMB devaluation reaches a certain level, its share price will drop accordingly.

In other words, in the process of coping with the obvious depreciation of the local currency, the effect of preserving and increasing the value of Renminbi assets such as domestic B shares and overseas H-shares is still limited.

Of course, there may be other reasons for the sudden cold of Hong Kong stocks, but in any case, when it acts as a way to circumvent the weakening of the currency, the emergence of such a situation is inevitable.

After all, the most attractive thing for a stock market to attract investors is that share prices can rise. If we leave this point, even if there are other factors, its value is limited.