QDII Has Closed Its Doors To Invest In Hong Kong Stocks To Bypass Risks.

Since the opening of Shenzhen and Hong Kong through four days, the southern capital has been showing positive inflow status, with a net inflow of 412 million yuan in December 8th.

Investment in Hong Kong stocks not only allows venture capital to bypass the quota limit, but also reduces risks.

In an interview with reporters, the head of the China Insurance Asset Management Association said that the risks faced by Hong Kong stocks in investing in the Hong Kong stock market are less than QDII's overall risk from market risk, exchange rate risk, operational risk and other matters of concern.

According to reporters, prior to the investment of insurance funds in the overseas stock market is mainly carried out through QDII, but at present, QDII quota is very scarce, many QDII due to the quota problem, near the end of the year issued a notice that "closed door", the risk capital access channel was stuck.

In recent days, the Huaan fund suspended the purchase or purchase of five products.

Huaan Fund announcement said: Huaan Germany 30 (DAX) ETF and its connection fund have suspended since November 10th.

The reason for the suspension is due to the limitation of foreign exchange quota and the protection of fund holders' interests in order to ensure smooth operation of the fund.

In addition, Huaan Nasdaq 100 index fund, Huaan Standard & Poor's global petroleum index, Huaan global dollar income bond fund, Huaan global dollar bill and many other funds also suspended the purchase and regular fixed investment business in November 10th.

Yi Fang Da Hongkong Hengsheng integrated small stock issued a notice, saying that due to the limitation of foreign exchange quota, the bulk purchase business will be suspended from November 25th, limiting the cumulative purchase amount of a single fund account (including regular fixed investment) for no more than 5 million yuan per day.

According to the incomplete statistics, according to the announcement, more than 16 QDII funds have been suspended or suspended since November.

QDII quota is urgent, venture capital or through Hong Kong stock through the layout of overseas markets.

"We also have our own QDII quota, but we have already run out of it, and because the amount is small, it has little effect on the allocation. Now the channel for Hong Kong stocks is opened. I think it is good news for venture capital companies."

A Southern China insurance company said in an interview with reporters in December 8th.

Yang Delong, executive general manager and chief economist of Qianhai open source fund, also told reporters that Hong Kong stocks will become the target of big capital allocation in the future.

"First, we all know that the price earnings ratio of Hong Kong stocks is only 10 times that of the market, and the net market rate is only about 1 times, which is at the bottom of history. The investment value is very prominent. In addition, the dividend payout of Hong Kong stock is expected to be very clear, and the dividend yield is 3.5% every year.

First,

Controllable.

Through QDII, insurance funds can not only invest in the main board, GEM stocks, bonds and other tools, but also invest in public offerings and private equity funds, while Hong Kong stocks are currently undervalued, high dividends and high dividend yield, and therefore, in terms of market risk and credit risk, Hong Kong stocks should be less than QDII.

At the same time, this type of stock also meets the long-term allocation needs of insurance institutions.

Second, exchange rate risk is limited.

QDII's exchange rate risk is concentrated in exchange and settlement. Exchange rate risk spreads in a variety of currencies, depending on the behavior of the insurance institutions.

The Hong Kong stock market has adopted the way of clearing and clearing, and the investment funds have not actually gone out of the territory. When Hong Kong stocks are sold, the funds are automatically exchanged for RMB. The exchange rate risk between Shanghai and Hong Kong is concentrated on buying and selling stocks, and the exchange rate risk is only limited to Hong Kong dollars.

Therefore, on the whole, the exchange rate risk caused by Hong Kong stock investment is less than the exchange rate risk of QDII stock investment.

Third, operational risk is easy to control.

Under the QDII mechanism,

Most of the operation process of investment in Hong Kong stock is completed overseas, and the choice of overseas partners, legal documents, business docking and so on are difficult to standardize. Therefore, the operational risk control of insurance institutions is difficult to control. Under the Hong Kong stock exchange mechanism, most of the processes of investment in Hong Kong stocks are completed within the territory, and the relevant institutions and processes have been systematized, standardized, streamlined and standardized, and the operation risk is easy to control, and the legal risk is smaller.

However, it is important to invest in the risk of individual stocks in the Hong Kong stock market.

As the Hong Kong stock market has no price suspension mechanism, the delisting system is relatively perfect, while the companies under the supervision of Hongkong are more flexible and free.

Therefore, the fluctuation risk of Hongkong stocks is different from that of A shares, and the adverse information and the flow of capital in Hongkong have a greater impact on the stock price.

Therefore, when investing in Hong Kong stocks, the combination investment strategy, stop loss mechanism and stock research ability, and the ability to accurately and timely take action are particularly important.

For the special risks faced by Investment Hong Kong stocks, such as no limit of rise and fall, large volatility of stocks, etc., it is necessary to effectively control the investment qualification of insurance institutions and other means.

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