評(píng)論
打印
In today's podcast, analysts comment on the northbound flood of investment, versus a southbound trickle, in the just-opened Shanghai-Hong Kong Stock Connect.
在今天的播客中，在剛剛開(kāi)始的滬港股票市場(chǎng)交易互聯(lián)互通中，海外投資者要遠(yuǎn)多于大陸投資者，分析家對(duì)此給出了評(píng)論。
Trading on the first day of the Shanghai-Hong Kong Stock Connect program on November 17 saw Shanghai-listed companies receiving much more attention from overseas investors than the other way around. The pilot program allows investors in Hong Kong and on the mainland to trade stocks on the other side's bourse through securities firms in their own market. The program is part of connecting Chinese equity markets with those overseas. The daily limit for investments from Hong Kong to Shanghai in the program is the equivalent of 13 billion yuan. The limit the other way round is 10.5 billion yuan. By the time the market closed on the first day of trading, northbound limits hits their maximum limit, while southbound investments totaled 1.77billion yuan, or less than 17 percent of the daily quota. Analysts say this reflected foreign investor interest in the A-share market, as opposed to mainland apprehension regarding unfamiliar trading rules and wider fluctuations in the Hong Kong market. Some also argue that regulatory requirements have blocked many potential investors in Hong Kong-listed stocks. Credit Suisse predicted a big gap because the supply of foreign capital that can be invested in the Chinese market is strong, said Chen Changhua, head of the firm's China Research Department. He went on to say that the two sides have a gap in terms of capital strength, with foreign investors more ready with capital to enter the Chinese market. The regulations for the Hu-GangTong say mainland investors must have at least 500,000 yuan to join the program. This means many potentialinvestors from the mainland have been shut out, analysts say. In addition to this, channeling capital to Hong Kong for investment through casinos and underground currency exchange facilities costs less than the Hu-Gang Tong, said Hong Hao, chief strategist of BOCOM International. Before regulators in the central government and Hong Kong tightened rules against such illegal practices, they had been a major channel for wealthy mainlanders to move funds overseas.
滬港股票市場(chǎng)交易互聯(lián)互通開(kāi)始于11月17日，人們注意到海外投資者更關(guān)注上海的上市公司。這樣的試點(diǎn)項(xiàng)目可以使來(lái)自香港和大陸的投資者在本地所在的證券交易所進(jìn)行股票往來(lái)。這種項(xiàng)目也能夠讓中國(guó)的股票市場(chǎng)與海外相連接。香港在上海的每日投資限定額是130億。而上海在香港的投資時(shí)105億。截止到第一天的交易量，海外向大陸的投資達(dá)到了當(dāng)天的峰值，而大陸的投資是12億7千萬(wàn)，比每日的配額減少了17%。分析人士指出海外投資者對(duì)A股市場(chǎng)更感興趣，相比之下，大陸投資人不熟悉交易原則，香港市場(chǎng)也存在較大的起伏性。許多人認(rèn)為規(guī)范性的要求阻擋了許多在香港投資的投資者。瑞信預(yù)計(jì)由于向中國(guó)投資的海外資本非常強(qiáng)大，這也使得兩地的投資差距擴(kuò)大，瑞信中國(guó)研究主管陳昌華說(shuō)。他還說(shuō)雙方在資本、實(shí)力上有明顯的差距，外國(guó)投資者更想在中國(guó)投資。滬港通的規(guī)定中說(shuō)大陸投資者的投資資金至少要達(dá)到50萬(wàn)元。這就意味著許多有實(shí)力的投資者被拒之門(mén)外。除此之外，通過(guò)賭場(chǎng)以及地下外匯交易所進(jìn)行的投資比滬港同要便宜多，這是交銀國(guó)際分析師宏皓所作出的評(píng)論。在中央政府制定政策之前，香港也對(duì)非法投資進(jìn)行了嚴(yán)格管控，這樣的非法行為已經(jīng)成為大陸投資者向外投資的主要途徑。
For Caixin Online, this is Diana Bates.
這是戴安娜·貝茨為您帶來(lái)的財(cái)新新聞。
譯文屬可可英語(yǔ)原創(chuàng)，未經(jīng)允許，不得轉(zhuǎn)載。
