Lex專欄 深港通的深切意義

So good, the Chinese did it twice. This week, regulators gave the go-ahead for Shenzhen-Hong Kong Stock Connect. The scheme, which mirrors one set up for Shanghai in late 2014, will allow overseas investors to buy A shares listed on China’s Shenzhen exchange. Both systems also permit mainland-based investors to buy shares listed in Hong Kong. After the announcement the indices remained flat, but the scheme is still significant.

這件事這麼好，以至於中國人做了兩次。本週監管機構爲“深港通”(Shenzhen-Hong Kong Stock Connect)放行。這一機制與2014年末開通的“滬港通”相仿，它將允許境外投資者買入在中國深交所上市的A股股票。這兩個機制還允許中國內地的投資者買入在香港上市的股票。在公佈這一消息之後，各股指表現平穩，不過這一機制仍然意義重大。

Shenzhen Connect will add 880 stocks to the list of nearly 600 available in Shanghai, giving access to three-quarters of the mainland-listed universe. The quality is even more noteworthy. Shanghai’s exchange has a far higher presence of stodgy state-owned enterprises; less than one-third of the index consists of privately established companies. Three-quarters of Shenzhen’s index, by contrast, comprises non-SOEs. Many of these are in higher growth “new economy” sectors, such as healthcare and technology, giving overseas investors more ways to express their views on China’s economy.

深港通將爲滬市提供的近600只股票列表增添880只，令投資者可以投資中國內地上市企業羣體的四分之三。更值得關注的是可投資股票的品質。僵硬的國有企業在滬市的比例高得多，滬指成分股企業中民營企業的比例還不到三分之一。相比之下，深證綜指四分之三的成分股由非國企組成。其中許多屬於成長速度更快的醫療保健和高科技等“新經濟”板塊，給予境外投資者更多表達對中國經濟看法的途徑。

Foreign investors will also become more familiar with China’s retail investors. Goldman Sachs notes that nearly two-thirds of the index by market capitalisation is owned by individuals, compared with one-third of Shanghai. The high retail participation shows in lofty valuations, as well as high turnover relative to the market’s size.

外國投資者還將更加熟悉中國的散戶。高盛(Goldman Sachs)指出，深證綜指成分股近三分之二的市值由個人持有，而滬市這一比例只有三分之一。散戶的高參與度體現於深市的高估值和相對於市場規模的高成交量。

Market strategists believe that the broader access to China A shares granted by Shenzhen Connect makes their inclusion in MSCI regional indices more likely. Perhaps, but work still needs to be done. Foreign investor concerns about voluntary stock suspensions by Chinese companies, as well as the exchanges’ self-appointed right to veto index products that reference A shares — irrespective of where they are listed — are yet to be assuaged.

市場策略師相信，深港通賦予投資者對中國A股的更寬投資渠道，提高了A股被納入明晟(MSCI)地區指數的可能性。這也許是對的，不過還有許多工作要做。對於中國企業的自發停牌現象，以及兩大交易所自封的否決追蹤A股股票的指數產品的權力——不管這些股票是在哪裏上市，境外投資者的擔憂仍未得到緩解。

The likelihood is they will be. With the scrapping of limits on the amount of funds allowed to invest both ways, the scheme sends a more important message. China’s commitment to opening its markets even trumps concerns about a flood of money heading south.

這些擔憂有望得到緩解。通過取消兩個方向上的投資金額上限，該機制釋放了更爲重要的信號。中國開放市場的努力，甚至壓倒了對資金流向境外的擔憂。