MSCI明晟重提將A股納入新興市場股指

The leading provider of emerging stock market indices has revived talks on adding mainland Chinese shares to its benchmark desPite concerns following last year’s stock market swings.

新興市場股市指數的領先提供商已重啓將中國內地股票納入其基準的磋商，儘管在去年出現股市波動後各方存在擔憂。

MSCI chose not to include Shanghai and Shenzhen listed companies — known as “A shares” — to its Emerging Markets index last summer after investors expressed worries about their ability to buy and sell mainland shares.

MSCI明晟在去年夏天決定不把在上海和深圳上市的公司（即“A股”）納入其新興市場指數，此前投資者對他們買賣內地股票的能力表示擔憂。

At the time MSCI said it would remove China from its annual review process. On Thursday, however, they issued a new “inclusion roadmap”, a consultation paper to be sent to clients for feedback, ahead of a decision in June.

當時MSCI明晟表示，將在其年度審議過程中移除中國。但在本週四，這家指數提供商發佈了新的“納入路線圖”，這是一份被髮給客戶徵求反饋的諮詢文件，最終決定將在6月作出。

“The reopening of the consultation follows the recently implemented changes by the Chinese authorities aimed at enhancing the accessibility of the China A shares market for international institutional investors,” MSCI said.

“重啓磋商之前，中國有關部門最近實施了旨在加強中國A股市場對國際機構投資者開放度的變化，”MSCI明晟表示。

The new inclusion proposal would give mainland-listed Chinese shares a 1.1 per cent weighting in the global EM index, which is tracked by $1.5tn of assets.

新的納入提議將在全球新興市場指數(global EM index)中給予中國A股1.1%的權重，跟蹤該指數的資產達到1.5萬億美元。

Inclusion in the MSCI EM index would enhance China’s reputation in global stock markets and require funds that track the index passively to buy the shares regardless of their feelings towards the stocks.

納入MSCI明晟的新興市場指數將提高中國在全球股市的聲譽，並要求被動跟蹤該指數的基金買入中國A股——無論他們對這些股票感覺如何。

Global investment firms expressed surprise that MSCI would reconsider its position so soon after last year’s stock slide prompted heavy-handed intervention by China including the suspension of two-thirds of listed stocks from trading.

對於MSCI明晟在去年股市下滑引發中國大舉干預（包括讓三分之二股票停牌）之後這麼快就重新考慮其立場，全球投資公司紛紛表示驚訝。

Devan Kaloo, head of emerging market equities at Aberdeen Asset Management, said: “The events of 2015 have scared off a lot of foreign investors and raised questions about the efficacy of the regulator in China. The country is likely to be included in the index, but it may take some time.”

安本資產管理公司(Aberdeen Asset Management)新興市場股票主管德萬•卡盧(Devan Kaloo)表示：“2015年的事件嚇跑了不少外國投資者，還引發了圍繞中國監管機構辦事能力的質疑。中國可能會被納入該指數，但這可能需要一些時間。”

MSCI noted lingering worries and said: “International institutional investors continue to be concerned by the significant liquidity risks that may result from potential renewed voluntary suspensions in trading on the local stock exchanges of mainland Chinese companies.”

MSCI明晟指出了揮之不去的擔憂，稱：“國際機構投資者繼續對顯著的流動性風險予以關注，此類風險可能源自中國內地股票在國內證交所自願停牌的可能性。”

Marco Mencini, head of EM equity at Pioneer Investments, said the events of last year should not cost China access to the leading index of EM stock markets.

鋒裕投資(Pioneer Investments)新興市場股票主管馬可•門奇尼(Marco Mencini)表示，去年發生的事件不應該使中國被擋在新興市場股票的領先指數門外。

“I’m surprised by those who think A share inclusion should not happen. It’s unrealistic when you consider the size of the market. Disclosure is improving and China is opening up its system. It is paving the way to become part of the global financial system. The inclusion is a matter of if not when.”

“認爲A股不應該被納入的那些人讓我感到驚訝。當你考慮這個市場的規模時，那是不現實的。信息披露正在改善，中國正在開放其體系。它正在爲成爲全球金融體系的一部分鋪平道路。這是一個‘現在不納入，更待何時’的問題。”

The MSCI index already has exposure to corporate China, through a mix of Hong Kong and US listings. Shanghai stocks can be traded easily through a link with the Hong Kong exchange, although issues remain, such as daily trading limits and a lack of clarity over beneficial ownership.

通過在香港和美國上市的中國內地企業，MSCI明晟已經對中國企業有一定敞口。境外投資者可通過“滬港通”機制方便地交易在上海上市的股票，儘管仍存在一些問題，比如每日交易限額以及受益所有權不明確。

Access to Shenzhen stocks is still restricted to a quota system, following the delay in launch a cross-border trading scheme slated for late last year.

在原定去年末開通的“深港通”跨境交易機制被延遲後，境外投資者仍需通過一個配額制度進入深圳股市。