Pi Haizhou: Shanghai And Hong Kong Through Delay Is Not A Blessing.

For Shanghai and Hong Kong through the delay, there is a view that "Shanghai Hong Kong Tong" or "indefinite period" shelved. This statement is obviously suspected of being affected by the "Hong Kong stock through train". Looking back on the "Hong Kong stock through train" introduced in August 2007, it finally ended. There are two reasons for this: first, the "Hong Kong through train" is a one-way outflow of funds. Management is inevitably worried that it will trigger an earthquake in the A share market, and two is at that time. Hong Kong stock At the end of a big bull market, the opening of "Hong Kong through train" has the suspicion of locking up domestic investors. Therefore, it was wise to shelve the "Hong Kong stock through train".

But the current situation has changed markedly in 2007. On the one hand, according to the design of Shanghai and Hong Kong Tong, the capital of Shanghai and Hong Kong is two-way flow, and because of the control of the amount of funds, the A share market can not be too much impact. On the other hand, the location of Hong Kong stocks is much lower than that in 2007, and the risk of investing in Hong Kong stocks is significantly lower than that in 2007.

Moreover, the opening of the Shanghai and Hong Kong links was signed by the China Securities Regulatory Commission and the Hongkong Securities Regulatory Commission. The Shanghai and Hong Kong have already done a lot of preparatory work for the opening of Shanghai and Hong Kong through the two sides. Therefore, the opening of Shanghai and Hong Kong is beyond doubt. Shanghai and Hong Kong are sure to pass. This is not a "trifling matter".

Of course, due to the reasons for the delay in Shanghai and Hong Kong, 27 day A share market intraday downward trend again. This is expected. However, the negative impact of Shanghai and Hong Kong's delay on the market is very limited, and it is only short-term. In the medium to long term, the impact of Shanghai and Hong Kong's delay in the A share market is known as "a blessing in disguise".

First of all, the delay in Shanghai and Hong Kong can make the two markets better prepared. From the preparatory work in the early stage, after all, it seems hasty. Especially in the Hongkong market, due to the impact of emergencies, there are still some problems in preparations for some agencies. For example, the Asian securities industry and financial market The Association (ASIFMA) recently sent a letter to the Hongkong Securities Regulatory Commission for more time to prepare for the opening of Shanghai and Hong Kong. It is reported that ASIFMA is an independent regional trade association consisting of more than 60 leading financial institutions in the buyer and seller markets, including banks, Asset Management Co, law firms and so on.

Secondly, Shanghai-Hongkong Stock Connect The delay also allows the market to pay more attention to the tax issue in the A share market. This is also an important reason for the delay in Shanghai and Hong Kong. The Hongkong stock exchange does not impose any taxes and fees on stock trading or dividend income, while Shanghai levied the corresponding taxes and fees on the capital gains or dividends of investors, and there is no clear definition of capital gains tax. If this can lead to the Shanghai stock market's alignment with Hong Kong stocks, this is clearly a gospel of mainland investors.

In addition, as investors, it is also possible to squeeze the Shanghai and Hong Kong stocks through the name of Shanghai and Hong Kong through the market delay. Such as brokerage stocks, as Shanghai and Hong Kong through the proceeds of shares, as long as the opening of Shanghai and Hong Kong through, its benefits can not run away. Short term pressure on the stock market gives investors the opportunity to build positions in the middle and long lines.