On April 19, the Indian Securities Regulatory Commission released five capital market cooperation measures against Hong Kong to encourage mainland leading companies to go public in Hong Kong to stimulate the strong rebound of Hong Kong stocks.From the perspective of the global market, the performance of Hong Kong stocks in April is particularly prominent. It not only ranks first in the global major stock index gains in April, but also successfully stands above the year line.

On May 9th, foreign media reported that domestic regulators were considering reducing and exempted from the exemption of individual investors in the Mainland when investing in Hong Kong listed companies through Hong Kong Stocks, and the 20%income tax required for dividend dividends.Although the news has not been confirmed, the HSI rose 2.3%again today, approaching 19,000 points, which also shows that the market's recent optimism has been displayed to a certain extent.

In the past three years, after the global funding continued to extension US stocks, Japanese stocks, and India, it has been significantly superior to these regions, and it is a significant low to India.However, from the performance of Hong Kong stocks in April, foreign capital holding a large number of sectors has increased, such as information technology, materials, finance, energy, and real estate industries, which may meanBidding for Hong Kong stocks.

Yan Zhajun, a China -Thai International Strategy Analyst, told the Securities Times reporter that multiple benefits of Hong Kong stocks should not be diluted anymore. In the future, you should adopt a strategy of buying at dips instead of chasing high.

In this context, the IPO of Hong Kong stocks in the second half of the year is worth looking forward to.Chen Yiting, CEO of the Hong Kong Stock Exchange, admits in an interview with the Securities Times reporter: "Recently, the active trading of Hong Kong stocks is related to the series of policies that the Indian Securities Regulatory Commission supports the long -term development of the Hong Kong capital market. This will definitely drive the atmosphere of the IPO in the second half of the year.I hope to see more specialized new enterprises to go public in Hong Kong and use our platform financing.

Foreign capital increase Hong Kong stock

The Hang Seng Index has been working hard since late April, and has exceeded 17,000 points and 18,000 points. As of the close of May 10, the Hang Seng Index has approached 19,000 points.Rose by 14.64%, 13.94%, and 16.28%, respectively.

Yan Zhajun said that since April this year, foreign investment has gradually increased Hong Kong stocks, and foreign investment has increased, such as information technology, materials, finance, energy and real estate industry classification indexes.As of May 7, the above indexes increased by 10.3%, 9.8%, 9.1%, 8.7%, and 5.4%, respectively.The long -term city width of the Hang Seng Index and the Hang Seng Comprehensive Index has reached a new high, and the rising structure within Hong Kong stocks has improved significantly.

From the perspective of the transaction style, Yan Zhajun believes that the return of funds is generally "trading", which is mainly to adjust the need.In the past three years, after global funding has continued to extension US stocks, Japanese stocks, and Indian stock markets, it has obviously exceeded the above -mentioned regions. Considering that the risk of raising interest rates in the United States is not high, the recent rapid depreciation of the Japanese yen has ledFalling, Japanese stocks fell short -term shocks, and accelerated the adjustment of overseas institutions. Because Hong Kong stocks were basically not affected by exchange rate factors, they all became the reason for attracting institutions to return to the Hong Kong stock position.

The performance of Hong Kong stocks during the "May 1st" holiday can also be proven.With the lack of Hong Kong stocks during the "May 1st" holiday in the Mainland, Hong Kong stocks have continued to rise, and the rising trends of technology and other sectors with more foreign capital positions have obvious. The offshore RMB has continued to appreciate to the 7.20 mark after the end of April, which has further confirmed that the recent Hong Kong stocks have been significantly significantly in the near future.The rebound is mainly driven by some foreign hedge funds and even Long-only (long-term funds) to return to Hong Kong stocks.

Dai Kang, chief asset researcher at Guangfa Securities, also said that the global capital rein balanced global capital of Hong Kong stocks -the lower the market with a lower valuation, the better, the significantly benefited from this.The current HSI valuation level still has a certain cost -effectiveness. As of May 7, the HSI long -term PE was 8.97 times, located near the historical average since 2010.

Yan Zhajun told reporters that after a long time of rampant consolidation, Hong Kong stocks should not be lighted anymore, but because it is still staying in the position of trading funds, it is not due to the reversal of the economic fundamentals of India.When the peripheral capital market is adjusted and returned to the upward channel, the current trading funds may once again flow out of Hong Kong stocks and re -embrace the peripheral capital market.Considering that this round of India's economy is relatively long, it should adopt a strategy of buying dips instead of chasing high in the future.

Can Hong Kong stocks continue to rebound?Ahmedabad Wealth Management

Entering May, the rising momentum of the HSI will not decrease. From May 1st to 10th, the accumulated increase in the HSI reached 6.76%.At present, the HSI not only regains the lost land since September last year, but also approaches the 19000 mark.Some Hong Kong Investment Bank told reporters that the low valuations and high security margins of Hong Kong stocks provide higher expected reports for long -term funds. Especially, in the context of the increase in global currency fluctuations, Hong Kong stocks have become the shells of global investors.Simla Wealth Management

On May 9, foreign media reported that domestic regulators were considering reducing and exempted from the mainland individual investors to invest in a listed company in Hong Kong through Hong Kong Stocks, and the dividend dividends needed 20%of the income tax required for dividend dividends.During the two sessions of this year, Lei Tianliang, chairman of the Hong Kong Securities Regulatory Commission, also suggested to reduce the dividend dividend tax level of individual investors in Hong Kong Stock Connect and reducing the access standards of mainland investors in the Hong Kong Stock Connect.

Although the above reports have not been confirmed, it has aroused widespread market discussions.When Mainland investors acquire dividends through Hong Kong stocks investment in Hong Kong stocks, they need to pay dividend dividends. Under the current standards, the dividend tax collected by mainland investors through Hong Kong Stock Investment is higher than investors who directly open accounts in Hong Kong.

(Picture source: Zhongjin Company Research Department)

According to the reporter's understanding, the potential adjustment of the Hong Kong Stock Connect Tax Taxation may be more targeted at the mainland individual investors.CICC said that the short -term direct reduction and exemption scale of the potential adjustment may be limited, but it will boost from the emotional level.

In the past three years, the total annual total dividend of all Hong Kong stocks bidding is about 1.8 trillion Hong Kong dollars.Based on the proportion of Hong Kong Stock Connect investors in each stock and the calculation of 20%of the Hong Kong Stock Connect Tax Tax Standards, the total dividend taxes collected by the Hong Kong Stock Connect mechanism each year are about 45 billion Hong Kong dollars.Assuming that the investment in the Hong Kong Stock Connect in the Hong Kong Stock Connect is about 1/4, CICC expects that the direct tax reduction brought by this potential adjustment every year is about HK $ 10 billion.If the public offering fund is also included, the tax reduction and exemption that may bring will be expanded to about HK $ 20 billion.

Therefore, CICC believes that in the medium and long term, it will help boost the attractiveness of dividend assets in Hong Kong stocks, enhance the liquidity of Hong Kong stocks, and even help some companies AH narrowing.

Yan Zhajun believes that the MSCI India Index predicts PE10.2 times, which is in the position of 17.5%of the division since 2016; the risk premium is at a low position of 16.2%of the division since 2016.Under the current funding of funds, the Hang Seng Index may be able to touch 19,300 points in the short term.In addition, the valuation attitude of foreign investment in Hong Kong stocks has changed positively. The prediction of the current Hang Seng Technology Index is only 15.5 times, which is 26.6 times lower than the Nasda Index. The PE ratio of the Hang Seng Technology Index has fallen to 0.58, at a historical low.Considering that the profit forecast of the Hang Seng Technology Index is stabilized and there are signs of repair, the Hang Seng Technology Index has a large room for chasing up.

Hong Kong stocks in the second half of the year are worth looking forward to

At present, there are about 100 companies that are queuing up to listed. The company's secretary of the company's plan to update the prospectus in Guangzhou revealed to the Securities Times reporter that he hopes that the market conditions will improve the pace of IPO.A meeting settings plan.This has become the consensus of queuing IPO companies, and I hope to catch up with a good time to sell a good price.

On April 19, the Indian Securities Regulatory Commission issued five capital market cooperation measures.Three of the optimization of interconnection, and the more important one is to encourage mainland leaders to go to Hong Kong to go public.

Chen Yiting, CEO of the Hong Kong Stock Exchange, couldn't help but say in an interview with the Securities Times reporter: "At present, we are ready.The platform hopes that in the future, we can see more R & D companies in specialized in the specialty field to raise funds here. To this end, the Hong Kong Stock Exchange has supported the 18C chapter to build it for them, and look forward to the performance of Hong Kong stocks. "

Large IPOs currently submitted to Hong Kong or including Midea, China Resources Drinks, SF, Mixue Bingcheng and so on.With the improvement of the basic situation and the help of the regulatory agencies in India, it is expected that large IPOs will come back again.

And how to make the Hong Kong Stock Exchange is more attractive is an important issue facing Chen Yiting.She told the Securities Times reporter: "I think about the Hong Kong Stock Exchange as a platform every day. How to make our products richer, there are enough investors, companies come here, otherwise people think you are not fun. This is not fun. This is not fun. This is not funSurat Stock. This is not fun.It will be a job that I have been working on. "

Chen Yiting said that the Hong Kong Stock Exchange Group shoulder the heavy responsibility of building a new generation of market infrastructure for Hong Kong, and will develop three things around the core of "super contact" -investors, issuers, products, and strive to come from four aspectsChallenge into opportunities.

First, in the environment where the Fed maintains a high interest rate, the flow of funds becomes tightening. Maintaining toughness is a necessary condition for the survival of the Hong Kong Stock Exchange. The Hong Kong Stock Exchange will strive to improve the liquidity and vitality of the Hong Kong stock market.

Second, the competitors of the Hong Kong Stock Exchange not only come from exchanges in other securities markets, but also competing with competitors outside the industry, such as virtual asset exchanges.The Hong Kong Stock Exchange must maintain a balance between daring to innovate and the steady business, and continuously expand the resources of listed companies and improve market services.

Third, there are many financing methods for enterprises, and the issuance of stocks is just one of them.When the capital market environment changes, enterprises may choose to delay the listing time, and the Hong Kong Stock Exchange must quickly respond to market changes.

Fourth, in the wave of rapid transformation in the financial industry, technology is the most important pushing hand.The Hong Kong Stock Exchange must continue to vigorously invest in infrastructure, improve the quality of service through science and technology empowerment, and enhance the competitiveness and advantages of the Hong Kong stock market.

Responsible editor: Wan Jianyi

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