Country cousin the love > of Hong Kong" the Hong Kong"s share vehicle of straight line" vehicle is obstructed , " AH share exchange" can"t be changed

of Hong Kong" the Hong Kong"s share vehicle of straight line" vehicle is obstructed , " AH share exchange" can"t be changed' >Country cousin the love > of

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" the Hong Kong's share vehicle of straight line" do not have transport service lately let sing this song person to sing the more is unable the more, though, is time problem, however like the shareholder of how to itch for hand this loneliness is patient , at the moment, American loan crisis again affects whole world, American economic big deceleration has settled finally , get this influence global important securities market the return that has one after another " bear", the stock market of Hong Kong is roller coaster land big rise falls , I think of "car" to again want suspension or deceleration.

Phoenix TV has long offered investment Hong Kong's share for inland shareholder early " warm-up match ", however, I am thinking , is" the Hong Kong's share vehicle of straight line" opened really , are helpful after all for whom? First, inland fund may gush to the stock market of Hong Kong, the permanent finger of Hong Kong runs high naturally, the shareholder nature of Hong Kong is greatly delighted , and may strengthen the financial position of Hong Kong in Asia. Second, inland shareholder may invest in the stock market of Hong Kong, kind is more , has not risen to fall to stop restriction , is stimulated more , but at the same time has also high risk. Therefore invest in inland the stock market or the stock market of Hong Kong specifically , or, surely according to " self weight ", do not get into the field that not understood into self. Moreover, inland Hong Kong" big ox" already not when, time of " everybody is share god " has also passed.

However, it is to be worth for to pay attention to have to fall , there is greater price difference between A share and H share, if inland shareholder has met , may buy without any hesitation to enter , because A share and the stock of same enterprise say specifically than your, H share than cheap and this price difference that is historical problem or technical problem , are hard to be explained really. To eliminate this price difference, the Hong Kong's share vehicle of straight line can open may play the part of such role , and put forward the exchange between AH share originally to reach this purpose also.

If Chinese government allows share A and H share to exchange in order to reduce to estimate value gap , will produce huge influence for share price, because this will make the stock of two different types replace mutually actually; Basis the stock market of Hong Kong as well as in America appear on the market store to hold the expression of proof , once this two stocks may be exchanged , price difference will disappear. This action will have positive influence for H share, at the same time, it is larger that sharp weak A share gets the influence of stock conversion especially A share circulation a plate of less a plate of share. Actually, it is very simple. To understand this problem to make clear what first, it is A share, what is H share. A share denotes the stock in domestic circulation, choose a person for the job people currency trade; H share denotes when the circulation of Hong Kong the stock that appears on the market , trade with HKD. The share of A / H is exchanged , finger A share can trade in domestic, may also trade in Hong Kong , exchange geographical position mutually, H share also Ran.

And until now, " the Hong Kong's share vehicle of straight line " still turn to be obstructed , " AH share exchange" can't be changed as before. But is time problem, if this is innocent to come , Hong Kong and inland will be more thorough to mix together. " super lever " Qiao move share A, " red chip effect" sweep in come to use the share arbitrage of A + H and so on will become the strategy of first selection of short period.

Therefore, understanding a next the stock

The knowledge series

It is

Port delivers place( Hong Kong Exchanges and Clearing Limited, HKEx ), it is the joint exchange limited company of Hong Kong , the limit company had by the futures trading of Hong Kong and the central settlement of Hong Kong the holding company of limited company, full name is the company that the settlement and trade of Hong Kong have , also weigh the exchange of Hong Kong. Carry out stock along with bond and futures two exchanges to melt and and relevant settlement company's merger, the exchange of Hong Kong also appears on the market in June 2000 in the mainboard market of Hong Kong , numbers on the market, is 388. Delivering in port to go up the bond of city include stock and stock option , accept share certificate, bond, unit trust and fund.

The futures regulation and bond that comes into effect according to April 1,2002, port delivers the Hong Kong been is some only to approve exchange control person, and it governs 2 next exchanges and 3 settlements to differentiate , is only approval exchange and settlement. So, it is this, company will want on the market to deliver to port to apply for , in the stock market of Hong Kong , criticizes nucleus; Will carry out legal stock business, convenient need delivers membership through possessing port manage to be all right , it is to say that general citizen must handle the matter of business stock through managing to be all right.

Port invests in service before delivering the extensive trade offered and after trading , under the flag of the department of 4 different functions takes the responsibility for the business running of each aspect, include trade market business unit and settlement and deliver receipt unit, electronic business and the unit of information service , with the message / systematic unit of science and technology.

The major work of trade market business unit includes taking the responsibility for the market participator qualification, supervision market participator and market trade condition of examination and approval , still has to take the responsibility for the development in the aspect of China and is popularized on the market. Settlement unit offers various settlement , deliver debit type to participator to select, other also meeting superintends for managing to go on and punishment misconduct manage. Aim at more frequently electronic business trade , management and development work from electron business and the unit of information service take the responsibility. And the message / systematic unit of science and technology takes the responsibility for the work of logistics support mainly.

Port delivers place a major function, it is to ensure that market is fair and have order land running, as well as manage risk cautiously. And the orientation of its superintendency aims at ensuring the important fact had by overall fair disclosure, let investor may under the condition of learning relevant information fully , make the investment of basis is decided.

It is

It is golden to be in charge of department( Hong Kong Monetary Authority), full name is the financial management board of Hong Kong, in Hong Kong, establishment has exceeded decade. Its predecessor is the fund management board and bank field prison branch of foreign exchange, two merge on April 1,1993 , become current golden pipe to department.

Is one to take the responsibility for maintaining the steady organization of currency and bank system in the government configuration of Hong Kong, it is 4 that its major function has , it is steady to include maintaining HKD to remit price , management official reserve promotes the bank system of Hong Kong to be steady , and develops the financial market infrastructure of Hong Kong , makes currency smooth direct current coherent.

Golden pipe department most Hongkonger is acquainted duty, it is to work for keeping to contact exchange rate in 1 dollars to exchange the level of HK$ 7.8. Actually, this department returns meeting is operating through the steady fund management and monetary policy of foreign exchange and other proper measure, so as maintain HKD to remit price stabilize , and at the same time, it is the official reserve conducted a duty of Hong Kong that manage.

On the other hand, to promote the bank system of Hong Kong, it is steady, golden pipe department meeting for bank business , accept deposit business and approval organization to carry out rule pipe , together with unceasing improvement paying and settling accounts soundness and the efficiency of arrangement, so as the ability that promotes the safe development of bank system, that stabilized and do not come to.

Though, the central banks of other country and above-mentioned function are very similar, but golden pipe department is not the central bank of Hong Kong, it does not take the responsibility for publishing bank note , will not also offer bank service for government. As soon as publishing bank note, duty is now taken the responsibility for by the bank of 3 approval , includes the Shanghai of Hong Kong to remit plentiful bank , dregs dozen bank and Bank of China. Though the reserve of the government share of greater part preserves in golden pipe department to take the responsibility for the fund of foreign exchange of management, but for government, a duty that offers bank service is taken the responsibility for always by other commercial bank.

In the aspect of the financial facility of capital construction, golden pipe department early in 1996 already with the bank of Hong Kong public can put out real time jointly to pay settlement system, take the responsibility for having bank same the function of field settlement. This systematic now is the most advanced bank in Asia-Pacific district pays system one with field.

In addition, golden pipe department still takes the responsibility for managing land fund and arrangement and management by Hong Kong according to the works such as HKD bond of uncovering the publication of securities broker company. In other words, the post of golden pipe department has the influence of just important front for the financial system of Hong Kong.

Certificate

Certificate prison meeting( Securities and Futures Commission, SFC ), full name is bond and the futures control commission of general affairs , is a legal organization that stands independently besides the government configuration of civil servant, take the responsibility for carrying out the law example of the bond option market of superintendency Hong Kong , at the same time also have responsibility to promote and help the development of above-mentioned market.

Certificate prison the purpose that can be set up is to hope to pass through effective superintendency and guidance, promoting the bond of Hong Kong and the orientation of option market is fair, efficient and get success in having the direction development of order in order to ensure that Hong Kong has maintained the position of international financial center , and continues and stride forward forward.

From April 1,2003, the bond that comes into effect and the major work of futures regulation and certificate prison meeting include maintaining and promoting order, efficiency, competitiveness, transparency and the fairness of bond futures field; Raise the running of the public for bond futures field and the understanding of function; To investment or the public who holds financial product offers guarantee; Decrease as far as possible in improper behavior and the criminal behavior in bond futures field; Reduce in the systematic risk in bond futures field; And adopt the proper step concerning bond futures field in order to help financial department director of the department to maintain Hong Kong in the stability in the aspect of finance.

The object that certificate prison meeting superintends is very extensive , has the participator of trade market basically to receive its superintendency. For the intermediary person of trade market, include trade business, adviser and financing person and manage etc., certificate prison meeting can be established to send brand criterion so as ensure that their quality is plain, can also make superintendency and handling for them to complain and investigate for improper behavior and adopt action.

For the exchange of Hong Kong, certificate prison meeting meeting new product and the establishment of new market put out to carry out examination and approval , additionally, can also superintend in the stock that should carry out , option and the condition of futures trading, as well as the systematic running of science and technology of this place.

Certificate prison meeting can also make superintendency for stock company, content includes superintending all stock trades , announce and appear on the market the accuracy of the material applied for.

The market of not ordinary superintendency moves about , and sends suspension trade instruction( stop brand ) for relevant stock, so as maintain market order is also the one of daily work of this meeting. Is other, this meeting also takes the responsibility for investigating the control market and other illegal matter and trade of inside story and adopt corresponding action.

In other words, the certificate

The general

The securities

The history of the bond trade of Hong Kong may be traced back in 1866, but till 1891 years Hong Kong manages association establishes , Hong Kong has just set up first formal stock market. In 1969 in 1972, Hong Kong has established far eastern exchange, golden silver stock exchange and 9 dragon stock exchanges , adds the original stock exchange of Hong Kong , has formed the 4 exchange vessel situation of standing enough. In 1972 to 1973 in short 2 years , there are 119 companies to appear on the market in Hong Kong, in 1973, it is 296 that the base quantity of stock company reaches. On July 7,1980, 4 exchange merger becomes the joint exchange of Hong Kong. 4 exchange closes down business completely in March 27,1986 after receiving city, all business transfers to unite to deliver place.

1986 - the market

In 1986, the market of Hong Kong has begun its brand-new modernization and internationalization to develop stage. The guarantee of China for the future of Hong Kong has strengthened the confidence of investor for the economy of Hong Kong, company's profit and the price of real estate pick up , the market of Hong Kong enters one since then new development period: Trade kind diversification, market participator increasing internationalization and trade means are perfected constantly, securities market has entered the bull market of long-term prosperity.

The following securities

Hong Kong is the one of financial central securities

The securities

The market of Hong Kong includes stock

The major composition part of the securities market of Hong Kong is stock market , and has the minute of mainboard market and second board. Up to the base of 2004 years, mainboard and second board amount to stock company to exceed is 1000, market value reaches HK$ 6696 billion, market scale is equivalent to the 16 times of 1986 years; The financing volume of 2004 years 3540 million dollars, in global WFE member exchange, rank 3th, again financing volume stands side by side with New York is first.

The market of Hong Kong derive line of the products is numerous, may divide into mainly: Stock index kind derives product and stock to derive tool and foreign exchange , derive tool product and interest rate to derive the 5 big kindses such as tool product and warrant.

In Hong Kong, the fund of registered establishment is nearly open-ended fund , for investor, may take fund at any time to return , change currentance well , have attraction especially for the person of overseas investment.

According to the partition of the financial management board of Hong Kong, the bond market of Hong Kong now divides into HKD bond market and is in the bond market of foreign currency of the business and publication of Hong Kong. In which besides HKD bond market, remit fund bond and bond publishing planned bond, in the bond market of foreign currency, have representative with dragon bond.

Blue

Blue chips? Red chips? Still have blue + bonus purple chip

Blue chip=blue

In Hong Kong, definition of blue chips has no certain criterion. But generally speaking, the person of greater part metropolis permanent raw index, altogether 33 composition shares are called as blue chips. But is why not choice is red, green, even yellow in order to distinguish? Actually, blue chip a word originates from English blue chip among, the chip in the former American various different colors of gambling house, biggest silver yard is blue chip. With this culvert justice extension, people reach those scales of market value , is big , and the high quality stock of certain strength is called as blue chips. And these characteristics are not again planed with permanent raw index composition share and are joined , so this 33 permanent fingers composition share again inertia is called as blue chips.

Tyro will

Can be called as blue chips, its company's nature has certain strength, add the general metropolis of blue chips is in fund uses to do the investment tool of long term business, share price gets the support of fund. Therefore the share price of blue chips loses opportunity comparatively to arise the case of biging rise and fall. So as remit plentiful control share( 5) is regular, the liter of its share price falls usual lose 5%, contrast some immortal share easily go up fall down to 20% more, it is more steady undoubtedly to remit the share price controled , also since its market value is big, simultaneously just share price amplitude is more few, reason quilt investor calls stupid elephant nickname!

Thus it can be seen, the risk of business blue chips is relatively lower. For experience is yet shallow, is even to enter for the first time this stock market treacherous investor that does not measure and that enters recently to be all right, business blue chips are the simple methods of even earning the first barrel of gold and studying investment.

Blue chips

Preceding text has been mentioned, blue chips are equivalent to being permanent to point at share composition, so also inheriting permanent finger for the composition share each season of name list the property of adjustment. And up to the name list of the blue chips of August 18,2003 evidently, take off table, enclose herewith each blue chips more with table the same day liter fall in order to make reference.

CodeStockThe sameRise the 1The industry54.250. .92% 2In electronic-controlled34.10. .59% 3Chinese10.20. .49% 49 dragon17.252. .32% 5Remit99.6280. .37% 6The electric30.30. .66% 8Telecommunications4. .201. .79% 11It is87.250. .29% 12Permanent27.61. .45% 13Hutchison53.51. .40% 16The new51.251. .46% 19Company's390. .51% 20Meeting7. .100. .70% 23The bank17.851. .96% 66Subway9. .551. .57% 97Base7. .551. .32% 101Permanent8. .701. .15% 179Virtue10.551. .42% 267In letter15.951. .25% 291China7. .400. .68% 293Country12.60. .79% 330Si Jie18.850. .27% 363Shanghai12.551. .99% 494Advantage11.91. .68% 511Television33.20. .60% 551Abundant21.751. .84% 762China5. .454. .59% 883Chinese12.951. .54% 941China19.30. .78% 992Associate2. .9752. .52% 1038The capital161. .25% 1199In far8. .451. .77% 2388In silver9. .100. .55%

Cover

The cover claimed Deng( note: The arbitrage that continent says ), actually is a kind of is low to buy the strategy of selling high , denote to at the same time buy and sell a kind of certain merchandise, among so as earn price difference.

Act example has the price of a goods in Hong Kong that is 100 Yuan, and the price of this goods in America is 90 Yuan. Assumption trade cost is 0, investor may use , is low to buy the strategy of selling high , in America with 90 Yuan, buy into goods , and sell in Hong Kong with 100 Yuan, among investor is convenient may earn the price difference of 10 Yuan.

Certainly, no a trade not uses service charge, but after if have deducted the cost of trade, low buy to sell strategy high is still profitable, so cover Deng campaign may become investor make money channel. So as before example, is lower than 10 Yuan if trade costs , cover Deng is still may is, but if trade cost is to be higher than 10 Yuan, believe no investor will be willing to do this to lose capital business!

Actually, cover Deng campaign major is theoretical according to the same price on economy( Law of one price) derive become. Theory is pointed out , the price of a merchandise in different place, after having deducted trade cost, it should be identical. However, because of different goods when the price of every place hard meeting is completely identical, reason cover Deng campaign also goes on easily.

Say here, Your Excellency or can have following problem: As same is is low to buy the strategy of selling high , cover Deng the investment law with other as business stock and issue finger etc. have why not is same? Its biggest appearance different place is the difference of time difference, such as the investment France of business stock etc., normally, it is that needs wait for certain time , just sells after treating share price rising to profit; But cover Deng basic main points is , buying and selling go on at the same time, it is intermediate and does not have the time of wait share price rising. Therefore, cover Deng the risk of person, with investment stock and issue finger etc. compare is relatively limited.

Generally speaking, cover Deng way may divide into price cover Deng and interest cover Deng is two. Price cover Deng, when same for a short while when a price buies than the market of honest to enter , and in the market of higher another price Gu happen , in order to earn the price difference of two. Interest cover Deng, may be also called as set breath , see normally in currency market, its cover Deng method is to borrow with low breath to enter , at the same time with high breath loan, make identical currency to cover to take the gap of interest rate.

It is permanent

The permanent raw composite index of Hong Kong is the one of region index in permanent raw composite index. The permanent raw composite index of Hong Kong as the representative expression of Hong Kong of the stock market, the selection of its composition share criterion nature emphasizes this share comparatively the composition of Hong Kong. Will become its composition share, primary condition is besides the business total sale of greater part of this firm comes from mainland China. Certainly, because of the permanent raw composite index of Hong Kong, it is one of permanent raw composite index, so, its composition share must also accord with the condition of the permanent raw composition share of composite index, namely is this share excludes when stop time of brand outside, can not have in past 12 months to exceed 20 days in market shortcoming close the business; As well as when the one of company with the average market value of past 12 months of 200 biggest market value.

For the information that offers more completely to investor, permanent raw index service company divides into the permanent raw composite index of Hong Kong again carefully the permanent raw large scale share index of Hong Kong and the permanent raw medium-sized share of Hong Kong index and the permanent raw small-sized share index of Hong Kong. Gu Ming thinks justice, the difference of this 3 kinds of index lies in the market value of its composition share. The permanent goal market value of the raw large scale share index of Hong Kong covers , is the first 80% of the permanent raw composite index of Hong Kong, the goal market value of two other indexes covers , is remaining 15% and 5%. The number of each composition share also has difference each, parting for the 15 medium-sized share indexes of large scale share index 35, what is more special is that the composition share number of small-sized share index is not fixed, have do not belong to large scale share and medium-sized share, belong to the stock of the permanent raw composite index of Hong Kong will become the share composition of small-sized share index voluntarily. From this, as investor, it is the Hong Kong's stock of a kind of class type to regard as this 3 kinds of index.

Since the composition share of this 3 kinds of index has different, its use each, there is also certain difference. The use of large scale share index lies in the expression that lets investor observe the important stock of Hong Kong easily, since it possesses market value, the greater influence for big city is naturally greater, so, observing it to show as foresee rear city have pretty big role.

The use of medium-sized share index lies in in order to foresee that conclude the overall expression of active medium-sized stock, Ji with deduction the tendency of a few of composition shares. But because of the influence of medium-sized share along with state-owned enterprise and red chips eat perfume recover benefit decreasing, medium-sized share index also overlooks gradually by investor.

Otherwise, have covered because of small-sized share index to exclude all share port besides 50 big, medium-sized composition shares , this analysis index may have more overall understanding and grasp for the overall tendency of the stock market, may also remedy other index could not reflect the fraud of big city market value completely, so, is also paid attention to deeply by investor.

It is permanent

Besides the permanent raw composite index of mainland China excludes the permanent raw composite index of Hong Kong, additionally, the one of region index in a permanent raw composite index is deserved to be called for the composite index of mainland China, the composition share nature of its representative possesses certain proportion Chinese composition. Basis it Chinese composition difference, each composition share meeting is been by classification the share composition of capital enterprise index in permanent raw Chinese enterprise index or permanent raw Hong Kong. But regardless of the composition share that will become any index , must accord with the criterion of the permanent raw composition share of composite index first , add the business of the minimum 50% of this firm again total sale must come from mainland China, is just qualified to become a son.

The abbreviation of permanent raw Chinese enterprise index is state-owned enterprise index, its composition share must be the permanent state-owned enterprise H share in the raw composition share of mainland China of composite index, the number of and composition share and have no , lower limit. Since this index has covered the market value of all state-owned enterprise share, its tendency is to show direct pothook with state-owned enterprise share whole, therefore the liter of state-owned enterprise index falls , may directly reflect the change condition of overall state-owned enterprise share price, so this index purchases for being interested the investor of state-owned enterprise share very high reference worths.

In permanent raw Hong Kong, the another

( one) have other accord with the

( 2) the stock right of 35% is possessed

( 3) from( 2) the individual

No matter state-owned enterprise

Index=( the same day this index composition

Standard is of January 3,2000 on day. But if investor needs fall out to check the index before October 3,2001 , will be careful very much , need to make index base value conversion respectively with conversion factor 4.34235 and 1.53179. This is because of the standard of two initial indexes day is different, directly influencing index to calculate come out number value. Calculate the index method of October 3,2001 as follows:

Index=( the same day this index composition

Hand / ball( Lot Size/Million Share)

When the business stock of Hong Kong, having is cannot do not know , is Your Excellency to buy stock , must want to know Your Excellency first to prepare buy to buy a share ticket hand number is amount. Because every time to manage to fall down to plate , make calculation normally with each hand share number. That actually what is hand number?

Claim hand ( Lot), every time the most minimum share number of business. Actually, hand appearance, certain degree is because each hand unit of different stock is not consistent. For instance: Remit plentiful control share( 5) per hand is 400 permanent raw banks( 11) each hand is 100, length really( 1) each hand is 1,000 share. Pawn investor business stock , many times also meeting so as hand business guidance, for instance, purchase 5 hands to remit to control, again or sell 10 hand permanent livelihoods.

When investor business stock, share number musts remember to make calculation with each hand, because if share is several, deficiency is a, the words of hand will become broken share , and need as broken share so as is lower than the plate of market price just may Gu happen. Change speech , the amount of money that investor receives will decrease. Therefore, every time business should with enough one hand share number goes on , in order to avoid that cause unnecessary loss. However, it is interesting, American investment market may carry out broken share business, investor need not so as hand number is business unit, and may buy at will into the stock of different share number, for instance a IBM, or 17 Microsofts.

Only besides hand , for part immortal son share , investor has good meeting so as ball ( Million Share) to manage to fall down to plate. In share site, claim ball , denote 1000 thousand stocks, reason this each buy into one ball , showing purchase 1000 thousand and this kind of conditions, can usually appear in some low-priced shares, because even if buy into one ball , but is low because of share price( is taking the stock of a immortal as example, with one ball sum total amount of money also however is 10 thousand Yuan), actually, the fund emploied will not be also too many.

Additionally, what will pay attention is , for instance remit if Your Excellency wants the stock of the big hand value 1000 thousand Yuan of buying cost to control ( 5), it is share 10,400( so as remit to control the share price idea of HK$ 95 ) to purchase share frequently most contract, before when fall down to plate convenient want understand to manage to explain , what want to buy to enter is that value 1000 thousand Yuan remit to control , 10,400 share( 26 hands), instead of one ball remit to control , because of one ball remit to control need that the amount of money emploied will reach 9,500 10 thousand Yuan! Is natural, since being concerned with amount of money, it is too big, bond trip also meeting will just decide under measuring the condition of risk whether gang customer orders , but investor will be also careful , in order to avoid that since fall down to wrong plate ( Yi next wrong sheet) lead to loss.

It is permanent

Because of permanent raw index, contain 33 composition shares only, the price when the stock of some of greater market values has the rise of a little to fall , permanent finger will be very much fluctuated. So as remit plentiful control share( 5) is regular, take the 25% of permanent raw index proportion since its market value is about , the share price influence of rising to fall for permanent finger of its a little does not may be called is not large, so, so as cover to unite the permanent raw composite index with the 100 copies of 95 of stock market value of goal that delivers mainboard on the market convenient from this.

The permanent raw series of composite index are put out in October 3,2001, the calculation of index has included the company of 200 highest first market values, contrast permanent finger includes 33 companies, permanent livelihood composite index cover scope is larger. Describe go up is series , natural not a index, permanent raw composite index may divide region index and two profession index independent index series; Region index may divide the permanent raw composite index of Hong Kong as well as the permanent raw composite index of mainland China again; And profession index may divide into resource minerals, industrial product, the manufacture of consumer goods and service again carefully , is communal, financial , real estate and message science and technology , and this 9 kinds of comprehensive enterprise index.

After 90 decade, the plenty of enterprises of mainland China select with Hong Kong is appear on the market base, the basic and company's classification of the stock market of Hong Kong expands from this greatly is rich, manage risk and repayment in view of company's it of different region discrepancy, there are the index that need to with region divide in order to reflect the expression of different region stock company in market. On the other hand, recover since market goes up each company's profession to tend to diversification and a set of more overall profession index with more clear reflection, the expression of various company's professions is also been necessary. So, it is this, puting out permanent raw composite index to be tendency tend to , is also the inevitable step of the coordination stock market development of Hong Kong.

Though, the selection criterion of the permanent raw composition share of composite index is comfortable, but also unique and not simple than what perseverance points. Will become its composition share, primary condition is this share excludes when stop time of brand outside, can not have in past 12 months to exceed 20 days in market shortcoming close the business; After first condition, this share need to be still to calculate with the past average market value of 12 months, one of 200 companies of biggest market value. Therefore, permanent raw composite index also is investor to the one of important index of assessment stock market tendency.

It is

To know Hong Kong's share, have to know first that what is permanent raw index. It is permanent to give birth to index , and claims that perseverance is pointed at , is to calculate with the 33 composition shares in the stock market of Hong Kong with its total weighted averages method of market value. Since having extensive market representative as the composition share selected, its total market value takes the seventy percent of tendency of Hong Kong of the stock market of market value of rising to fall for others of above, each composition share more, also have maximum influence, so, market habit is taking permanent raw index as now , end comes the stock market tendency makes forecast.

Permanent raw index is drawn up by permanent raw index service limited company , is modified and is issued , and formally put out on November 24,1969. Permanent finger is taking July 31,1964 as standard Japan , and so as worth at one-hundred o'clock for base, it has been the 100 times of 1964 years that with current permanent finger, about 10,000 some idea and accumulation rise! And its calculation method is as follows:

It is permanent to give birth to index=(

So called composition share is to select by extensive consulting strict program to come out. To be been by selection, composition share does not be easy , need to accord with some of following basic qualifications:

( Yi) it total market value must have

( 2) it conclude volume must have deliver

( 3) must deliver the city

( 4) is not the

Have accorded with above qualification, do not represent this share is already been by selection permanent finger composition share, need to still consider the market value of this firm and conclude the ranking of volume , its profession must reflect big city index and the finance of this firm situation etc.. But there is time, partial new stock companies can get exemption , may not must exceed 24 months on the market, in such as subway( 66) , in silver Hong Kong( 2388) and sea oil( 883). Usual condition, can carry out evaluation according to 4 above qualifications surely. Since the method of selection is so and strict, so though, the name list of composition share is discussed per season one time, but name list arises change very less.

For further reflection the price tendency of the various stocks on market, permanent raw index is introducing 4 classification indexes in 1985 , fiting 33 composition shares enter. 4 kinds of this classification index is financial classification index , communal classification index, the classification index of real estate and the classification index of industry and commerce. And its calculation method and formula have identical finger with perseverance. Permanent finger besides classification index excludes permanent raw index, one evaluates the good tool of various stock big city tendencies.

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Red chips( Red

On tradition, it is blue and red is relative, as blue chips denote 33 permanent raw index composition shares, that red chips of course denotes those stocks of non blue chip kind? Is not also, red chips actually denotes those appear on the market in Hong Kong, in but from capital enterprise direct control or hold the stock company more than thirty percent of half stock right stock.

The definition

Though red chips denotes in those from capital enterprise direct control or hold thirty percent of half stock right more, and the stock that appears on the market in Hong Kong, but till now, this definition still gets the dispute of certain degree. A style is considered , a stock whether belong to red chips should so as profit mainly whether is judgment standard from Chinese Mainland, Peng Bo the index of red chips of message establishment is the supporter of this style; And Hong Kong has the red chip index of representative, namely the capital enterprise index in permanent raw Hong Kong, in belong to the table person of another factions , is so as the capital shareholder proportion of rights and interests comes to decide. Therefore the composition share of this two indexes is not definitely identical.

The origin

Red chips is called as red chips , major come with the two allusion extensions on market that spread for a long time: First allusion continues to use the story of one of blue chips, when a writing of blue chips has mentioned, on gambling house, the chip of biggest silver yard is blue , is red chip secondly. Therefore, red have been chosen to represent strength, slightly than blue chips, have the stock been not as good as.

Another edition is directly relatively because of the 5 star national flags of China, is red mainly, and the representative color of socialist country is also red also, so, people convenient inertia in those from the stock of capital enterprise control calls red chips.

Influence

Though present the stock market of Hong Kong still decide from blue chips Dao, and stock quantity and the stock trade of red chips are still more few, however in, as capital the speed that enters a port accelerates , red chips has the tendency of continued increase, its influence can recover surely to recover is big, do not allow overlook.

Up to the red chip index name list of August 21,2003

CodeNameLastLiter 123The more0.650.00% 135China( Hong Kong)0.811.24% 144Recruit8.30.60% 152Shenzhen0.320.00% 171Silver0.833.61% 203Jun Wei4.31.74% 257Chinese0.3253.08% 270Yue sea1.380.73% 308The travel1.490.67% 363Shanghai12.651.19% 392Beijing7.750.65% 4094 starts0.871.15% 418Founder0.873.45% 506Chinese3.20.00% 604Shenzhen1.140.88% 762China5.650.88% 861Digital1.943.09% 882Tianjin2.41.04% 883Chinese131.92% 934In petroleum1.230.00% 941China19.251.82% 992Associate30.83% 1052The more1.91.58% 1070TCL world2.0256.17% 1093Chinese2.9250.86% 1109China0.961.04% 1114China2.453.06% 1193China0.681.47% 1199In far8.550.00% State-owned enterprise

Mention red chips, how can you again not say that there is certain similar state-owned enterprise share to it? State-owned enterprise share denotes those obtain Chinese certificate prison can criticize nucleus to Hong Kong appear on the market state-owned enterprise. It may be also called as H share, Yi the state-owned enterprise that points to appear on the market in Hong Kong( Hong Kong) share. It still has in to be called as N share and S share , it is to part in American New York and the Singaporean abbreviation of the state-owned enterprise that appears on the market.

State-owned

Look so, state-owned enterprise and red chip same for inland the enterprise that appears on the market in Hong Kong, have two what difference actually? In other words, because of the inland of state-owned enterprise share and red chips, color is also strong, same for inland the enterprise that appears on the market in Hong Kong, its major servicing also has very close relation also with inland, the tyro for that the stock market of Hong Kong has no deep knowledge obscures very easily.

But to distinguish two, it is also not so difficult. Simple , when the registration of Hong Kong will be distinguished for red chips, what register in is state-owned enterprise share for nature. In fact, red chips is the window enterprise of China that province city and central office register each in Hong Kong , and state-owned enterprise share is the government enterprise that takes root in China normally.

By the development

From July 1993, Qingdao beer( 168) becomes the first government enterprise to get approval , have passed the circumstance of whole 10 years on the market so far in Hong Kong. In this 10 years, it has had successively to exceed 80 state-owned enterprises in the mainboard market of Hong Kong appear on the market with second board, raise funds always volume more near HK$ 150 billion.

Though saying that raising fund is a company the major purpose that appears on the market but begins to approve that state-owned enterprise publishes H share in Hong Kong to from the former inland of 10 years, what it most stresses is that hope that this batch state-owned enterprise can conform with international market as soon as possible , goes through the mill of the competition of international market to practice , pushes government enterprise eventually to internationalization. In fact, the mill via 10 years practices , transparency, accounting level and the management of state-owned enterprise share enterprise have had substantially improvement, from world-class standard, it is already far.

Have investment

Some state-owned enterprise shares meeting at the same time publishes A and the H two shares of circulation stock in two places, but measure difference because of the circulation of the fund of two places, a same stock, the share price of H share general will be lowed by the share price of more A share is multiple , therefore, the whole of the stock market of two places benefit than( PE) have pretty big gap. Contrast inland A the stock market easily 50 , this benefit of 60 times than, this benefit of the state-owned enterprise share of Hong Kong than have only 10 times around, its investment value nature not speech resides.

Accelerate along with the pace of state-owned enterprise reforming and opening up, the continued improvement of inland macroeconomics, together with the advantages such as QDII and CEPA in good, Hong Kong's policy is implemented soon , may be expected , when evidently the future state-owned enterprise share desirable acting leading position of traditional blue chips in the stock market of Hong Kong.

Reflect that the major index of state-owned enterprise expression is permanent raw Chinese enterprise index , may be also abbreviated for state-owned enterprise index. And up to the state-owned enterprise index name list of August 21,2003 evidently, take off table, enclose herewith countries more with table Qi share the same day liter fall in order to make reference.

CodeNameLastLiter 168Qingdao6.750.00% 177Jiangsu3.1251.60% 323Saddle1.940.00% 325Beijing swallow1.590.63% 338Shanghai1.880.00% 347Saddle2.6750.94% 358Jiangxi1.850.00% 386Chinese2.4250.00% 525Broad2.0251.24% 548Shenzhen2.5250.00% 576Zhejiang3.70.00% 588Beijing1.360.00% 670Chinese1.20.00% 694Beijing2.2250.00% 696The Chinese6.70.75% 728China2.1251.18% 857Chinese2.451.02% 902China10.40.48% 991Beijing4.30.00% 1033Instrument1.260.79% 1055Chinese2.550.00% 1071Shandong2.2750.00% 1122Celebrate1.330.00% 1128Town sea4.1750.00% 1138In sea3.8750.65% 1171Yan state4.10.00% 1211Than Ya-Di20.90.48% 2600Chinese2.31.09% 2883In sea2.2750.00%

The bond The settlement and trade of Hong Kong have company( the exchange of Hong Kong), offer a effective, transparency through the whole capital affiliated company's joint exchange limited company of Hong Kong( unite to deliver place ) and there is the securities market of order.Bond

To be uniting to deliver, buy to sell

1. SelectOnly unite to deliver the person side participated in may through unite to deliver the trade system of place is customer business bond. According to law example, manage bond, futures or option trade or the company offered related investment opinion service or personage must hold by Hong Kong bond and the license plate that the futures control commission of general affairs( certificate prison meeting) send. Bond manages must demonstrate obviously in business place to obtain the license plate of hair. Unite to deliver the person directory participated in it may be in the exchange website of Hong Kong (Www.hkex.com.hk) look

2. OpenBond businessCash residenceAfter investor purchases stock, must when itsThe residenceIf investor opens the I show business bond of residence registration, pays just after purchasing stock customer contract orders the time limit decided to pay the partial amount of moneies of buying cost. I show residence registration will usually have guarantee; If the value of guarantee falls to is lower than designation borrow ratio, manage possible requirement customer offers extra guarantee( mend storehouse). If could not mend storehouse, managing usually have right to sell the bond in residence registration. Before selecting the classification of residence registration, investor should consider the investment tactful and financial needs first , and knows the risk of different investment strategy.

3. ApplicationWhen opening residence registration, investor must fill out many shares of form and signs customer contract. Contract content includes mainly " bond and the futures control commission of general affairs hold brand personOr registered person holds to guard criterion

Trade

Is as follows after opening

1. FallInvestor to manage to send business instruction , show clearly share number or code name, business price and the name of stock. Investor may so that news , personal arrive to manage trip or go throughInternet falls down

2. CarryInput business plate bestIn the former period of Kai city, business a plate of meeting basis between business a plate of classification and price prompt prior order, according to last reference balanced price, it is for plate. Reference balanced price denotes to be able to conclude the price of the most share number for coiling if at that time, going on.In continued trade period, business plate meeting lasts between according to price prompt prior order is for plate. If have appearance the business plate that matches , trade system can pair voluntarilyDeliver. Regard Hu businessA few of manage the possible business

3. BusinessManage usual meeting whenAs stating:Manage nameTrade date andQuantity andTrade price and

4. DeliverAll when unite to deliver the trade reached , all byManage between investor deliver receipt, canBusiness bond , investor need to pay to pay to manage commission and trade solicit consuming, investor compensation to solicit consuming, trade consuming and( as is suitable for) stamp tax. Investor should to manage to inquire the newest charge rate of above cost as well as whether still have other cost, such as trusteeship and receive dividend cost. Relevant when unite to deliver buy to sell the trade cost of bond , may look up to the exchange website of Hong Kong.

It is

When unite to deliver buy

Price:Bond buy to enter and sell offered price must comply with to unite to deliver all barrier minimum go up fall down to the stipulation of price. Details may refer to the exchange regular 2 of subordinate list that the exchange website of Hong Kong carries , again or to manage to inquire.

BusinessWhen unite to deliver the bond business carried out is general so as complete business unit( a few of bonds a hand designated share number) or its multiple goes on. The price of broken share usually has other a hand business price( broken share sells normally with discount price).

ShortIn general terms, the law example of Hong Kong prohibits that investor sells the bond that does not hold , unless believe when selling with honest investor that it is a that self possesses at that time may real time exercises the right of and any not additional condition, may deliver buyer relevant bond. When fall down to a plate of bond of short sales is former, investor general meeting and the personage who holds this bond conclude effective stock to borrow agreement, the stock that determines to borrow one side of stock to have enough quantity may be borrowed. Besides, only unite the approval bond side of short sales that delivers to designate may carry out short sales. May the bond name list of short sales may look up in the exchange website of Hong Kong.Basis law example, the investor who carries out short sales must when fall down to plate to manage to show that this plate is the plate of short sales, can not be usually lower than according to the price regular price of short sales of short sales at that time is best to sell offered price.

Market banker

At present, uniting deliver the bond business of the most, do not set banker. Some designate bond to set market banker, when the publication of the structuralness product united to deliver the city gone up( for instance derive right certificate and breath share certificate) business must invite circulation quantity supplier actually , in trade system, offer business quotation for its product. Related structuralness product appear on the market file can state circulation quantity supplier offer quotation or suspension quotation under what kind of condition.

Cash residence

Have cash residence registration to hold person or have not kept according to gold manage to be all right , manage or will beg therefore customer pays in advance when execution falls down to plate. Investor trade before should first to manage to know to deliver receipt arrangement.

It is attachedThrough this service, investor may rely on the exchange whole capital affiliated company's central settlement of Hong Kong of Hong Kong the knot sheet that limited company( the settlement of Hong Kong) directly send , check it keeps manage or trusteeship business hold share and conclude record. Every time residence registration stock transfer moves about , the settlement of Hong Kong can send stock transfer with day knot sheet gives investor, action the same day stock transfer proof. Until every the end of month of month, Hong Kong settles accounts , can send month knot sheet again to investor, show that have to keep when manage the surplus of stock in / trusteeship business residence registration( even if the surplus of some stocks for zero). Have got these knot sheets, adding again manage or the knot sheet of residence registration that trusteeship business sends , investor may verify more efficiently, hold share and stock transfer record under name. The settlement of Hong Kong does not stand independently in accordance with investor for stock residence registration hold person or the registration of stock in residence registration to hold person.

The investorPersonal and company's investor may settle accounts in Hong Kong to open investor residence registration. Investor residence registration is that one stores the residence registration of pipe stock actually , lets investor enjoy legal guarantee and essentially control right. The settlement of Hong Kong meeting can just shift bond after receiving investor confirmation to give to manage. However, investor residence registration holds person still must through manage to carry out stock business and relevant deliver receipt. 銆€ Invest inBelow - -, content is OpenChoice manages the

The securities market of Hong Kong offers to manage the company's major minute of business, is taking organization as major service the 10 of object the few western Asian company that throws trip in , so as little customer the heres more than 400 of Hong Kong of being major service for elephant are medium or small to manage to be all right and partial banks. Western throw trip to rely on powerful business strength have occupied publishing business 2 / 3 and manage the market share more than business half, the heres more than 400 medium or small manage trip and bank cut remaining market share apart , competition is very intense, small-sized manage the quality good green bristlegrass of company is not even. It is different with the condition of mainland China, the certificate prison meeting and exchange of Hong Kong do not guarantee to manage the credit of company and for investor pay responsibility, if manage , company occurs payment crisis or bankruptcy, the bond futures regulation that comes into effect according to March 31,2004, the highest compensation that investor can get is every each of account the HKD of 150 thousand. It is different with the exchange of Shanghai and Shenzhen , is in Hong Kong , if choice when bond manages company or bank opens an account , the stock of investor first is trusteeship when this bond manages company or bank, this bond manages company or bank will customer concentrates with it from some stock, trusteeship the settlement of Hong Kong company. Manage company or bank has complete control right for the stock of investor in account. If manage , company or bank goes bankrupt , customer trusteeship manage the stock of company and bank meeting action manages the asset of company and bank is used to compensate for debt and bankruptcy to settle accounts. If open an account manage company's bankruptcy, personal investor may lead to huge risk. Therefore, investor when choice manages company is former, must compare cautiously, never same channel understanding manages the conditions such as company's business classification, financial condition and business qualification, the company that selects reliability handles investment matter.

When the certificateHttp: / /www.hksfc.org.hk/) go up a fence " hold the record of the public of brand person and registered organization volume" that issued , investor may look up to manage the registered information of organization, including it to obtain to send brand is been engaged in by the classification of superintendency campaign. If is engaged in stock business manage company should hold 1th kind of license plate, is engaged in futures trading manage company should hold 2th kind of license plate.

The public of the certificate prison meeting of Hong Kong records volume to load , hold the detailed information of brand organization and individual, including their full name, name, contact method and every license plate to attach the condition of tape, the record of disciplinary punishment of past 5 years and every channel that organization handles customer complaint. At the same time, record volume the responsible people that can also list to take the responsibility for supervising a few of organizations to carry out superintendency campaign full name, as well as may carry out the relevant name list of the business representative who gets superintendency campaign.

How to reduce stock

Investor manages if supervise company keeps for you in the central settlement of Hong Kong the condition of transfering of stock in systematic account, may pass to manage company opens the stock independent account of a attached knot single service. After completion this arrangement, the stock of this investor will and manage the stock of company's and other customer parts. Whenever account any stock is transfered , the central settlement of Hong Kong systematic metropolis directly sends stock transfer to investor with day knot sheet. However after, set up this kind of account, manage company has complete control right still for the stock of investor in account.

Will directly control own stock, investor may consider when the central settlement of Hong Kong company opens investor account, but the present application of this kind of account person is confined to the local resident of Hong Kong and registration in the company of Hong Kong or Bermuda. The shareholder accounts of domestic and this kind of account is similar, have stock so as open an account the nominal direct trusteeship of person when the central settlement of Hong Kong company. But what is different with domestic is that the central settlement of Hong Kong company's meeting directly sends account campaign to investor to close single and month knot sheet , supervise the change condition of stock. Though after when open this kind of account, investor will still pass to manage company carries out business, but the settlement of Hong Kong company meeting after when get the confirmation of investor to instruct , can just go to stock transfer the designation of investor manage the account of company.

When open trade account is former, investor must manage with bond company or bank signs customer agreement, fill out to open an account form. Customer may ask to manage in company or bank so as , Britain two languages or any a kind of languages sign , manage company or bank the agreement that must with the language with familiar customer to it explain content, the risk disclosure of trade classification that is especially concerned with is stated , deliver agreement duplicate customer preserves. Agreement content includes managing the trade clause and investor and service offered by company and manage the right duty of company's mutual each. Offer stock because of the market of Hong Kong , accept share certificate and option etc. to derive the different trade products such as product , its risk that is concerned with is each different, risk reveals to state that aim at reminding investor to go on , not move about with investment( such as the business board stock of business founding , derive product etc.) potential risk. Investor should read carefully risk disclosure to state that meet , have doubt, should to manage company pursues consulting.

Common trade

April 1,2003, Hong Kong cancel minimum commission system. In accordance with the service that offers , it is different, each home manages company is levying commission , deliver charge and stock to store the charges such as storehouse cost go up can have some discrepancies. Some economic company's charges are cheap, but service is confined to only in the execution of business instruction, another can at the same time offer a series of such as research and the other services such as investment adviser. Besides, some manage company can offer net on trade service, the account of carte blanche or the special services such as the account of earnest money( again claim " I show account"), another some promise customer opens cash account. Investor when choice manages company will make comparison. Before opening an account , should know every charge detailed rules and regulations and the service classification that offers first carefully, charge minimum manage company may not be most suitable sometimes.

Whether may carry out financing divide basis, trade

Cash

The stock accounts of mainland China and this kind of account is basically identical, investor when after buy to buy a share the instruction execution of ticket, must deliver in the time limit of customer agreement agreement to buy into all amount of moneies of bond.

The account of

Allow the account of customer thorough capital, investor when after buy to buy a share the instruction execution of ticket, deliver just in the time limit of customer agreement agreement to buy into the partial amount of moneies of bond, remaining sum manages from bond company or bank with the bond on customer account mortgaged offer financing to pay. Generally speaking, the mortgage proportion of blue chips is around 70%. On the market of Hong Kong, manage company is legal for customer to set up this kind of account. The market of mainland China goes up , former some years more securities broker companies, privately with this kind of thorough capital trade, are the means that attract customer, for big household offer financing. Using the lever role of the trade of earnest money, when rising in the market, investor may get the profit that is higher than routine , but when market is declining , investor will be faced with maximum risk. Especially on the market of Hong Kong, do not set up rise because of stock trade to fall to stop board , slump in market, if could not mend storehouse in time, manage company may chop storehouse for customer, not valuation shelf sells stock, so as fill earnest money deficiency. Share price is declining can trigger to manage company requirement customer mends storehouse, cause the stock of some investors with the price of loss, having been choped storehouse to sell happen. Unceasing mend storehouse and chop storehouse may cause vicious circle, make big city fall tendency aggravates , pushing low market further cause , is new round of to mend storehouse tide, borrowing considerably to carry out the investor possible original capital of lever type investment have no to be. Such as June 2004, far eastern biological pharmacy( 399) share price falls in 70 minutes 92%, is the stock of this kind of mortgage has been choped storehouse arouse. If get fund after choping storehouse, can't still repay loan, customer should undertake all debts of remaining sum in account besides compensating the earnest money that had been deposited completely.

Additionally, under the condition of not apply for financing , the stock of customer may be also mortgaged. Manage company will usually beg the customer of earnest money to sign authorization book, grant them carry out the stock in account the power of mortgage, in order to manage company to bank loan. Once managing , company is unable to repay relevant loan, bank will have right sell guarantee to cover show , and decide to sell which stock independently. This collect guarantee bring " collect risk ". Basis the difference of the clause authorized, even if customer entire quantity pays off purchase the fund of stock, and never use the credit service of earnest money, manage company may also collect the stock in the customer account of earnest money and mortgage gives bank. Therefore if not plan to carry out the business of earnest money, investor does not open the account of earnest money , or sign the authorization of mortgage stock book.

Other

Jointly

Investor may still open jointly signed household i.e. two persons to possess same account together , opens jointly signed household as the two persons of husband and wife. In two persons, any a person has complete disposal right for account.

Entrust

Entrust totally account after, set up this kind of account, investor authorizes to manage company's or its staff member does business for you. But investor must know the risk of trade fully, authorizing book, it must be clear to state investment goal and the risk that can be borne. Concerning authorization, must confirm every year again with written way. Customer agreement will state account clearly to entrust totally household.