China News Online, February 1st (Gao Zhimiao) A-share science and technology board stocks belonging to SSE 180, SSE 380 index stocks and A+H share companies will be officially included in the scope of Shanghai Stock Connect stocks from the 1st. The H shares of listed A+H share companies are officially included in the scope of Southbound Stock Connect stocks.
What does the formal "joining" Shanghai-Hong Kong Stock Connect mean for the Sci-tech Innovation Board?
"The inclusion of the Science and Technology Innovation Board in the Shanghai-Hong Kong Stock Connect for the first time marks its first step towards internationalization. Opening up to Hong Kong stock investors will certainly bring incremental capital, and internationalization also means that its valuation will appropriately reference mature markets." Fu Ziheng, general manager of Huaxin Securities Private Equity Research Center, told a reporter from Chinanews.com.
The relevant person in charge of the Shanghai Stock Exchange also said recently that the inclusion of sci-tech innovation board stocks in the scope of Shanghai-Hong Kong Stock Connect is an important measure for the opening of China’s capital market. It will not only expand the scope of interconnection investment, but also provide foreign investors with more abundant investment The target will also introduce more foreign institutional investors to the Science and Technology Innovation Board, further improve the investor structure of the capital market, and enhance the degree of internationalization.
It is understood that the science and technology innovation board stocks that belong to the SSE 180 Index include one stock of China Micro Company; the sci-tech innovation board stocks that are constituent stocks of the SSE 380 index include Haier Biotechnology, Western Superconductor, Anji Technology, Lanqi Technology, and Hangke Technology, Rui Chuang Wei Na 6 stocks.
There are 6 A+H-share companies listed on the Science and Technology Innovation Board, including SMIC-U, Fudan Zhangjiang, Kangsino-U, Junshi Bio-U, Haohaishengke, and China Credit Card.
According to the newly revised "Shanghai Stock Exchange Shanghai-Hong Kong Stock Connect Business Implementation Measures", the A shares of these six companies will be included in the Shanghai Stock Connect, and the H shares will be included in the Southbound.
In the view of Yuntai Capital’s founding partner Fu Lichun, the inclusion of sci-tech innovation board stocks in Shanghai Stock Connect will benefit the sci-tech innovation board.
Because of the threshold problem, liquidity is still relatively scarce on the Sci-tech Innovation Board; under the differentiated market, the market value and industry status of most of the Sci-Tech Innovation Board does not have obvious advantages.
Therefore, the Sci-tech Innovation Board needs to improve its liquidity, and the Shanghai-Hong Kong Stock Connect will increase the liquidity of the Sci-tech Innovation Board more obviously.
Yang Delong, chief economist of Qianhai Open Source Fund, also said that Shanghai Stock Connect will bring incremental funds to the Sci-tech Innovation Board, but the incremental funds that may be brought will not be too large, because the overall market of the Sci-Tech Innovation Board is not large.
On the whole, Shanghai Stock Connect can still increase the liquidity and trading activity of the Sci-tech Innovation Board.
The newly revised "Shanghai Stock Exchange Shanghai-Hong Kong Stock Connect Business Implementation Measures" clarified the appropriate requirements for Shanghai Stock Connect investors to trade SSE Science and Technology Innovation Board stocks, that is, only institutional professionals who participate in SSE Science and Technology Innovation Board stock trading through Shanghai Stock Connect The scope of investors and institutional professional investors shall be implemented in accordance with relevant Hong Kong rules and regulations.
In this regard, Fu Ziheng said that the opening of the Sci-tech Innovation Board to institutional investors shows a certain degree of caution and is reasonable.
"After all, the rules for listing on the Science and Technology Innovation Board are different from those on the main board. For example, the financial performance requirements are more relaxed than those on the main board, and a strong professionalism is required for its analysis."
The Sci-tech Innovation Board stocks officially "joined" the Shanghai-Hong Kong Stock Connect to optimize the interconnection mechanism and further expand the scope of Shanghai-Hong Kong Stock Connect.
The Shanghai Stock Exchange emphasized that in the next step, it will continue to optimize and improve the interconnection mechanism, continue to attract foreign investment in the A-share market, and promote the high-level two-way opening of the capital market.
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