基金經理 滬港通仍面臨障礙

China’s trading rules pose a threat to the early success of the first direct access many foreigners will have to the country’s mainland stock markets, fund managers have warned.

基金經理們警告，中國的交易規則不利於境外投資者直接投資境內股市的渠道取得早期成功；這將是許多外國人首次擁有直接投資中國股市的渠道。

The Hong Kong-Shanghai Stock Connect is due to go live next month, allowing investors in each market to trade shares directly in the other. But fund managers say that a series of still unresolved issues could cause traditional long-only investors – exactly the kind of investor China wants to attract – to hold back from using the new system.

滬港通(Hong Kong-Shanghai Stock Connect)定於下月開通，使香港和上海股市的投資者能夠直接交易對方股市的股票。但基金經理們表示，一系列尚未解決的問題可能導致只做長倉的傳統投資者（正是中國希望吸引的那一類投資者）不敢使用新的系統。

Issues include legal ownership of Chinese A-shares, the requirements for delivering stock for sale and how China’s taxation regime will apply.

問題包括中國A股的法定所有權，交割賣出股票的要求，以及中國的稅收制度將如何適用。

The opening of the link between the two exchanges has been hailed as an important, albeit small, step in the opening of China’s capital account. This is because it allows investors for the first time to buy Chinese securities under a general quota and without having to be approved individually by the authorities, as under the current qualified foreign institutional investor (QFII) scheme.

在兩個交易所之間實現互聯互通，被譽爲向着開放中國資本賬戶邁出的重要的一小步。這是因爲該制度首次允許境外投資者在一個總額度下買入中國證券，而無需得到主管部門的個別批准，就像現行的合格境外機構投資者(QFII)制度那樣。

The assumption is that should the Stock Connect be a success, the initial quotas could be widened and more exchanges added. China also wants to encourage longer term investors to balance out its retail-heavy investor base. About 80 per cent of trading is done by small, individual investors who tend to follow market moods rather than investing based on fundamentals, which can exacerbate rallies and slumps.

人們的假設是，如果滬港通取得成功，最初的額度可能被拓寬，更多的交易所可能加入。中國還希望鼓勵長線投資者，以平衡國內以散戶爲主的投資者基礎。在中國境內股市，大約80%的交易是由小打小鬧的個人投資者進行的，他們傾向於追隨市場情緒，而不是根據基本面因素進行投資，這種格局可能加劇股市大起大落。

But long-only fund managers are warning they will have to hold off unless a string of issues are resolved. Testing of the technology has so far been successful but draft final rules are yet to be issued by either exchange.

但是，只做長倉的基金經理們警告，除非一系列問題得到解決，否則他們不會利用這一機制。技術測試迄今是成功的，但兩地交易所都尚未公佈最終規則的草案。

“All of us have been wanting a way to access China that wasn’t as convoluted as QFII but this isn’t quite it just yet. I’m sure that will change but there are a lot of teething issues,” said Emma Quinn, head of Asia-Pacific trading at AllianceBernstein.

“我們都希望得到一條投資中國的渠道，不像QFII那樣複雜繁瑣，但這個機制還不是很到位。我肯定局面會變化，但目前而言還存在不少初期的問題，”聯博(AllianceBernstein)亞太交易主管艾瑪•奎因(Emma Quinn)表示。

Under the system as outlined, any A-shares bought will be held in custody in a central depository run by the Hong Kong Exchange.

按照目前介紹的安排，在滬港通機制下，境外投資者買入的A股將由香港交易所(HKEx)運營的中央託管庫託管。

But Chinese law does not recognise the owners beyond the HKEx custody pool – meaning that should the exchange collapse, those A-shares would in China be considered the HKEx’s property rather than that of the investor.

但是，中國法律不承認港交所託管庫以外的所有者——這意味着如果港交所倒閉，這些A股在中國將被視爲港交所（而非投資者）的財產。

“We need to be clearer about the legal standing investors have in China if the only owner China recognises is the HKEx,” said one senior trader.

“如果中國承認的唯一所有者是港交所，我們需要進一步明確投資者在中國具有的法律地位，”一位資深交易員表示。

Chinese rules banning naked short selling – selling shares without owning them first – are also causing problems. Meeting the rules means fund managers will have to deposit shares they wish to sell with their broker the day before and wait a day for payment, leaving them without control of their shares and out of pocket.

禁止裸賣空的中國規則（賣出自己並不擁有的股票）也引起問題。滿足這些規則意味着，基金經理如果要賣出股票，就必須提前一日把這些股票存入他們的券商，然後等待一天拿到售股所得，這使他們在短期內失去對這些股票的控制，同時又拿不到款項。

Unlike other markets, China demands brokers have proof the shares exist before they can sell them.

與其他市場不同的是，中國要求券商首先得到股票存在的證據，然後纔可以出售股票。