Capital Flows, Valuations, And "Lowlands" Are Coming Down To Hongkong.

In March 27th, the securities and Futures Commission issued the "guidelines for public investment funds to participate in the Shanghai and Hong Kong through pactions", and put forward specific requirements for the fund's qualification and procedures, information disclosure, risk management and internal control system.

According to the guidelines, the new fund only needs to be stated in the fund contract, and the Hong Kong stock can be allocated through the Shanghai Hong Kong through mechanism without the qualification of qualified domestic institutional investors.

The funds previously approved or registered can also participate in Shanghai and Hong Kong through different procedures according to the contractual conditions of the fund.

In April 1st, the CIRC issued the notice of the CIRC on regulating the overseas investment of insurance funds, and clearly broadened the scope of overseas investment of insurance institutions.

Among them, the Hongkong venture capital market to open investment in venture capital is a major highlight.

"Policy guidance has given market confidence, and everyone has begun to do so."

Wu Xianfeng, chairman of Shenzhen Longteng Asset Management Co., Ltd. disclosed that Longteng's all market investment fund began to configure Hong Kong stocks in recent trading days, and its position ratio increased to more than 20%.

Chen Ping, a private manager who has invested in Hong Kong stocks and A shares in Shanghai, has also been adding shares to Hong Kong stocks in the past week.

"The size of our Hong Kong stock account is 1 billion, but the previous position is less than 10%, and now it has increased to 50%."

He said.

In addition to the active stock raising of Hong Kong stock funds, a group of financial practitioners who did not pay attention to Hong Kong stocks this year are planning to enter the Hong Kong stock market to dig gold.

Reporters interviewed learned that in the past week, the topic of investment with the highest degree of concern among financial practitioners was pferred from the new three boards of the mainland market to the gem of the Hong Kong stock market.

"Now a large number of people in the industry are going to play Hong Kong stocks, and some fast acting funds have passed."

On the afternoon of April 1st, Li Lin, who was employed by a Asset Management Co investment manager in Shanghai, told reporters that he was looking for a new stock account for Hongkong local brokerages to prepare for investing in small and medium value growth stocks in the Hongkong market.

Scheduling part

The situation in the Hong Kong stock market also occurred in Guangzhou and Shenzhen.

"We sell the TMT stocks of the gem over the past few days, preparing for the Qingming Festival.

"

A private equity fund manager in Southern China said that by the end of the year, there will be a number of Hong Kong stock market.

It can be doubled.

But the stock being fired is likely to be cut.

"According to the compliance process of public offering and insurance, it is estimated that it will take another month for institutional capital to enter the Hong Kong stock market.

But securities practitioners are already in action.

Li Lin disclosed that public funds managers, private equity workers and industrial capital have discussed the opportunities of Hong Kong stocks frequently, and are ready to invest in Hong Kong stocks.

"The valuation of many small companies in the Hong Kong stock market is only ten times the price earnings ratio. For professional institutions, the small cap growth stocks of Hong Kong stocks are better than the new three Board companies that are now investing in China."

Li Lin recently combed and studied the TMT varieties of the Hong Kong stock market. He found that the risk return ratio of the related companies was higher than that of the mainland's new three boards, much more than that of the gem.

Similar to Li Lin's idea, some of the public fund managers who are keen on investing in new three Board Companies in the early years are now turning to Hong Kong stocks.

"The new third board has a good price earnings ratio of thirty or forty times.

Now, if we invest in new three boards, the risk income ratio will not match. "

The director of rights and interests of a large fund company said that in the eyes of the institutions, the current Hong Kong stock market is like the new three boards at the beginning of the year.

"The trend of capital flows to Hong Kong stock market has just come into being, and now we must go out as soon as possible."

The director of equity and equity said that the Hong Kong stock market implemented the T+0 trading system without any price limits, and the market volatility was relatively large.

The risk of the first batch of funds is relatively small.