Category: Money tips Release Date: 2006-08-13
Abstract: Over the past two months, 31 A + H Company's H shares, A shares of the ratio between the average price remained at around 0.72, but the relative stability of parity with the A + H's share reform process, The apparent change in advance. In addition, the future of oil, Bank of Communications, China Life, China Telecom's returnees may also give A + H to bring the company's parity relations have further profound changes. The future of H shares, A shares will result in narrowing the difference between some of the funds flow from the H-share market A-share market. A-share market is currently split share structure reform is being carried out in full swing. 31 A + H companies, Angang, China Shipping Development, ZTE three companies have also completed share reform, A shares before the name of the highest "G" resume trading after the deal. Although the mainland stock market continues to improve, but the two G Unit Angang and China Shipping Development's share price prior to a more natural ex-dividend, or a lot lower. In contrast, the recent Hong Kong H-share market has soared and repeatedly refresh the spate of multi-year high. Angang and China Shipping Development H-shares during the period there have been a lot of money gains. 31 A + H is currently the company's H shares and A shares in the price comparison sort, Angang and China Shipping Development are among the best, and these two factors have a direct relationship.
Parity relations are facing new changes in Nevertheless, in the past two months has been 31 A + H the average price of the company's H shares and A shares of the ratio between the average price remained at 0.72 or so, there is a better parity between the relative stability. Existence of this relative stability is mainly due to two aspects: one is among 31 companies to complete share reform and the resumption of the G-share companies is only 3, and A-shares of ZTE's range of natural ex is very limited, such not enough to state the average price of 31 companies than to have a very significant change. Second, although Recently refreshed since the H-share index over the years, a new high after another, from a low of the end of October so far, H-share index also rose a cumulative 20%; but H-share index's gains to a large extent the source in the Petroleum, Bank of Communications, China Life and other heavy support role of the H shares. Most of A + H Company's H shares rose relatively limited. The Shanghai Composite Index over the same period the accumulated gains while just over 10%, but the relevant A + H shares is the index in the mainland stock market played a major supportive role in the large cap blue chips, gained a majority stake in costly gains.
From another point of view, enormous changes in market structure, this kind of continued relative stability in turn, can also be A shares and H shares of the stock price changes play a certain degree of conditionality. However, this role will be restricted with the A + H's share reform process move forward and change. On the one hand, from the market environment, the present mainland A share market, although at a lower point and over the years, but the market when they can pick up to a few years ago a high level, it also remains to be seen. In contrast, the H-share market in recent years, the investment value of the gradual recognition by international investors, the prospects are extremely good. Changes in the relationship between the two markets will make A comparison of the H shares shares premium decreases. On the other hand, even without considering the market environment variables, the remaining 28 A + H Company completed the share reform later, A shares will inevitably drop as a result of natural ex-dividend, which will make 31 A + H Company parity relationship noticeable change.
A shares are expected to be supported by A certain sense, 31 A + H parity between the relative stability of the company and investors to its share price between the two is expected to contrast the relationship is not unrelated. For a number of institutional investors, this may mean that the expected change in it will be required between A shares and H shares to adjust the proportion of investment. From this point of view, the future price of H shares and A shares will likely result in narrowing the differences in some of the funds flow from the H-share market A-share market.
From the foreign shareholder of 31 A + H shares of the company's shareholding, will also see the feasibility of such capital flows. Among the 31 companies, ZTE, Angang, Conch Cement, Yanzhou Coal, etc. A shares of nine companies have been heavily loaded with QFII institutions. For some of these companies, the same QFII institutions A shareholder is the holder of its H shares Shigekura. Thus, for these funds is that with the expansion of the QFII quota authorized by the mainland A-share market opening degree of the increase in capital flows between the two markets is still relatively easy.
In addition to financial support surface factors, for the 31 A + H companies, the share reform after the A-share price is expected to receive from the H share price performance in the supporting role. The reason is that, despite the large number of shares of such companies after the reform of the Domestic Shares will become negotiable A-shares, but these shares over a long time to lock-up period, the short term will not be traded. In respect of the current situation, this is 31 the size of the company's H share capital share capital of about A nearly four times the size. Under such a disparity in the ratio, A shares of the stock price change on the H shares may not have much effect, but the improvement of H shares on the A share price will play an important supporting role.
The difference in price will be a long time Even in the two markets exists between the large-scale capital flows, in the A + H Company completed the share reform, the same company, the price difference between the two kinds of shares will have a long-term survival. The reason is: A total of 2 1 [2]
Hot articles focus on
the latest articles recommended in 2006 with high growth potential of the 19 stocks (Schedule 2006 concerned about the continued capacity to increase the paper's daily report of actual combat, under Nuggets Zhou investment operations strategy for a weekly report of wide Nuggets actual investment strategy of the Fund that resources should be focused on mining stocks
�Market up a strategy variable do? (A) "active flexibility"
* Next week the stock market at the end Gonglue investment operations strategy: the end of a red envelope and the need to pocket a weekly report on actual Nuggets Nohain Fund: to focus on defensive investment strategy recommended in 2006 with high growth potential of the 19 stocks (with Table
