Category: Money Tips Date: 2006-08-12
In the recent period, A shares and H shares of apparent linkage characteristics, the typical number of previous Sinopec to yesterday's G ZTE, at the TD standard established by the stimulation of good news, A shares and H shares also pulled out Changyang, up rate exceeding 7%. The A shares, H shares of the linkage has at least three issues.
First of all, in an open context, a listed company's share price has the same convergence. With the overseas strategic investors, the investment policy for the introduction of G Unit, coupled with the increasing size of QFII's investment, whether it is strategic investment or secondary market transactions, foreign investment inflows have a corresponding channel, so the current domestic A-share market in fact, already opened, only in specific operational level, there are still limited by Bale. In such a market context, the same company's fundamentals in the same situation, share prices in different markets must have the convergence, A shares, H shares the performance of this linkage, it is a manifestation of this convergence. In addition, the person in charge, according to the SSE, in the overseas-listed China Shenhua, PetroChina and other high-quality companies in the future are expected to re-visit A-share market, large blue-chip company's return will lead to A shares and H shares of the linkage between them and further增强.
Second, privatization caused market association. PetroChina on its integration of the company's privatization has not yet fully concluded, China's petrochemical industry consolidation has wind and water. January mid-, H-share companies Zhenhai Refining & Chemical Corporation, Sinopec and its parent company, announced in a legal notice, said Sinopec Zhenhai Refining & Chemical will acquire shares of the overall and is expected to Zhenhai Refining in the March 24 prior to retirement from the Hong Kong Stock Exchange City. Sinopec Zhenhai Refining the remaining shares to the offer of 10.6 Hong Kong dollars per share, compared with the deal before the announcement the stock has a considerable degree of premium, to a certain extent, stimulate the strong-related H shares. Sinopec's integration of the company's industry, thus also a smooth start. At present, Sinopec's total of 10 listed companies, including Yizheng Chemical Fiber, Yangzi Petrochemical, Shanghai Petrochemical, Qilu Petrochemical, Zhongyuan oil and gas and so on. Privatization in the operation of the Hong Kong market will ultimately stimulate the A-share market company's share price strength.
Third, the share reform is expected to improve. At present, China's Sinopec has not yet completed share reform of listed companies, but as the market warming on China's Sinopec and its subsidiary company's stock is expected to change gradually warming will eventually stimulate the "A + H" shares of the linkage strength.
Overall, the recent A shares, H shares of the linkage, fully demonstrates China's stock market after the share reform is to gradually integrate into the international environment, investors need to actively respond to this change with a new perspective to capture market opportunities.
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