Diversifying Hong Kong's Financial Markets

[hkskyline]

Bank buys into exchange
15 December 2009
The Standard

Industrial and Commercial Bank of China (Asia) (0349) has bought a 10 percent stake in the Hong Kong Mercantile Exchange as a founding shareholder.

ICBC (Asia) is the second mainland government-backed investor in the bourse for commodities after China Ocean Shipping (Group) Company, the controlling shareholder of China COSCO (1919).

However, the price of the sale was not disclosed by either party.

``Such an investment is an appropriate step as we are specialized in providing cross-border financial services for the mainland and Hong Kong while China is a very important importer of and trader in commodities,'' ICBC (Asia) managing director and chief executive Chen Aiping said.

Beijing-backed CITIC Group, China Resources (Holdings), Merrill Lynch and Barclays Capital are also potential strategic investors or shareholders, according to HKMEx chairman Barry Cheung Chun-yuen. The exchange is expected to launch its first product _ gold futures contracts _ in the first quarter of 2010, Cheung said last month.

The HKMEx had initially planned to launch fuel oil futures contracts as the first product type.

[Kaitak747]

Asian markets should be able to look to Hong Kong for strength in the coming year as the city recovers from the global financial crisis, according to HSBC bank chief Peter Wong. In an interview with Hong Kong Trade Development Council ahead of Asian Financial Forum 2010, Mr Wong said that while New York and London previously far outpaced Hong Kong and Singapore, the Asian cities are now much closer in the index that ranks competitiveness of global financial centres.

[hkskyline]

ETFs blaze China trail
22 January 2010
The Standard

The mainland's two stock exchanges are expected to launch two exchange-traded funds as their first products linked to Hong Kong shares.

Shanghai Stock Exchange president Zhang Yujun said yesterday his bourse plans to introduce the H-share ETF this year, depending on market acceptance. The Shenzhen Stock Exchange is looking into launching the Hang Seng Index ETF.

Zhang said Shanghai may also launch structured products, depending on how ``fast the SSE can learn.''

Hong Kong Exchanges and Clearing (0388) chief executive Charles Li Xiaojia said: ``The more that investors in China get to know about SAR-listed shares, the more they will like Hong Kong stocks.''

Li said the Hong Kong bourse will benefit from Shanghai and Shenzhen's launching of SAR-linked ETFs because the stocks can gain higher exposure among mainland investors.

``They will definitely come to invest directly in our companies when they are allowed to in the future,'' Li added.

ETFs are the start of cooperation on product development, according to a deal between the bourses.

``It is hoped future cooperation on ETFs will be extended on a gradual basis to the development of ETFs on bonds and gold, as well as cross listings,'' the two bourse operators said.

Fund houses are also seeking further cooperation in products such as securitized assets, warrants, callable bull/bear contracts and options.

A forum on listed structured products will be held by the two bourses later this year. They will also meet every two months to discuss operational issues on regulating securities listed in both markets and related information disclosure issues.

``Both organizations agreed to deepen cooperation in the development of information products. For example, cooperation in compiling an index comprising securities listed in Shanghai and Hong Kong may be explored to increase the Shanghai and Hong Kong stock exchanges' influence in the global market,'' the statement said.

[hkskyline]

HK govt to sell HK$8 bln bond in March-June

HONG KONG, Jan 28 (Reuters) - The Hong Kong government plans to sell HK$8 billion (US$1.03 billion) in bonds under the Institutional Bond Issuance Programme between March and June, the territory's monetary authority said on Thursday.

The following is a tentative schedule for the issuance of government bonds:

 Tender     Issue                 Issue       Issue
 Date       Size         Tenor    Code        Date
 March 3    HK$3.5 bln   2-year   02GB1203    March 4, 2010
 May 5      HK$3.0 bln   10-year  10GB2001    May 6, 2010
 June 2     HK$1.5 bln   5-year   05GB1411    June 3, 2010

Last year, the government said it planned to sell up to HK$100 billion in bonds in the coming five to 10 years to increase the breadth, depth and liquidity of the city's debt market. The money raised will be placed with the Exchange Fund for investment.

It sold a total HK$8 billion worth of bonds between September 2009 and January 2010 -- including HK$3.5 billion two-year bonds, HK$2.0 billion five-year bonds and HK$2.5 billion 10-year bonds.

[hkskyline]

Data shows Asia Pacific loans up 56pct in first half

HONG KONG, June 30 (Reuters) - Syndicated loan volumes in Asia outside Japan jumped 55.8 percent in the first half, Thomson Reuters LPC data showed on Wednesday, and many bankers say Asia's loan markets are robust enough to withstand any impact from the euro zone crisis.

"Asia has enjoyed a very good first half. There may be a bit of a flight to quality names in the second half, but there is still liquidity for the right deal at the right price," said Philip Cracknell, global head of loan syndications at Standard Chartered Bank in Hong Kong.

Bankers see pricing rather than liquidity as the major issue facing Asia's loan markets. Loan pricing in the region fell sharply in the last 12 months, as local bank liquidity chased a thin supply of deals.

"Pricing is unlikely now to keep falling at the same speed. With recent volatility emanating from Europe, there is a view that pricing has stabilised at these levels," said Phil Lipton, head of loan syndications for Asia Pacific at HSBC in Hong Kong.

Bankers also say they see good deal flow lining up for the second half of the year.

"Deals have been well taken up, and deal sizes have been good. I see Asia's loan markets as robust," said Cracknell.

LOAN VOLUMES UP 55.8 PCT

Asia Pacific loan volumes outside Japan rose to $112.2 billion from 365 deals, up from 272 in the first half of 2009, driven by Hong Kong and Taiwan as greater market stability spurred lending.

Markets in Australia and Singapore continued to underperform. Volumes in Australia rose 24 pct, but at $18.5 bln are substantially below their first half record of $40.6 bln from 2008 when jumbo M&A deals drove the market.

Tightening measures in China cut first-half volumes there by 76 pct, pushing more borrowers into the Hong Kong market.

Chinese banks also dropped down the mandated lead arranger league table which they topped last year when China's government urged banks to lend in support of the economic stimulus package.

Bank of China now ranks fourth in the table, down from number one, while last year's number two Industrial and Commercial Bank of China has dropped to seventeen.

Overall loan volume remains 17 pct below the record of $134 bln recorded in the first half of 2008 before the financial crisis took its toll on banks.

Following is a summary of syndicated loan volumes, with year-on-year percentage changes:

* Taiwan $31.4 bln from 134 deals, up 345 pct
* Hong Kong $21.8 billion from 47 deals, up 212 pct
* Australia $18.5 billion from 37 deals, up 24.8 pct
* Singapore $6.8 billion from 20 deals, up 1.4 pct
* China $5.8 billion from 38 deals, down 75.6 pct

[hkskyline]

StanChart expands HK leverage finance team as deals pick up

HONG KONG, June 25, 2010 (Reuters) - Standard Chartered Bank is steadily expanding its leverage finance team in Hong Kong as opportunities increase in its core markets, senior sources at the bank said.

The bank's Northeast Asia leverage finance team, headed by Ed Crook, formerly with Citi in New York, has added four new members so far this year to an existing team of five as activity in the bank's core markets of Europe, the Middle East and Africa picks up.

"The constraint now is not bank liquidity or reticence, which we saw in 2009. Banks are keen on sound, well-priced deals," said a senior source at the bank, who asked not to be identified as he was not authorised to speak to the media about the matter.

As well as increased corporate acquisitions and restructuring work in China leading to listings in Hong Kong, the sources note an increase in financial sponsor activity in Southeast Asia.

In Indonesia, StanChart is a mandated lead arranger with CIMB Bank for CVC Asia Pacific Ltd's acquisition of a majority stake in PT Matahari Department Store Tbk , while in Singapore, the bank is an underwriter on the leveraged buyout of Acument Global Technologies, by CVC together with the bank's own Standard Chartered Private Equity.

Meanwhile, San Miguel Corp in the Philippines continues to generate deal activity as it reinvents itself by divesting its core food and beverage business into higher growth power and infrastructure assets.

First-round bids are in on San Miguel Pure Foods Co Inc , where trade buyers and sponsors are conducting due diligence on a stake sale that could be worth over $900 million.

NEW HIRES

While most of this year's hires have been junior positions, freeing senior team members to market the bank's products, the latest hire is director, Michael Han.

Han, with 13 years' banking experience, has returned to StanChart after a two-year stint at Barclays Bank . His first day back at StanChart was June 23.

Other hires this year are Antoine Paycha, an analyst who was previously at Societe Generale ; Michelle Song, an analyst hired from Macquarie Bank who was also previously at JP Morgan ; and Eunice Tang, who was previously at Citi.

They have joined existing team members Michael Tse, Tristan Tan, Bianca Law, Patrick Seung and Peggy Leung. Tse and Tan are directors, while Law, Seung and Leung are associate directors.

[Skybean]

Funds with Asia base beat outside rivals

Robert Cookson

Hong Kong — FT.com Published on Monday, Jul. 12, 2010 4:06PM EDT Last updated on Monday, Jul. 12, 2010 4:07PM EDT

Asia-based hedge fund managers are able to generate higher returns than those outside the region running similar strategies, according to a study.

The results come as some of the world’s biggest hedge funds, including Soros Fund Management, seek to open offices in Asia to complement their existing operations in Europe and the US.

“While there are some very good Asian managers based outside the region, generally they’re handicapped in their return potential compared with indigenous managers,” said Peter Douglas, head of GFIA, the Singapore-based consultancy that carried out the research.

The study, which tracked the performance of 668 funds from January 2005 to May 2010, found that Asia-based managers generated better annualised returns, on average, than their non-Asia-based peers.

Local managers had the edge across all five types of investment strategy included in the study: Asian equity, Asian equity excluding Japan, Chinese equity, Japanese equity, and macro/multi-strategy.

GFIA believes that one effect of the local outperformance will be to increase the dominance of the “Hong Kong/Singapore nexus” as the centre of the Asian hedge fund industry at the expense of London and New York.

Soros Fund Management, billionaire investor George Soros’s investment company, is one of several western groups that is opening an office in Hong Kong to take advantage of the region’s growth.

The hedge fund, which has for years invested in Asia from its New York office, may have calculated that a presence on the ground in Hong Kong would give it better access to information and trading opportunities.

Asia-focused hedge funds, excluding Japan, had about $103bn in assets at the end of May, according to the consultancy Eurekahedge. But in spite of Asia’s economic resurgence relative to the US and Europe, Asian hedge funds have been struggling to raise money this year as investors have fled to liquid and transparent investments.

The Asian industry, excluding Japan, has suffered a $1.4bn net outflow of capital since January, according Eurekahedge. By contrast, the $1,000bn North American industry has received $25bn of inflows over the same period.

One reason investors have shunned Asian hedge funds is that they have a reputation for mostly providing market returns, known as beta, rather than uncorrelated skill-based returns, known as alpha.

The GFIA study found that for most investment strategies, the outperformance of Asia-based managers came hand in hand with higher volatility.

Copyright The Financial Times Limited 2010.

http://www.theglobeandmail.com/globe...rticle1637361/

[hkskyline]

ETFs tap A-share demand
The Standard
Tuesday, July 20, 2010

Two financial firms have launched new products with A shares as the underlying assets to tap Hongkongers' huge appetite for mainland stock investments.

iShares introduced two A-share consumer exchange-traded funds yesterday, offering customers more investing opportunities in the booming mainland consumer market.

The two ETFs have attracted subscriptions with assets under management of up to US$105 million (HK$819 million), according to iShares, which is managed by New York-based investment firm BlackRock.

Trading of the new products - iShares CSI A-share Consumer Discretionary Index ETF and iShares CSI A-share Consumer Staples Index ETF - will begin on the local bourse today.

"Total trading assets of ETFs in the Hong Kong exchange is expected to grow 30 percent this year and next," said Nick Good, managing director and head of iShares, Asia-Pacific, at BlackRock. He said iShares will launch more ETF products to meet market demand with cross-border listing products being considered. Lyxor Asset Management, a wholly-owned subsidiary of Societe Generale, launched its new A-share tracking product - Lyxor China A50 AUD 100 percent Capital Guaranteed Fund.

The fund, denominated in Australian dollars, provides investors with a potential return linked to the performance of the iShares FTSE/Xinhua A50 China Index (2823) after three years.

A-shares are much sought after by investors because their valuation is near a 10-year low, said Societe Generale Asia chief economist Glenn Maguire.

China recorded double-digit growth in past quarters and is expected to maintain the pace in the future, he added.

[hkskyline]

Robust first day for A-share ETFs
The Standard
Wednesday, July 21, 2010

Two CSI 300-linked exchange-traded funds launched by iShares rose by up to 2 percent yesterday on their debuts, outperforming the Hang Seng Index.

One of them, iShares CSI A-Share Consumer Discretionary Index ETF (3001), closed at HK$17.42 - up 2.11 percent on its opening at HK$17.06, with 6.95 million shares changing hands.

The other product - iShares CSI A-Share Consumer Staples Index ETF (2841) - closed at HK$17.30, gaining 1.88 percent from its opening of HK$16.98 on a turnover of 6.82 million shares.

Nick Good, managing director of BlackRock unit iShares Asia-Pacific, said the new products were "accessible and easy to buy" for most investors.

He said the company plans to launch more ETFs in Asia this year and will consider introducing yuan- denominated products.

"Market demand for ETFs is growing rapidly in Hong Kong," Good said, adding that iShares has recorded an inflow of HK$15 billion in Hong Kong this year.

Monday's signing of a yuan clearing deal between the SAR and the mainland was "a tremendous step forward" Good said.

[Kaitak747]

滬副市長﹕港將成人幣離岸市場
2010年7月22日

【明報專訊】中央政府與本港的人民幣清算協議完成修訂後，人民幣國際化已進入新階段，作為人民幣「走出去」的橋頭堡，無論京港官員還是兩地學者，都幾已認定香港未來將發展為人民幣的離岸中心。




不過，以現時本港的人民幣資產規模，要擔負中心角色尚需時日，未來香港在人民幣業務上仍是任重道遠。

主管金融事務的上海市副市長屠光紹昨日在當地一個金融論壇上稱，人民幣走出去是必然趨勢，香港及上海也要積極配合，他明言上海將扮演中國的「在岸」人民幣市場，香港則擔當「離岸」 市場。出席同一場合的香港財攻司長曾俊華則表示，在人民幣國際化的進程中，上海和香港就如飛機的兩個引擎，要一起發動。

推更多金融工具

雖然大方向已定，但香港要為成為區內的人民幣中心，尚需多項深度發展。中金公司研究部分析員張智威就指出，未來境外人民幣市場要做大，必須發展更多金融工具。他預期，下一步要拓展的，將是銀行同業之間的人民幣拆借市場。此外，連同債券發行規模擴大，較完整的人民幣息率曲線將會形成，有了息率曲線的基礎，才可衍生更多的人民幣投資產品出來。

事實上，新《清算協議》允許金融機構開設人民幣帳戶後，銀行同業之間的人民幣交易已在醞釀，甚至已完成。

中信銀行國際前日便與工銀亞洲(0349)，完成了一宗外匯掉期交易，涉及6000萬元人民幣。《清算協議》修訂後的兩天，人民幣拆借市場亦見有銀行開價。財資市場公會理事陳鳳翔認為，企業獲准開設人民幣戶口之後，銀行間進行外匯買賣、拆借及掉期，都是正常的交易，相信同業市場將會愈來愈活躍。

一旦人民幣息率曲線的基礎奠定下來，人民幣金融產品便有了定價的依據。中信銀行國際中國業務首席經濟師廖群指出，下一步發展的將是人民幣投資市場，再來是人民幣貸款業務，兩者都開拓後，人民幣業務便正式全面展開。當中，內地企業來港發行人民幣計價的股票，將帶來突破進展。「香港資本市場還是以股票為主，此市場一開拓，將吸引更多投資者參與，並成為香港人民幣資本市場發展支柱」。

[hkskyline]

ETF issuers pushed on clarity
The Standard
Thursday, August 26, 2010

Issuers of Exchange-Traded Funds should provide clearer information to investors, including the types and the risks of such investment tools, said Eddy Fong Ching, chairman of the Securities and Futures Commission.

Fong told Sing Tao Daily, the sister publication of The Standard, that investors might think ETFs are traded like stocks, but they are usually unaware of underlying risks. He also noted that some funds, including iShares FTSE/ Xinhua A50 China Index ETF (2823), are A-share related derivatives, not directly trading with A shares.

As for yuan-denominated investment tools, including stocks, their introduction is technically feasible as the local bourse already has a system for stock trading in foreign currencies, said Fong.

For the coming year, he expects the SFC to face challenges such as complicated processes dealing with Qualified Domestic Institutional Investor (QDII) and Qualified Foreign Institutional Investor (QFII) programs.

A dark pool has been discussed, and will be about 3 percent of turnover on the mainboard. The dark pool will have to go through the HKEx as it holds a monopoly on stock trading.

Dark pool traders are required to be licensed for the Automated Trading System, and Fong believes the current policies are not too tight.

[hkskyline]

Derivatives dream for SAR
The Standard
Monday, August 30, 2010

London International Financial Futures Exchanges is looking to expand transactions of European derivatives in Hong Kong.

That hope may soon be realized by the New York Stock Exchange unit, which mainly conducts derivatives trading for European equities and commodities, as local investors can now trade directly via its online platform.

Investors in the SAR can carry out transactions on Liffe's online platform after the Securities and Futures Commission granted a license for automated trading services last week. Earlier, customers needed to go through London brokerages like Barclays to complete the trade. Liffe has about 25 institutional clients in SAR.

The license enables local investors to have direct membership of Liffe, which can improve the liquidity of their capital.

Alan van Griethuysen, executive director and regional business head at NYSE Liffe, said: "Transactions in Hong Kong will be more efficient in terms of time and costs, as we need no brokers to make the deal."

[hkskyline]

HK Exchanges Pushes Plan To Extend Trading Hours
17 September 2010



HONG KONG (Dow Jones)--Hong Kong Exchanges & Clearing Ltd. (0388.HK) shopped around a plan Friday to extend its four-hour trading day in a bid to bolster its status as an international financial center.

The proposal to lengthen sessions by up to one and a half hours is aimed at better aligning trading hours in Hong Kong with those in mainland China and improving the exchange's ability to compete with rivals in the region with longer trading hours, the bourse operator said in a paper seeking market views.

The plan is a watered-down version of one nearly a decade ago that would have vastly lengthened trading. The earlier scheme was shot down by the influential brokerage community, which prizes its long lunch breaks.

Hong Kong's trading day is among the shortest of global exchanges, with key European bourses trading for over eight hours and New York and nearby Singapore trading for six and a half hours.

Increasing the overlap with the mainland is critical, the bourse said, because more than 70% of Hong Kong trading volume comes from mainland-related securities and the amount of cross-listed products are likely to keep increasing in light of the territory's role as China's offshore yuan center.

The proposal would start the morning and afternoon sessions earlier and reduce the two-hour lunch break. The current late starts for the sessions mean that "our investors can only react to market news after their counterparts in the mainland market," the paper said.

The exchange also seeks to narrow the gap between its opening times and those of competitors such as Japan, Taiwan and Singapore. "It is important for us not only to overlap our trading hours with the mainland's but also to be compatible with the rest of the world, if we wish to function fully as the international financial center of China," it said.

Hong Kong Exchanges has proposed shifting the morning session a half hour earlier--opening at 9:30 a.m. and ending at noon. The afternoon session would start at 1 p.m. or 1:30 p.m., instead of the current 2:30 p.m., while trading would still end at 4 p.m. This would shorten the lunch break by up to an hour.

The morning sessions for China's Shanghai and Shenzhen securities markets begin at 9:30 a.m. and finish at 11:30 a.m. The afternoon sessions start at 1 p.m. and finish at 3 p.m. in Shanghai and 2:57 p.m. in Shenzhen.

Many brokers complain the longer hours would cut into their lunch break, which they say they use to entertain clients. Hong Kong's influential brokerage community was instrumental in shutting down HKEx's 2001 plan to extend the trading day to as long as 11 hours, with proposals to abolish the lunch break and add an evening session.

Some remain skeptical about the changes.

"If people have a trade to make, they do it," one analyst said. "I've never heard anyone moan to me about how the trading hours aren't lined up."

But others, arguing the measures aren't dramatic enough, advocate abolishing the lunch break. "Not many exchanges have a compulsory siesta," said high-profile shareholder activist David Webb.

Continuous trade would encourage more retail investors in Hong Kong to directly manage their investments because they would have access to the market during their own lunch breaks, Webb said.

"Furthermore, for traders who are highly leveraged with the overall aim of market-neutral positions, continuous trading would allow them to react sooner to news which emerges during the lunch hour," he wrote in a recent article.

A proprietary desk trader at a major firm said the current setup in Hong Kong "is like having two trading days. You have to think carefully about how to position yourself before the lunch break. Shanghai can change the market over lunch."

Analysts and the exchange agree that longer hours alone wouldn't significantly boost trading volume because a large proportion of trades are done in the first and last half hours of the day.

[Kaitak747]

華資經紀午飯要長 港交易時段罕見地短


／文﹕李先知
【明報專訊】在政改一役中，功能組別議員的表現備受抨擊，原因是他們的投票意向往往只照顧小眾的界別利益，無視了社會的整體需要。原以為經此一役，功能界別中人應明白社會發展大潮之所在，理應更懂大體；然而，金融界中人透風謂，社會上仍有一批人至今還未夢醒。這包括了部分華資經紀繼續不顧香港的發展需要，試圖反對交易所上周推出延長交易時段方案。不過，有知情者指出，這回交易所決心很大，一眾昧於形勢的細經紀即使不願接受，最終還是要接受的，因為交易所多數董事已支持延長交易時段。


上周五，港交所推出兩個延長交易時間的諮詢文件，建議將本港的證券交易時間，由目前的4小時，增至5 小時或5.5 小時。諮詢方案建議提早在上午9 時30 分開市，而非現時的早上10時，但午飯休市時間則有兩個選擇：（一）午飯休市1 小時，即12 時至1 時；（二）午飯休市1.5 小時，即12 時至1 時半，而不是現時的12時半至下午2時半。


上述兩個延長交易時段方案，其精髓均在於要跟內地交易所的買賣時間看齊，因現時香港與內地市場的交易重疊時間，只得兩小時。此外，本港早市及午市開市時間，都在內地開市之後，這會不利於香港投資者回應市場消息，尤其兩地同步買賣的產品愈見增多，交易時差會不利本港發展。


道理十分顯淺，特別是同一天港交所派發的一份全球各地股票交易所的交易時間表，已清楚展現了香港現時的交易時段罕有地短，是世上23個有點兒規模及主要交易所中，交易時段最短的表表者之一。實際上，由最短者數起，香港位列第三，僅多於菲律賓和深圳。特區政府經常愛把香港交易所跟紐約、東京、納斯特克、倫敦及泛歐交易所等比較，但若論交易時間，香港是最短的一家（見表），明顯予人「一種不思進取，只求養老過活」的壞印象，完全跟曾班子高喊要打造香港成為一個世界金融中心的目標絕不匹配。


怎料，金融界傳來耳語謂，交易所的延長交易時段正遇到傳統華資經紀的反對，後者提出的理由主要有兩點。第一，每天的主要交易量均出現於開市後的半小時及收市前的半小時，因此延長交易時段沒有大意義；第二，現時香港跟內地的公眾假期也不一樣，因此，香港難以跟內地的交易時間看齊。


上述兩點的說服力明顯不大。知情者指出，若然成交真的只集中於首尾兩段，那麼交易所豈非只需首尾各開半小時，亦即全天一小時便足夠？第二，香港與內地假期不同是事實，但各異的日子只佔全年交易天不到一成，這個因素明顯不能跟天天進行的交易時間混為一談。因此，說穿了，抗拒的真正原因恐怕是個別人不想調整生活習慣，以及反映了一些行業中人由交易所前身的四會打拼到如今，經過二三十年間的拼搏，早已盤滿滿，故此才戮力反對這項早已談了好多年的延長交易時段建議。


然而，一名知情者指出，交易所這回決心很大，因與內地融合已是香港不可逆轉的大發展趨向，特別是曾班子與交易所均正尋求更多人民幣產品來港交易，所以香港的交易時段必須向內地靠攏，而交易所董事會的多數董事亦同意延長時段，所以此事已箭在弦上。不過，金融界消息指出，交易所行政總裁李小加也「不想去得太盡」，因此最有可能的結局是採納上述的方案二，即把午飯休市時間，由現時的兩小時縮短至1.5 小時，而不是再進取的1小時，令一眾華資經紀也有個下台階，因為外資行是主張全面取消午飯休市，其論據也有道理，因大家看看如今還有哪家銀行，中午會休市吃飯的！


李先知

[Kaitak747]

香港體制獨特　有利金融競爭


港交所行政總裁李小加就人民幣國際化的「萬言書」，在本報連載刊出後，帶來市場的回響。人民幣國際化與香港的關連及商機所在，是決策者、投資者關注的焦點；如何經營本港離岸市場地位，是關乎香港作為金融中心傲立於世的關鍵，特別是在大量引入內地金融資源的情況下，保持與內地的金融流通，又不失為擁有不同制度的金融中心，難免是中港當局共同的關注。


李小加回應香港最適合作人民幣離岸中心的課題，引用了一國、兩制、高度國際化這三大條件，三大條件所強調的中港兩地的關係模式，並不是中港兩地簡單的融合，或者香港被內地經濟所徹底同化，反而是兩者有效的區隔，保持香港體制的獨特。這不僅是香港參與國際競爭的需要，也是中央長遠金融戰略的需要，「若能在政治、經濟及地理上隔離兩個市場，才能真正有效進行風險控制。」隔離兩個市場的安排，還將大大打開中央金融決策的游刃空間。

可以理解，這裏所說的「兩個市場」，其實亦即兩地。以金融為核心產業的體系而言，中央真正需要的不是另一個上海，不是多一個隸轄於同一體制的內地都市。這個原則很重要，是香港政府處理香港與上海、香港與新加坡競爭與合作的前提。擺正了位置，就顯出了特色和方向，香港是香港，上海是上海，兩者就算交易機制、交易產品趨同，政治、法律制度終究不同，成為國際投資者不同選擇的歸宿。在這個利益所在的意義上，這種設計不僅五十年不變，五十年後也不變，對內地和香港都是有利無弊的事。

脫穎於金融監管機構的港府官員，用「既在國內，又在境外」形容香港的獨特地位，與李小加離岸及在岸的分野論，有殊途同歸的意味。問題是政府要將這種認知融入決策精神，在起勁地向內地要政策支持的時候，香港應當站在「既在國內，又在境外」的立場，調校能為國內也為境外所需要的角色定位，主動作出自身的努力。香港過去不就是以大陸與國際間充當中介橋樑的角色，打造成國際金融中心嗎？

如果香港今後的發展與內地全然同化，香港就失去其寶貴的價值，投資者選擇香港還不如直接選擇上海、深圳等城市，香港只有蛻化弱化一途。作為香港金融產業的對手，新加坡近年銳意發展私人銀行業務，邁向「亞洲瑞士」的模式，已吸引東南亞富豪理財的目光，成為越南這樣脫胎於共產政體的經濟，從中冒起的富豪資金「走出去」的靠泊港，甚至大陸的富豪、發達的內企也選新加坡設其「小金庫」。

上述現象也刺激起新加坡政府加速規劃，填海取地決心建可容納八百萬人口的都會，也邀歐美一流學府在當地辦學作育人才，邁向「亞洲瑞士」模式的金融中心目標，是有構想亦有行動。私人銀行業務是金融競爭的焦點，得財富即得金融版圖。新加坡現象提示香港的，正是獨特政法體制下的金融強體健身，體察這一特色，就不難領略李小加所提的一國、兩制、高度國際化三大條件，對香港發展國際金融中心的決定性的意義。這個理念化成中港當局的決策思維，則是兩地的福祉。

[Kaitak747]

巴西礦企來投　港得大勢之利

全球最大鐵礦石生產商巴西淡水河谷，為了擴張其亞洲業務，考慮在香港以股份或HDR形式掛牌，昨日終於決定以HDR形式在港上市，冀年底前成事。繼俄鋁之後，有巴西企業上市，金磚四國企業在港聚首，就獨缺印度了。港交所近期四出拉客，可謂不枉一番努力。可以相信，俄鋁、淡水河谷這些「過江龍」，不致墮入「納指七雄」的冷落遭遇，則大型外企掛牌還會陸續有來。


港交所高層四出拉客勞苦，但不宜貪功。像上市這樣的大生意不是「畀面派對」，而是時勢造就。局面是時勢的根本改觀造成的，首先就是後金融危機時期，全球性信貸緊縮，迫使多數企業在向銀行融資困難時，轉向股市廉價資金埋手，選擇第二掛牌的企業也因而增多；其次是後金融危機時期的產業重整，使全球的購併活動大增，由此引發的上市再集資需求亦不在少數。

在全球性的購併大潮中，中國顯得日益重要，主要表現為一方面海外收購方對中國資產興趣仍然濃厚；另一方面中國正逐漸變成全球購併的重要買家。由原來被收購的主體，變為對外收購的主體，這是一個非常重要的逆轉。有數據顯示，上半年中國企業有三十宗海外購併交易，已超過去年全年的購併案例，購併額六十六點七七億美元，同比增一點五八倍，其中能源及礦產佔據主導地位。安永曾預計，中國境外購併有望持續，全球市場將有更多買方來自中國。

香港得中國境內外首選市場之利，境外能源及礦產企業移船就磡，選擇了立足港股。淡水河谷明言，亞洲區是其主要鐵礦石買家，重要性與日俱增，這就是它的動機，為達到搶灘上市、一炮而紅，淡水河谷拋出誘惑的派息大計，充分顯示搶灘港股是為「登陸」，立足港股也就方便了內地企業買家就近睇貨、出價、入股。

有關「睇貨」的玄機，就離不開港股流通性、對沖性受到青睞。大型企業在港的二手流通，有助發現企業的價值，而方便的對沖工具有助降低投資風險，成為吸引買賣雙方的有利條件。但「納指七雄」門可羅雀的狀況，是否憂為前轍？說安枕無憂是假，但畢竟那是科網泡沫的「遺迹」，與能源及礦產的實物屬性不可生硬比較。只要注意到俄鋁的交易股數一再拆細，就不難知道，企業及監管機構意識到港股散戶為主的特色，努力設法加強股份的流通性。

這情況提示港交所，並不是將企業引入來就萬事大吉了，只有強化流通性，才能鞏固企業落戶的意願，也才能吸引後來者。繼俄鋁上市後，已有俄國資源企業尾隨而至；淡水河谷上市能為典範，巴西崛起的能源企業亦會接力搶灘。南美最大市值的上市公司——巴西石油正在當地申請集資涉七百億美元，為全球最大的發股集資活動。龐大的資金需求香港難啃，但在與內地與港投資融通後，日後大額集資對於內地投資門路缺乏，被迫瘋狂炒樓，過剩的流動性投入港股的資源資產，可謂兩全其美，值得期待。中央當洞悉其奧，大力助港交所奪礦企上市商機。

[hkskyline]

RLPC-Asia Pacific loans up 46 pct at end 3Q; growth slows

HONG KONG, September 30 (Reuters) - Lending to Asia Pacific ex-Japan was up 46 percent at the end of the third quarter at $170 billion compared with the same period of 2009, but slowed from a record second quarter, Thomson Reuters LPC data shows.

Deal flow showed a healthy increase with 614 deals completed by the end of September, up from 457 a year earlier.

The pace of lending slowed after a bumper second quarter, when volume was 128 percent higher than the first six months of 2009, boosted by blue-chip borrowing and merger and acquisition (M&A) loans, including the $7.5 billion loan backing Bharti Airtel's acquisition of Zain Group's African assets.

Despite a quieter third quarter, volume of $50.9 billion was still 14 percent higher than 3Q 2009.

Senior loan bankers said the slowdown was normal, as many banks that lead regional loan syndications are already at or close to meeting their budget requirements for the year and have no pressing need to lend.

Bankers expect activity to continue to slow further in the fourth quarter, and see any pick up in activity emerging from event-driven syndications, such as M&A financing.

POCKETS OF WEAKNESS

While overall loan volume for the Asia Pacific region is robust, pockets of geographical weakness remain.

Australia is usually the region's largest loan market outside Japan, but volume was up just 3.5 percent in the first nine months at $32.1 billion, compared to the same time last year.

That volume is nearly 56 percent below the record high of 2007, when Australian loan volume for the first three quarters hit $72.6 billion amid an M&A boom.

International banks retreated to domestic markets after the credit crisis, leaving a liquidity gap that has not been plugged in Australia.

The country's major banks have higher funding costs due to the need to meet 50 percent of their funding requirements in the wholesale markets, and Australian companies are currently raising funds in Asia rather than closer to home.

Woodside Petroleum Ltd ($1.1 billion) and Downer EDI Ltd (A$400 million) are both now lining up deals to tap cheaper Asian bank liquidity.

Singapore loan volume shrank 1.4 percent year on year to just $11.9 billion, although bankers say that property-linked deals which are key to the city-state's loan markets started to reappear in August.

In China, the effects of tighter bank liquidity continue to hit lending, with volume down 60.7 percent by the end of the third quarter to just $10.8 billion.

Tighter credit conditions in China continue to push companies offshore for funds, boosting the Hong Kong market, where volume is up a massive 183 percent to $31.5 billion for the year to date after a string of blue-chip borrowers hit the market in the first and second quarters.

India's 273 percent increase in loan volume stems from a very low base in 2009, when borrowers funded in cheaper rupees as the Reserve Bank of India repeatedly cut the repo rate.

Syndicated loan volumes, with year on year percentage change:
* India $17.4 billion, up 273 percent
* Hong Kong $31.5 billion, up 183 percent
* Taiwan $38.9 billion, up 182 percent
* Australia $32.1 billion, up 3.5 percent
* Singapore $11.9 billion, down 1.4 percent
* China $10.8 billion, down 60.7 percent

[Kaitak747]

外資港第二上市 擬降門檻
港交所﹕內地上市企業非受惠範圍

2010年10月4日


【明報專訊】日後來港作第二上市的海外新股或預託證券(HDR)，或能以較低上市門檻進場。港交所(0388)上市科主管狄勤思接受本報訪問時表示，正研究放寬海外新股，在港作第二上市及發行HDR的要求，以方便海外上市企業(不包括內地上市)來港掛牌或集資。投資銀行界認為，此舉有利本港招攬早已在海外上市，但想吸納中國資金的海外巨企來港掛牌。



》[09:26]新股：招股詳情

》[08:45]研規定上市公司每月擬備報告


現時在港上市的新股，不論是申請第一或第二上市，或是發行HDR，基本上要符合同一套入場要求(例如要有3年盈利紀錄、最低公眾股東及流通量要求、認可地區註冊等)。現已在港作第二上市的公司不多，例如有宏利金融(0945)及南戈壁(1878)，HDR更是推出兩年也未有申請。

HDR兩年未見申請

狄勤思表示，有意區分第一及第二上市的要求，將第二上市的新股及HDR門檻，略作放寬及簡化。換言之，日後所有申請第一上市的新股及HDR，將依循同一套嚴格標準上市，申請第二上市的新股及HDR，則可循另一套相對寬鬆的門檻入場。不過，只有海外企業可在港申請第二上市，內地企業一律要根據第一上市的要求入場。狄勤思說，證監會已認同有關改革路向，雙方稍後將釐定詳情。

業界：利海外企業吸內地資金

投資銀行界人士認為，放寬第二上市新股及HDR的限制，有利本港招攬更多海外企業來港掛牌，尤其是那些本身沒有集資需要，但想透過本港的上市地位吸納內地資金的大型海外企業，以及那些受本土法規限制，難以外出集資的國營企業。以巴西及俄羅斯為例，當地有不少國營企業欲到海外集資，但當地法規對企業外出售股份有較多限制，而巴西及俄羅斯註冊企業，亦未獲認可在港集資，以致這類企業現時如要來港集資，要先行解決不少問題。

巴西鐵礦石生產商淡水河谷，早前表示年底將在港發行HDR，因技術上較在港發新股集資簡單。

另外，狄勤思表示，稍後將諮詢市場，研究應否訂定明確的測試準則，規管新股引入上市前投資者。

港交所一直沒有明確的條文，限制新股引入上市前投資者，但兩、三年前有沿用一慣例，就是新股只可在上市前半年，引入上市前投資者。他說，中小型新股圖引入上市前投資者，為股份上市造勢的情，近年愈見增多，故港交所認為是時候檢討這方面的安排，確保所有新股投資者獲得公平對待。

[Kaitak747]

Global Financial Centres Index - The Top 10



The Z/Yen Group has published its eighth Global Financial Centres Index covering 75 financial centres. The big change from 6 months ago is that Hong Kong has clearly joined London and New York as one of the 'Big Three' Global Financial Centres.
Key points from the six monthly index include:

•Hong Kong has steadily closed the gap with London and New York over three years - now just 10 points behind New York compared with 76 in March 2007;


•There has been no significant difference between London (772) and New York (770) in the ratings since they were first published in 2007;


•Singapore (728) is the most likely contender for the fourth global financial centre;


•Confidence in the future of financial centres has fallen since March, as shown by lower overall ratings - 53 centres had lower ratings in September compared with just 17 centres having higher ratings (five have the same ratings);


•Asia continues to rise, with Shanghai now into the top ten and Seoul into the top 25;


•Financial centres tipped to become more significant in the next few years are all Asian - Singapore, Shanghai, Shenzhen, Beijing and Seoul;


•Since the financial crises began, all offshore centres show larger falls than average.
Here's the current Top 10:

1. London - 772 rating points (-3)

2. New York - 770 (-5)

3. Hong Kong - 760 (+21)

4. Singapore - 728 (-5)

5. Tokyo - 697 (+5)

6. Shanghai - 693 (+25)

7. Chicago - 678 (0)

8. Zurich - 669 (-8)

9. Geneva - 661 (-10)

10. Sydney - 660 (-10)

[Rachmaninov]

What does this indicator represent? What are the implications?