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Stephen Ip on QDII expansion


Acting Financial Secretary Stephen Ip has hailed the China Banking Regulatory Commission's decision to widen the scope of investment under the Qualified Domestic Institutional Investors scheme.



The commission announced today that Mainland commercial banks offering overseas wealth-management business are allowed to invest in a wider range of asset classes, including equities and equity funds authorised by a supervisory authority with whom the commission has a memorandum of understanding.



When investing in overseas equities on behalf of their clients, Mainland commercial banks must invest in equity markets regulated by a supervisory authority with whom the commission has an MOU. Where an overseas intermediary is appointed as investment manager, it must also be regulated by a supervisory authority who has an MOU with the commission. More details are available here.



"We feel encouraged by the commission's decision to use the Hong Kong market and Hong Kong authorised and regulated financial products and intermediaries to implement it," Mr Ip said.


Orderly outflow

"The introduction of these measures will facilitate orderly outflow of funds from the Mainland, and fully utilise Hong Kong's advantages as an international financial centre to develop a mutually supportive, complementary and inter-active relationship between the financial systems of the Mainland and Hong Kong," he added.


Monetary Authority Chief Executive Joseph Yam welcomed the move, which represents a clear policy step towards developing a mutually supportive, complementary and inter-active relationship between the financial systems of the Mainland and Hong Kong.


"Through very close supervisory co-operation with the Mainland, Hong Kong provides a robust platform for the orderly outflow of funds from the Mainland and helps ensure that the related investment activities will be conducted in a sound manner.


"The Monetary Authority will continue to support the expansion and development of offshore wealth-management services by banks on the Mainland through the working group and other co-operative arrangements with the commission," Mr Yam added.


More opportunities

The move will provide Hong Kong banks and the financial industry with increased business opportunities, while enhancing the co-operation and development of the Mainland and Hong Kong financial institutions and contributing to the maintenance of the status of Hong Kong as an international financial centre.


Securities & Futures Commission Chairman Eddy Fong said the move will no doubt result in a win-win scenario for both the Mainland and Hong Kong.


"Mainland investors will be able to enjoy a wider choice of investment products available in Hong Kong, and at the same time benefit Hong Kong's existing asset-management industry," Mr Fong said.


"We will continue to work closely with the Mainland authorities to facilitate the development of the wealth-management business of commercial banks in the Mainland, and to strengthen Hong Kong's role as a platform for Mainland investors to invest in overseas markets."

 

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Discussion Starter · #2 ·
QDII准買港股美瘋漲
中壽7% 中移升5% 匯豐漲2% (明報)
05月 12日 星期六 05:10AM

【明報專訊】銀行QDII(商業銀行代客境外理財業務)投資限制終於放寬。中國銀監會昨天公布,容許QDII產品投資港股,上限為總投資額的五成。以目前內地共批出約1134億元的QDII總額計算,意味今後最多會有567億元內地資金流進港股。署理財政司長葉澍表示歡迎有關措施。有內地基金業人士認為,港股對內地機構投資者肯定有吸引力,有證券界人士認為,消息短期會對港股帶來心理支持,但實質效益仍待觀察。


內地放寬QDII限制的消息甫公布,匯豐控股(0005)在美國預託證券(ADR)一開市便升,至昨晚11時,折合港幣148.5元,較香港昨天收市價高3.5元;中移動(0941)ADR更升3.85元,折合港幣74.8元(見表),單計這兩隻重磅股在美國的升幅,已足以推高恒生指數271點。

567億元可流進港股

銀監會昨天收市後公布一份名為《關於調整商業銀行代客境外理財業務境外投資範圍的通知》(下簡稱「通知」),其中最重要的改動,是將以往「不得直接投資於股及其結構性產品」的條文刪去,意味QDII產品的投資組合可包括港股。

大摩:為冷卻A股炒風

不過「通知」亦訂出6大規限(詳見表),當中訂明每個QDII產品投資於股票的比重,最多只能佔總資產淨值的五成;機構亦只可投資於有與銀監會簽訂合作備忘錄的股票市場。而上月中銀監會主席劉明康才剛來港與香港證監會簽訂首份合作備忘錄,換句話說目前為止QDII產品若投資於境外股票,唯一選擇,只有港股。

摩根士丹利執行董事婁剛認為中央這個時候放寬QDII的投資範圍,目的在於冷卻國內過熱的A股市場,以及加快資金流出,平衡目前人民幣升值壓力。他指出,雖然相比A股市場,H股升幅沒有這大,不過H股對A股的折讓持續擴闊,A股對機構投資者來說,風險也太高,所以新的QDII產品仍有一定吸引力。

港銀行不急於發展

擁有3億美元投資額度的恒生銀行(0011)副總經理馮孝忠則指,QDII反應過往一直不佳,整體市場需求不大,未來是否受歡迎仍要看客戶的風險意欲。

大華繼顯董事梁偉源認為消息對港股肯定有心理上支持,港股周一開市升200至300點不出奇。但事實內地投資者以散戶為重心,其對港股認識不多,故長遠對港股的實際支持未必太大。

(明報記者盧嘉偉、譚凱韻報道)
 

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擴大QDII 鞏固香港金融地位 縮窄AH股差價


署理財政司司長葉澍劏表示,港府歡迎中國銀監會今日宣布擴大內地商業銀行代客理財業務的境外投資範圍,同時也對中國銀監會選擇利用香港市場和受香港金融監管部門認可及監管的金融產品和中介機

構落實有關措施感到鼓舞。自從今年年初《「十一五 」與香港發展》經濟高峰會行動綱領發表後,財政司司長已著手策劃有關的跟進工作。就著金融服務專題小組提出更好利用香港金融平台讓內地資金「走出去」的建議,特區政府 一直積極與內地部門跟進及研究各項方案。中國銀監會剛宣布的措施是對有關建議的一個切實的回應,會為香港銀行和金融界提供更多的商機與優勢,同時有助促進兩地金融機構的合作與發展。今次中國銀監會的措施不僅可以達到協助內地資金有秩序流出的政策目標,同時亦充份利用香港作為中國的國際金融中心的優勢,是促進兩地金融體系建立互補、互助與互動合作關係的一項具體措施。

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【QDII】金管局:若可投資港股,不排除有助縮窄AH股差價 (經濟通)
05月 11日 星期五 07:22PM

《經濟通專訊》金管局副總裁彭醒棠於簡布會表示,QDII擴大投資範圍至港股或認可基金,不排除有助縮窄A、H股的股價差距,而現時範圍擴大至投資股票組合,最終能否設有效套利機制,仍有待觀察,暫時評論言之尚早。

此外,他指,擴大QDII投資範圍有助深化內地市場,亦有助紓緩人民幣升值壓力。

另外,目前內地股市狂熱,其市值已超越本港,未知港股是否可吸引內地投資者,彭氏指出,兩地投資者基礎不同,香港為國際金融中心,股票定價也符合國際投資者水平,而中港兩地市場加強交流,對兩地有利。

據他了解,內地已批出QDII額度約140億元人民幣,至今尚未用完,若投資者對QDII反應好,他估計不排除140億元人民幣的上限可再調升,可隨時檢討額度。(cy)
 

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港 股 收 市 升 511 點   市 值 增 至 14.87 萬 億
2007-05-14 HKT 17:30
內 地 放 寬 QDII 投 資 境 外 股 票 , 刺 激 港 股 一度 升 近 600 點 , 迫 近 21070 點 歷 史 高 位 , 最 後 以 新 高 收 市 , 報 20979 點 , 升 511 點, 成 交 增 加 至 949 億 元 , 創 歷 來 單 日 最 高 成 交 。

港 股 市 值 增 至 14.87 萬 億 元 , 成 交 宗 數 近 69 萬 , 均 創 紀 錄 新 高 。
 
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