深港通低調亮相 更大的科技股敞口

The failure of Chinese stocks to be included in key international benchmarks earlier this year cast a shadow over the long-awaited debut of a trading link designed to give foreign investors greater access to shares listed on the mainland.

中國股票未能在今年早些時候被納入關鍵國際基準股指，給深港通(Shenzhen-Hong Kong Stock Connect)的開通投下陰影，這一期待已久的交易鏈接旨在擴大境外投資者買賣中國內地上市股票的渠道。

Demand from investors outside China for shares listed on the Shenzhen Stock Exchange reached just Rmb2.67bn ($390m) on Monday, or only a fifth of the daily quota available. The trading link, known as the Shenzhen-Hong Kong Stock Connect, allows foreigners to trade 881 stocks, and offers investors more exposure to the country’s tech sector than the Shanghai Stock Exchange.

週一，境外投資者對深圳證交所上市股票的需求僅爲26.7億元人民幣（合3.90億美元），只用掉每日可用額度的五分之一。深港通讓境外人士可以交易881只股票，且相比上海證交所爲投資者提供更大的科技股敞口。

The lacklustre first day was a sharp contrast to the launch two years ago of a similar link giving foreigners easier access to shares listed in Shanghai. Then international investors exhausted their Rmb13bn daily quota before the debut session was over.

深港通首日反響平平與兩年前推出的滬港通形成鮮明對比，後者讓境外人士更容易交易在上海上市的股票。那時境外投資者在首日收盤之前就耗盡了130億元人民幣的每日額度。

At the time of the Shanghai launch, it was widely believed that Chinese equities would soon be included in MSCI, the provider of some of the most widely tracked international stock benchmarks. In June, MSCI denied China’s domestic markets entry for the third straight year.

在滬港通開通時，人們普遍認爲，中國股票很快將被MSCI明晟納入，後者提供一些受到最廣泛追蹤的國際基準股指。今年6月，MSCI明晟連續第三年拒絕納入中國內地股市。

“The immediate response has been muted,” said Caroline Maurer, head of greater China equity at BNP Paribas Investment Partners. “There were more expectations built into the Shanghai Connect, like MSCI inclusion.”

“這一次的立即反應比較平靜，”法國巴黎投資(BNP Paribas Investment Partners)大中華區股票投資主管沈昱(Caroline Maurer)表示。“當初滬港通開通時被寄予更多期待，比如被納入MSCI明晟。”

The variety of smaller, fast-growing companies in Shenzhen is the chief attraction of the increased access to China, said Mark Tinker, head of AXA Framlington Equities Asia. “The add-on for Shenzhen is basically diversification. It’s probably more of what a long-term investor is interested in: China’s growth sectors such as IT.”

AXA Framlington Equities亞太區負責人馬克.汀克(Mark Tinker)表示，深圳股市有衆多規模較小、增長迅速的上市公司，這是此次擴大內地股市投資渠道的主要吸引力。“深港通帶來的額外好處基本上就是多樣化。它很可能在更大程度上是長線投資者會感興趣的：中國的成長型行業，比如信息技術行業。”

While the Shenzhen-Hong Kong Stock Connect also allows mainland investors to buy stocks listed in Hong Kong, Monday’s trading direction was tilted in favour of international investors chasing stocks listed on the mainland, known as A-shares. Less than 1.2 per cent of Shenzhen A-shares are owned by foreign investors, according to data from China’s securities regulator.

儘管深港通也允許內地投資者買入在香港上市的股票，但週一的交易方向偏向於境外投資者追逐在內地上市的股票，即A股。根據中國證券監管機構的數據，不到1.2%的深圳A股由外國投資者擁有。

With the link launching on the same day Asian markets were digesting news of Italy voting against constitutional reform in a national referendum and the broader backdrop of a weakening Chinese currency, Charles Li, chief executive of Hong Kong Exchanges and Clearing, sought to head off any possible disappointment.

深港通開通當天，亞洲市場正在消化意大利在全民公投中投票反對憲法改革的消息，還有人民幣走弱的大背景。香港交易所(HKEx)行政總裁李小加(Charles Li)尋求化解任何可能的失望情緒。

“When you build a bridge, the traffic will come in the next 20 years. You don’t really think about the traffic the next week,” Mr Li told the audience assembled in Exchange Square in central Hong Kong and by satellite feed in Shenzhen ahead of the opening gong.

“當你建造一座橋時，交通將在未來20年逐漸到來。你不會真的考慮下週的交通流量，”李小加對聚集在香港中環交易廣場(Exchange Square)的觀衆表示。他在開盤前發表的講話還通過衛星連線在深圳轉播。

Kinger Lau, chief China strategist at Goldman Sachs, said that “even though the story is interesting and exciting, we think international investors need to be more selective when they pick shares in Shenzhen”.

高盛首席中國策略師劉勁津(Kinger Lau)表示，“儘管整個故事是有意思和令人振奮的，但我們認爲境外投資者在挑選深圳股票時需要更仔細地甄別。”