中港基金互認 初始額度均爲3000億元

The highly anticipated mutual recognition of funds regime between Hong Kong and mainland China will become operational in July with an initial quota of Rmb300bn ($48bn) for each side.

外界高度期待的中港基金互認(Mutual Fund Connect)項目將於7月開始執行，最初雙向額度均爲3000億元人民幣（合480億美元）。

Hong Kong’s Securities and Futures Commission and the China Securities Regulatory Commission, the regulators, have agreed on the implementation principles and the mode of operation of the Mainland-Hong Kong Mutual Recognition of Funds initiative.

香港證監會(SFC)和中國證監會(CSRC)已就基金互認的執行原則和操作模式達成了共識。

The MRF will allow eligible Hong Kong-domiciled funds to be sold to retail investors in China under a streamlined procedure. Qualifying Chinese funds will enjoy the same treatment in Hong Kong.

在基金互認安排下，符合條件的、在香港註冊的基金將能以更簡化流程出售給中國內地散戶投資者。合格的內地基金在香港將受到同等對待。

The initiative, the first to allow offshore funds to be distributed directly to mainland investors, is a “major breakthrough” in developing access between Hong Kong and China’s fund markets, said Ashley Alder, chief executive of the SFC.

香港證監會行政總裁歐達禮(Ashley Alder)表示，中港基金互認是推動香港與內地兩地基金市場互通的一項“重大突破”。

Initially, only general equity funds, bond funds, mixed funds, unlisted index funds and physical index-tracking exchange traded funds will qualify.

在首階段，只有一般型股票基金、債券基金、混合基金、非上市指數基金和實物跟蹤指數交易所買賣基金(ETF)才符合資格參與基金互認安排。

So far about 100 Hong Kong-domiciled funds and 850 mainland funds are eligible, said Julia Leung, executive director of the investment products division at the SFC.

香港證監會投資產品部執行董事樑鳳儀(Julia Leung)表示，目前大約有100只註冊於香港的基金和850只內地基金有資格參與該安排。

The 100 Hong Kong funds have around Rmb300bn in assets in total, while the 850 mainland funds have around Rmb2tn, according to Christina Choi, senior director of investment products at the SFC.

香港證監會投資產品部高級董事蔡鳳儀(Christina Choi)表示，這100家香港基金總共持有約3000億元人民幣資產。

Of the Hong Kong funds, 57 per cent are equity funds, 22 per cent are bond vehicles and the rest are balanced funds, Ms Choi said. By geography, 23 per cent of them invest in global markets, including equities and bonds; 31 per cent invest in the Asia-Pacific region and 22 per cent invest purely in Hong Kong.

蔡鳳儀表示，在這些香港基金中，57%爲股票基金，22%位債券基金，其餘爲平衡性基金。從地理分佈看，23%投資於全球市場——包括股票與債券，23%投資於亞太地區，22%僅投資於香港地區。

The SFC will start accepting applications from July 1, according to Mr Alder. In the meantime, the regulator will work with the industry and organise a number of briefing sessions to help them prepare for the scheme, he said.

歐達禮表示，香港證監會將於7月1日起開始接受申請。他說，同時，這家監管機構還將與業界合作，組織一系列的通風會，以幫助他們爲基金互認項目做準備。

Hong Kong might see the first approved mainland fund start selling in the territory as soon as the third quarter, Ms Choi said.

蔡鳳儀表示，香港地區或許最早今年三季度就看到第一款獲批的內地基金上市銷售。

Investors’ purchase of funds in both China and Hong Kong will be capped at an aggregate net quota of Rmb300bn. Since the subscription and redemption values will be offset, the actual sales volume would be much bigger than Rmb300bn, according to Ms Choi.

蔡鳳儀表示，內地與香港購買對方公募基金的額度都是3000億元人民幣。由於這是扣除申購費 、贖回費之後的淨額度，實際交易量將遠遠大於3000億元人民幣。