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畢馬威:將來人民幣櫃台納入港股通後 預計H股對內地投資者更具吸引力
阿思達克 06-20 13:16
就港交所(00388.HK)最近推出「港幣—人民幣雙櫃台模式」,畢馬威中國資本市場組合夥人鄧浩然表示,港交所」最近推出「港幣—人民幣雙櫃台模式」(雙櫃台模式」),讓投資者以港元及人民幣買賣合資格股票證券。市場對新模式的反應積極,超過20家上市公司設立人民幣櫃台,當中大部分為成交量較高的恆生指數成份股。 雙櫃台模式並非新概念,允許上市公司股票在多個櫃台交易的類似機制,早在十年前已經建立。與舊機制相比,雙櫃台模式的吸引力在於其新設的做市機制。引入做市商既可以增強人民幣櫃台的流動性,又可以通過套利交易將兩個櫃台的價差降到最低,一舉解決阻礙舊機制發展的兩大問題。 雙櫃台模式是人民幣計價證券在香港上市及交易的重要里程碑,預期可令市場不同持份者受惠。對投資者而言,新模式提供直接以人民幣交易合資格證券而毋須事先兌換港幣的額外選擇,不僅提高交易效率,更能降低貨幣風險。新模式的推出亦為已在香港上市及有意在香港上市的公司帶來喜訊,因為新模式有望令香港股市成交量增加,對這些公司更具吸引力。對香港資本市場而言,新模式有望鞏固香港作為離岸人民幣業務樞紐的領導地位,尤其是將來內地投資者能通過港股通直接以人民幣買賣香港證券。將人民幣櫃台納入港股通後,預計H股將對內地投資者更具吸引力,因為與A股市場相比,H股的股價普遍較低。H股需求增加將推動香港市場的交易活動。 整體而言,雙櫃台模式的推出將為市場持份者創造雙贏局面。
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