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China Capital Markets Be Prepared to Seize Investment Opportunities China capital markets Be prepared to seize investment opportunities Together we thrive China capital markets Be prepared to seize the investment opportunities 2 Why China? China’s economy is more open and globally connected than ever before, with a strong emphasis on trade and investment openness, and various investment channels to help investors to access its domestic capital markets. China’s capital markets China’s equity market Internationalisation are among the biggest globally yet it is largely funded by domestic investors of RMB listed RMB is the 1,508 companies most actively China’s equity market: China’s bond market: on the Shanghai Stock Exchange rd used currency (as of August 2019) in trade finance world’s world’s 3 (as of August 2019) nd nd and the 2 largest 2 largest listed most active currency for (by total market cap) 2,166 companies th international on the Shenzhen Stock Exchange 2 5 payments by value (as of August 2019) (as of August 2019) 3 5 Estimates of As of 2018, 1.89% of global FX reserve is allocated to USD 320bn RMB, compare with 1.23% China’s green bond market new foreign inflows into China’s bond at the end of 2017 1.89% market as a result of inclusion into three China has the China represented key global benchmark bond indexes nd Reserve managers expect 2 largest 25% to contribute 3.5% by USD 85bn 5.4% of all green bonds 2020 and 5.4% by 2025 green bond market inflows expected due to the inclusion of their reserves in RMB issued in 2018 of two key global equity indexes in the world 6 1 4 1 HSBC Reserve Management Trends 2019 4 ASIFMA and FTSE Russell August 2019 2 World Federation of Exchange, August 2019; Bloomberg, September 2019 5 Swift, July 2019 3 Shanghai Stock Exchange, August 2019; Shenzhen Stock Exchange, August 2019 6 HSBC Global Research China capital markets Be prepared to seize the investment opportunities 3 Increasing connectivity over time China is gradually opening up its capital markets, with simplified channels, enlarged quotas and easier access for foreign financial institutions and investors. Dec 2016 2016 Shenzhen-Hong Kong 2002 2014 China Interbank Bond Market Stock Connect launched (CIBM) Direct launched Qualified Foreign Institutional Shanghai-Hong Kong Providing access to a market Investor Scheme (QFII) launched Stock Connect launched Giving foreign financial institutions that is home to many “new access to a wide range of fixed economy stocks” in sectors Opening up China’s A-share market Providing a new route into income instruments in China’s such as technology, media to foreign investors for the first time China’s largest stock exchange bond market and healthcare 2011 2015 Oct 2016 RMB Qualified Foreign Mutual Recognition of Inclusion of RMB into the Institutional Investor Funds (MRF) launched International Monetary Scheme (RQFII) launched Fund’s Special Drawing Providing mainland China and Right currency basket RMB version of QFII officially Hong Kong products with new launched, allowing onshore cross-border mobility RMB now makes up 10.92% securities to be traded of the basket China capital markets Be prepared to seize the investment opportunities 4 What you need to know ® China has introduced simplified channels ® STAR market represents a step forward in to enter the CIBM the reform of the IPO system and providing ® Stock Connect provides easier cross-border technology companies with greater access trading between Hong Kong, Shanghai and to capital Shenzhen stock markets ® There will no longer be any quota restriction ® Under PBOC Notice 159, foreign investors for QFII and RQFII. Foreign investors can can now easily access CNY FX to hedge now invest after necessary registrations China bonds and equities portfolio Jun 2017 Inclusion of A-shares into MSCI’s Emerging Markets Aug 2019 Index is announced STAR market represents a Sep 2019 Driving greater demand by May 2018 step forward in the reform of foreign investors for onshore Apr 2019 the IPO system and providing QFII and RQFII investment exposure Daily quota of northbound Inclusion of China bonds technology companies with quota restrictions are abolished and southbound stock connect in Bloomberg indices greater access to capital by China Safe Administration increased by 3x to RMB 52bn of Foreign Exchange (SAFE) and RMB 42bn respectively. Jun 2018 Jan 2019 Jun 2019 July 2019 Jul 2017 PBOC Notice 159 QFII/RQFII London-Shanghai Stock A+H companies listed consultation to Connect on the STAR Market Bond Connect northbound Offshore investors can access harmonise both (‘Science and Technology Connecting the London Stock launched onshore deliverable CNY under channels and Innovation Board’) are Exchange (LSE) and the Shanghai the schemes of CIBM, Bond further relax and eligible for trading via Allowing overseas investors to Stock Exchange (SSE), allowing Connect and RQFII, with HKMA expand the scopes. Stock Connect. trade on the CIBM with their usual global investors in London to international methods via the guidance on CNY for Stock Connect released in June 2019. access shares listed in SSE via Connect platform and settle bonds Global Depository Receipt (GDR) more simply via Hong Kong and Chinese investors to buy LSE-listed stocks via China Depository Receipt (CDR) China capital markets Be prepared to seize the investment opportunities 5 Investing in China’s capital markets With the further opening up of the onshore capital market, offshore investors can now access China’s equity and bond markets via a variety of schemes. The schemes are designed for different types of investors and products. Applicable products Eligible investors Source of fund Quota availability ® Exchange-listed A-shares, bonds and warrants ® Overseas asset management companies, insurance ® FCY (converted ® No investment ® Fixed income products traded in interbank bond market companies, securities firms, banks, funds, government at onshore CNY) quota* QFII ® Securities investment funds agencies ® Only necessary ® Index futures (for hedging only) registration ® Subscription to initial public offerings, additional process required* issuance, rights issues and convertible bond issuance ® The New Third Board & Sci-Tech Innovation Board (STAR Market) ® Exchange-listed A-shares, bonds and warrants ® Qualified financial institutions in designated offshore ® FCY (converted ® No investment ® Fixed income products traded in interbank bond market RMB markets offshore at CNY quota* RQFII ® Securities investment funds or CNH) ® Only necessary ® Index futures (for hedging only) ® Offshore RMB registration ® Subscription to initial public offerings, additional process required* issuance, rights issues and convertible bond issuance ® The New Third Board & Sci-Tech Innovation Board (STAR Market) Inbound Investment ® Cash bonds in interbank market, including government Sovereign entities: ® FCY (converted ® No quota bonds, People’s Bank of China (PBoC) bills, financial Foreign central banks, monetary authorities, international offshore at CNY CIBM bonds, commercial paper and medium-term notes financial organisations and sovereign wealth funds or CNH) ® Derivatives such as bond forwards, bond lending, ® Offshore RMB Non-sovereign entities: interest rate swaps and forward rate agreements Commercial banks, insurance companies, securities companies, fund management companies, other asset management institutions accepted by the PBoC, such as pension funds, charity funds, and endowment funds, etc. *In September 2019, SAFE announced that there will no longer be a quota restriction for QFII and RQFII. The rules of implementation are yet to be released. China capital markets Be prepared to seize the investment opportunities 6 Applicable products Eligible investors Source of fund Quota availability ® Fixed Income instruments in interbank market, including ® Central banks, monetary ® FCY (converted ® No quota t government bonds, PBoC bills,financial bonds, commercial authorities, international offshore at CNY paper, medium-term notes and other instruments financial organizations, or CNH) Bond sovereign wealth funds ® Offshore RMB Connect (The initial phase of Bond Connect only supports Northbound Trading by institutional ® Commercial banks, insurance professional investors) companies, securities firms, asset management companies, other wealth management and other financial institutions Inbound Investmen Northbound Northbound ® FCY (converted ® No market quota ® Constituent stocks of SSE180 index and SSE380 index ® Overseas Institutional and offshore at CNY ® Daily quota of ® Constituent stocks of SZSE Component Index and SZSE individual investors * or CNH) northbound and Small/Mid Cap Innovation Index with market capitalisation Southbound ® Offshore RMB southbound stock connect are RMB China Stock not less than RMB 6bn ® Qualified mainland investors 104bn and RMB Connect ® Most dual-listed A and H shares on SSE or SZSE and SEHK 84bn respectively. Southbound (*ChiNext participation is limited to institutional professional investors) ® All constituent stocks of the Hang Seng Composite LargeCap Index (“HSLI”) and Hang Seng Composite MidCap Index (“HSMI”) ® H-shares in SmallCap index (“HSSI”) with market capitalisation not less than HKD 5bn ® Most dual-listed A and H shares on SSE or SZSE and SEHK ® ® ® ® N/A General equity funds Offshore RMB/other General investors for publicly Two-way Investment Two-way Mutual ® Bond funds offered funds in mainland China currencies Recognition ® Mixed funds and offshore markets of Funds (MRF) ® Unlisted index funds ® Physical index-tracking exchange
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