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China Announces the Launch of Shenzhen-Hong Kong Stock Connect

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China Announces the Launch of Shenzhen-Hong Kong Stock Connect China announces the launch of Shenzhen-Hong Kong Stock Connect Introduction On August 16, 2016 the China Securities Regulatory Commission (CSRC) and the Securities and Futures Commission of Hong Kong (SFC) gave approval to the creation of the Shenzhen-Hong Kong Stock Connect (SZHKSC) scheme. The programme is another illustration of Chinese market liberalisation, which has been gaining momentum over the last few years. Other recent reforms include Mutual Recognition of Funds (MRF) and the broadening of the foreign investor eligibility criteria for institutions looking to trade on the country’s interbank bond market (CIBM). How does the Shenzhen-Hong Kong Stock The authorities have confirmed SZHKSC will not have an Connect work? aggregate trading quota, adding the existing aggregate The scheme seeks to replicate the success enjoyed by quota for SHHKSC will be scrapped. However, daily Shanghai-Hong Kong Stock Connect (SHHKSC), which trading quotas under SZHKSC will be imposed that are launched in 2014 providing mutual stock market identical to those on SHHKSC, which stands at RMB 13 connectivity between mainland and Hong Kong billion and RMB 10.5 billion for Northbound and registered investors. SZHKSC is a bilateral linkage Southbound transactions respectively1. Exchange Traded between the exchanges in Hong Kong and Shenzhen Funds (ETFs) will be included as eligible securities with a providing a dual trading and clearing channel between the roll-out planned in at some point in the future upon the two jurisdictions. satisfaction of relevant conditions. Both Stock Connects are run in parallel to the existing The CSRC and SFC expect SZHKSC to go live in Qualified Foreign Institutional Investor (QFII) and approximately four months’ time although certain Renminbi Qualified Foreign Institutional Investor (RQFII) conditions do need to be met before this can be realised. schemes, which apportion quotas for foreign investors These include adequate preparation and finalisation looking to gain China exposures. Foreign investors around trading and clearing requirements; assurances gaining exposure to A Shares through Stock Connect(s) that market participants have adapted their operational will benefit further as it is separate from their QFII/RQFII and technical systems for the scheme; and arrangements quotas, freeing up capital to deploy into non-equity for cross-border regulatory and enforcement cooperation. instruments, such as bonds, on the mainland. 1http://www.hkex.com.hk/eng/newsconsul/hkexnews/2014/Documents/1404293news.pdf The Opportunities for Asset Managers Despite recent market turbulence, China has seen strong growth relative to other markets. We expect China’s economy to grow by 6.7% in 2016, with a slight slowdown to 6.5% in 2017. 2Such The Shanghai and economic growth is obviously much greater than what we are seeing in a number of other developed and emerging markets. Shenzhen stock The Shanghai and Shenzhen stock exchanges collectively have a exchanges market capitalisation of more than $7 trillion3, which makes them collectively the second largest by market value, after the US. Data from the World Federation of Exchanges (WFE) indicate collectively have a Shenzhen (and Shanghai) have high monthly trading turnover, and are among the regional leaders in APAC. Both markets market therefore offer foreign managers significant liquidity. capitalisation of The core difference between the two stock markets is that Shanghai tends to be home to more blue-chip listed securities more than $7 whereas Shenzhen has a much wider stock selection. Shenzhen-listed companies – of which there are around 1,800 3 constituents, 880 of which are eligible for Stock Connect - are trillion diverse and include technology, high-growth and small to medium sized enterprises and so-called “New Economy” stocks, including an array of innovative internet and technology players based in the Pearl River Delta. The diversity and variance in Shenzhen will present more opportunities for alpha-seeking managers such as hedge funds who wish to exercise their stock Shenzhen-listed picking and analytical skills. companies are diverse and include an array of innovative internet and technology players based in the Pearl River Delta 2HSBC Global Research forecasts 3 World Federation of Exchanges What next? The addition of Shenzhen to Stock Connect is a positive development, and will enable foreign asset managers and investors to diversify their HSBC in China China portfolios even further. It will also continue to put China on the path towards Renminbi internationalisation, a central objective of • HSBC has a 150 year presence in Beijing’s economic initiatives. mainland China, and the largest network among foreign banks, with 176 outlets in The announced linkage was expected, and had been for some time. 57 cities.4 The big question now will be whether future Stock Connect iterations are extended to other jurisdictions beyond Hong Kong. There is • HSBC is the market leader in Qualified certainly no shortage of candidates within the Asia-Pacific (APAC) Foreign Institutional Investor (QFII) share region where such exchange linkages could be applied to, including and Renminbi Qualified Foreign Singapore or Taiwan. Institutional Investor (RQFII), with 35% and 52% market share respectively (at The next big step will take place if MSCI finally decides to include China June 2016).5 A-shares in its widely followed Emerging Markets Index. While China was denied inclusion onto the MSCI global indices in June 2016, MSCI • We are the only RQFII custodian has said that the shares could be added before the next review in June servicing 10 markets’ (out of 17 RQFII 2017 if further developments take place to warrant a new decision. pilot markets): Hong Kong, UK, Inclusion of China A-shares onto MSCI indices would help encourage Singapore, France, Korea, Germany, inflows from index tracker funds bringing further liquidity into the Australia, Switzerland, Canada and market. Luxembourg.6 Cian Burke • HSBC can offer overseas investors a wide range of services, covering CIBM Group General Manager and Global Head of and futures margin depository. HSBC Securities Services • We have received multiple accolades for our China / RMB services, including the following awards in the recent 2016 Asiamoney Offshore RMB Poll: • Best Overall Offshore RMB Products/ Services If you would like to discuss how we can help with your China requirements, please contact your HSBC relationship manager or HSBC • Best for Offshore RMB Fund Services Securities Services representative. (i.e. Custodian and Trust Services) • Best for Offshore RMB Fund Investment • Best for Offshore RMB Clearance, Transaction Banking and Settlement • Best for Advice / Information on Offshore RMB Regulations • Best for Offshore RMB Research 4Pearl River Delta Investor and Analyst Roadshow Presentation, April 2016 http://www.hsbc.com/ investor-relations/events-and-presentations 5Internal HSBC analysis 6Internal HSBC analysis For Professional clients and Eligible Counterparties only and not intended for Retail Customers. Issued by HSBC Bank plc. Authorised by the Prudential Regulation Authority and regulated by the Financial Conduct Authority and the Prudential Regulation Authority. Registered in England No 14259 Registered Office : 8 Canada Square London E14 5HQ United Kingdom.
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