2021/09/03
The establishment of the Beijing Stock Exchange, China’s third bourse, raises worries about Hong Kong’s role and dominance. Joseph Yam Chi-Kwong, a member of the Executive Council and former head of the HKMA, said there was no need to worry, but pointed out that foreign companies may also be interested in raising funds by listing on the Beijing Stock Exchange.
“Given the success of Shanghai-Hong Kong Stock Connect and Shenzhen-Hong Kong Stock Connect, Hong Kong should explore the possible collaboration with Beijing bourse, in a bid to leverage its super-connector role and help Chinese SMEs access the global capital market for funds.” Joseph Yam Chi-Kwong proposed.
Dr. Anthony NEOH, a former chairman for the HKSFC and now the chief advisor to the CSRC, believes the two bourses have different positioning and have little impact on Hong Kong in the short term.
“No influence for now. The 14th five-Year Plan has positioned the Hong Kong market as an international market, and differentiated from the mainland market as the RMB has still not been able to be converted.”
There have always been property rights exchanges in mainland China to assist SMEs in financing, but the trading market is relatively scattered. The launch of the Beijing Stock Exchange could help multiple trading entities in the market conduct stock trading at a certain trading price through a certain trading system, which is called centralized bidding. As a result, SMEs could expand financing access while reducing debt levels. The initiative is part of China’s efforts to achieve "common prosperity". However, a long road ahead.
“It’s easier said than done. SMEs’ scale is not large enough, leading to low transaction volume and lack of liquidity. Stocks that even have high growth prospects would remain low-priced.”
Beijing Stock Exchange is expected to carve out a group of innovative companies listed for 12 months from the National Equities Exchange and Quotations (NEEQ) board, also known as the New Third Board, CSRC said. There is no price limit, but the price limit is 30% from the day after listing.
Loads of large-scale companies have been attracted to "settle" in Hong Kong for a primary or secondary listing since the amendment of the listing regime of the Hong Kong Stock Exchange. Analysts such as Jefferies expressed concerns that china concept stocks turning to mainland China for a dual primary listing or secondary listing would possibly be on the rise.
市場憂慮內地成立北京證券交易所，會動搖香港和港交所的角色。行政會議成員兼金管局前總裁任志剛認為無須擔心，但指出外國企業亦可能有興趣在北交所上市集資。「又或者北交所與港交所建立『互聯互通』，好像滬港通和深港通，外國或香港投資者，可以通過這渠道，買賣中小企股票。」
證監會前主席梁定邦認為，定位各有不同，短期對香港影響不大。「暫時無影響。十四五規劃對香港市場定位為國際市場，始終人民幣仍未能自己兌換，與中國市場亦有較大分別。」
梁定邦又認為，內地一直有產權交易所協助中小企融資，但較為分散。成立北交所，能集中競價，有助中小企上市，達致「共同富裕」，但執行上有困難。「說易行難。因為中小企不夠規模，在交易所集中競價時，交易額會較小，缺乏流通量，很難形成近乎公司的真正價值或市場價值。」
中證監指，北交所新增的上市公司來源，是新三板掛牌12個月的創新公司，不設升跌幅限制，但上市翌日起，升跌幅限制為百分之30。
自港交所改革上市制度以來，吸引不少大型新股來港「落戶」，主要上市或第二上市。富瑞憂鬱，雖然官方今次無提及，亦不清楚北交所長遠否否吸引海外公司到內地上市，但若屬實，對港交所爭取中概股等二上市，無可避免帶來挑戰。
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