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沪伦通

London-Shanghai stock link hailed as ‘groundbreaking’
“沪伦通”本周一正式开通

华泰证券将成为沪伦通机制下首家在伦敦证交所上市的中国企业。但一些尚未解决的问题和限制将使沪伦通在初期阶段缺少流动性。

A long-delayed programme to link the London and Shanghai stock exchanges will officially launch on Monday, allowing global investors to access shares in Chinese companies and Chinese investors a chance to buy LSE-listed stock.

一项连接伦敦和上海证交所的、拖延已久的计划将于周一正式启动,该计划将让全球投资者能够购买中国企业的股票,中国投资者也将有机会购买在伦敦证交所(LSE)上市的股票。

The scheme, originally scheduled to begin last year, will be launched on the sidelines of a visit by Chinese vice-premier Hu Chunhua to London, during meetings with UK chancellor Philip Hammond.

这项计划原定于从去年开始实施,此次借中国国务院副总理胡春华访问伦敦之机,将于胡春华与英国财相菲利普•哈蒙德(Philip Hammond)会晤期间启动。

Chinese state-media reported that the Stock Connect scheme, first announced in 2015, was due to launch in December, but blamed uncertainty created by Brexit for the delay.

中国官方媒体报道称,这项于2015年首次宣布的“沪伦通”机制原定于去年12月启动,但英国脱欧产生的不确定性导致其有所推迟。

“London is a global financial centre like no other, and today’s launch is a strong vote of confidence in the UK market,” Mr Hammond will say. “Stock Connect is a groundbreaking initiative, which will deepen our global connectivity as we look outwards to new opportunities in Asia.”

“伦敦是独一无二的全球金融中心,今天的启动是为英国市场投下的一张强有力的信任票。”哈蒙德将表示,“沪伦通是一项开创性的举措,在我们展望亚洲新机遇之际,它将深化我们与全球的联系。”

The Treasury said that UK listed companies would be able to sell shares in China from Monday, and that this was the first time that any foreign company would be able to list in mainland China.

英国财政部表示,从本周一起,英国上市企业将可以在中国发售股票,这也是外国企业首次能够在中国内地挂牌。

The scheme will differ from a similarly-named initiative launched between Hong Kong and Shanghai in 2014, as the London scheme is limited to trading in depository receipts rather than direct trade in company shares.

这项机制将有别于2014年香港和上海之间推出的一项名称类似的计划,因为沪伦通仅限于存托凭证交易,而没有企业股票的直接交易。

People involved in the scheme, who declined to be named, said that unresolved issues and administrative restrictions would render the London-Shanghai Stock Connect largely illiquid, at least at the start of its life.

一位拒绝透露姓名的知情人士表示,尚未解决的问题和行政方面的限制将使沪伦通在很大程度上缺少流动性,至少在其初期阶段会是如此。

“It is more of a symbolic move than a genuine opening of a new trading market,” said one person with knowledge of the project.

一位了解该项目的人士表示:“与其说这是真的开放了一个新交易市场,不如说这是一项象征性的举措。”

One of the unresolved problems is a mismatch in trading limits between Shanghai, which has a 10 per cent daily trading limit, and London, which has no trading limits.

其中一个尚未解决的问题是,上海与伦敦之间的交易限制不匹配。上海有涨跌停板(当日涨跌幅不高于10%),伦敦则没有。

Moreover, only some Chinese companies will meet criteria such as having a minimum market capitalisation of Rmb20bn ($2.9bn) to list under the scheme, according to the programme’s draft rules.

此外,根据该计划的规则草案,只有部分中国企业符合该计划的标准,比如在该计划下若想挂牌,市值不得低于200亿元人民币(合29亿美元)。

Chinese brokerage Huatai Securities said last week that it planned to raise as much as $2bn when it becomes the first Chinese company to list in London as part of the new link. It will sell global depositary receipts representing about 10 per cent of its outstanding share capital.

中国券商华泰证券(Huatai Securities)上周表示,它将成为首家在该机制下于伦敦上市的中国企业,计划最多募资20亿美元。该公司将发售全球存托凭证(GDR),占其已发行股本的10%左右。

“Huatai will offer international investors exposure to China’s financial services market,” Zhou Yi, chairman of the brokerage, said.

华泰证券董事长周易表示:“华泰将向国际投资者提供中国金融服务市场的敞口。”

China has been pushing policies to attract more inflows into its equity markets in recent years as increasing capital outflows put downward pressure on its currency.

近年来,随着不断加大的资本外流给人民币汇率带来下行压力,中国一直在推进吸引更多资金流入本国股市的政策。

Despite the Hong Kong connect, which allows investors in the former British colony to buy mainland China-listed shares worth Rmb52bn each day, Chinese stock markets were the world’s worst performing last year and the Shanghai exchange has suffered this year from concerns about the deepening US-China trade war.

尽管建立了沪港通机制,允许香港投资者每日购买价值520亿元人民币、在中国内地上市的股票,但中国股市仍是去年全球表现最差的股市。而由于外界对美中贸易战加剧感到担忧,上海股市今年也受到了影响。

“The Shanghai-Hong Kong stock connect has not had a large impact on Shanghai’s market, so investors are not very excited about the London connect,” said Zhu Bin, a strategic analyst at Chinese brokerage Southwest Securities.

中国券商西南证券(Southwest Securities)策略分析师朱斌表示:“沪港通并没有对沪市产生很大影响,因此投资者对沪伦通并不是很感兴趣。”

Mr Hammond’s team say the contentious issue of Huawei’s involvement in the development of Britain’s 5G network is not formally on the agenda of Monday’s economic talks, but they expect it to be raised by the Chinese side.

哈蒙德的团队表示,华为(Huawei)参与英国5G网络开发这一具有争议的问题并未正式列入周一经济会谈的议程,但他们预计中方会提出这一问题。

The chancellor will repeat the government’s line that a security review is continuing into the Chinese telecoms company’s future role in Britain.

哈蒙德将重申英国政府的立场,即会继续对华为未来在英国扮演的角色进行安全审查。

Additional reporting by George Parker in London

乔治•帕克(George Parker)伦敦补充报道

译者/何黎

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