The Turnover Of Hong Kong Stocks Is Far Behind That Of Shenzhen Stock Exchange.

Why does the opening of Shenzhen Hong Kong Tong appear to be "hot in the north and cold in the South" in terms of capital flow? The emergence of such a pattern should not be accidental, but a result of a combination of various factors.

First of all, as the current mainland and Hongkong stock market, though not called a reversal, at least the Hongkong market has undergone major changes.

Since the middle of September, the Hongkong stock market has been in the process of callback and collation. The early earning effect has ceased to exist. It is not even ruled out that the "Southward capital" in September and then entered the Hongkong stock market is in a tight line.

Therefore, the attractiveness of Hongkong stock market to mainland funds is decreasing, and the trend of capital going south is postponed.

In December 5th, Shenzhen Hong Kong Tong was formally opened.

In the past two trading days, although the overall turnover of Shenzhen Hong Kong Tong was relatively dull, the trend of "northward" hot "down south" was more obvious in terms of capital flow.

In the first day of trading, Shenzhen Stock Exchange completed a turnover of 2 billion 711 million yuan, while Hong Kong stocks traded only 850 million yuan; in the next day's trading, Shenzhen Stock Exchange traded 1 billion 939 million yuan, and Hong Kong stocks traded only 520 million yuan.

Hong Kong stock pactions far behind the Shenzhen Stock Exchange.

At first glance, this result is somewhat surprising.

Because recently, for a long time, most of the news that domestic investors see is "capital going south".

From mid February to early September, Hong Kong stocks saw a strong rally, with the largest increase of 33.29%.

As a result, the Hong Kong stock market has shown obvious money making effect, so that domestic funds have been falling south, and even the situation of "South going capital is fierce".

Therefore, in the face of the arrival of Shenzhen Hong Kong Tong, there are even public opinion that "500 billion South capital is ready to move."

Therefore, many investors felt a little surprised when the Shenzhen Hong Kong Tong was formally opened and the flow of capital was "hot in the north and cold in the South".

Secondly, the Hong Kong Stock Exchange obviously has no advantage in terms of the target of Shenzhen Hong Kong Communications.

The target of Shenzhen stock exchange is not only large in number than the Hong Kong stock, but also 881 in the Shenzhen Stock Exchange, and 417 in the Hongkong stock market, and the Shenzhen stock exchange is totally different from the investors in Shanghai and Hong Kong. It is a new 881 stock.

However, in Hong Kong stocks, there are a large number of stocks and Shanghai and Hong Kong through the stock overlap, for mainland investors are already old faces, investors can invest in these stocks, through Hong Kong and Shanghai through accounts to invest, not necessarily to use.

Accounts to invest.

Third, because of the geographical relationship, Hongkong investors are more familiar with local enterprises, and can be assured of buying.

For example, in the first day's trading, as the share of the Shenzhen Stock Exchange, the net purchase amount of GREE electric and Mei Group was 372 million yuan and 232 million yuan respectively, totaling more than 600 million yuan, reaching 70% of the first day of the Hong Kong stock exchange.

On the contrary, because mainland investors from all over the country, there is still a lack of necessary understanding of the listed companies in Hongkong market, which also affects the enthusiasm of mainland investors to buy Hong Kong stocks.

In addition, the two places

Different structures also have certain effects on the "North hot South cold".

A large part of the investors in Hongkong are institutional investors. They will naturally attach importance to the preparation of Shenzhen and Hong Kong links. When the Shenzhen and Hong Kong exchanges are open, these institutional investors will naturally be well prepared.

While mainland investors are mainly individual investors, many investors are not ready for the opening of Shenzhen Hong Kong Tong.

In particular, some investors who are in accordance with the opening of the deep port account have not yet been able to open their accounts in Shenzhen, and of course, they will not be able to deal with them.

It is based on the above reasons that the Shenzhen Hong Kong link is "hot in the north and cold in the South".

It should be a normal phenomenon.

It is expected that this situation will be difficult to change in the short term.

Of course, from the Hongkong stock market, undervaluation is the biggest advantage, but it is important to turn this advantage into a money making effect. If the Hongkong stock market can make money again, then the "North hot, cold South" pattern will be broken.

In addition, there is another thing that may change the pattern of "North heat and South cold", which is the solution to the problem of the old stock market in Hongkong.

The problem of the old stock market is a big cancer in Hongkong stock market, which has seriously damaged the interests of investors, and has also made mainland investors nervous.

If the Hongkong market can solve this problem, it will increase the attractiveness of Hongkong stock market to mainland investors, and the charm of the undervalued value of Hongkong stock market will be revealed.

Otherwise, the enthusiasm of mainland investors to invest in Hong Kong stocks will be suppressed, which is not conducive to the flow of funds from the mainland to the Hongkong market.

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