What are the characteristics of more than 30,000 investors in "cross -border financial management"?

Cao Yuan, a reporter from Southern Finance and Economics, reported that recently, the data of the People's Bank of China Guangzhou Branch disclosed the data of "Cross -border Financial Management". As of the end of June 2022, the Guangdong -Hong Kong -Macao Greater Bay Area participated in the "Cross -border Financial Management" individual investors exceeded 3 over 3 Thousands of people, including 20,906 investors in Hong Kong and Macao, and 9,945 investors in the Mainland, involving 11,232 cross -border remittances of relevant funds, with an amount of 1.111 billion yuan.

In 2021, Qi Xuan from the Qianhai Cooperation Zone of Shenzhen experienced the "southbound" business of "cross -border financial management". With the assistance of the staff, he remitted 60,000 yuan to purchase Hong Kong deposit products and signed a contract from signing a contract. 1 hour to purchase. Tao Fang is a resident of Macau. She used the financial services of the Hengqin Cooperation Zone of Zhuhai to experience the "Northbound" business, signed and remitted 50,000 yuan, and purchased the financial products of the Mainland.

"Cross -border Wealth Management" fills the policies for the personal cross -border purchase of wealth management products by residents. It is another financial interconnection mechanism after bonds, Shanghai -Shenzhen -Hong Kong -Hong Kongtong. The "cross -border financial management" business includes "north direction" and "southbound". Last October, the list of the first batch of pilot banks of "Cross -border Financial Management" was announced.

The "cross -border financial management" pilot has been launched for more than 8 months. Southern Finance and Economics reporters sorted out and found that the "cross -border financial management" business is currently presenting different characteristics in investors, investment areas, and pilot banks.

Investment subject: The participating entities are wide, and there are slightly different transactions in the north and south

From the perspective of investor, the participation of "cross -border financial management" is widely operated, and the business of Hong Kong and Macao residents is more active. In addition, north -south investors' preference for investment products is also slightly different. Investors in the south are more popular with investors, and investors in the north are more popular with financial products.

The extensive participation subjects highlight the demand for diverse cross -border investment and financial management of the three places. As of the end of June 2022, the Guangdong -Hong Kong -Macao Greater Bay Area participated in the total of more than 30,000 individual investors in "Cross -border Financial Management", involving 11,232 cross -border remittances of relevant funds, with a amount of 1.111 billion yuan.

Dong Dengxin, director of the Institute of Finance and Securities of Wuhan University of Science and Technology, said that residents of the Guangdong -Hong Kong -Macao Greater Bay Area are closely linked to each other, and there are situations such as living in many places, work in multiple places, purchasing real estate, and multi -type salary structure. The trading market, so the Guangdong -Hong Kong -Macao Greater Bay Area will form a closed loop of flow, capital flow, and logistics, so it is necessary to provide residents who work and live in the Greater Bay Area to provide a variety of investment and financial channels. Secondly, it is also to meet the diversity of domestic and foreign currency assets of residents of the Greater Bay Area.

Compared with the number of investors, the north direction transaction is more active. As of now, "cross -border financial management" individual investors include 20,906 Hong Kong and Macao investors, accounting for 67.76%; 9945 investors in the Mainland, accounting for 32.24%.

Lawyer Mu Mu, a partner of Beijing Jindu (Shenzhen) Law Firm, pointed out that compared with the Hong Kong market, the return on the income of mainland wealth management products is generally high, and bank wealth management products are still stable. In addition, the RMB exchange rate has also been in the upward channel before, which has made mainland wealth management products have a relatively strong attraction to Hong Kong and Macao investors.

Dong Dengxin also said that he hopes that the Mainland can become the best choice for investment and financial management in Hong Kong and Macao residents, and even a shelter, attracting them to develop, invest, and start a business in the Mainland.

From the perspective of mainland investors, Wu Haifeng, a researcher at the Higher Financial Research Institute of the Chinese University of Hong Kong (Shenzhen), pointed out that Hong Kong and Macao investors are more diversified in cross -border investment and financial management. The products are familiar with low.

The "Cross -border Financial Report 2020 of the Guangdong -Hong Kong -Macao Greater Bay Area 2020" (hereinafter referred to as the "Report") previously released by Southern Finance and Economics Group also believes that the "Northbound" transaction in the early stage of opening is more active, but considering that Hong Kong financial products are more, In the long run, "South Tongtong" will also become more active.

Data show that north -south investors' preference for investment products is slightly different. Investors in the south are more popular with deposits, and North Win Tong investors prefer wealth management products. The pilot covers the main and low -risk products, including deposit products, fund products, bond products, etc.

As of the end of June 2022, individual investors participating in the "Cross -border Financial Management" purchased the market value of investment products was 372 million yuan. Among them, under the north direction, Hong Kong and Macao individual investors hold the market value of domestic investment products of 219 million yuan, including 166 million yuan in wealth management products and 53 million yuan in fund products; The market value balance of the product was 153 million yuan, including deposits of 135 million yuan, investment funds of 107 million yuan, and bonds 01 million yuan.

According to the above data, it can be seen that the financial management style of Guangdong, Hong Kong, Macao is different. According to the above "Report", Hong Kong and Macao residents lack a stable and reliable fixed income investment product, resulting in quite tight such products.

Dong Dengxin said that the mainland wealth management products are diverse and more stable. Data from Nan Financial Management Data show that in 2021, the average payment yield of the full market's wealth management products is 4.334%. The mainland investment concept is more "stable". It is mainly based on deposits and bank financial management. If mainland residents can purchase financial products from Hong Kong and Macao banks, it is actually very helpful to disperse currency and market risks.

In the past few years, the investment and financial mentality of residents in the Guangdong -Hong Kong -Macao Greater Bay Area has also become stable and conservative. In 2021, the investigation report jointly issued by the management consulting company Aowei Consultation and the World Economic Forum showed that nearly 70%of the investors of the Guangdong -Hong Kong -Macao Greater Bay Area tend to buy and sell cross -border investment products, but their primary goal is to diversify risks and hold long -term holdings, followed It is the expectation of improving returns, and the expectations for overseas investment are lower than the country. Investment area: Hong Kong Deep Suizhu and other cities with high enthusiasm for participating in the participation

From the observation of investment areas, the business exchanges of the "9+2" urban agglomeration in the Guangdong -Hong Kong -Macao Greater Bay Area are different.

First of all, there are many business in the Mainland and Hong Kong. As of the end of June 2022, the number of "cross -border financial management" business between the Mainland and Hong Kong has 5838, with a cross -border exchange amount of 837 million yuan, accounting for 75.34%of the total exchange. The number of "financial management" business pens was 5,394, with a amount of 274 million yuan, accounting for 24.66%of the total exchange.

"From the perspective of economic development, the degree of capital market activity, and the richness of wealth management products, Hong Kong is obviously more popular with investors." Wu Haifeng said. In recent years, the total scale of Hong Kong's assets and wealth management business has continued to grow. The Hong Kong Securities Regulatory Commission released the "Investigation of Assets and Wealth Management Activities in 2021" showing that from HK $ 2.96 trillion in 2018 to 3.555 trillion Hong Kong dollars in 2021, the three -year increase was nearly 50%.

Secondly, in the nine cities in the Greater Bay Area, investors in Shenzhen, Guangzhou, and Zhuhai are more enthusiastic to participate in the southbound Tong. As of June 30, 2022, the total amount of "cross -border financial management" business of the three cities accounted for more than 70%. The above -mentioned "Report" also pointed out that the number of issuance of wealth management products is closely related to the level of social and economic development in the region.

In terms of subdivision, according to the investigation data of the Bureau of Statistics in 2021, among 21 cities in Guangdong Province, Shenzhen ranks first in the per capita disposable income of 70,847 yuan for residents. The per capita disposable income exceeds 60,000 yuan. Taking Zhuhai as an example, as of the end of June 2022, the cross -border financial management of the Zhuhai Hengqin Cooperation Zone reached 30.2 million yuan, of which more than 90 % of the revenue and expenditure for Australia were.

Pilot banking: over 60 pilots, state -owned banks have the largest amount of capital transfer

As of the end of June 2022, state -owned banks had the largest transfer of "cross -border financial management" funds, accounting for 49.5%; joint -stock banks accounted for 39.7%; foreign banks accounted for 10.8%.

Mu Mu believes that the difference in the proportion of the above banks is also related to the customer acquisition base. The development of banking institutions in domestic and overseas markets is relatively unbalanced. For example, the country's large banks have a wide range of business outlets in the Guangdong -Hong Kong -Macao Greater Bay Area. The two -way customer base is large, and the development and sales capabilities of domestic and overseas products are also more balanced. Before the "cross -border financial management" pilot was launched, the industry predicted that financial institutions with extensive business outlets at home and abroad can be referred by the bank's internal customers. The "cross -border financial management" business takes the lead.

According to Deloitte's statistics, as of August 2020, a total of 21 banking groups provided bank services in the Hong Kong and Macao regions and the mainland cities in the Greater Bay Area, of which 16 were retail wealth management business in the three places.

Different types of financial institutions have their own advantages and disadvantages in carrying out cross -border financial investment. Wu Haifeng analyzed that the advantage of foreign banks is that there are more overseas outlets, many customers, and familiar with overseas financial products, but there are fewer mainland customers and their ability to expand customers is not strong. The above -mentioned "Report" also pointed out that some banks in the Mainland have a wide range of business in the Greater Bay Area and have customer resource endowments, but the asset allocation is slightly insufficient, and only a few have carried out retail banking business in Hong Kong. The banking business field is experienced.

At the beginning of business development, the banking institutions mainly formed a partnership relationship within the group. When the market was ripe, they gradually launched cross -border cooperation with other banking institutions to learn from each other and achieve complementary advantages.

Development trend: start with a secure start and gradually reduce the threshold

In September 2021, the "Implementation Rules for the" Cross -border Financial Management "business pilot implementation of the Guangdong -Hong Kong -Macao Greater Bay Area (hereinafter referred to as the" Implementation Rules ") was issued, which stipulated the scope of investment products and low -risk levels, investor qualifications, and pilot banks Business qualifications and other content. "Cross -border Financial Management" sets the upper limit of the total business quota and a single investor quota.

Lawyer Yang Xiaoquan of Jin Du Law Firm stated that the cross -border financial management pass may be adjusted with the flow of cross -border funds and market changes. For example, if the strong Hong Kong stock market has caused the south -facing business to become more popular, investors are willing to pass through Wealth Management is exposed to overseas investment income, and south direction may consider widening the quota on a safe and controllable basis.

At present, the pilot of the "Cross -border Financial Management" covers mainly low -risk products. Dong Dengxin, director of the Institute of Finance and Securities of Wuhan University of Science and Technology, said that the current cross -border wealth management communication is at the stage of exploring accumulation. Investors' diversified investment demand, "Basically being able to be shortlisted in this product basket, most of them belong to products with relatively standard product design, relatively low risks or controllable risks." And with the continuous development of the pilot work, cross -border cross -border work, cross -border work The number of investors in financial management will gradually increase, the transaction volume will be expanded, and the market tolerance will increase, and the threshold for investment will decrease.

With the maturity of the market, Dong Dengxin suggested that it can provide products with different risk income combinations, meet the diversified financial needs of residents in various places, and make the Greater Bay Area cross -border Unicom more attractive.However, Dong Dengxin also reminds investors to pay attention to the improvement of the richness of the product, which also means that the risk fluctuations of wealth management products are wider. "Then this requires investors to have a stronger sense of risk and strengthen the understanding of professional knowledge. For example, cross -border cross -borderInvestment involves exchange rate risks, it requires investors to have a basic judgment and expectation of the trend of exchange rates. "

Yang Xiaoquan said that market risks, interest rate risks, exchange rate risks, policy risks, and risks of trading opponents may occur during the investment process."If investment disputes occur, the current principle of" business links "is followed. Where the dispute occurs, it is based on which side of the complaint and dispute resolution mechanism."Available Banking Bank establishes relevant mechanisms for the protection of the rights and interests of investors in "Cross -border Wealth Management".

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