ETF is officially included in interconnection. Who can get the entry ticket?

21st Century Business Herald reporter Pang Huawei Guangzhou report

On June 24, ETF was officially included in interconnection.

On the same day, the China Securities Regulatory Commission issued the "Announcement on the Integrated Arrangement of Transaction Open Fund Integrated Fund" (hereinafter referred to as the "Announcement"), which was implemented from the date of release.

At the same time, the Shanghai Stock Exchange and the Shenzhen Stock Exchange also clarified that ETFs were first included in the relevant arrangements of the Shanghai -Shenzhen -Hong Kong Standard.

Which ETFs are expected to enter the interconnection list? Who will win in the institution competition?

ETF is officially included in interconnection

On June 24th, there were 5 "Announcement" issued by the China Securities Regulatory Commission. One was to clarify the expansion of the interconnection and interoperability mechanism of the mainland and the Hong Kong stock market to the transaction open -type fund, and the other was to clarify the relevant institutional arrangements for reference to the stock interoperability of the stock. Clarify the arrangement of investor identification codes. Fourth, the relevant requirements of securities companies and public fund managers, and the fifth is to clarify relevant arrangements for business implementation.

From May 27th, 2022 to June 10, 2022, the CSRC solicited opinions on the society publicly. The Securities and Futures Commission absorbs and adopts some opinions.

On June 24, the Shanghai Stock Exchange, Shenzhen Stock Exchange, and China Securities Registration and Settlement Company also issued a number of relevant announcements on ETF interconnection.

In summary of the announcement of all parties, the market is most concerned about the main revision of the "Shanghai Stock Exchange Shanghai -Hong Kong Stock Connect Business Implementation Measures (2022 Amendment)" and "Shenzhen Stock Exchange Shenzhen -Hong Kong Stock Connect Business Implementation Measures (2022 Amendment)": "

1. The scope of the income of stock ETFs: The ETF of the Shanghai Stock Exchange and the Shenzhen Stock Exchange has reached 1.5 billion yuan in the past 6 months, and its component securities are mainly based on the Shanghai and Shenzhen Stock Standards. The average assets of 6 months reached HK $ 1.7 billion, and its component securities were mainly based on the Hong Kong Stock Standards stocks. The ETF incorporated into the target must meet the requirements of the listing for 6 months, and its target index release for one year. In principle, the ETFs marked in principle are adjusted every six months.

Shanghai Stock Connect ETF, Shenzhen Stock Connect ETF, and Hong Kong Stock Connect ETF's first inclusion in the inspection deadline is April 29, 2022, the list of ETF lists and effective date of Hong Kong Stock Connect, Shanghai Stock Connect, Shenzhen Stock Connect, and Shenzhen Stock Connect. The date will be notified separately.

2. The Shanghai Stock Exchange and the Shenzhen Stock Exchange also regulate that mainland investors return to participate in the Shanghai Stock Connect and Shenzhen Stock Connect. The scope and definition standards of mainland investors have clearly clarified that Shanghai Stock Connect and Shenzhen Stock Connect investors do not include mainland investors. In order to give the Hong Kong brokerage and other banks and other diplomat participants in full preparation time, the relevant regulations have set up a one -year transition period for mainland investors who have opened the Shanghai Stock Connect transaction authority since July 25, 2022.

Who can get the admission ticket?

Lin Weibin, general manager of the Investment Department of the Yifangda Fund Index, said that this time the exchanges of the two places extended the Lutongong bid from the stock to the ETF field. In the long run, its development space and significance are no less than the interconnection of the stock market.

According to Wind data, since the Shanghai -Hong Kong Stock Connect and Shenzhen -Hong Kong Stock Connect opened in 2014 and the end of 2015, as of June 24, the cumulative net purchase of funds in the northbound funds was 1.70 trillion yuan, and the cumulative net purchase of funds southbound was 2.38 trillion yuan. The overall operation is smooth and smooth, and the two -way scale and transaction activity have continued to improve.

According to the announcement of the CSRC and the Hong Kong Stock Exchange of the two places, after the ETF is included in the interconnection, the two places and individual investors can listed the shares and ETF funds shares listed on the exchanges within the scope of local securities companies or brokers.

CICC Research Report pointed out that incorporating an ETF is another iconic expansion incident in the interconnection mechanism. Although the short -term impact is not necessarily great, the long -term see -through influence is far -reaching, which is not only conducive to enriching the types of trading products, and providing more convenience for foreign investment in the Chinese capital market. At the same time It is also important.

The list of Shanghai Stock Connect ETFs, Shenzhen Stock Connect ETFs, and Hong Kong Stock Connect ETFs and the effective date of the Hong Kong Stock Connect have not yet been announced. Each institution has speculated that the requirements of the ETF interconnection and interoperability solicitation drafts on May 27th are speculated that the possible qualified list is speculated.

For example, data provided by Tianxiang Investment Consultative to reporters shows that there are about 589 stock -type ETFs listed on the Shanghai and Shenzhen Stock Exchange, which may meet about 89 ETFs required by the land stocks, with a total size of about 665.3 billion yuan, of which the broad base is broad -base, of which the broad base is broad -base, of which the broad base is broad -base, of which the broad base is broad -base, of which the broad base is broad -base, of which the broad base is broad -base, of which the broad base is broad -base, of which the broad base is broad -base, of which the broad base is broad -base, of which the broad base is broad -base, of which the broad base is broad -base, of which the broad base is broad -base, of which the broad base is broad -base, of which the broad base is broad -base, of which wide -based bases are based There are 35 ETFs, about 337.7 billion yuan, and the industry theme ETF has a total of 54, about 327.6 billion yuan.

China Merchants Securities Research Report shows that there are 6 ETFs that potentially possible to be included in the interconnection. The tracking index includes Hang Seng Index, Hang Seng China Enterprise Index, and Hang Seng Technology Index. As of May 27, 2022, the scale of the six funds totaling a total of 207.77 billion yuan.

According to data calculated by research institutions, funds that may be among the best in the number and scale of ETFs in the future include Huaxia Fund, E Fund Fund, Cathay Fund, Southern Fund, Guangfa Fund, Tianhong Fund, etc.

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