In the development stage of 1986, the Hong Kong market began a new stage of modernization and internationalization. China's guarantee for Hong Kong's future has enhanced investors' confidence in Hong Kong's economy, and corporate profits and real estate prices have rebounded. Since then, the Hong Kong market has entered a new period of development: diversified trading varieties, increasingly internationalized market participants, constantly improved trading methods, and the securities market has entered a long-term and prosperous bull market.
After 2000, Hong Kong's securities market is one of the most important financial centers in the Asia-Pacific region. Since 2000, Hong Kong's securities market is growing into a global securities market. The composition of Hong Kong's securities market The Hong Kong market includes stock market, derivative market, fund market and bond market in terms of its trading varieties.
On April 9, 20 15, the Hong Kong stock market finally failed to stand above 27,000 points. The Hang Seng Index closed at 26,944, up 707 points, or 2.7%. The turnover of the main board was HK$ 29 15 billion, a record high.
The main component of Hong Kong's securities market is the stock market, which is divided into the main board market and the Growth Enterprise Market. By the end of 2000, the combined market value of the main board and the Growth Enterprise Market reached HK$ 4,862 billion, ranking 1 1 among the major stock exchanges in the world and second in Asia.
Derivatives There are many kinds of derivatives in Hong Kong market, which can be divided into five categories: stock index derivatives, stock derivatives, foreign exchange derivatives, interest rate derivatives and warrants.
Almost all funds incorporated in Hong Kong are open-end funds. For investors, they can get their money back at any time, which has good liquidity and is particularly attractive to overseas investors. According to the classification of the Hong Kong Monetary Authority, the bond market in Hong Kong is divided into two categories: the Hong Kong dollar bond market and the foreign currency bond market issued and traded in Hong Kong. Among them, the Hong Kong dollar bond market is dominated by exchange fund bonds and bond issuance plan bonds, while the foreign currency bond market is dominated by dragon bonds.
Relying on the rapid development of the mainland economy, Hong Kong has become the fastest-growing international financial center in Asia. The scale of HKEx has expanded rapidly, and its ranking in global exchanges has been continuously improved.
Definition of stock blue chip
Blue chip refers to the constituent stocks of the Hang Seng Index. The common characteristics of such stocks are strong industry representation, high liquidity, good financial position, stable profit and fixed dividends. The number of blue chip stocks is 43. Because these stocks have strong profitability, most of them belong to the preferred stocks of the fund (that is, stocks held by the fund for a long time or bought at a higher price), so they are less affected by human factors (such as banker's activities) and their stock prices are relatively stable, which is suitable for medium and long-term investment.
origin
The word "blue chip" comes from the English word "blue chip", which is a Wall Street term. In previous American casinos, the chips used were represented by different colors, and the biggest silver chips were represented by blue. Therefore, people use this term to refer to the stocks of some large listed companies as blue chips, which means that the stock prices of these companies are high enough, the market value is large enough, and they are active and easy to trade.
In addition, due to the high share price of blue-chip stocks, the trading volume per hand is large. For example, HSBC (0005) has 400 shares per lot. If the stock price is 100 yuan, it will cost 40,000 yuan per lot. Therefore, the trading of blue-chip stocks is mainly based on funds (institutional investors), and the investment strategies of funds are mostly medium and long-term. Generally speaking, if the fund is optimistic about the prospect of a blue-chip stock, they will invest in the medium and long term, and will not sell the stock easily, thus forming a supported and often growing stock price.
Definition of state-owned shares
State-owned shares refer to Chinese mainland state-owned enterprises listed in Hongkong with the approval of China Securities Regulatory Commission. It can also be called H shares, which refers to the state-owned shares listed in Hong Kong. There are also N shares and S shares in the Mainland, which are short for state-owned enterprises listed in new york and Singapore respectively.
In this way, both state-owned enterprises and red chips are mainland enterprises listed in Hong Kong. What's the difference between them? It can be said that because state-owned shares and red chips have the same strong mainland color, they are both mainland companies listed in Hong Kong, and their main business is very close to that of the mainland, so novices who have no in-depth understanding of the Hong Kong stock market are very easily confused.
However, it is not so difficult to distinguish the two. To put it simply, those registered in Hong Kong will be classified as red chips, while those registered in the Mainland will naturally be state-owned shares. In fact, most of the red chips are window enterprises registered in China by provinces, cities and the central government, and state-owned enterprises are generally those rooted in China.
develop
From June 65438 to July 0993, Tsingtao Brewery became the first state-owned enterprise listed in Hong Kong, and it has been more than 20 years. Over the past 20 years, more than 80 state-owned enterprises have been listed on Hong Kong's main board market and growth enterprise market, and the total amount of funds raised is closer to HK$ 654.38+050 billion.
Some state-owned enterprises will issue two kinds of tradable shares, A and H, in both places at the same time. However, due to the different liquidity of funds in the two places, the share price of the same share and H share is generally several times lower than that of A share. Therefore, there is a considerable gap between the overall P/E ratio of the two stock markets. Compared with the P/E ratio of 50-60 times in the mainland A-share market, the P/E ratio of Hong Kong state-owned shares is less than 20 times, and its investment value is self-evident.
With the acceleration of the reform and opening up of state-owned enterprises, the continuous improvement of the macro-economy in the Mainland, and the imminent implementation of policies benefiting China and Hong Kong such as QD II and CEPA, it can be predicted that in the foreseeable future, state-owned shares will replace the dominant position of conventional blue-chip stocks in the Hong Kong stock market.
Red chip version 1
Traditionally, blue and red are relative. Since blue-chip stocks refer to 39 constituents of the Hang Seng Index, red-chip stocks naturally refer to non-blue-chip stocks, right? No, red chips actually refer to the shares of listed companies listed in Hong Kong but directly controlled or held by Chinese-funded enterprises.
Although red chip refers to the shares directly controlled or held by Chinese-funded enterprises listed in Hong Kong, this definition is still controversial to some extent. One school thinks that whether a stock belongs to a red chip depends on whether its main profit comes from Chinese mainland, and the red chip index compiled by Bloomberg Information is the supporter of this school. The most representative red chip index in Hong Kong, namely the Hang Seng Hong Kong Chinese Enterprises Index, belongs to another school and is determined by the equity ratio of Chinese shareholders. Therefore, the constituent stocks of these two indices are not necessarily the same.
The reason why red chips are called red chips mainly comes from two allusions that have been circulating in the market for a long time: the first allusion follows the story of a blue chip, which was mentioned in the article "Blue Chip". The biggest silver chip in the casino is blue, followed by red chips. So choose red as a slightly weaker stock than blue-chip stocks.
Version 2
The other version is more direct, because China's five-star national flag is mainly red, and the representative color of socialist countries is also red, so people habitually refer to the shares controlled by Chinese-funded enterprises as red chips.
Although the Hong Kong stock market is still dominated by blue chips, the number of red chips traded and the number of shares are still small. However, with the acceleration of Chinese investment in Hong Kong, red chips are on the increase, and their influence is bound to grow, which cannot be ignored.
Trading rules 1. Transaction system AMS/3
With the expansion of the securities market and the need of the internationalization of the future exchanges, the Hong Kong Stock Exchange launched the third generation automatic matching and closing system (AMS/3) in June 2000. AMS/3 connects investors, exchange participants, other participants and the central market, making the trading process more efficient.
Two. Exchange trading rules
Securities trading in an exchange shall comply with the relevant provisions of the rules of the exchange. The more important rules are as follows:
(1) price
Every security traded on an exchange is traded at a specific "price", which represents the minimum range of price increase or decrease and is related to the price range of the securities. The exchange price list stipulates that the stock price ranges from 0.0 1-0.25 Hong Kong dollars (the price is 0.00 1 Hong Kong dollars) to 1000-9995 Hong Kong dollars (the price is 2.50 Hong Kong dollars). When the price of a stock rises or falls to another price range, its price will also change.
(2) Opening quotation
The rules of the exchange stipulate that the "opening price" should be carried out according to the procedure, so as to ensure the continuity of prices between two adjacent trading days and prevent the market from fluctuating violently at the opening: the first buy or sell order entered into the trading system on each trading day is regulated by the opening price rules. The price of the first order cannot exceed the previous day's closing price by 4 prices.
Three. Settlement and delivery
The settlement and delivery procedures of various products of HKEx are handled by Hong Kong Clearing House, Options Clearing Company and Futures Clearing Company respectively. Among them, the Hong Kong Clearing House is responsible for the settlement and settlement of qualified securities traded on the main board of the Stock Exchange and the Growth Enterprise Market.
(1) continuous net settlement system
Hong Kong adopts a continuous netting system. Under the continuous net settlement system, the securities purchased or sold by each CCASS participant from other CCASS participants will be offset by rolling, and the remaining net purchase or net sale share will be used as the settlement standard.
(2) T+2 settlement system
Transactions matched or declared by exchange participants through the automatic matching system must be settled with the central settlement system before 3: 45 pm on the second trading day after each trading day (T day), which is generally called the "T+2" daily settlement system (that is, the trading/buying day plus two trading days).
Stock trading varieties
Up to now, there are 1206 listed companies in the Hong Kong stock market. Here are many international giants, including famous companies such as Microsoft and Intel. In addition, a feature of Hong Kong stocks is that they can short a certain kind of securities.
guarantee
Hong Kong stock warrants are divided into equity warrants and derivative warrants. Equity warrants have no leverage ratio, derivative warrants have leverage ratio, and the issuer of equity warrants is a listed company; The underlying securities of covered warrants can be not only individual stocks, but also stock indexes.
Cow-bear syndrome
Bull-bear certificate is a combination of bull certificate and bear certificate, and it is a structural product that reflects the performance of related assets. There is a compulsory redemption mechanism for bull and bear certificates. When the positive share price is equal to the redemption price, higher than the redemption price of bull certificates or lower than the redemption price of bear certificates, compulsory redemption will be implemented.
Trust/fund
A Unit trust/mutual fund refers to a unit that issues funds to investors, and jointly invests the investors' funds in portfolios of different types of securities.
Associated bill (ELN)
If the stock price changes according to the investor's expectation, he can get a predetermined return mainly from the premium of selling options.
The above are some major trading varieties of Hong Kong stocks, which I hope will help you when you open an account in Hong Kong stocks.
Program fees Investors who want to enter the securities market need to have a necessary understanding of the procedures, ordering channels, ordering forms, transaction fees, trading time and so on in the Hong Kong market.
I. Opening a securities account
When an investor opens an account in a securities company, he must fill in the account opening form and sign a customer contract. The Code of Conduct for Registrants of the Securities and Futures Commission contains provisions on client contracts (requiring specified risk disclosure statements).
As the client contract is a legal document binding on investors, investors must confirm that all information is true before signing the client contract. In case of doubt, investors should seek legal advice.
In order to protect their own interests, investors should personally go to the office of the securities company to open an account. Before trading securities, investors should know the channels and forms of placing orders, the calculation of commissions, and the collection methods of interest and other fees.
Second, the ordering channel
Generally speaking, investors can place orders with exchange participants (such as securities companies) by telephone or internet, or they can place orders in the office of securities companies in person. Investors need to specify the name (or code), quantity and price of the securities to be bought and sold when placing an order. In the whole transaction process, investors will receive two notices, namely acceptance and liquidation.
After AMS/3 is fully implemented, investors can place orders with exchange participants in person or by telephone, and they can also choose any of the following "investor contact market channels".
(1) AMS/3 channel: directly supported by HKEx, investors can place orders through the online facilities of the Stock Exchange.
(2) Private Line Network System (PNS): ORS channel connecting HKEx is provided by PNS supplier; ORS can send investors' buying and selling instructions to the market through exchange participants. Investors can use the channels provided by PNS suppliers, that is, through the Internet, mobile phones and other electronic channels to place orders;
⑶ Broker-only channel: namely, the broker assembly system (BSS) provided by individual exchange participants, through which investors can place orders on the Internet or mobile phones.
Third, the order form
When placing an order, investors can choose from three forms: market price, current price and stop loss. The details are as follows:
1, market price: the customer instructs the broker to buy and sell at the current market transaction price (market price). Buy at the first sight and sell at the first sight. Trading at the market price cannot guarantee that the business entrusted by the customer will be concluded at the same price, and the transaction price may fluctuate with the market situation.
2. Limit order: Limit the highest or lowest price of investors' transactions. When buying securities, investors must clearly indicate to the staff of the securities company the highest purchase price they are willing to buy. If an investor wants to sell securities, he must issue a minimum selling price to the securities company. The securities company can only sell securities for him if the stock price is equal to or higher than the minimum selling price. However, when placing an order at the limit plate, the customer needs to clearly indicate the validity period. On the day of placing an order, if it is not executed at the closing time, the limit order will be automatically cancelled, which is called "today's order". If the customer chooses "no order", the broker will list for the customer every day until the sale is completed at the instruction price.
3. Stop loss: After investing in stocks, if investors are afraid that the stock price will be unfavorable to them, they can set a stop loss order in advance on the same day to ensure profitability. The main function of stop-loss disk is to limit the loss of investors. If the price of securities held by investors falls, and the decline continues
Then, investors can sell securities when the stock price falls to a predetermined price to limit losses.
Fourth, transaction costs.
Investors need to pay commission (0.25%), exchange handling fee (0.0 12%), * * * handling fee (0. 1%), transfer handling fee and other fees (HK$ 2.5 each).
1. commission: both parties to the transaction shall pay commissions to the entrusted securities company (or bank) respectively. The level of commission is determined by investors and securities companies, but the HKEx has a minimum brokerage commission. The commission charged by a securities company for each transaction should not be less than 0.25% of the transaction amount, and the minimum fee for each transaction ranges from HK$ 50 to HK$ 65,438+050, depending on the specific regulations of each securities company.
2. Transaction fee: The unilateral transaction fee charged by HKEx is 0.005% of the transaction amount, and the share of transaction fee levied by CSRC is 0.005%. In March, 20001,the Financial Secretary announced that the transaction levy would increase by 0.002%, and this part of the transaction levy would be allocated to the new compensation fund until the fund increased to HK$ 654.38 billion.
The HKEx collects trading system usage fees from exchange participants, and buyers and sellers need to pay 0.50 yuan for each transaction. Whether exchange participants will charge this fee to customers is decided jointly by exchange participants and customers.
3.* * * Expense: In March of 200 1 year, the ad valorem stamp duty rate payable by both parties for each share transaction was reduced from 0. 1 125% of the transaction amount to 0. 1%.
4. Transfer fee
O Stamp duty on toilet paper: No matter how many shares are sold, stamp duty of HK$ 5 shall be paid to * * * for each toilet paper, which shall be paid by the registered shareholder (i.e. the first-hand seller).
O transfer fees: No matter how many shares are sold, listed companies will charge new shares of transfer fees at a cost of HK$ 2.5 per share, which will be paid by the buyer.
5. Trading hours in the stock market
1. The trading hours of the stock market (Monday to Friday) are as follows: the trading hours of the Hong Kong Stock Exchange have been adjusted several times, and the current trading hours are: pre-market trading hours: 9: 00 am to 9: 30 am trading hours: 09: 30 am to12: 00 noon break time:12: 00 am. There is no afternoon trading on Christmas Eve, New Year's Eve or Lunar New Year's Eve.
2. The Hong Kong Exchanges and Clearing Limited has implemented the closing bidding transaction on Monday, May 26th, 2008; The closing time of the normal trading day of the securities market is extended 10 minutes to 16: 10. At the same time, the closing time of stock index futures and options contracts was extended from 16: 15 to 16:30 (except the last trading day of each month). As for the half-day market (for example, 65438+February 24th, 65438+February 3rd1or the day before the first day of the first lunar month), the trading time of the securities market is extended from 12: 30 to 12: 40, and the closing time of stock index futures and options contracts is also changed from/kloc-0.
3. On March 23rd, 2009, Hong Kong stocks cancelled the closing bidding mechanism.
4. In order to consolidate its position as an international financial center, Hong Kong Exchanges and Clearing Limited will extend the trading hours of the stock market in two stages. From March 7, 20 1 1, the trading hours in the Hong Kong stock market will be from 9: 30 am to 4: 00 pm, and the afternoon will be a lunch break from 12 to 1: 30, and the daily time will be extended from 4 hours to 5 hours; From March 20 12, the lunch break will be shortened by 30 minutes, and the lunch break will be from noon to next afternoon 1 hour, and the trading period will be extended to 5.5 hours per day.
Hong Kong stocks fluctuated in Meitu, the hottest Hong Kong stock in recent days, and began to decline. Following the previous day's plunge 1 1%, Meitu continued to plunge by about 8.76% yesterday. On the contrary, Zhou Heiya, another leading stock, reversed yesterday, with an increase of 4.27% and a market value approaching HK$ 20 billion. Affected by Meitu's company effect, Zhou Heiya, which was listed on the list of Hong Kong stocks on the same day, has also seen significant changes in its share price recently. On March 15, it rose 1 1.79% in a single day, and the highest increase reached17% on March 20; But then Zhou Heiya's share price plummeted, from skyrocketing to plunging, closing down by 5.57%, becoming Meitu's "He is my brother".
This wave of market with Meitu as the leader started on March 6th. During this period, 23 Hong Kong-listed companies transferred to Shenzhen-Hong Kong Stock Connect, including Zhou Heiya and Meitu, which are very familiar to mainland consumers, and China Resources Medicine, which is powerful. Since the official opening of Shenzhen-Hong Kong Stock Connect at the end of last year, the standard of Hong Kong stock connect has been adjusted, but on March 6, the biggest effort was to transfer 23 stocks to 18 stocks. The transferred stocks include Meitu, Zhou Heiya, IGG, Zhou Shengsheng, Lv Jing China Real Estate and CITIC Securities. In the transaction on March 6th, Zhou Heiya, IGG and Zhonglonggong increased even more, reaching 9.94%, 6.45% and 3.33% respectively.
Hong Kong stocks continued to attack, and the Hang Seng Index closed at 24,593 points, about to break through the integer mark of 25,000 points. The day before yesterday, the Hang Seng Index broke through the high of 24364 set on September 9, 2006+2065438, and stood on the top smoothly. Since the beginning of this year, the Hang Seng Index has risen by 1 1.78%, far exceeding the Shanghai Stock Exchange's 4.9 1% and Shenzhen Stock Exchange's 3.79%. In the first three months, 80 billion yuan flowed into the Hong Kong stock market. It is estimated that more than 200 billion yuan will flow into the Hong Kong stock market throughout the year, which can be purchased by institutional investors, and private investors can also purchase Hong Kong stocks through Shenzhen-Hong Kong Stock Connect and Shanghai-Hong Kong Stock Connect. Hong Kong stock investment has become a craze and a good investment target.