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Interface News reporter | Liu Chenguang
On May 13, the transaction information disclosure mechanism of the Shanghai-Shenzhen-Hong Kong Stock Connect was formally adjusted.
Specifically, in terms of the Shanghai and Shenzhen Stock Connect, first, the Hong Kong Stock Exchange adjusts the arrangements for real-time disclosure of trading information, no longer disclosing the real-time buying transaction amount, selling transaction amount and total transaction volume of the Shanghai and Shenzhen Stock Connect; when the daily quota balance of the Shanghai and Shenzhen Stock Connect is greater than or equal to 30%, it shows that the quota is sufficient; when it is less than 30%, the quota balance is announced in real time.
Second, the Shanghai, Shenzhen and Hong Kong exchanges have adjusted the after-market disclosure arrangements to disclose the total transaction volume and total number of transactions of the Shanghai-Shenzhen Stock Connect, the total transaction volume of ETF, the list of the top 10 active securities and their total transaction volume after the close of the market every day, and publish the summary of the above-mentioned data on a monthly and annual basis. The fifth trading day of the Shanghai and Shenzhen Stock Connect every quarter announces the total number of investors holding a single securities at the end of the last quarter. Third, the HKEx makes adaptive adjustments to information such as the number of Hong Kong settlement participants.
In terms of Hong Kong Stock Connect, first, the Shanghai and Shenzhen exchanges adjust the arrangements for real-time disclosure of trading information. when the daily quota balance of the Hong Kong Stock Connect is greater than or equal to 30%, it shows that the quota is sufficient; when it is less than 30%, the quota balance is announced in real time.
Second, the Shanghai and Shenzhen exchanges adjusted the after-market disclosure arrangements to: after the closing of the market every day, the purchase volume and number of transactions, the sale volume and number of transactions, the total transaction volume and total number of ETF transactions, the list of the top 10 active securities and their purchase volume, the sale transaction amount, the total transaction volume, and the summary of the above data on a monthly and annual basis. The total number of securities held by Hong Kong Stock Connect investors will be disclosed after the market closes every day. The information disclosure arrangements of the Hong Kong Stock Exchange remain unchanged.
On April 12, the three exchanges simultaneously disclosed the relevant adjustment information.
A relevant person in charge of the Shanghai and Shenzhen stock exchanges has publicly said that in the past 10 years since the launch of the Shanghai-Shenzhen-Hong Kong Stock Connect, the two sides have continuously optimized and improved the investment quota, target scope, trading calendar and other mechanism arrangements in the light of market development, so as to actively promote the stable and healthy development of the two markets. As an important part of the arrangement of the Shanghai-Shenzhen-Hong Kong Stock Connect mechanism, the transaction information disclosure mechanism also needs to be continuously optimized and improved in practice.
By the end of March 2024, Shanghai and Shenzhen Stock Connect accounted for more than 90% of the market capitalization of A-share market, and Hong Kong Stock Connect accounted for more than 80% of the market capitalization of the main board of the Stock Exchange.
Yang Delong, chief economist of Qianhai Open Source, told the interface reporter that the main purpose of no longer disclosing the amount of buying and selling in real time should be to reduce the psychological impact of buying and selling in northward capital on investors, and to strengthen the awareness of long-term investment. don't pay too much attention to the fluctuations of short-term funds.
Zhang Xinyuan, head of research at Kofang think-tank, told the interface news that investors may be less sensitive to market reaction and less responsive to some news because real-time trading data are no longer disclosed. This may affect the volatility of the market and make the market more stable.
Zhang Xinyuan pointed out that some investment strategies that rely on real-time trading data, such as high-frequency trading and quantitative strategies, may be affected to a certain extent. These strategies may require more market data to make decisions, but now that real-time data are no longer disclosed, more analysis and research may be needed to obtain relevant information.
He said frankly that although real-time trading data are no longer disclosed, northbound capital flows can still be obtained through other channels, such as HKEx announcements, market public information, and so on. As a result, the direct impact is limited in the short term, and the market response to this change may be relatively mild. "the specific degree of impact also needs to observe the market reaction and the changes in the relevant data."