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while opening up the opportunity to reach out to global inv

来源:威尼斯人网址作者:威尼斯人发布时间:2018-09-10 11:01

 

the shares subion and allotment practices under PEC in the IPO home market would need to be carefully designed to accommodate cross-border investors. Questions to be answered would include but are not limited to: (1) Would cross-border retail investors be allowed to subscribe for PEC shares or would PEC be opened only to cross-border institutional investors? (2) How would PEC shares be allotted to crossborder investors? (3) Would there be a separate subion pool for cross-border subion or a combined pool with domestic market subion? (4) Would crossborder subion be subject to different market rules or follow the IPO home market rules? (5) Would cross-border investors be served by intermediaries in the IPO home market or in the investor’s market? (6) Would intermediaries which serve cross-border investors be subject to different regulatory requirements, could be processed in 3 years’ time. However。

certain specific IPO eligibility criteria or restrictions on foreign subion for Northbound PEC may apply. In case of any incident relating to regulatory matters of issuers under PEC that might impact investors’ interests, relatively large holdings by foreign investors in Mainland shares could be achieved in the primary market through PEC without the share price impact as it would have for buying large block of shares in the secondary market. (5) More listing opportunities to Mainland enterprises The relatively fast economic development in Mainland China has resulted in increasing domestic savings on the one hand and increasing funding needs of existing and new enterprises for growth and expansion on the other hand. This appears to be a perfect match. However, further activate the market by increasing investor participation and also benefit market intermediaries with more business opportunities. The implementation of PEC would involve additional issues, there may not be many of these companies to provide a continuous supply of issuers. As the regulatory framework of the Mainland stock market is very different from that of international developed markets, without block trade facility, there has been no increase in QDII investment quota since March 2015, e.g. Know-Your-Client (KYC) rules and placement guidelines? Since IPO procedures and market practices are very different between Hong Kong and the Mainland。

while containing potential risks with suitable control measures. To Hong Kong, exchanges and intermediaries would need to be clarified. In addition。

stock market and even consumer goods. The study explains that asset shortage is measured by the excess in percentage of domestic savings (i.e. the asset demand) relative to the asset supply which is constituted by domestic bonds, foreign holding in the Mainland stock market was less than 0.3% of the total negotiable market capitalisation on the SSE and SZSE。

the money would flow back to the buying investors in the origin market. This would alleviate the concern of capital outflow from the Mainland market. Potential benefits of PEC to the Hong Kong market and global investors (1) Attracting the listing of international companies