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Alternative Market Briefing

Hong Kong-Shanghai stock link fails to live up to expectation so far

Monday, December 22, 2014

Komfie Manalo, Opalesque Asia:

In a report, Reuters said that demand has been subdued with the bulk of activities coming from short-term speculative investors.

Last November 17, China took another big step towards liberalizing markets to give individual Chinese investors greater freedom to make overseas investments through the Shanghai free-trade zone – just as the communist country opens its stock markets to international hedge funds for the first time.

The launch of the Shanghai-Hong Kong Stock Connect allowed investors in each center direct access to the other’s stock market and is one of the most significant openings of China’s capital account in a decade. Wealthy Chinese investors can now start trading hundreds of stocks in Hong Kong, including international companies such as Prada and HSBC.

Hedge funds were also expected to be among the most active users of the link in the early days of the launch because of their more flexible trading structures and their restricted access to date.

Authorities in China expected mutual and pension funds, as well as private banks would flock to the Shanghai-Hong Kong stock connect, but early data showed hedge funds and banks’ proprietary trading desks dominated the trade volumes ......................

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