中國基金經理青睞新三板

Chinese fund managers are piling in to the country’s nascent over-the-counter equity exchange, lured by the chance to invest in emerging industries such as technology and consumables that are under-represented on the country’s main bourses.

中國的基金經理們正扎堆進入這個國家新生的場外交易市場，被科技行業和消費相關行業等新興產業的投資機會所吸引，這些板塊在中國主要股市比重偏低。

An index launched last week shows the National Equities Exchange and Quotations (NEEQ) has gained 53 per cent in 2015, more than the 13 per cent rise for the Shanghai Composite Index and comparable to gains in ChiNext, Shenzhen’s Nasdaq-style start-up board.

上週推出的全國中小企業股份轉讓系統(National Equities Exchange and Quotations，簡稱NEEQ)成份指數迄今已上漲53%，超過上證綜指(Shanghai Composite) 13%的漲幅，與納斯達克式的深圳創業板(ChiNext)不相上下。

Launched in late 2012 and known as the “new third board”, NEEQ hosts trading of 2,130 companies, up from about 350 at the start of 2014.

NEEQ於2012年底推出，俗稱“新三板”，其上市公司數量已達2130家，遠遠高於2014年初的大約350家。

Lured by the ease of listing on NEEQ compared with the often years-long approval process for China’s main stock exchanges, Chinese companies raised Rmb13.2bn ($2.1bn) on the platform last year and another Rmb2.9bn in the first two months of 2015.

相比中國主要交易所往往長達數年的審批過程，新三板掛牌更爲容易，受此吸引，中國企業去年在新三板平臺上融資132億元人民幣（合21億美元），2015年頭兩個月又融資29億元人民幣。

“Companies on the new third board represent the direction of China’s economic transformation. Two years ago the State Council identified seven big strategic emerging industries. The new third board is a chance to invest in these trends,” said Fu Bairui, general manager at fund manager QHKY Fund, who manages a dedicated third board fund.

前海開源基金(QHKY Fund)專門負責管理新三板基金的董事總經理付柏瑞說：“新三板的企業代表了中國經濟轉型的方向。兩年前國務院確定了七大戰略性新興產業。新三板是投資於這些趨勢的機會。”

While China’s main bourses tilt towards state-owned industrial groups, financial institutions and property developers, tech companies comprise 30 per cent of companies listed on NEEQ while popular consumption-linked sectors such as healthcare, media and tourism comprise another 18 per cent. NEEQ uses a trading mechanism comparable to the OTC Bulletin Board or pink sheets trading system in the US.

中國的主板傾向於國有工業集團、金融機構和房地產開發商，而在NEEQ上市的公司裏，科技公司佔了30%，醫療保健、媒體和旅遊業等大衆消費相關行業佔了18%。NEEQ所用的交易機制類似於美國場外交易公告牌(OTC Bulletin Board)或粉單市場(Pink Sheet)交易系統。

With investor interest in NEEQ surging, fund companies are scrambling to roll out new products. Until now, hedge fund-style products managing institutional money were dominant. But in recent weeks fund companies have launched mutual fund products to capitalise on demand from retail investors, offering products with thresholds as low as Rmb1m. Some analysts warn that the rapid price run-up is out of line with fundamentals. Much of the gains are driven by speculation that NEEQ companies will eventually be able to transfer to ChiNext or Shenzhen Small and Medium Enterprise board, where valuations are higher than NEEQ.

隨着投資者對NEEQ興趣高漲，基金公司競相推出新產品。此前，管理機構資金的對衝基金式產品占主導地位。但最近幾周基金公司紛紛推出共同基金產品，包括門檻低至100萬元人民幣的產品，以求獲利於散戶投資者需求。一些分析師警告稱，價格快速上漲與基本面脫節。大部分價格上漲的驅動力來自於一個猜測，即NEEQ公司將最終能夠轉移到創業板或深圳中小企業版，它們的估值高於NEEQ。

Additional reporting by Ma Nan in Shanghai

Ma Nan上海補充報道