市場對滬港通似未準備好
Asian banks and investors have asked regulators for a month’s notice before the start of the Shanghai-Hong Kong stock connect, throwing more doubt on the launch date of the equity trading scheme.
亞洲的銀行和投資者已懇請監管機構提前一個月通知滬港通的開通時間，給該機制的正式啓動日期籠罩上了更多的疑雲。The stock connect is the most significant development in the opening of China’s domestic markets in years, giving global funds far easier access to mainland shares by removing the need for an investment licence.
滬港通項目是中國在開放國內市場方面多年來最重大的進展，通過取消申請一項投資許可的環節，它將讓國際資金更方便地進入中國內地股市。
The project will also allow mainland investors to buy Hong Kong-listed equities directly, boosting trading volumes in both markets.
該項目還將允許內地投資者購買在香港上市的股票，對滬港兩個市場的交易量均能起到提振作用。
Many investors and analysts say the stock connect will pave the way for China to be added to international benchmark indices – such as those compiled by MSCI and FTSE – bringing Chinese markets a big step closer to integration with the rest of the global financial system.
許多投資者和分析師表示，滬港通將爲中國股票被納入國際基準股指——比如摩根士丹利資本國際(MSCI)和富時(FTSE)編制的股指——鋪平道路，讓中國股市朝着與全球金融體系接軌邁出大大的一步。In the six months since the scheme was announced, investors, brokers and banks have been working furiously to build the technical and legal systems needed to handle the complexities of the programme.
在建立滬港通機制的消息宣佈後的6個月裏，投資者、券商和銀行都在緊鑼密鼓地做着準備，以創建應對該項目複雜狀況所必需的各種技術和法律制度。However, lingering uncertainties over various issues – including the taxes on share gains and the custody of assets – have caused concerns for many of those involved, especially asset managers.
然而，目前許多問題仍然沒有確定的答案，包括股票收益稅、資產託管等，導致許多相關方面（特別是資產管理公司）產生擔憂。In a letter dated October 17, the head of the Asian Securities Industry & Financial Markets Association (Asifma) urged Hong Kong regulators to provide sufficient notice before the project was formally launched.
亞洲證券業與金融市場協會(ASIFMA)的負責人日前已致信香港證監會，要求在該項目正式啓動前提前足夠長的時間發出通知。信上的日期爲10月17日。“We believe a month’s notice would be reasonable and prudent,” wrote Mark Austen, Asifma chief executive, in a letter to Hong Kong’s Securities and Futures Commission seen by the FT.
根據英國《金融時報》看到的信件內容，該協會行政總裁馬克•奧斯汀(Mark Austen)寫道：“我們認爲，提前一個月通知是合理和謹慎的。”“We as an industry are strong supporters of the stock connect project and are very committed to having a successful launch,” he added.
他接着說道：“作爲一個行業，我們強烈支持滬港通項目，並致力於該項目的成功啓動。”Asifma represents some of the largest asset managers operating in Asia, including BlackRock, Schroders and Amundi, as well as global investment banks, law firms and rating agencies.
該協會成員包括一些在亞洲運營的大型資產管理公司，如貝萊德(BlackRock)、施羅德(Schroders)和Amundi，還有跨國投行、律師行和評級機構。Market participants had originally been working towards an October 27 launch. As that date has drawn closer, members of Asifma have raised concerns that too many issues remain unresolved.
市場參與者一開始是按照項目10月27日啓動的目標準備的。隨着這一日期臨近，該協會一些成員就許多問題仍未解決表示了擔憂。The letter, first reported by Reuters, goes on to say that anything less than two weeks’ warning “could well mean that participation in the stock connect launch will be limited”.
率先由路透(Reuters)報道出來的這封信接着說，如果提前不到兩個星期通知，“很可能意味着投資者對滬港通啓動的參與度將是有限的”。Charles Li, chief executive of Hong Kong Exchanges & Clearing, has played down the idea that a launch is imminent, saying last week there is no set timetable.
港交所(HKEx)行政總裁李小加(Charles Li)的說法給有關滬港通啓動在即的看法潑了冷水，他上週表示，目前沒有確定的時間表。The Shanghai-Hong Kong stock connect is not just a milestone for investors but also a big opening of China’s capital account.
滬港通不僅對投資者是件大事，也標誌着中國資本賬戶開放邁出了一大步。It was revealed in a high-profile speech by Li Keqiang, Chinese premier, in April, an indication of its political backing. Mr Li is on a tour of Europe, leading to speculation that the scheme will be launched on his return.
今年4月，李克強總理在一次備受矚目的講話中宣佈了滬港通項目，凸顯出該項目得到政治上的支持。在李克強近日訪歐期間，有人猜測，滬港通項目將在他出訪歸來後啓動。
