Hang Seng Bank "happy every day" disguised as an empty railway construction industry

The railway is still being watched, and this time it was a structured financial product issued by Hang Seng Bank on July 10.　　July 10, the Hang Seng Bank launched a new issue called "Happy every day-the share-linked part of the capital preservation can be automatically redeemed investment products", the products linked to Hong Kong listed 4 railway infrastructure shares, including the MTR Corporation, China Railway, China Railway construction, China's transport infrastructure.　　Conditional return + dividend return July 16, China's GDP growth 7.1%,cpi 1.1% per cent year-on-year in the first half of 2009, according to economic data released by the government. The economic data do not show much evidence of a turnaround in China's economy, but the positive effects of massive infrastructure investment in the stock market have already been evident.　　and railway construction is the core component of this round of infrastructure investment.　　The new product from Hang Seng Bank is the one that will take the Chinese infrastructure investment. Product name is "Happy every day" stock-linked part of the capital preservation can automatically redeem investment products, investment period of 1 years, linked to Hong Kong listed 4 railway infrastructure shares.　　The sales period from July 10, 2009 to July 23, 2009, investors can get 90% of the principal capital preservation protection. In terms of earnings, the person said, "product income is divided into two parts, one part is conditional return, and part is dividend return." "If, for any observation day during the first 2 observation periods (a total of 12 observation periods), the closing stock of the worst-performing stock in the linked stock basket has met or exceeded its conditional return trigger price, the investor may receive conditional returns at the end of the 2nd observation conditional return.　　The conditional return is 1.1667% (about 7% per annum). Starting from the 3rd observation period, for each observation period, the closing price of the worst-performing stock in the linked stock basket meets or exceeds the return on the dividend to trigger the share price at the end of the observation period, and the investor can receive a dividend return at the corresponding dividend return date at the end of the observation term.　　The dividend return is 1.1667% (about 14% per annum).　　In terms of each linked stock, the person introduced that the conditional return triggers the share price to be 60% of the underlying stock's initial share price, which triggers the share price to be 90% of the underlying stock's initial share price.　　The product can be terminated early, starting from the 2nd observation period, as long as the linked stock basket in the performance of the worst stock on any day of the ≥100% period of the month, that is to meet the early expiration of the trigger event conditions, will achieve automatic redemption.　　Look at the empty iron construction industry?　　The structured product is a stock investment product that was launched after the CBRC issued a ban on stocks.　　In this respect, a Shanghai bank insider told reporters that this is because the CBRC limited restrictions on the outside.　　According to the CBRC regulations, Commercial Bank financial funds are prohibited to invest in any form of the two-tier market stocks or their related securities investment funds.　　The Hang Seng Bank launched this product is linked to the four Hong Kong listed companies, not within the two-tier market. "For investments in stocks or funds of foreign companies, silverThere is no clear regulation at present, and banking products also need some securities investment channels, Hong Kong is a good choice.　　The bank insiders told reporters that from the risk, it is also hard to say that investing in Hong Kong is smaller than the two-tier market in China. Zhang Xing Zhaoyuan, a researcher at the Southwestern University of Finance and Economics, argues that the Hang Seng Bank's launch of the product is a system that locks the future revenue range. "The stock has risen, the income is not necessarily high, the stock has fallen, the investor's income also can have certain safeguard." Zhang Xing Zhaoyuan to reporters that from the design of the product, from the beginning of the third observation period, that is, from September 24, 2009 to October 23, 2009, the product set up automatic redemption. "If the worst stocks in the stock pool are going up during the period of observation, then the product is automatically redeemed." In the month of automatic redemption, investors are not able to enjoy conditional returns and dividend returns. This actually locks the maximum range of benefits.　　"Zhang Xing Zhaoyuan also believes that the worst share prices to reach the beginning of the price of 90% and 60% respectively to obtain dividend returns and conditional return, but also control risk."　　However, in view of the design of the product, Zhang Xing Zhaoyuan that the Hang Seng Bank is a product of the railway construction industry to see signs. "Only if the share price falls between 40% and 0, the investor gains, and in a sense it should be empty."　　"Zhang Xing Zhaoyuan said. Of the four products linked to the product, in addition to the MTR company mainly engaged in the Hong Kong area of the subway project construction, the other three are nationwide infrastructure integrated enterprises.　　Among them, China Railway (601390) and China CRCC (601186) can be described as the largest integrated infrastructure enterprises in Asia.　　However, from an investment point of view, market analysts are still optimistic about the future of the relevant stocks. "From the first half of the data, infrastructure construction is the focus area of fixed assets investment, and will continue to be the most beneficial areas." Guo Sheng Securities analyst Xiaoyongming that later railway construction companies can still be concerned.