Mainland fund companies go to Hong Kong to dominate the right of speech or rewrite

June 1 early in the morning, a company in Europe and the United States a hedge fund came to the 33 floor of China Merchants Bank building, big into the Fund International Business Department director Liansho Dong's office. The hedge fund hopes that the Fund's investment and research team will serve as a consultant to invest in the Chinese market, mainly the Hong Kong market. "This was unthinkable a few years ago, and they (overseas investment agencies) used to look for offshore banks such as UBS, Deutsche Bank and Morgan Stanley," Liansho Dong said. "At this time, it is only 4 days from the Hong Kong subsidiary of the Big Fund, the great International Asset Management Limited, to be approved by the SFC."　　May 28, the big fund officially received the approval to set up a Hong Kong subsidiary. In fact, the search for domestic fund companies as investment advisers is increasingly recognized by overseas investors.　　As a group of domestic fund companies set up subsidiaries in Hong Kong, the investment market in Hong Kong has emerged as a Chinese power to break the monopoly of international firms.　　Several fund companies said that as local fund companies competed in the capital markets of Hong Kong, some of the existing styles in the investment community would change. "This is a very strange thing." Chinese companies, foreign institutions have the right to pricing, and Chinese investors can not share the growth of enterprises. "She Liwen, who has had 21 years of overseas investment experience, said.　　He is now the director of the Overseas Investment Division of the Silver China Fund and the global Core Selection fund manager.　　She Liwen's words directly point out the state of Hong Kong's capital market: whether it is research or investment, the right to speak and pricing is in the hands of foreign investment banks. Research, according to StarMine (StarMine is the world's leading financial consultancy, Thomson Reuters), is the largest and most authoritative quantitative analysis method to assess the performance of securities analysts professional institutions. In 2008, the top 10 of analysts in the mainland and abroad in 2007 were all foreign-investment analysts, with analysts from Lyon, Merrill Lynch, Credit Suisse, Morgan Stanley and others in the forefront.　　China-funded institutions such as BOC International, Guotai, Shenwan, Ping An, Haitong, and so on have been in Hong Kong for more than 10 years, has made progress, but the number of rankings, quality is still inferior to foreign investment bank. Guotai, the head of the Hong Kong Institute of Research, said that even in the 2008 financial crisis to the outside of the big injury, did not damage its position in the Hong Kong capital market.　　The person believes that, whether it is managing assets, customer volume, or port time, there are still large differences between Chinese research institutions and big banks.　　Performance in the market, the ratings of some foreign investment banks directly affect the trend of stock prices.　　In the field of investment, although the weight of Chinese-funded background companies has accounted for half of the index, but China's companies listed in Hong Kong, underwriting institutions, and even the buyer agencies are large foreign capital-which in fact determines the stock market price. "Chinese investment banks do a lot of scrap work.　　Said a Hong kong-based hedge fund manager. On the other hand, institutional investors in the Hong Kong stock marketAccording to the survey of spot market transactions conducted by the Hong Kong Stock Exchange, which is based on about 65% per cent, the results show that foreign investors ' transactions in the last two years accounted for a higher proportion of the total turnover in the Hong Kong securities market, with the largest share of US investors, followed by British investors,　　The Chinese-funded institutions account for a much higher school. This also means that foreign institutions determine the pricing power after listing. Capital discourse power or establishment last May, the CSRC formally announced the regulations on the establishment of Securities Investment fund management companies in Hong Kong, allowing mainland fund companies to set up branches, offices and subsidiaries in Hong Kong. After that, the South Fund, Yifangda fund, KA Real Fund, Huaxia fund and other 4 fund companies in Hong Kong set up (wholly-owned or joint venture) subsidiary. In addition to the recent establishment of the great international, 5 asset Management scale of hundreds of billions of mainland fund companies gathered in Hong Kong.　　Then, Huaan Fund, Bosera fund is also waiting in line.　　Liansho Dong, director of the International Business Division of the Fund, believes that the presence of domestic fund companies will bring new investment research styles to the Hong Kong market. The first is the change of capital pattern. The current capital markets in Hong Kong are awash with global inflows of liquidity. But the lack of professional asset management companies from the mainland.　　The intervention of the mainland fund companies will change the current situation in which mainland clients are fragmented into Hong Kong's capital markets. As the SFC requires a three-year performance record for an investment agency to issue a recognised fund, the current domestic fund company that sets up a subsidiary in Hong Kong can only issue accredited private equity products.　　Therefore, at present, mainland fund companies can only issue private equity products in Hong Kong.　　According to people familiar with the situation, some mainland fund companies are in consultation with the SFC to trace the investment time in the mainland to issue public offerings in advance. On the other hand, it is the change of the right of speech.　　The development of Hong Kong's financial services industry, a variety of research and analysis reports, investment advisory resources, resulting in the vast majority of asset management companies rely solely on the results of the investment decision, but the global financial tsunami that the model has its vulnerability, risk. She Liwen from another logical judgment, Hong Kong's pricing power will also change.　　In his view, if the mainland fund companies issue many funds in Hong Kong, and the qdii business has also made great progress, even if the sponsors underwriters who finance the listed companies in Hong Kong remain foreign banks, they have to listen to the views of the mainland fund companies. In fact, the biggest difficulty facing Chinese fund companies is talent. including Dacheng, Bosera, South, Yifangda and many other fund companies from overseas to introduce talent for the development of overseas business to do accumulation.　　From domestic fund companies want to be famous in Hong Kong, the current talent pool is still insufficient. Some of the fund companies that set up subsidiaries in Hong Kong have rented luxury office buildings in good locations in Hong Kong, but few have been resident, and the most permanent companies have posted about 3 employees. There are big differences between the numbers and overseas asset management companies.