Through train is not a free lunch to accidentally fall into a pit.

<P>: Http:// hearing, because mainland investors in a relatively closed market only accumulated investment experience in the international environment has not had life experiences. .Does not rule out that some foreign funds to take this opportunity to do speculative arbitrage the two markets, so that the continent is relatively immature in no small investors may suffer losses. .Index of H shares closed another recent record highs, has been a huge increase on the current market, investors should be more than a caution? .Of course, the investor holding an attitude of learning, to test the water about international markets, or desirable, but if the "Hong Kong stock direct investment" as a free lunch to be wrong. .</ P> <P> mainland investors relatively immature </ P> <P> According to People's Daily reported that Chinese domestic individuals can invest directly in foreign securities, the pilot initially, investors may invest in securities listed on the HKEx varieties. .Many mainland investors eager for the simple reason of their current shares H shares with A shares are still not small compared to the price difference, H shares will be invested considerable difference benefits. .For example, closing Monday, the Hang Seng AH Premium index 160.52 points, which means A shares on the H shares are still 60% of the premium. .</ P> <P> have financial experts believe that because the two markets, many differences, simply different from the current share price up to consider the same orientation, may be making inaccurate judgments. .</ P> <P> trading rules between different </ P> <P> Hong Kong stocks, including H shares are no ups and downs, including the stop limit, this also means that Hong Kong stocks may be caused by the vibration will be more than the A shares .intense. .Hong Kong stocks as early impact of the U.S. subprime crisis, H-share index had dropped in one day more than 10%. .</ P> <P> In addition, Hong Kong stocks are short-mechanism, investors did not need the same as A shares only by pushing up stock prices to get profit. .When investors think a stock's price more than reasonable valuations too much, you can choose to get the profits short. .However, the mainland is still no such short-mechanism, investors only by holding to get the gains, which also led to the possibility of artificially high share price mainland, and more prone to bubbles. .</ P> <P> source of funding for the two markets with different </ P> <P> A-share market is still an almost completely closed market, the RMB is still not freely convertible, foreign market only through the QFII system channels, the .out of the funds have a certain amount, and accounts for the total market value of the A-share market is relatively limited. .But Hong Kong stocks is an international market, the inflow and outflow of funds completely free. .And nature of the source of funds, it led to the valuation of the market are very different. .Global capital market valuation of the assets of the same class are all analog. .If Hong Kong stocks are overvalued, which granted freedom of movement of funds will sell their shares to switch to relatively low market valuation. .The A-share market liquidity surplus liquidity in the case of very easy money is driving under the impetus of high valuations, resulting in too many bubbles. .</ P> <P> linkage between the global market with different </ P> <P> Although the Hong Kong stock valuations are more reasonable, but sensitive to the global market and the impact of the U.S. stock market, which from the recent Hong Kong stocks by the U.S. subprime .crisis in global stock markets fell sharply with the process can be seen. .But the A-share market would not budge, continued their upward pace. .Thus, if the Hong Kong stock market investors to invest, but also the economic progress of the global capital markets, the operational characteristics and depth of understanding. .</ P>.