China Stock Market Research

Friday, May 20, 2011

China, the world's highest stamp duty charges only two-way.

: Http:// hearing, the securities transaction tax, the vast majority of countries around the world are all one-way charge. .Securities transaction tax in the collection of the 20 countries, only Australia, China (including Hong Kong, China) Two countries, two-way charge for the securities transaction tax. . >>> What is the stock (securities) the stamp duty? - United States: Securities transaction tax has been set, in order to improve market liquidity, stock market boom, the Clinton .The Government inherited the Reagan administration's tax reform policy, in the last century the last 10 years, gradually abolish the securities transaction tax. . Korea: the seller is only levied on securities transactions of securities transaction tax of 0.3%. . Japan: Japan's tax laws, securities transaction tax, the proportion of the differential tax rate, one-way charge, the maximum tax rate of 0.3%, the lowest was 0.01%, on the bond and stock types of transactions, exchange traded and OTC .the differential rate of transactions, to limit the OTC, securities constitute a reasonable, on government bonds is tax free. .In addition, the Japanese tax law also provides that the Securities and Exchange links have imposed a securities transaction tax, it also imposed a stamp duty, stamp duty, the differential fixed tax of 500 million yen 200 yen for the collection, 1,000 million yen .Zheng 1,000 yen, 5,000 million yen 2,000 yen levy, levy 100 billion below the 10,000 yen, 20,000 yen more than collection. . Spain: the seller of the securities does not exceed 0.11% levy of securities transaction tax, but also provides the corresponding threshold, that is only part of more than 200 million pesetas charge; Belgium: Government bond 0.009% of the tax levy, non-government bonds is 0.014%, 0.035% of listed stock trading tax levy; Italy: 100 thousand liras for each stock to pay 50 .-75 lire stamp duty, that is 0.05 ~ 0.075 ‰, 10 lire lira bonds to pay stamp duty of 20-30 per 100,000 liras government bonds pay 2.5 liras stamp duty; Singapore: the transaction .buyer's cost of collection changed hands 0.2%, while 0.1% stamp duty levied; France: the current stock transaction tax paid in proportion to the amount of the transaction, the transaction amount is less than € 153,000 to pay 0.3% of turnover .more than 153,000 euros were paid 0.15%. .In addition, the stock market transactions have to pay capital gains tax. .In 2005, the French government has lifted the market value of less than 1.5 billion euros of SME stock transaction tax. . >>> the first half of the stamp duty tax increase by a record amount of impressive .

A booming mainland shares listed on the secondary real estate brewing.

Hearing, according to http://, with the booming stock markets, even overshadowed the performance of the Hong Kong stock market hot. .Some in Hong Kong-listed mainland property companies are brewing in the secondary market on the mainland. .In their eyes, eager for more opportunities for Chinese investors to make money as a gold mine waiting for development in general. . These include: Guangzhou R & F Properties Co., Ltd. (Guangzhou R & F Properties Co., Referred to as: R & F Properties); Capital Land Ltd. (Beijing Capital Land Ltd., Referred to as: first .home) and Shanghai Forte Land (Group) Co., Ltd. (Shanghai Forte Land Co., referred to as: Shanghai Forte Land.) . total deposits in China has reached the family about 2.2 trillion U.S. dollars, however, control of capital flows in China make the investment of ordinary Chinese people almost all concentrated in the mainland market, the mainland and then continue to push up real estate and stock market .value. .Although the Chinese government announced a pilot scheme to allow mainland investors to buy Hong Kong stocks, but has not seen rain only heard thunder. . So, the mainland A share price level has long been compared with the high status of H shares should last for some time. .From the current situation, if a secondary listing on the mainland, those real estate developers listed in Hong Kong A share price of its Hong Kong stock prices higher than 40%. . analysts believe that these real estate developers will not only return to the mainland stock market could be assigned to a piece of cake, but also play a significant move up H share price, narrowing the price gap with the A role. .Will provide investors with a return to the mainland H shares to determine share price undervalued or overvalued A ruler, but also depends on how investors in their own judgments. . ads JP Morgan Chase (JP Morgan) • analyst Raymond Ngai (Raymond Ngai) recently provided a report to investors said, H share price will eventually be A shares because of the strong potential .benefit from the trend. .Well cover that shortage of land resources in China's real estate market, A shares and the subsequent secondary market will be a new funding source is critical advantage. .Financing for these companies between the two cities do not have to rely on debt or creating other forms of financing to raise money to purchase opportunities. . Ngai also believe that, A shares listed in Hong Kong will help to improve the image of listed companies in China and the brand recognition. .For example, in Shanghai or Shenzhen in the second-tier real estate companies can provide a stronger foothold in the city, the real estate in prime locations of these cities, the competition is fierce. . Beijing North Star Company Limited (Beijing North Star Co. Ltd., Referred to as: North Star) will be the success stories of these real estate companies have to follow the target. .Beijing North Star Company is a real estate developer under the Government in 1997, listed in Hong Kong last October in Shanghai listing. .Since then, the H share price rose 140%, while the A share price increase is as high as 385%. . North Star will be available to raise funds for the purchase of Beijing and a series of second-tier cities, including Changsha, including the land, its share price gains so strong, to some extent is related with the use of these funds. .The company spent 9.2 billion yuan (1.23 billion combined) bought a mixed commercial and residential land in Changsha, which is the mainland in the land auction will be one of the maximum amount of the transaction. .The first time in the company to buy land outside Beijing there is such a generous, after the announcement of its A shares and H shares should be the sound up. . However, these developers defected to A shares, but also vulnerable to the volatility in A-share market of (A shares, but also affected the oscillation Recently the Hong Kong equities). .Although the A shares and the mainland real estate market is now flourishing, but who does not know what day the bubble will burst. .Shanghai Composite Index this year, the cumulative gains of 107%, Hong Kong's Hang Seng index also rose 48%, but on Monday both A shares and H shares fell sharply. . China's real estate market in the country's economic environment of sustained high growth, the trend has been predicted that real estate and bad-mouthing the opposite direction. .CB Richard Ellis (CB Richard Ellis) last week in a quarterly report on China's real estate said that although some people worry that the market is cooling and the government intervened to curb market overheating, but the mainland real estate market "fundamentals remain good" .. .According to the Hong Kong Institute of Macquarie Securities (Macquarie Equities Research) of Eva Lee estimated that in 2008 China's real estate prices also rose 5% to 20%. . return to R & F Properties is interested in the mainland A shares of real estate developers. .This is both a developer has also developed residential projects with a national real estate company. .The company said it has A-share market in the secondary market in the final stages of preparation. . the same as the first listed in Hong Kong and Shanghai Forte Land is also brewing return to A shares. .First home buyers in August this year, said its board of directors through the issuance of A shares has been 1.4 billion yuan financing plan, Shanghai Forte Land is also speeding up plans to return to A-share market. . but the listing plan, on the one hand to get regulatory approval, we must also depend on whether the conditions of these companies listed on the mature judgments. .But now seems that Hong Kong investors in reaction to such programs is encouraging. . this year in February when the Shanghai Forte to issue A shares in Shanghai and announced plans, the H shares rose 7.5% in heavy volume. .R & F Properties in April announced plans for its H shares a similar trend is also true, the stock rose 4.5%, while the first home buyers announced the return of A shares on the day, the stock also rose by 5.8%. . Shanghai Shanghai Forte Land as the most powerful developers, land supply will be tight and the A shares listed on the second biggest beneficiary. .A share listing to raise new funds will be for the company in Shanghai, the most thriving city real estate acquisition of more land to provide support. . according to CLSA Asia-Pacific Markets (CLSA Asia-Pacific Markets) of the data, completed in 2007, the amount of real estate projects in Shanghai is the lowest since 2002, only 63% in 2006. .In this case, the Shanghai real estate market will remain in short supply situation, and then push up real estate prices. . CLSA Asia-Pacific real estate market, industry analysts Stephanie Lau in an analysis last month that it expects the Shanghai real estate market will maintain the current trend. .Upcoming issue of A shares will accelerate the development of Shanghai Forte Land and expansion, and trigger a new stock rating adjustments. .Stephanie Lau complex in Shanghai's stock rating to "buy", target price HK 8 per share (U.S. $ 1.03), compared with Tuesday's closing stock price of 5.80 Hong Kong dollars higher than 38%. . Stephanie Lau added that Forte should be in Shanghai A-share market during the year, she estimated that this would provide for 510 to 670 million U.S. dollars in land acquisition funds. ..

"Shock fix": the main theme of the second quarter of the stock market.

Xinhua: A growing share the full show long-term investment value.

Xinhua News Agency, issued July 28 Review of that from the beginning of this week, less than 33 trillion to 20 trillion yuan, the Shanghai and Shenzhen stock market value has shrunk sharply this year. .Behind this figure is on the part of investors to invest in the stock's huge losses. .A number of recent surveys show that in the near future a considerable number of stock investors at a loss. .People can not help wondering: have been so depressed the stock market's the attraction? . situation volatile capital markets, large investment in the stock market risk is well known now. .But the rational perspective, the stock market is because the investment risk, the possibility of the proceeds will be a corresponding increase, the value of long-term investment and investment is the true meaning of the stock market and provide investors with access to the wealth creating property income, all .One of the important functions of the stock market forever. . participation and sharing: the attractiveness of the stock market where the about the stock market, people tend to think first of their financing capabilities and resource allocation. .In fact, the realization of these functions must have access to funds, that is, provided there is investor participation. .The reason why all living things to the stock market investment, it is mainly carried out in order of increasing the value of their wealth. .From this, one has to make the investment function of the stock market corporate finance in need of funding to the capital, in the national economic system can play a more important role in optimal allocation of resources. . In fact, in any one market, property income for investors is the function of the stock market will never change. .Recalling the past decade China's stock market development process, can be found, although not a long time they have experienced many ups and downs like a stormy sea wave, although investors may be at a certain point in time, appeared more or less certain time, "Fukui ."But from a longer period, the majority of investors, in fact, gained from the stock market is still a good property income, the Chinese stock markets still reflect the overall investment of its inherent features. . of the SFC, the statistical data, with the landing of large enterprises have high A-share market and listed companies starting to focus on dividends, from 1992 to mid 2007, total cash dividends of listed companies reached 603 billion yuan, .ordinary investors by investing in the stock market actually sharing the fruits of economic growth in China. . It is because of stock market development, China's investment products the savings from the early single, extended to the stocks, funds and other financial tools, investment and financial management awareness of the masses gradually increased, the number of investor accounts by the .8.35 million in 1992 increased to well over 100 million today. .It is due to the development of the stock market, a large number of ordinary Chinese people began to care about business and macro-economic development, substantially increased its participation in national economic development. . long-term investment value: more fully apparent in the Chinese stock market Over the years, despite the continuous double-digit economic growth hit a miracle, but because of the share .Purchase and other historical issues, limiting the stock market macro-economic "barometer" of the role of the investment function to play the stock market was also severely constrained. .Into the circulation time, the market is running more and more to reflect the macroeconomic situation, although there will be a temporary deviation, but in the end will return to the same track with the fundamentals. . thicker atmosphere in the speculative market, most people tend to focus on short-term investment returns, which inevitably gave rise to greater risk. .The ups and downs ups and downs of the stock market is normal, no one can accurately predict short-term rise and fall of all the stock, so the stock market return and risk is always co-exist. . But in the long run is not the case, long-term determinants of investment income is the enterprise, industry and macroeconomic fundamentals, short-term ups and downs of the stock market will be replaced by long-term economic trends, investment in the stock market .curve will become smooth, which greatly enhanced the predictability and reduce the associated risks. .A large number of facts have proven that the average long-term investment return than short-term investments. . famous investment guru Warren Buffett has been a lot of people respect as the "stock god", careful analysis of its investment art, can be found in the "stock god" the key to success is to stick with and have long-term sustainable competitive advantage held by .stocks. .It is with this philosophy, Buffett's investment career in 50 years to get a great return on investment. . view of this, as long as the sight long-term, sustainable competitive advantage with selecting the right financial products, adhere to long-term holding, not for short-term fluctuations in the highly speculative gains may move, there must be .better return on investment. . Needless to say, as long as a country's macroeconomic maintain a rapid growth rate, the stock market will be able to support the favorable long-term upward, long-term return on investment also self-evident. . present, for the better in the long-term prospects of the Chinese economy, although the main stock index this year, about 60% experienced a decline, but the A-share market value of long-term investment also been more fully excavated, together with .show effects of macro-control policies, China's stock market value of long-term investment there is sufficient reason to be optimistic. . the efforts of regulators: for the investors to sweep clean "the room" China's stock market growth in its long history of not playing a very important role for the state-owned assets .Capital has provided a very important platform and window, and promote joint-stock reform of state-owned enterprises and establish a standardized modern enterprise system. .In recent years, China's major commercial banks and shareholding system reform through the introduction of strategic investors and listed capital adequacy ratio improved to achieve a diversified ownership structure, and improve the corporate governance structure. . in the process, many investors contributed to a broad and active participation. .In the process, create a favorable investment environment to play with the responsibility of regulators, investors are never forgotten, always put the protection of the legitimate rights and interests of small investors, as their bounden duty. . especially in recent years, regulators in the market system and rules of construction and improve the stock market investment environment, strengthen the market supervision of law enforcement to protect the legitimate rights and interests of investors, a lot of fruitful work. .Tradable share reform and the final completion of bold advance, completely rewritten the development pattern of China's stock market, for all stock market investors to create a true "right with the shares of the same" system environment, this historic breakthrough on the Chinese stock market will .the healthy development of the play a more active role in promoting. . is worth noting that, regulators, shareholders in recent years, efforts to fight against, in particular, the behavior of small shareholders, law enforcement unprecedented increase. .If investors still remember the "debts tough fight" to promote the Iron Mask by regulators, listed companies were eventually occupied most of the recovery of assets, debts basically completed the task. .Again, this year, the Commission inspection system of illegal activities on the securities market formally opened 78, 42 in the first half of investigations, the transfer of the Commission's 31 administrative penalties, the transfer of public security organs of 11 cases investigated significantly faster ... ... The .are the regulators, investors clean room, so they can rest assured access to the forceful measures. . "mountain heavy water complex crows." Can borrow the Southern Song Dynasty poet Lu You of the famous, to describe the "emerging and transitional," the China stock market development process. .Macro-economic situation in China, driven by good development, one can confidently expect, with the investment environment in China's stock market to further accelerate the positive evolution for the majority of investors to create wealth, property income will be more opportunities, but also more equitable .. ..

CIC: Tibetan Department of Health and the people than the mouth, the golden key to the appropriate government agencies.

CIC 2009 Annual Report, wash the shame of 2008. . vote according to the second annual report, CIC 2009, 58 billion U.S. dollars of new investments, and its global portfolio outside the 11.7% return. .Foreign investment return and the investment company's wholly owned subsidiary - Huijin earnings after the merger, the company's total capital investment return rate of 12.9%, net profit of 41.66 billion U.S. dollars, representing an increase of $ 18,529,000,000 in 2008, .The total assets of CIC from the 297.54 billion U.S. dollars in 2008 increased to $ 332,394,000,000. . the cast to prove he is capable of an investment company, the growth in one year alone is not enough, they must prove that years of steady growth of compound interest, with the qualification game in the global market. . compared with other sovereign funds, CIC's investment in 2009 does not work, however, but with its own performance, compared with the long-term investment returns, investment and be handed over in good responses. . last year's stock market index MSCI World Index 30.79%, Barclays Global Bond Composite Index's 5.93%, Barclays Hedge Fund Index 23.74%, and the U.S. Federal Reserve Base Rate 0.25%, respectively, multiplied by the .in the proportion of investment portfolio, should be 14.1% rate of return, the investment performance than the broader market performance. .At the same time, CIC's investment performance inferior to Temasek Holdings and the Norwegian Government Pension Fund. . changes in the investment shows its progress. .The reason why people blame the previous cast, cast because of the market trends for the 2008 World judgments completely wrong, in the crash on the eve of the inexplicable reason then set at a high level private equity fund. .This is the primary error, or even been accused of intentionally conveying the interest. . But in 2009, CIC's a huge change in investment patterns, aggressive in the second half to show their basic right to judge the market. . annual report in 2009, the disclosure of portfolio investment change, reducing the cash position, from 87.4% in 2008 down to 32% in 2009. .While significantly overweight the equity, fixed income, alternative investment positions, respectively, from 3.2%, 9%, 0.4%, up to 36%, 26%, 6%. .June 8 this year, Reuters and other media reported that the vice president Jesse Wang vote at meetings of the Federal Reserve Bank of San Francisco, citing the company's investment in the investment portfolio of publicly traded shares of 24% -25%, for the "special circumstances" or ."looking for opportunities," 18.9%, 18% fixed income securities, hedge funds 9.4%, "inflation hedge" Securities 8.8%, 7% private equity, cash 8.6%, 4.3% other assets. . can be seen from the investment portfolio, the investment although the risk increased, but the type of investment risk and security through the hedge, short-term high-risk transactions and fixed income, inflation-indexed securities investment and other more stable investment ratio of large to .rather, in general, risk can be controlled. .Clearly, the investment has been transformed into a flexible long-term investors..

Saturday, May 7, 2011

Asian bull market investors still cautious.

Asian stock markets rose sharply, to promote the stock to reach 16-year high last week, and this is deepened fears: high valuations, rising interest rates and the appetite of foreign investors becoming small, may make the area a long .during the bull market ended. . analysts and investors said the Asian economic and business conditions improved in the drive, experience in the Asian stock markets rise more than 3 years, the market may be entering a period of instability. . "The best scenario is ... ... the market may in the next 6 to 9 month period rest, and showed lateral movement." HSBC Bank (HSBC) • Pan-Asian equity strategist Gary .Evans (Garry Evans), wrote in a recent report, "Asian stock market investors should be more cautious." analysts stressed that the current bull market in Asia this round proved that the regional economy and .financial sector recovery. .Earlier in the area suffered from 1997 to 1998 financial crisis, and by the Internet bubble burst in 2000 and the SARS virus in 2003 dealt a heavy blow. . their view, the Asian stock market volatility and risk reduction, and the region's strong economic performance, making plenty of money market favored by foreign investors. . "Asia has never had such a good state," Merrill Lynch (Merrill Lynch) Asia-Pacific chief equity strategist at Bai Huaishuo (Spencer White) said, "now has shares and growth opportunities .not many, but there are too many money trying to explore this opportunity. " According to the Emerging Portfolio Fund Research (Emerging Portfolio Fund Research) data, the Asian emerging markets this year has attracted 13 billion net foreign .U.S. dollars of new investment, capital flows in emerging markets more than 50% of the total. . Japan also benefited from a lot of foreign buying, as overseas fund managers began to use the Japanese economy is still in the initial stages of recovery, the stock market, Japan has attracted over 32 billion dollars in new investment. .Under the impetus of these buying, Tokyo Stock Exchange Index (Topix) earlier this month has hit a 14-year high. ..

HSI in the macro-control and interest rates under the shadow of a rebound.

Although the shadow of the mainland austerity reproduction and worries the U.S. market will continue to raise interest rates again, but Hong Kong stocks end today after days of adjustment, see a rebound in China Mobile (0941) and CNOOC (0883), driven by the stable performance of the Hang Seng Index .to close at 16,673 points, up 95 points, or 0.57%, while the state-owned enterprises are also back on the closing index level of 6,900 points or 45 points, or 0.65%. .Securities analysts said that today's China Enterprises Index Hang Seng Index and a technical rebound in the majority, expected volatility tomorrow in Hong Kong stocks within 100 points. . Tanrich Financial Investment Research Analyst London home Yiu said Hong Kong stocks have been adjusted many of the past two days, some stock drop too much, a technical rebound, while the temporary austerity measures are implemented only for some industries, .Telecoms and local banks not yet been affected, Hong Kong stocks expected to have temporary resistance at 16,800 points, but there is support at 16,500 points. . China Mobile (0941) to close at 45.7 points, up 2.7%, the Hang Seng Index fetched 74.42 points, CNOOC (0883) to close at 6.5 yuan, up 1.56%, to bring the Hang Seng Index increased 12.81 points .. .HSBC (0005) showed stabilized, to close at 132 yuan, up 0.08%. . London home Yao added that although many state-owned shares yesterday were significant rebound adjustment, but the future of the Mainland will be introduced austerity measures that delay is still unknown, there are state-owned enterprises index points in 7000 .great resistance. . great selling pressure yesterday, shares of mainland real estate, common stock prices rebounded today, China Resources Land (1109) rose 4.97%, to 4.75 yuan; Agile (3383) rose 3.54%, to 5.85 yuan; .Shanghai Forte Land (2337) rose 3.52%, at 3.675 yuan; R & F Properties (2777) rose 1.83%, to 39 yuan. . part of the resource stocks rebound in share price today, such as aluminum (2600) rose 4.79%, to 7.65 yuan; Angang (0347) rose 2.88%, to 7.15 yuan. .However, Anhui Conch (0914) continued to fall 3.83%, to 12.55 yuan; Shenhua (1088) fell 1.75%, to 14 yuan; Jiangxi Copper (0358) fell 0.57%, to 8.7 yuan. ..