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月影清波
2021-02-25
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How big is the impact of the sudden increase in stamp duty on Hong Kong stocks? Institutional rapid interpretation
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Institutional rapid interpretation","url":"https://stock-news.laohu8.com/highlight/detail?id=2113135357","media":"老虎资讯综合","summary":"香港市场突然放了一个“炸弹”！今日午间，香港财政司司长陈茂波表示，香港计划将股票交易印花税提高至0.13%。预算案提到，目前不适宜调整利得税及薪俸税税率，也不具备条件引入新税项。特区政府会持续审视、适...","content":"<p>A \"bomb\" was suddenly put in the Hong Kong market!</p><p>At noon today, Hong Kong's Financial Secretary Chen Maobo said that Hong Kong plans to increase the stamp duty on stock transactions to 0.13%. The Budget mentioned that it is not appropriate to adjust the profits tax and salaries tax rates at present, and it is not qualified to introduce new taxes. The SAR Government will continue to examine, make timely adjustments, study and prepare for the new taxes, and hold discussions in due course to seek consensus.</p><p>Prior to this, the Hong Kong Economic Times announced that the stamp duty would be increased. But soon, the message was withdrawn. On February 3 this year, the Secretary for Financial Services and the Treasury, Xu Zhengyu, made a written response, saying that some people thought that the stamp duty rate on stock transactions should be raised to increase treasury income, while others with opposite opinions demanded that the stamp duty on stock transactions should be lowered or even cancelled.</p><p>Affected by this, the Hong Kong stock market fell sharply. Hong Kong's Hang Seng Index once plunged 3%, and the Hang Seng Technology Index plunged 5%. After the Hong Kong Stock Exchange opened in the afternoon, it once killed 12%, and then stabilized. Southbound funds also sold nearly 15 billion. So, how big is the impact of this sudden outbreak on the Hong Kong market? Will the return funds flow to A shares?</p><p><b>Hong Kong stock market suddenly</b></p><p>On February 24th, the Hong Kong SAR Government announced an increase in the stamp duty on stocks. Chen Maobo, the Financial Secretary of the Hong Kong SAR Government, announced in the Budget that in order to increase revenue, the Hong Kong government plans to increase the stamp duty of stocks to 0.13%, after paying 0.1% for buyers and sellers each according to the transaction amount.</p><p>Prior to this, the Hong Kong Economic Times announced that the stamp duty would be increased. But soon, this news was withdrawn, causing the stock market to plummet, and the market once thought it was fake news. In fact, on February 3 this year, the Secretary for Financial Services and the Treasury, Hui Ching-yu, made a written response, saying that some people thought that the stamp duty rate on stock transactions should be increased to increase treasury income, while some people with opposite views demanded that the stamp duty on stock transactions should be lowered or even abolished.</p><p>According to the data provided by the Financial Services and Treasury Bureau of Hong Kong, except for the fiscal year 2016-2017, the actual revenue of stamp duty on stock transactions of the Hong Kong government in the last five fiscal years has exceeded HK $33 billion. According to the data of the Hong Kong Inland Revenue Department, since 1993, the stamp duty rate of Hong Kong stocks has shown a continuous downward trend: from April 1, 1993 to March 31, 1998, the tax rate was 0.15%; From April 1, 1998 to April 6, 2000, the tax rate was reduced to 0.125%; From April 7, 2000 to August 31, 2001, the tax rate was reduced to 0.1125%. Since September 1, 2001, the tax rate has been reduced again to 0.1%, and it is still in use today.</p><p>A Hong Kong fund manager told a brokerage Chinese reporter that he has never encountered stamp duty adjustment since he started his career. This emergency is estimated to have an impact on Hong Kong stocks, but it is difficult to predict how big the impact it will have.</p><p><b>How big is the impact?</b></p><p>Before the release of the Hong Kong Government's \"Budget\", there were suggestions to consider increasing the stamp duty on stocks. Local media such as Hong Kong 01, Wen Wei Po and Hong Kong Economic Times all had a lot of discussions in the past week, speculating that the increase would range from 0.01-0.1%. At 11 o'clock this morning, the Hong Kong Economic Times published a report saying that the Financial Secretary Paul Chan Maobo would increase the stamp duty on stocks from the current 0.1% paid by buyers and sellers to 0.13%.</p><p>Some opposing Members think that a tax increase of 0.1 percentage point will reduce the trading volume of Hong Kong stocks by at least 20%.</p><p>Currently, program/quantitative trading investors account for 10-20% of the spot market and 40-60% of the derivatives market (the derivatives market currently does not need to pay stamp duty). Some professionals estimate that if the stamp duty is raised from bilateral 0.1% to 0.13%, the impact may be < 5%.</p><p>Pang Ming, chief economist and chief strategist of China Renaissance Securities (Hong Kong), said that after the stamp duty increase, buyers and sellers will pay a total of 0.26% stamp duty, which is slightly higher than A shares (0.1%) and Singapore (0.2%). Still lower than the UK (0.5%). Considering the transaction cost factor, this may have a certain impact on the willingness of individual investors to trade, but the impact on institutional customers is relatively limited.</p><p>Other insiders believe that according to the Budget, Hong Kong's fiscal deficit has reached 300 billion yuan, the highest since the reunification, and the upper limit of tax refund has dropped from 20,000 yuan in the previous two years to 10,000 yuan, which is no longer like the previous two years. According to Wen Wei Po, the proposal to raise the stamp duty rate has won the support of the establishment. Investors may worry that raising transaction costs such as stamp duty may become a trend; There may be some financial problems in Hong Kong in the medium and long term.</p><p><b>After Hong Kong has adjusted the stamp duty on stocks over the years, how will Hong Kong stocks go?</b></p><p>Historically, the Hong Kong stock market has adjusted the stamp duty three times since 1993, all of which have been lowered. Since then, there has been no change in the stamp duty policy.</p><p>In terms of the impact of the adjustment, after the stamp duty adjustment in 1998 and 2000, Hong Kong stocks both experienced a period of decline before bottoming out. But this is also related to the background of the financial crisis at that time.<b>The stamp duty adjustment does not change the overall market trend.</b><img src=\"https://static.tigerbbs.com/69ef3a9f5338739492c319072de541fe\" tg-width=\"900\" tg-height=\"158\" referrerpolicy=\"no-referrer\">In contrast, mainland stamp duty adjustments are more frequent. Since the establishment of securities trading in Shanghai and Shenzhen, stamp duty has been collected, with a total of 9 intermediate adjustments.</p><p>Experience in the Mainland shows that the increase of stamp duty will have a significant negative impact on market performance within one month, while the reduction will have a favorable impact on the stock market in the short term. Historical data shows that the Shanghai Composite Index rose within one month after the stamp duty was lowered.</p><p><img src=\"https://static.tigerbbs.com/d88018cdb05ce95fcfd6d54cd554ef97\" tg-width=\"901\" tg-height=\"315\" referrerpolicy=\"no-referrer\"><b>Is the clear bull market still there?</b></p><p><b>Prior to this, many people in the industry believed that Hong Kong stocks would be the world's biggest hope this year, and it would be a clear bull market. So is there any hope as stamp duty rises?</b></p><p>Pang Ming said that this year, the Hong Kong stock market still has many favorable factors to support the valuation level and market sentiment, such as the continuous inflow of southbound funds, the strong profit growth of Hong Kong stocks, the low valuation level and the continuous deepening of market structural reform; In addition, the expected appreciation of RMB is beneficial to the valuation of Chinese companies listed in Hong Kong; With the booming IPO market and the continued help of the new economic sector, market sentiment is expected to rise steadily.</p><p>The above-mentioned Hong Kong fund manager said that as of this morning, there was no net redemption. However, as the news is fulfilled, it cannot be ruled out that there will be no redemption in the afternoon. Now the whole world is in the stage of killing valuations, and Hong Kong's sudden move is not conducive to valuation interpretation.</p><p>Affected by the news, the share price of the Hong Kong Stock Exchange plummeted.</p><p>Hong Kong's major indexes are almost all in a hurry.<img src=\"https://static.tigerbbs.com/b7b78e9996d10d07c275af72e49d8cc8\" tg-width=\"630\" tg-height=\"272\" referrerpolicy=\"no-referrer\"></p><p>Southbound funds are withdrawing rapidly. According to WIND, as of 14:18, the net sales of southbound funds have exceeded 15 billion.</p><p><img src=\"https://static.tigerbbs.com/0d012a3c514fa1ff526a43f894d02e30\" tg-width=\"779\" tg-height=\"269\" referrerpolicy=\"no-referrer\"></p><p>According to a report on the Radio Television Hong Kong website on the 24th,<a href=\"https://laohu8.com/S/00388\">HKEX</a>The spokesman responded that he was disappointed with the government's decision to increase the stamp duty on stock transactions, but understood that the tax was an important source of government revenue. HKEx will work closely with all stakeholders to continue to promote the continued success, resilience, competitiveness and attractiveness of Hong Kong's capital market.</p><p>So, will the return of Hong Kong stock funds flow to A shares? Judging from the situation of A-share decline, it seems that this is not the case either. In fact, from a global perspective, during the valuation-killing stage, increasing stamp duty may only be a catalyst for the decline, not the root cause.</p><p><b>Comprehensive knowledge from brokerages in China, Wall Street, etc.</b></p>","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>How big is the impact of the sudden increase in stamp duty on Hong Kong stocks? Institutional rapid interpretation</title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 12.5px; color: #7E829C; margin: 0;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nHow big is the impact of the sudden increase in stamp duty on Hong Kong stocks? Institutional rapid interpretation\n</h2>\n<h4 class=\"meta\">\n<a class=\"head\" href=\"https://laohu8.com/wemedia/102\">\n\n<div class=\"h-thumb\" style=\"background-image:url(https://static.tigerbbs.com/8274c5b9d4c2852bfb1c4d6ce16c68ba);background-size:cover;\"></div>\n\n<div class=\"h-content\">\n<p class=\"h-name\">老虎资讯综合 </p>\n<p class=\"h-time smaller\">2021-02-24 14:45</p>\n</div>\n</a>\n</h4>\n</header>\n<article>\n<p>A \"bomb\" was suddenly put in the Hong Kong market!</p><p>At noon today, Hong Kong's Financial Secretary Chen Maobo said that Hong Kong plans to increase the stamp duty on stock transactions to 0.13%. The Budget mentioned that it is not appropriate to adjust the profits tax and salaries tax rates at present, and it is not qualified to introduce new taxes. The SAR Government will continue to examine, make timely adjustments, study and prepare for the new taxes, and hold discussions in due course to seek consensus.</p><p>Prior to this, the Hong Kong Economic Times announced that the stamp duty would be increased. But soon, the message was withdrawn. On February 3 this year, the Secretary for Financial Services and the Treasury, Xu Zhengyu, made a written response, saying that some people thought that the stamp duty rate on stock transactions should be raised to increase treasury income, while others with opposite opinions demanded that the stamp duty on stock transactions should be lowered or even cancelled.</p><p>Affected by this, the Hong Kong stock market fell sharply. Hong Kong's Hang Seng Index once plunged 3%, and the Hang Seng Technology Index plunged 5%. After the Hong Kong Stock Exchange opened in the afternoon, it once killed 12%, and then stabilized. Southbound funds also sold nearly 15 billion. So, how big is the impact of this sudden outbreak on the Hong Kong market? Will the return funds flow to A shares?</p><p><b>Hong Kong stock market suddenly</b></p><p>On February 24th, the Hong Kong SAR Government announced an increase in the stamp duty on stocks. Chen Maobo, the Financial Secretary of the Hong Kong SAR Government, announced in the Budget that in order to increase revenue, the Hong Kong government plans to increase the stamp duty of stocks to 0.13%, after paying 0.1% for buyers and sellers each according to the transaction amount.</p><p>Prior to this, the Hong Kong Economic Times announced that the stamp duty would be increased. But soon, this news was withdrawn, causing the stock market to plummet, and the market once thought it was fake news. In fact, on February 3 this year, the Secretary for Financial Services and the Treasury, Hui Ching-yu, made a written response, saying that some people thought that the stamp duty rate on stock transactions should be increased to increase treasury income, while some people with opposite views demanded that the stamp duty on stock transactions should be lowered or even abolished.</p><p>According to the data provided by the Financial Services and Treasury Bureau of Hong Kong, except for the fiscal year 2016-2017, the actual revenue of stamp duty on stock transactions of the Hong Kong government in the last five fiscal years has exceeded HK $33 billion. According to the data of the Hong Kong Inland Revenue Department, since 1993, the stamp duty rate of Hong Kong stocks has shown a continuous downward trend: from April 1, 1993 to March 31, 1998, the tax rate was 0.15%; From April 1, 1998 to April 6, 2000, the tax rate was reduced to 0.125%; From April 7, 2000 to August 31, 2001, the tax rate was reduced to 0.1125%. Since September 1, 2001, the tax rate has been reduced again to 0.1%, and it is still in use today.</p><p>A Hong Kong fund manager told a brokerage Chinese reporter that he has never encountered stamp duty adjustment since he started his career. This emergency is estimated to have an impact on Hong Kong stocks, but it is difficult to predict how big the impact it will have.</p><p><b>How big is the impact?</b></p><p>Before the release of the Hong Kong Government's \"Budget\", there were suggestions to consider increasing the stamp duty on stocks. Local media such as Hong Kong 01, Wen Wei Po and Hong Kong Economic Times all had a lot of discussions in the past week, speculating that the increase would range from 0.01-0.1%. At 11 o'clock this morning, the Hong Kong Economic Times published a report saying that the Financial Secretary Paul Chan Maobo would increase the stamp duty on stocks from the current 0.1% paid by buyers and sellers to 0.13%.</p><p>Some opposing Members think that a tax increase of 0.1 percentage point will reduce the trading volume of Hong Kong stocks by at least 20%.</p><p>Currently, program/quantitative trading investors account for 10-20% of the spot market and 40-60% of the derivatives market (the derivatives market currently does not need to pay stamp duty). Some professionals estimate that if the stamp duty is raised from bilateral 0.1% to 0.13%, the impact may be < 5%.</p><p>Pang Ming, chief economist and chief strategist of China Renaissance Securities (Hong Kong), said that after the stamp duty increase, buyers and sellers will pay a total of 0.26% stamp duty, which is slightly higher than A shares (0.1%) and Singapore (0.2%). Still lower than the UK (0.5%). Considering the transaction cost factor, this may have a certain impact on the willingness of individual investors to trade, but the impact on institutional customers is relatively limited.</p><p>Other insiders believe that according to the Budget, Hong Kong's fiscal deficit has reached 300 billion yuan, the highest since the reunification, and the upper limit of tax refund has dropped from 20,000 yuan in the previous two years to 10,000 yuan, which is no longer like the previous two years. According to Wen Wei Po, the proposal to raise the stamp duty rate has won the support of the establishment. Investors may worry that raising transaction costs such as stamp duty may become a trend; There may be some financial problems in Hong Kong in the medium and long term.</p><p><b>After Hong Kong has adjusted the stamp duty on stocks over the years, how will Hong Kong stocks go?</b></p><p>Historically, the Hong Kong stock market has adjusted the stamp duty three times since 1993, all of which have been lowered. Since then, there has been no change in the stamp duty policy.</p><p>In terms of the impact of the adjustment, after the stamp duty adjustment in 1998 and 2000, Hong Kong stocks both experienced a period of decline before bottoming out. But this is also related to the background of the financial crisis at that time.<b>The stamp duty adjustment does not change the overall market trend.</b><img src=\"https://static.tigerbbs.com/69ef3a9f5338739492c319072de541fe\" tg-width=\"900\" tg-height=\"158\" referrerpolicy=\"no-referrer\">In contrast, mainland stamp duty adjustments are more frequent. Since the establishment of securities trading in Shanghai and Shenzhen, stamp duty has been collected, with a total of 9 intermediate adjustments.</p><p>Experience in the Mainland shows that the increase of stamp duty will have a significant negative impact on market performance within one month, while the reduction will have a favorable impact on the stock market in the short term. Historical data shows that the Shanghai Composite Index rose within one month after the stamp duty was lowered.</p><p><img src=\"https://static.tigerbbs.com/d88018cdb05ce95fcfd6d54cd554ef97\" tg-width=\"901\" tg-height=\"315\" referrerpolicy=\"no-referrer\"><b>Is the clear bull market still there?</b></p><p><b>Prior to this, many people in the industry believed that Hong Kong stocks would be the world's biggest hope this year, and it would be a clear bull market. So is there any hope as stamp duty rises?</b></p><p>Pang Ming said that this year, the Hong Kong stock market still has many favorable factors to support the valuation level and market sentiment, such as the continuous inflow of southbound funds, the strong profit growth of Hong Kong stocks, the low valuation level and the continuous deepening of market structural reform; In addition, the expected appreciation of RMB is beneficial to the valuation of Chinese companies listed in Hong Kong; With the booming IPO market and the continued help of the new economic sector, market sentiment is expected to rise steadily.</p><p>The above-mentioned Hong Kong fund manager said that as of this morning, there was no net redemption. However, as the news is fulfilled, it cannot be ruled out that there will be no redemption in the afternoon. Now the whole world is in the stage of killing valuations, and Hong Kong's sudden move is not conducive to valuation interpretation.</p><p>Affected by the news, the share price of the Hong Kong Stock Exchange plummeted.</p><p>Hong Kong's major indexes are almost all in a hurry.<img src=\"https://static.tigerbbs.com/b7b78e9996d10d07c275af72e49d8cc8\" tg-width=\"630\" tg-height=\"272\" referrerpolicy=\"no-referrer\"></p><p>Southbound funds are withdrawing rapidly. According to WIND, as of 14:18, the net sales of southbound funds have exceeded 15 billion.</p><p><img src=\"https://static.tigerbbs.com/0d012a3c514fa1ff526a43f894d02e30\" tg-width=\"779\" tg-height=\"269\" referrerpolicy=\"no-referrer\"></p><p>According to a report on the Radio Television Hong Kong website on the 24th,<a href=\"https://laohu8.com/S/00388\">HKEX</a>The spokesman responded that he was disappointed with the government's decision to increase the stamp duty on stock transactions, but understood that the tax was an important source of government revenue. HKEx will work closely with all stakeholders to continue to promote the continued success, resilience, competitiveness and attractiveness of Hong Kong's capital market.</p><p>So, will the return of Hong Kong stock funds flow to A shares? Judging from the situation of A-share decline, it seems that this is not the case either. In fact, from a global perspective, during the valuation-killing stage, increasing stamp duty may only be a catalyst for the decline, not the root cause.</p><p><b>Comprehensive knowledge from brokerages in China, Wall Street, etc.</b></p>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"https://static.tigerbbs.com/450b59595cb4f24da98674ba3da03b0e","relate_stocks":{"HSCEI":"国企指数","00388":"香港交易所","HSCCI":"红筹指数","HSI":"恒生指数"},"is_english":false,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"2113135357","content_text":"香港市场突然放了一个“炸弹”！今日午间，香港财政司司长陈茂波表示，香港计划将股票交易印花税提高至0.13%。预算案提到，目前不适宜调整利得税及薪俸税税率，也不具备条件引入新税项。特区政府会持续审视、适时调整，并就新税项作研究及准备，适时开展讨论，寻求共识。在此之前，香港经济日报就放出风声，印花税将提升。但很快，这条消息就撤了。而在今年2月3日，财经事务及库务局局长许正宇做出书面回应称，有意见认为应调高股票交易印花税率以增加库房收入，同时亦有持相反意见者要求调低甚至取消股票交易印花税。受此影响，香港股市出现大幅下挫。香港恒生指数一度暴跌3%，恒生科技指数狂泻5%。港交所下午开盘之后一度急杀12%，随后有所企稳。南向资金亦疯狂卖出近150亿。那么，此次突发给香港市场带来的影响究竟有多大？回流资金又会不会流向A股呢？香港股市突发2月24日，香港特区政府宣布，上调股票印花税。香港特区政府财政司司长陈茂波在财政预算案中公布，香港政府为了增加收入，计划将提高股票印花税至0.13%，此前为买卖双方按交易金额各付0.1%。在此之前，香港经济日报就放出风声，印花税将提升。但很快，这条消息就撤了，并导致股市急跌，市场也一度以为这是假新闻。其实，在今年2月3日，财经事务及库务局局长许正宇做出书面回应称，有意见认为应调高股票交易印花税率以增加库房收入，同时亦有持相反意见者要求调低甚至取消股票交易印花税。据香港财经事务及库务局提供的数据显示，香港政府除了2016至2017财政年度，最近5个财年的股票交易印花税实际收入均超过330亿港元。另据香港税务局资料显示，自1993年以来，香港股票印花税税率呈现连续下降态势：1993年4月1日至1998年3月31日，税率为0.15%；1998年4月1日至2000年4月6日，税率降至0.125%；2000年4月7日至2001年8月31日，税率降至0.1125%。2001年9月1日至今，税率再度下降，至0.1%，并沿用至今。有香港基金经理向券商中国记者表示，从业以来，都未曾碰到过印花税调整。此次突发事件，估计对港股会有冲击，但难以预料会有多大冲击。影响有多大？在港府《财政预算案》发布前，有建议考虑增加股票印花税，香港01、文汇报、香港经济日报等本地媒体在过去一周都进行了较多讨论，猜测上调0.01-0.1%不等。今日上午11时，香港经济日报发表报道，称财政司司长陈茂波将会增加股票印花税由现时的买卖双方各付0.1%上调到0.13%。有反对的议员认为加税0.1个百分点，港股成交量至少减少2成。目前程式/量化交易投资者占现货市场10-20%，衍生品市场40-60%(衍生品市场目前无需交印花税)。有专业人士测算，从印花税从双边0.1%上调到0.13%，影响可能<5%。华兴证券(香港)首席经济学家兼首席策略分析师庞溟表示，印花税上调后，买卖双方合计将缴纳0.26%的印花税，相比A股(0.1%)、新加坡(0.2%)稍高，仍低于英国(0.5%)。考虑到交易成本因素，这对个人投资者的交易意愿可能有一定影响，但对机构客户影响相对有限。另有业内人士认为，根据财政预算案，香港财政赤字达到3000亿元达到回归以来最高，退税上限由前两年的20000元下降到10000元，也不再像前两年派钱。根据文汇报报道，上调印花税率的提议获得了建制派的支持。投资者可能会担心，上调印花税等交易成本可能成为趋势；中长期香港财政可能出现一些问题。历年香港调整股票印花税后，港股怎么走？历史上，香港股票市场自1993年至今一共三次调整印花税，三次都是下调，随后便无印花税政策变动出现。在调整影响方面，1998及2000年印花税调整后，港股均经历一段时间下跌后才触底。但这也与当时金融危机的背景有关，印花税调整并无法改变整体市场趋势。相比之下，内地印花税调整更加频繁一点。自沪深设立证券交易就开始收印花税，中间调整共9次。内地经验显示，印花税的上调1个月内对市场表现有明显的利空影响，而下调短期对股市行情有利多影响。历史数据显示，下调印花税后一个月内沪指皆为上涨。明明白白的牛市还在么？在此之前，许多业内人士认为，港股将是今年全球最大的希望，并且是明明白白的牛市。那么，随着印花税提高，是否还有希望呢？庞溟表示，今年港股市场依然具备不少的利好因素能支持估值水平和市场情绪，如南向资金的持续流入，港股强劲的盈利增长，较低的估值水平以及市场结构性改革的不断深化；此外，人民币升值预期有利于在港上市中资公司的估值；在IPO市场走旺和新经济板块继续助力下，市场情绪有望稳中有升。上述香港基金经理表示，截至今天上午并未出现净赎回的情况。不过，随着消息兑现，并不能排除下午没有赎回的情况出现。现在全球都处在杀估值的阶段，香港突然搞一个这样的动作，并不利于估值演绎。受消息影响，港交所股价暴跌。香港主要指数几乎全线急杀。南向资金更是快速撤离。据WIND显示，截至14:18，南向资金净卖出已经超过150亿。据香港电台网站24日报道，香港交易所发言人回应称，对政府提高股票交易印花税的决定感到失望，但明白该税项是政府收入的重要来源。港交所会与所有持份者紧密合作，继续推动香港资本市场的持续成功、韧力、竞争力和吸引力。那么，港股资金回流是否会流向A股呢？从A股杀跌的情况来看，似乎也并非如此。其实，从全球来看，杀估值阶段，加印花税或许只是下跌的催化剂，而非根本原因。综合自券商中国、华尔街见闻等","news_type":1,"symbols_score_info":{"HSCEI":0.9,"HSCCI":0.9,"HTImain":0.9,"HSI":0.9,"00388":0.9}},"isVote":1,"tweetType":1,"viewCount":776,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0}],"hots":[{"id":361340166,"gmtCreate":1614209480555,"gmtModify":1704889520759,"author":{"id":"3576926537883793","authorId":"3576926537883793","name":"月影清波","avatar":"https://static.tigerbbs.com/1ea61d271f95691f70893988b25964e2","crmLevel":1,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3576926537883793","authorIdStr":"3576926537883793"},"themes":[],"htmlText":"…………","listText":"…………","text":"…………","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/361340166","repostId":"2113135357","repostType":2,"repost":{"id":"2113135357","kind":"news","weMediaInfo":{"introduction":"为用户提供金融资讯、行情、数据，旨在帮助投资者理解世界，做投资决策。","home_visible":1,"media_name":"老虎资讯综合","id":"102","head_image":"https://static.tigerbbs.com/8274c5b9d4c2852bfb1c4d6ce16c68ba"},"pubTimestamp":1614149116,"share":"https://ttm.financial/m/news/2113135357?lang=en_US&edition=fundamental","pubTime":"2021-02-24 14:45","market":"us","language":"zh","title":"How big is the impact of the sudden increase in stamp duty on Hong Kong stocks? Institutional rapid interpretation","url":"https://stock-news.laohu8.com/highlight/detail?id=2113135357","media":"老虎资讯综合","summary":"香港市场突然放了一个“炸弹”！今日午间，香港财政司司长陈茂波表示，香港计划将股票交易印花税提高至0.13%。预算案提到，目前不适宜调整利得税及薪俸税税率，也不具备条件引入新税项。特区政府会持续审视、适...","content":"<p>A \"bomb\" was suddenly put in the Hong Kong market!</p><p>At noon today, Hong Kong's Financial Secretary Chen Maobo said that Hong Kong plans to increase the stamp duty on stock transactions to 0.13%. The Budget mentioned that it is not appropriate to adjust the profits tax and salaries tax rates at present, and it is not qualified to introduce new taxes. The SAR Government will continue to examine, make timely adjustments, study and prepare for the new taxes, and hold discussions in due course to seek consensus.</p><p>Prior to this, the Hong Kong Economic Times announced that the stamp duty would be increased. But soon, the message was withdrawn. On February 3 this year, the Secretary for Financial Services and the Treasury, Xu Zhengyu, made a written response, saying that some people thought that the stamp duty rate on stock transactions should be raised to increase treasury income, while others with opposite opinions demanded that the stamp duty on stock transactions should be lowered or even cancelled.</p><p>Affected by this, the Hong Kong stock market fell sharply. Hong Kong's Hang Seng Index once plunged 3%, and the Hang Seng Technology Index plunged 5%. After the Hong Kong Stock Exchange opened in the afternoon, it once killed 12%, and then stabilized. Southbound funds also sold nearly 15 billion. So, how big is the impact of this sudden outbreak on the Hong Kong market? Will the return funds flow to A shares?</p><p><b>Hong Kong stock market suddenly</b></p><p>On February 24th, the Hong Kong SAR Government announced an increase in the stamp duty on stocks. Chen Maobo, the Financial Secretary of the Hong Kong SAR Government, announced in the Budget that in order to increase revenue, the Hong Kong government plans to increase the stamp duty of stocks to 0.13%, after paying 0.1% for buyers and sellers each according to the transaction amount.</p><p>Prior to this, the Hong Kong Economic Times announced that the stamp duty would be increased. But soon, this news was withdrawn, causing the stock market to plummet, and the market once thought it was fake news. In fact, on February 3 this year, the Secretary for Financial Services and the Treasury, Hui Ching-yu, made a written response, saying that some people thought that the stamp duty rate on stock transactions should be increased to increase treasury income, while some people with opposite views demanded that the stamp duty on stock transactions should be lowered or even abolished.</p><p>According to the data provided by the Financial Services and Treasury Bureau of Hong Kong, except for the fiscal year 2016-2017, the actual revenue of stamp duty on stock transactions of the Hong Kong government in the last five fiscal years has exceeded HK $33 billion. According to the data of the Hong Kong Inland Revenue Department, since 1993, the stamp duty rate of Hong Kong stocks has shown a continuous downward trend: from April 1, 1993 to March 31, 1998, the tax rate was 0.15%; From April 1, 1998 to April 6, 2000, the tax rate was reduced to 0.125%; From April 7, 2000 to August 31, 2001, the tax rate was reduced to 0.1125%. Since September 1, 2001, the tax rate has been reduced again to 0.1%, and it is still in use today.</p><p>A Hong Kong fund manager told a brokerage Chinese reporter that he has never encountered stamp duty adjustment since he started his career. This emergency is estimated to have an impact on Hong Kong stocks, but it is difficult to predict how big the impact it will have.</p><p><b>How big is the impact?</b></p><p>Before the release of the Hong Kong Government's \"Budget\", there were suggestions to consider increasing the stamp duty on stocks. Local media such as Hong Kong 01, Wen Wei Po and Hong Kong Economic Times all had a lot of discussions in the past week, speculating that the increase would range from 0.01-0.1%. At 11 o'clock this morning, the Hong Kong Economic Times published a report saying that the Financial Secretary Paul Chan Maobo would increase the stamp duty on stocks from the current 0.1% paid by buyers and sellers to 0.13%.</p><p>Some opposing Members think that a tax increase of 0.1 percentage point will reduce the trading volume of Hong Kong stocks by at least 20%.</p><p>Currently, program/quantitative trading investors account for 10-20% of the spot market and 40-60% of the derivatives market (the derivatives market currently does not need to pay stamp duty). Some professionals estimate that if the stamp duty is raised from bilateral 0.1% to 0.13%, the impact may be < 5%.</p><p>Pang Ming, chief economist and chief strategist of China Renaissance Securities (Hong Kong), said that after the stamp duty increase, buyers and sellers will pay a total of 0.26% stamp duty, which is slightly higher than A shares (0.1%) and Singapore (0.2%). Still lower than the UK (0.5%). Considering the transaction cost factor, this may have a certain impact on the willingness of individual investors to trade, but the impact on institutional customers is relatively limited.</p><p>Other insiders believe that according to the Budget, Hong Kong's fiscal deficit has reached 300 billion yuan, the highest since the reunification, and the upper limit of tax refund has dropped from 20,000 yuan in the previous two years to 10,000 yuan, which is no longer like the previous two years. According to Wen Wei Po, the proposal to raise the stamp duty rate has won the support of the establishment. Investors may worry that raising transaction costs such as stamp duty may become a trend; There may be some financial problems in Hong Kong in the medium and long term.</p><p><b>After Hong Kong has adjusted the stamp duty on stocks over the years, how will Hong Kong stocks go?</b></p><p>Historically, the Hong Kong stock market has adjusted the stamp duty three times since 1993, all of which have been lowered. Since then, there has been no change in the stamp duty policy.</p><p>In terms of the impact of the adjustment, after the stamp duty adjustment in 1998 and 2000, Hong Kong stocks both experienced a period of decline before bottoming out. But this is also related to the background of the financial crisis at that time.<b>The stamp duty adjustment does not change the overall market trend.</b><img src=\"https://static.tigerbbs.com/69ef3a9f5338739492c319072de541fe\" tg-width=\"900\" tg-height=\"158\" referrerpolicy=\"no-referrer\">In contrast, mainland stamp duty adjustments are more frequent. Since the establishment of securities trading in Shanghai and Shenzhen, stamp duty has been collected, with a total of 9 intermediate adjustments.</p><p>Experience in the Mainland shows that the increase of stamp duty will have a significant negative impact on market performance within one month, while the reduction will have a favorable impact on the stock market in the short term. Historical data shows that the Shanghai Composite Index rose within one month after the stamp duty was lowered.</p><p><img src=\"https://static.tigerbbs.com/d88018cdb05ce95fcfd6d54cd554ef97\" tg-width=\"901\" tg-height=\"315\" referrerpolicy=\"no-referrer\"><b>Is the clear bull market still there?</b></p><p><b>Prior to this, many people in the industry believed that Hong Kong stocks would be the world's biggest hope this year, and it would be a clear bull market. So is there any hope as stamp duty rises?</b></p><p>Pang Ming said that this year, the Hong Kong stock market still has many favorable factors to support the valuation level and market sentiment, such as the continuous inflow of southbound funds, the strong profit growth of Hong Kong stocks, the low valuation level and the continuous deepening of market structural reform; In addition, the expected appreciation of RMB is beneficial to the valuation of Chinese companies listed in Hong Kong; With the booming IPO market and the continued help of the new economic sector, market sentiment is expected to rise steadily.</p><p>The above-mentioned Hong Kong fund manager said that as of this morning, there was no net redemption. However, as the news is fulfilled, it cannot be ruled out that there will be no redemption in the afternoon. Now the whole world is in the stage of killing valuations, and Hong Kong's sudden move is not conducive to valuation interpretation.</p><p>Affected by the news, the share price of the Hong Kong Stock Exchange plummeted.</p><p>Hong Kong's major indexes are almost all in a hurry.<img src=\"https://static.tigerbbs.com/b7b78e9996d10d07c275af72e49d8cc8\" tg-width=\"630\" tg-height=\"272\" referrerpolicy=\"no-referrer\"></p><p>Southbound funds are withdrawing rapidly. According to WIND, as of 14:18, the net sales of southbound funds have exceeded 15 billion.</p><p><img src=\"https://static.tigerbbs.com/0d012a3c514fa1ff526a43f894d02e30\" tg-width=\"779\" tg-height=\"269\" referrerpolicy=\"no-referrer\"></p><p>According to a report on the Radio Television Hong Kong website on the 24th,<a href=\"https://laohu8.com/S/00388\">HKEX</a>The spokesman responded that he was disappointed with the government's decision to increase the stamp duty on stock transactions, but understood that the tax was an important source of government revenue. HKEx will work closely with all stakeholders to continue to promote the continued success, resilience, competitiveness and attractiveness of Hong Kong's capital market.</p><p>So, will the return of Hong Kong stock funds flow to A shares? Judging from the situation of A-share decline, it seems that this is not the case either. In fact, from a global perspective, during the valuation-killing stage, increasing stamp duty may only be a catalyst for the decline, not the root cause.</p><p><b>Comprehensive knowledge from brokerages in China, Wall Street, etc.</b></p>","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>How big is the impact of the sudden increase in stamp duty on Hong Kong stocks? Institutional rapid interpretation</title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 12.5px; color: #7E829C; margin: 0;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nHow big is the impact of the sudden increase in stamp duty on Hong Kong stocks? Institutional rapid interpretation\n</h2>\n<h4 class=\"meta\">\n<a class=\"head\" href=\"https://laohu8.com/wemedia/102\">\n\n<div class=\"h-thumb\" style=\"background-image:url(https://static.tigerbbs.com/8274c5b9d4c2852bfb1c4d6ce16c68ba);background-size:cover;\"></div>\n\n<div class=\"h-content\">\n<p class=\"h-name\">老虎资讯综合 </p>\n<p class=\"h-time smaller\">2021-02-24 14:45</p>\n</div>\n</a>\n</h4>\n</header>\n<article>\n<p>A \"bomb\" was suddenly put in the Hong Kong market!</p><p>At noon today, Hong Kong's Financial Secretary Chen Maobo said that Hong Kong plans to increase the stamp duty on stock transactions to 0.13%. The Budget mentioned that it is not appropriate to adjust the profits tax and salaries tax rates at present, and it is not qualified to introduce new taxes. The SAR Government will continue to examine, make timely adjustments, study and prepare for the new taxes, and hold discussions in due course to seek consensus.</p><p>Prior to this, the Hong Kong Economic Times announced that the stamp duty would be increased. But soon, the message was withdrawn. On February 3 this year, the Secretary for Financial Services and the Treasury, Xu Zhengyu, made a written response, saying that some people thought that the stamp duty rate on stock transactions should be raised to increase treasury income, while others with opposite opinions demanded that the stamp duty on stock transactions should be lowered or even cancelled.</p><p>Affected by this, the Hong Kong stock market fell sharply. Hong Kong's Hang Seng Index once plunged 3%, and the Hang Seng Technology Index plunged 5%. After the Hong Kong Stock Exchange opened in the afternoon, it once killed 12%, and then stabilized. Southbound funds also sold nearly 15 billion. So, how big is the impact of this sudden outbreak on the Hong Kong market? Will the return funds flow to A shares?</p><p><b>Hong Kong stock market suddenly</b></p><p>On February 24th, the Hong Kong SAR Government announced an increase in the stamp duty on stocks. Chen Maobo, the Financial Secretary of the Hong Kong SAR Government, announced in the Budget that in order to increase revenue, the Hong Kong government plans to increase the stamp duty of stocks to 0.13%, after paying 0.1% for buyers and sellers each according to the transaction amount.</p><p>Prior to this, the Hong Kong Economic Times announced that the stamp duty would be increased. But soon, this news was withdrawn, causing the stock market to plummet, and the market once thought it was fake news. In fact, on February 3 this year, the Secretary for Financial Services and the Treasury, Hui Ching-yu, made a written response, saying that some people thought that the stamp duty rate on stock transactions should be increased to increase treasury income, while some people with opposite views demanded that the stamp duty on stock transactions should be lowered or even abolished.</p><p>According to the data provided by the Financial Services and Treasury Bureau of Hong Kong, except for the fiscal year 2016-2017, the actual revenue of stamp duty on stock transactions of the Hong Kong government in the last five fiscal years has exceeded HK $33 billion. According to the data of the Hong Kong Inland Revenue Department, since 1993, the stamp duty rate of Hong Kong stocks has shown a continuous downward trend: from April 1, 1993 to March 31, 1998, the tax rate was 0.15%; From April 1, 1998 to April 6, 2000, the tax rate was reduced to 0.125%; From April 7, 2000 to August 31, 2001, the tax rate was reduced to 0.1125%. Since September 1, 2001, the tax rate has been reduced again to 0.1%, and it is still in use today.</p><p>A Hong Kong fund manager told a brokerage Chinese reporter that he has never encountered stamp duty adjustment since he started his career. This emergency is estimated to have an impact on Hong Kong stocks, but it is difficult to predict how big the impact it will have.</p><p><b>How big is the impact?</b></p><p>Before the release of the Hong Kong Government's \"Budget\", there were suggestions to consider increasing the stamp duty on stocks. Local media such as Hong Kong 01, Wen Wei Po and Hong Kong Economic Times all had a lot of discussions in the past week, speculating that the increase would range from 0.01-0.1%. At 11 o'clock this morning, the Hong Kong Economic Times published a report saying that the Financial Secretary Paul Chan Maobo would increase the stamp duty on stocks from the current 0.1% paid by buyers and sellers to 0.13%.</p><p>Some opposing Members think that a tax increase of 0.1 percentage point will reduce the trading volume of Hong Kong stocks by at least 20%.</p><p>Currently, program/quantitative trading investors account for 10-20% of the spot market and 40-60% of the derivatives market (the derivatives market currently does not need to pay stamp duty). Some professionals estimate that if the stamp duty is raised from bilateral 0.1% to 0.13%, the impact may be < 5%.</p><p>Pang Ming, chief economist and chief strategist of China Renaissance Securities (Hong Kong), said that after the stamp duty increase, buyers and sellers will pay a total of 0.26% stamp duty, which is slightly higher than A shares (0.1%) and Singapore (0.2%). Still lower than the UK (0.5%). Considering the transaction cost factor, this may have a certain impact on the willingness of individual investors to trade, but the impact on institutional customers is relatively limited.</p><p>Other insiders believe that according to the Budget, Hong Kong's fiscal deficit has reached 300 billion yuan, the highest since the reunification, and the upper limit of tax refund has dropped from 20,000 yuan in the previous two years to 10,000 yuan, which is no longer like the previous two years. According to Wen Wei Po, the proposal to raise the stamp duty rate has won the support of the establishment. Investors may worry that raising transaction costs such as stamp duty may become a trend; There may be some financial problems in Hong Kong in the medium and long term.</p><p><b>After Hong Kong has adjusted the stamp duty on stocks over the years, how will Hong Kong stocks go?</b></p><p>Historically, the Hong Kong stock market has adjusted the stamp duty three times since 1993, all of which have been lowered. Since then, there has been no change in the stamp duty policy.</p><p>In terms of the impact of the adjustment, after the stamp duty adjustment in 1998 and 2000, Hong Kong stocks both experienced a period of decline before bottoming out. But this is also related to the background of the financial crisis at that time.<b>The stamp duty adjustment does not change the overall market trend.</b><img src=\"https://static.tigerbbs.com/69ef3a9f5338739492c319072de541fe\" tg-width=\"900\" tg-height=\"158\" referrerpolicy=\"no-referrer\">In contrast, mainland stamp duty adjustments are more frequent. Since the establishment of securities trading in Shanghai and Shenzhen, stamp duty has been collected, with a total of 9 intermediate adjustments.</p><p>Experience in the Mainland shows that the increase of stamp duty will have a significant negative impact on market performance within one month, while the reduction will have a favorable impact on the stock market in the short term. Historical data shows that the Shanghai Composite Index rose within one month after the stamp duty was lowered.</p><p><img src=\"https://static.tigerbbs.com/d88018cdb05ce95fcfd6d54cd554ef97\" tg-width=\"901\" tg-height=\"315\" referrerpolicy=\"no-referrer\"><b>Is the clear bull market still there?</b></p><p><b>Prior to this, many people in the industry believed that Hong Kong stocks would be the world's biggest hope this year, and it would be a clear bull market. So is there any hope as stamp duty rises?</b></p><p>Pang Ming said that this year, the Hong Kong stock market still has many favorable factors to support the valuation level and market sentiment, such as the continuous inflow of southbound funds, the strong profit growth of Hong Kong stocks, the low valuation level and the continuous deepening of market structural reform; In addition, the expected appreciation of RMB is beneficial to the valuation of Chinese companies listed in Hong Kong; With the booming IPO market and the continued help of the new economic sector, market sentiment is expected to rise steadily.</p><p>The above-mentioned Hong Kong fund manager said that as of this morning, there was no net redemption. However, as the news is fulfilled, it cannot be ruled out that there will be no redemption in the afternoon. Now the whole world is in the stage of killing valuations, and Hong Kong's sudden move is not conducive to valuation interpretation.</p><p>Affected by the news, the share price of the Hong Kong Stock Exchange plummeted.</p><p>Hong Kong's major indexes are almost all in a hurry.<img src=\"https://static.tigerbbs.com/b7b78e9996d10d07c275af72e49d8cc8\" tg-width=\"630\" tg-height=\"272\" referrerpolicy=\"no-referrer\"></p><p>Southbound funds are withdrawing rapidly. According to WIND, as of 14:18, the net sales of southbound funds have exceeded 15 billion.</p><p><img src=\"https://static.tigerbbs.com/0d012a3c514fa1ff526a43f894d02e30\" tg-width=\"779\" tg-height=\"269\" referrerpolicy=\"no-referrer\"></p><p>According to a report on the Radio Television Hong Kong website on the 24th,<a href=\"https://laohu8.com/S/00388\">HKEX</a>The spokesman responded that he was disappointed with the government's decision to increase the stamp duty on stock transactions, but understood that the tax was an important source of government revenue. HKEx will work closely with all stakeholders to continue to promote the continued success, resilience, competitiveness and attractiveness of Hong Kong's capital market.</p><p>So, will the return of Hong Kong stock funds flow to A shares? Judging from the situation of A-share decline, it seems that this is not the case either. In fact, from a global perspective, during the valuation-killing stage, increasing stamp duty may only be a catalyst for the decline, not the root cause.</p><p><b>Comprehensive knowledge from brokerages in China, Wall Street, etc.</b></p>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"https://static.tigerbbs.com/450b59595cb4f24da98674ba3da03b0e","relate_stocks":{"HSCEI":"国企指数","00388":"香港交易所","HSCCI":"红筹指数","HSI":"恒生指数"},"is_english":false,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"2113135357","content_text":"香港市场突然放了一个“炸弹”！今日午间，香港财政司司长陈茂波表示，香港计划将股票交易印花税提高至0.13%。预算案提到，目前不适宜调整利得税及薪俸税税率，也不具备条件引入新税项。特区政府会持续审视、适时调整，并就新税项作研究及准备，适时开展讨论，寻求共识。在此之前，香港经济日报就放出风声，印花税将提升。但很快，这条消息就撤了。而在今年2月3日，财经事务及库务局局长许正宇做出书面回应称，有意见认为应调高股票交易印花税率以增加库房收入，同时亦有持相反意见者要求调低甚至取消股票交易印花税。受此影响，香港股市出现大幅下挫。香港恒生指数一度暴跌3%，恒生科技指数狂泻5%。港交所下午开盘之后一度急杀12%，随后有所企稳。南向资金亦疯狂卖出近150亿。那么，此次突发给香港市场带来的影响究竟有多大？回流资金又会不会流向A股呢？香港股市突发2月24日，香港特区政府宣布，上调股票印花税。香港特区政府财政司司长陈茂波在财政预算案中公布，香港政府为了增加收入，计划将提高股票印花税至0.13%，此前为买卖双方按交易金额各付0.1%。在此之前，香港经济日报就放出风声，印花税将提升。但很快，这条消息就撤了，并导致股市急跌，市场也一度以为这是假新闻。其实，在今年2月3日，财经事务及库务局局长许正宇做出书面回应称，有意见认为应调高股票交易印花税率以增加库房收入，同时亦有持相反意见者要求调低甚至取消股票交易印花税。据香港财经事务及库务局提供的数据显示，香港政府除了2016至2017财政年度，最近5个财年的股票交易印花税实际收入均超过330亿港元。另据香港税务局资料显示，自1993年以来，香港股票印花税税率呈现连续下降态势：1993年4月1日至1998年3月31日，税率为0.15%；1998年4月1日至2000年4月6日，税率降至0.125%；2000年4月7日至2001年8月31日，税率降至0.1125%。2001年9月1日至今，税率再度下降，至0.1%，并沿用至今。有香港基金经理向券商中国记者表示，从业以来，都未曾碰到过印花税调整。此次突发事件，估计对港股会有冲击，但难以预料会有多大冲击。影响有多大？在港府《财政预算案》发布前，有建议考虑增加股票印花税，香港01、文汇报、香港经济日报等本地媒体在过去一周都进行了较多讨论，猜测上调0.01-0.1%不等。今日上午11时，香港经济日报发表报道，称财政司司长陈茂波将会增加股票印花税由现时的买卖双方各付0.1%上调到0.13%。有反对的议员认为加税0.1个百分点，港股成交量至少减少2成。目前程式/量化交易投资者占现货市场10-20%，衍生品市场40-60%(衍生品市场目前无需交印花税)。有专业人士测算，从印花税从双边0.1%上调到0.13%，影响可能<5%。华兴证券(香港)首席经济学家兼首席策略分析师庞溟表示，印花税上调后，买卖双方合计将缴纳0.26%的印花税，相比A股(0.1%)、新加坡(0.2%)稍高，仍低于英国(0.5%)。考虑到交易成本因素，这对个人投资者的交易意愿可能有一定影响，但对机构客户影响相对有限。另有业内人士认为，根据财政预算案，香港财政赤字达到3000亿元达到回归以来最高，退税上限由前两年的20000元下降到10000元，也不再像前两年派钱。根据文汇报报道，上调印花税率的提议获得了建制派的支持。投资者可能会担心，上调印花税等交易成本可能成为趋势；中长期香港财政可能出现一些问题。历年香港调整股票印花税后，港股怎么走？历史上，香港股票市场自1993年至今一共三次调整印花税，三次都是下调，随后便无印花税政策变动出现。在调整影响方面，1998及2000年印花税调整后，港股均经历一段时间下跌后才触底。但这也与当时金融危机的背景有关，印花税调整并无法改变整体市场趋势。相比之下，内地印花税调整更加频繁一点。自沪深设立证券交易就开始收印花税，中间调整共9次。内地经验显示，印花税的上调1个月内对市场表现有明显的利空影响，而下调短期对股市行情有利多影响。历史数据显示，下调印花税后一个月内沪指皆为上涨。明明白白的牛市还在么？在此之前，许多业内人士认为，港股将是今年全球最大的希望，并且是明明白白的牛市。那么，随着印花税提高，是否还有希望呢？庞溟表示，今年港股市场依然具备不少的利好因素能支持估值水平和市场情绪，如南向资金的持续流入，港股强劲的盈利增长，较低的估值水平以及市场结构性改革的不断深化；此外，人民币升值预期有利于在港上市中资公司的估值；在IPO市场走旺和新经济板块继续助力下，市场情绪有望稳中有升。上述香港基金经理表示，截至今天上午并未出现净赎回的情况。不过，随着消息兑现，并不能排除下午没有赎回的情况出现。现在全球都处在杀估值的阶段，香港突然搞一个这样的动作，并不利于估值演绎。受消息影响，港交所股价暴跌。香港主要指数几乎全线急杀。南向资金更是快速撤离。据WIND显示，截至14:18，南向资金净卖出已经超过150亿。据香港电台网站24日报道，香港交易所发言人回应称，对政府提高股票交易印花税的决定感到失望，但明白该税项是政府收入的重要来源。港交所会与所有持份者紧密合作，继续推动香港资本市场的持续成功、韧力、竞争力和吸引力。那么，港股资金回流是否会流向A股呢？从A股杀跌的情况来看，似乎也并非如此。其实，从全球来看，杀估值阶段，加印花税或许只是下跌的催化剂，而非根本原因。综合自券商中国、华尔街见闻等","news_type":1,"symbols_score_info":{"HSCEI":0.9,"HSCCI":0.9,"HTImain":0.9,"HSI":0.9,"00388":0.9}},"isVote":1,"tweetType":1,"viewCount":776,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0}],"lives":[]}
