香港計劃明年實施股票投資實名制

Hong Kong regulators are looking to implement an identification programme for all investors in the city looking to buy shares traded on the mainland, according to a legislator representing the city’s financial sector.

一名代表香港金融業的香港立法會議員表示，香港監管機構計劃對打算買入在中國內地交易的股票的所有香港投資者實施實名登記制。

The plans would bring Hong Kong, a semi-autonomous Chinese territory, into line with requirements on the mainland, where investors must register with their real name and identification card, to make traders accountable in the event of market manipulation.

該計劃將使半自治的香港與內地的制度要求保持一致。中國內地投資者必須以身份證進行實名登記，目的是在出現市場操縱行爲時便於追責。

The plans target trading through the Connect programme, by which Hong Kong investors can buy shares on the mainland, and vice versa. The Hong Kong-Shanghai Stock Connect was launched in late 2014 and the companion Shenzhen Connect arrived December 2016.

該計劃針對的是內地和香港股市互通互聯項目下的交易。通過這些項目，香港投資者可以購買內地股票，反之亦然。滬港通是在2014年末推出的，而深港通在2016年12月推出。

Both the Hong Kong and mainland stock markets have been affected by concerns about poor corporate governance and market manipulation. Regulators in Hong Kong have stepped up their enforcement, targeting volatile trading driven by mainland inflows and often resulting in investigations into mainland groups.

對糟糕的公司治理和市場操縱行爲的擔憂同時影響着香港和中國內地股市。香港監管機構針對內地資金流入帶來的股市波動加強了執法，這往往會導致針對內地公司的調查。

Christopher Cheung, a stockbroker and member of Hong Kong’s Legislative Council who represents the financial services industry, said that the Securities and Futures Commission, the city’s regulator, was likely to release information in the next couple of months and could implement the rules early next year.

香港立法會議員張華峯表示，香港證監會有可能在今後兩個月放出消息，並可能在明年初實施這些規則。張華峯也是一名證券經紀商，在立法會中代表香港金融服務業。

“It takes time to improve the clearing and settlement system, the brokerages will need to install new software, and they will need to sign new contracts with their customers to make sure that they are aware of the new information collection,” he said.

張華峯說：“改進清算和結算系統需要時間，經紀商需要安裝新的軟件，還需要與客戶簽訂新合同，以確保客戶瞭解新的信息收集制度。”

He added that some investors might have privacy concerns with their information being shared, but that the mainland would likely require Hong Kong to implement the system as part of its plans to integrate the markets.

他補充道，一些投資者可能會對他們的信息被分享存在一些隱私方面的擔心，但內地可能會要求香港實施這種制度，作爲其整合市場計劃的一部分。

In June, the Hong Kong and Chinese governments signed an agreement to “promote and protect” cross-border investments, granting investors in both jurisdictions freer access to each other’s markets.

今年6月，香港政府和中央政府簽署了促進和保護兩地投資的協議，爲內地和香港投資者放寬了兩地市場的准入。

The SFC and Hong Kong Exchanges and Clearing, which operates the Hong Kong stock exchange, declined to comment.

香港證監會和經營港交所的香港交易及結算所有限公司(Hong Kong Exchanges and Clearing)拒絕置評。

A spokesman for HKEX told Caixin, a Chinese financial magazine, in August that it was “actively discussing” real-name registration and that if it was implemented it would “only apply to investors under the Stock Connect programme”.

今年8月，港交所的一名發言人告訴中國金融雜誌《財新》，港交所正“積極商討”實名制，一旦實施，實名制將“只適用於香港與內地股市互聯互通項目下的投資者”。

One senior banker in Hong Kong said that the rules could trigger a slowdown in the trading of “certain names” but he did not expect much impact on overall trading levels.

一名資深香港銀行家表示，新規可能引發“某些股票”的交易放緩，但他並不認爲整體的交易水平會受到很大影響。

“People have gotten comfortable with more transparency and more disclosure,” he said, adding that buoyant Hong Kong markets have been driven by a new southbound pool of money that is “entirely legitimate”.

他說，“人們已經適應了更高的透明度和更多的信息披露，”他補充說，新的南下資金池驅動了香港市場的繁榮，這些資金是“完全合法的”。