Shares in two big Chinese securities companies up almost a fifth in Hong Kong in a matter of days? Why, it can only be the result of another gnomic pronouncement from the Third Plenum. At the Chinese leadership’s summit last week came the decision to “promote reform towards a registration-based stock-issuing system”. Somebody likes the sound of this, whatever the detail or timetable for reviving mainland initial public offerings, judging by the shares of Citic and Haitong.
爲何在短短几天裏,在香港上市的兩家中國大型證券公司的股價上漲近20%?這隻能歸功於中共三中全會發布的又一條含糊不清的聲明。上週召開的中共三中全會決定「推進股票發行註冊制改革」。從中信證券(Citic)和海通證券(Haitong)的股價走勢來看,無論內地恢復首次公開發行(IPO)的具體情況或時間表如何,這條聲明博得了一些投資者的歡心。