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月影清波
2021-02-25
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How significant is the impact of the sudden increase in stamp duty on Hong Kong stocks? Institutions quickly interpreted
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Institutions quickly interpreted","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>The Hong Kong market suddenly dropped a \"bomb\"!</p><p>This afternoon, Hong Kong Financial Secretary Paul Chan Mo-po announced that Hong Kong plans to raise the stamp duty on stock transactions to 0.13%. The Budget states that it is not appropriate to adjust the rates of profits tax and salaries tax at present, nor are there conditions for introducing new taxes. The SAR government will continue to review and adjust the new taxes as appropriate, study and prepare for them, and conduct discussions in due course to seek consensus.</p><p>Prior to this, the Hong Kong Economic Journal had reported that stamp duty would be increased. But soon, the news disappeared. On February 3 this year, Secretary for Financial Services and the Treasury Hui Ching-yu issued a written response stating that some opinions believe that the stock transaction stamp duty rate should be raised to increase treasury revenue, while others hold opposing views and demand that the stock transaction stamp duty be lowered or even abolished.</p><p>As a result, the Hong Kong stock market experienced a sharp decline. Hong Kong's Hang Seng Index plunged 3% at one point, while the Hang Seng Tech Index plummeted 5%. The Hong Kong Stock Exchange experienced a sharp drop of 12% after the market opened in the afternoon, before stabilizing somewhat. Southbound funds also sold off nearly 15 billion yuan worth of shares. So, how much impact has this sudden incident had on the Hong Kong market? Will the repatriated funds flow into A-shares?</p><p><b>Hong Kong stock market suddenly</b></p><p>On February 24, the Hong Kong SAR government announced an increase in stock stamp duty. In his budget, Hong Kong Financial Secretary Paul Chan announced that the Hong Kong government plans to raise stamp duty to 0.13% in order to increase revenue. Previously, buyers and sellers paid 0.1% each based on the transaction amount.</p><p>Prior to this, the Hong Kong Economic Journal had reported that stamp duty would be increased. However, the news was quickly retracted, causing the stock market to plummet, and the market initially thought it was fake news. In fact, on February 3 this year, the Secretary for Financial Services and the Treasury, Hui Ching-yu, issued a written response stating that some opinions believe that the stock transaction stamp duty rate should be raised to increase treasury revenue, while others hold opposing views and demand that the stock transaction stamp duty be lowered or even abolished.</p><p>According to data provided by the Hong Kong Financial Services and Treasury Bureau, the Hong Kong government's actual revenue from stock transaction stamp duty exceeded HK$33 billion in the last five fiscal years, except for the 2016-2017 fiscal year. According to data from the Hong Kong Inland Revenue Department, the Hong Kong stock stamp duty rate has been declining continuously since 1993: from April 1, 1993 to March 31, 1998, the rate was 0.15%. From April 1, 1998 to April 6, 2000, the tax rate was reduced to 0.125%; From 7 April 2000 to 31 August 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 has remained in effect to this day.</p><p>A Hong Kong fund manager told Securities Times that he has never encountered a stamp duty adjustment since he started working in the industry. This unexpected event is expected to have an impact on Hong Kong stocks, but it is difficult to predict the extent of the impact.</p><p><b>How big is the impact?</b></p><p>Prior to the release of the Hong Kong government's Budget, there were suggestions to consider increasing the stock stamp duty. Local media such as Hong Kong 01, Wen Wei Po, and Hong Kong Economic Journal have discussed this extensively in the past week, speculating that the increase could range from 0.01 to 0.1%. At 11:00 a.m. today, the Hong Kong Economic Journal published a report stating that Financial Secretary Paul Chan will increase the stock stamp duty from the current 0.1% paid by both buyers and sellers to 0.13%.</p><p>Some opposing lawmakers believe that a 0.1 percentage point tax increase would reduce Hong Kong stock trading volume by at least 20%.</p><p>Currently, algorithmic/quantitative trading investors account for 10-20% of the spot market and 40-60% of the derivatives market (the derivatives market is currently exempt from stamp duty). Some experts estimate that the impact of raising the stamp duty from 0.1% bilaterally to 0.13% may be less than 5%.</p><p>Pang Ming, chief economist and chief strategist at 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%), but still lower than the UK (0.5%). Considering transaction costs, this may have some impact on individual investors' willingness to trade, but the impact on institutional clients is relatively limited.</p><p>Other industry insiders believe that according to the budget, Hong Kong's fiscal deficit has reached HK$300 billion, the highest since the handover, and the tax refund cap has been reduced from HK$20,000 in the previous two years to HK$10,000, meaning that money will no longer be distributed as it was in the previous two years. According to Wenhui Daily, the proposal to raise the stamp duty rate has received support from the establishment. Investors may worry that raising transaction costs such as stamp duty may become a trend; Hong Kong's finances may face some problems in the medium to long term.</p><p><b>How have Hong Kong stocks performed after Hong Kong adjusted its stock stamp duty over the years?</b></p><p>Historically, the Hong Kong stock market has adjusted the stamp duty three times since 1993, and all three times it was reduced. Since then, there have been no changes to the stamp duty policy.</p><p>Regarding the impact of the adjustment, after the stamp duty adjustments in 1998 and 2000, Hong Kong stocks experienced a period of decline before bottoming out. However, this was also related to the background of the financial crisis at the time.<b>Stamp duty adjustments cannot change the overall market trend.</b><img src=\"https://static.tigerbbs.com/69ef3a9f5338739492c319072de541fe\" tg-width=\"900\" tg-height=\"158\" referrerpolicy=\"no-referrer\">In contrast, stamp duty adjustments are more frequent in mainland China. Stamp duty has been levied since the establishment of the Shanghai and Shenzhen stock exchanges, with a total of 9 adjustments in between.</p><p>Mainland experience shows that an increase in stamp duty has a significant negative impact on market performance within one month, while a decrease has a positive impact on stock market performance in the short term. Historical data shows that the Shanghai Composite Index rose within a month of the stamp duty reduction.</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 industry insiders believed that Hong Kong stocks would be the world's biggest hope this year, and a clear bull market. So, with the increase in stamp duty, is there still hope?</b></p><p>Pang Ming stated that the Hong Kong stock market still has many positive factors to support valuation levels and market sentiment this year, such as the continuous inflow of southbound funds, strong profit growth in Hong Kong stocks, low valuation levels, and the deepening of market structural reforms. In addition, the expected appreciation of the RMB is beneficial to the valuation of Chinese companies listed in Hong Kong; With the booming IPO market and continued support from the new economy sector, market sentiment is expected to remain stable with a slight upward trend.</p><p>The aforementioned Hong Kong fund manager stated that there had been no net redemptions as of this morning. However, with the news coming true, it cannot be ruled out that there will be no redemption this afternoon. The world is currently in a phase of devaluation, and Hong Kong's sudden move is not conducive to valuation performance.</p><p>Affected by the news, the Hong Kong Stock Exchange's stock price plummeted.</p><p>Almost all of Hong Kong's major indices plummeted.<img src=\"https://static.tigerbbs.com/b7b78e9996d10d07c275af72e49d8cc8\" tg-width=\"630\" tg-height=\"272\" referrerpolicy=\"no-referrer\"></p><p>Southbound capital withdrew rapidly. According to WIND data, as of 14:18, net outflows of southbound funds had exceeded 15 billion yuan.</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 website of Radio Television Hong Kong on the 24th,<a href=\"https://laohu8.com/S/00388\">Hong Kong Stock Exchange</a>The spokesperson responded that they were 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. The Hong Kong Stock Exchange 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 funds flowing back from Hong Kong stocks flow to A-shares? Judging from the sell-off in A-shares, this does not seem to be the case. In fact, from a global perspective, the addition of stamp duty during the valuation reduction phase may only be a catalyst for the decline, rather than the fundamental reason.</p><p><b>Compiled from securities firms China, Wall Street Insights, 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 significant is the impact of the sudden increase in stamp duty on Hong Kong stocks? Institutions quickly interpreted</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 significant is the impact of the sudden increase in stamp duty on Hong Kong stocks? Institutions quickly interpreted\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>The Hong Kong market suddenly dropped a \"bomb\"!</p><p>This afternoon, Hong Kong Financial Secretary Paul Chan Mo-po announced that Hong Kong plans to raise the stamp duty on stock transactions to 0.13%. The Budget states that it is not appropriate to adjust the rates of profits tax and salaries tax at present, nor are there conditions for introducing new taxes. The SAR government will continue to review and adjust the new taxes as appropriate, study and prepare for them, and conduct discussions in due course to seek consensus.</p><p>Prior to this, the Hong Kong Economic Journal had reported that stamp duty would be increased. But soon, the news disappeared. On February 3 this year, Secretary for Financial Services and the Treasury Hui Ching-yu issued a written response stating that some opinions believe that the stock transaction stamp duty rate should be raised to increase treasury revenue, while others hold opposing views and demand that the stock transaction stamp duty be lowered or even abolished.</p><p>As a result, the Hong Kong stock market experienced a sharp decline. Hong Kong's Hang Seng Index plunged 3% at one point, while the Hang Seng Tech Index plummeted 5%. The Hong Kong Stock Exchange experienced a sharp drop of 12% after the market opened in the afternoon, before stabilizing somewhat. Southbound funds also sold off nearly 15 billion yuan worth of shares. So, how much impact has this sudden incident had on the Hong Kong market? Will the repatriated funds flow into A-shares?</p><p><b>Hong Kong stock market suddenly</b></p><p>On February 24, the Hong Kong SAR government announced an increase in stock stamp duty. In his budget, Hong Kong Financial Secretary Paul Chan announced that the Hong Kong government plans to raise stamp duty to 0.13% in order to increase revenue. Previously, buyers and sellers paid 0.1% each based on the transaction amount.</p><p>Prior to this, the Hong Kong Economic Journal had reported that stamp duty would be increased. However, the news was quickly retracted, causing the stock market to plummet, and the market initially thought it was fake news. In fact, on February 3 this year, the Secretary for Financial Services and the Treasury, Hui Ching-yu, issued a written response stating that some opinions believe that the stock transaction stamp duty rate should be raised to increase treasury revenue, while others hold opposing views and demand that the stock transaction stamp duty be lowered or even abolished.</p><p>According to data provided by the Hong Kong Financial Services and Treasury Bureau, the Hong Kong government's actual revenue from stock transaction stamp duty exceeded HK$33 billion in the last five fiscal years, except for the 2016-2017 fiscal year. According to data from the Hong Kong Inland Revenue Department, the Hong Kong stock stamp duty rate has been declining continuously since 1993: from April 1, 1993 to March 31, 1998, the rate was 0.15%. From April 1, 1998 to April 6, 2000, the tax rate was reduced to 0.125%; From 7 April 2000 to 31 August 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 has remained in effect to this day.</p><p>A Hong Kong fund manager told Securities Times that he has never encountered a stamp duty adjustment since he started working in the industry. This unexpected event is expected to have an impact on Hong Kong stocks, but it is difficult to predict the extent of the impact.</p><p><b>How big is the impact?</b></p><p>Prior to the release of the Hong Kong government's Budget, there were suggestions to consider increasing the stock stamp duty. Local media such as Hong Kong 01, Wen Wei Po, and Hong Kong Economic Journal have discussed this extensively in the past week, speculating that the increase could range from 0.01 to 0.1%. At 11:00 a.m. today, the Hong Kong Economic Journal published a report stating that Financial Secretary Paul Chan will increase the stock stamp duty from the current 0.1% paid by both buyers and sellers to 0.13%.</p><p>Some opposing lawmakers believe that a 0.1 percentage point tax increase would reduce Hong Kong stock trading volume by at least 20%.</p><p>Currently, algorithmic/quantitative trading investors account for 10-20% of the spot market and 40-60% of the derivatives market (the derivatives market is currently exempt from stamp duty). Some experts estimate that the impact of raising the stamp duty from 0.1% bilaterally to 0.13% may be less than 5%.</p><p>Pang Ming, chief economist and chief strategist at 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%), but still lower than the UK (0.5%). Considering transaction costs, this may have some impact on individual investors' willingness to trade, but the impact on institutional clients is relatively limited.</p><p>Other industry insiders believe that according to the budget, Hong Kong's fiscal deficit has reached HK$300 billion, the highest since the handover, and the tax refund cap has been reduced from HK$20,000 in the previous two years to HK$10,000, meaning that money will no longer be distributed as it was in the previous two years. According to Wenhui Daily, the proposal to raise the stamp duty rate has received support from the establishment. Investors may worry that raising transaction costs such as stamp duty may become a trend; Hong Kong's finances may face some problems in the medium to long term.</p><p><b>How have Hong Kong stocks performed after Hong Kong adjusted its stock stamp duty over the years?</b></p><p>Historically, the Hong Kong stock market has adjusted the stamp duty three times since 1993, and all three times it was reduced. Since then, there have been no changes to the stamp duty policy.</p><p>Regarding the impact of the adjustment, after the stamp duty adjustments in 1998 and 2000, Hong Kong stocks experienced a period of decline before bottoming out. However, this was also related to the background of the financial crisis at the time.<b>Stamp duty adjustments cannot change the overall market trend.</b><img src=\"https://static.tigerbbs.com/69ef3a9f5338739492c319072de541fe\" tg-width=\"900\" tg-height=\"158\" referrerpolicy=\"no-referrer\">In contrast, stamp duty adjustments are more frequent in mainland China. Stamp duty has been levied since the establishment of the Shanghai and Shenzhen stock exchanges, with a total of 9 adjustments in between.</p><p>Mainland experience shows that an increase in stamp duty has a significant negative impact on market performance within one month, while a decrease has a positive impact on stock market performance in the short term. Historical data shows that the Shanghai Composite Index rose within a month of the stamp duty reduction.</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 industry insiders believed that Hong Kong stocks would be the world's biggest hope this year, and a clear bull market. So, with the increase in stamp duty, is there still hope?</b></p><p>Pang Ming stated that the Hong Kong stock market still has many positive factors to support valuation levels and market sentiment this year, such as the continuous inflow of southbound funds, strong profit growth in Hong Kong stocks, low valuation levels, and the deepening of market structural reforms. In addition, the expected appreciation of the RMB is beneficial to the valuation of Chinese companies listed in Hong Kong; With the booming IPO market and continued support from the new economy sector, market sentiment is expected to remain stable with a slight upward trend.</p><p>The aforementioned Hong Kong fund manager stated that there had been no net redemptions as of this morning. However, with the news coming true, it cannot be ruled out that there will be no redemption this afternoon. The world is currently in a phase of devaluation, and Hong Kong's sudden move is not conducive to valuation performance.</p><p>Affected by the news, the Hong Kong Stock Exchange's stock price plummeted.</p><p>Almost all of Hong Kong's major indices plummeted.<img src=\"https://static.tigerbbs.com/b7b78e9996d10d07c275af72e49d8cc8\" tg-width=\"630\" tg-height=\"272\" referrerpolicy=\"no-referrer\"></p><p>Southbound capital withdrew rapidly. According to WIND data, as of 14:18, net outflows of southbound funds had exceeded 15 billion yuan.</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 website of Radio Television Hong Kong on the 24th,<a href=\"https://laohu8.com/S/00388\">Hong Kong Stock Exchange</a>The spokesperson responded that they were 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. The Hong Kong Stock Exchange 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 funds flowing back from Hong Kong stocks flow to A-shares? Judging from the sell-off in A-shares, this does not seem to be the case. In fact, from a global perspective, the addition of stamp duty during the valuation reduction phase may only be a catalyst for the decline, rather than the fundamental reason.</p><p><b>Compiled from securities firms China, Wall Street Insights, 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","HSI":"恒生指数","HSCCI":"红筹指数"},"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":{"00388":0.9,"HTImain":0.9,"HSCEI":0.9,"HSCCI":0.9,"HSI":0.9}},"isVote":1,"tweetType":1,"viewCount":2588,"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,"authorIdStr":"3576926537883793","idStr":"3576926537883793"},"themes":[],"title":"","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 significant is the impact of the sudden increase in stamp duty on Hong Kong stocks? Institutions quickly interpreted","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>The Hong Kong market suddenly dropped a \"bomb\"!</p><p>This afternoon, Hong Kong Financial Secretary Paul Chan Mo-po announced that Hong Kong plans to raise the stamp duty on stock transactions to 0.13%. The Budget states that it is not appropriate to adjust the rates of profits tax and salaries tax at present, nor are there conditions for introducing new taxes. The SAR government will continue to review and adjust the new taxes as appropriate, study and prepare for them, and conduct discussions in due course to seek consensus.</p><p>Prior to this, the Hong Kong Economic Journal had reported that stamp duty would be increased. But soon, the news disappeared. On February 3 this year, Secretary for Financial Services and the Treasury Hui Ching-yu issued a written response stating that some opinions believe that the stock transaction stamp duty rate should be raised to increase treasury revenue, while others hold opposing views and demand that the stock transaction stamp duty be lowered or even abolished.</p><p>As a result, the Hong Kong stock market experienced a sharp decline. Hong Kong's Hang Seng Index plunged 3% at one point, while the Hang Seng Tech Index plummeted 5%. The Hong Kong Stock Exchange experienced a sharp drop of 12% after the market opened in the afternoon, before stabilizing somewhat. Southbound funds also sold off nearly 15 billion yuan worth of shares. So, how much impact has this sudden incident had on the Hong Kong market? Will the repatriated funds flow into A-shares?</p><p><b>Hong Kong stock market suddenly</b></p><p>On February 24, the Hong Kong SAR government announced an increase in stock stamp duty. In his budget, Hong Kong Financial Secretary Paul Chan announced that the Hong Kong government plans to raise stamp duty to 0.13% in order to increase revenue. Previously, buyers and sellers paid 0.1% each based on the transaction amount.</p><p>Prior to this, the Hong Kong Economic Journal had reported that stamp duty would be increased. However, the news was quickly retracted, causing the stock market to plummet, and the market initially thought it was fake news. In fact, on February 3 this year, the Secretary for Financial Services and the Treasury, Hui Ching-yu, issued a written response stating that some opinions believe that the stock transaction stamp duty rate should be raised to increase treasury revenue, while others hold opposing views and demand that the stock transaction stamp duty be lowered or even abolished.</p><p>According to data provided by the Hong Kong Financial Services and Treasury Bureau, the Hong Kong government's actual revenue from stock transaction stamp duty exceeded HK$33 billion in the last five fiscal years, except for the 2016-2017 fiscal year. According to data from the Hong Kong Inland Revenue Department, the Hong Kong stock stamp duty rate has been declining continuously since 1993: from April 1, 1993 to March 31, 1998, the rate was 0.15%. From April 1, 1998 to April 6, 2000, the tax rate was reduced to 0.125%; From 7 April 2000 to 31 August 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 has remained in effect to this day.</p><p>A Hong Kong fund manager told Securities Times that he has never encountered a stamp duty adjustment since he started working in the industry. This unexpected event is expected to have an impact on Hong Kong stocks, but it is difficult to predict the extent of the impact.</p><p><b>How big is the impact?</b></p><p>Prior to the release of the Hong Kong government's Budget, there were suggestions to consider increasing the stock stamp duty. Local media such as Hong Kong 01, Wen Wei Po, and Hong Kong Economic Journal have discussed this extensively in the past week, speculating that the increase could range from 0.01 to 0.1%. At 11:00 a.m. today, the Hong Kong Economic Journal published a report stating that Financial Secretary Paul Chan will increase the stock stamp duty from the current 0.1% paid by both buyers and sellers to 0.13%.</p><p>Some opposing lawmakers believe that a 0.1 percentage point tax increase would reduce Hong Kong stock trading volume by at least 20%.</p><p>Currently, algorithmic/quantitative trading investors account for 10-20% of the spot market and 40-60% of the derivatives market (the derivatives market is currently exempt from stamp duty). Some experts estimate that the impact of raising the stamp duty from 0.1% bilaterally to 0.13% may be less than 5%.</p><p>Pang Ming, chief economist and chief strategist at 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%), but still lower than the UK (0.5%). Considering transaction costs, this may have some impact on individual investors' willingness to trade, but the impact on institutional clients is relatively limited.</p><p>Other industry insiders believe that according to the budget, Hong Kong's fiscal deficit has reached HK$300 billion, the highest since the handover, and the tax refund cap has been reduced from HK$20,000 in the previous two years to HK$10,000, meaning that money will no longer be distributed as it was in the previous two years. According to Wenhui Daily, the proposal to raise the stamp duty rate has received support from the establishment. Investors may worry that raising transaction costs such as stamp duty may become a trend; Hong Kong's finances may face some problems in the medium to long term.</p><p><b>How have Hong Kong stocks performed after Hong Kong adjusted its stock stamp duty over the years?</b></p><p>Historically, the Hong Kong stock market has adjusted the stamp duty three times since 1993, and all three times it was reduced. Since then, there have been no changes to the stamp duty policy.</p><p>Regarding the impact of the adjustment, after the stamp duty adjustments in 1998 and 2000, Hong Kong stocks experienced a period of decline before bottoming out. However, this was also related to the background of the financial crisis at the time.<b>Stamp duty adjustments cannot change the overall market trend.</b><img src=\"https://static.tigerbbs.com/69ef3a9f5338739492c319072de541fe\" tg-width=\"900\" tg-height=\"158\" referrerpolicy=\"no-referrer\">In contrast, stamp duty adjustments are more frequent in mainland China. Stamp duty has been levied since the establishment of the Shanghai and Shenzhen stock exchanges, with a total of 9 adjustments in between.</p><p>Mainland experience shows that an increase in stamp duty has a significant negative impact on market performance within one month, while a decrease has a positive impact on stock market performance in the short term. Historical data shows that the Shanghai Composite Index rose within a month of the stamp duty reduction.</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 industry insiders believed that Hong Kong stocks would be the world's biggest hope this year, and a clear bull market. So, with the increase in stamp duty, is there still hope?</b></p><p>Pang Ming stated that the Hong Kong stock market still has many positive factors to support valuation levels and market sentiment this year, such as the continuous inflow of southbound funds, strong profit growth in Hong Kong stocks, low valuation levels, and the deepening of market structural reforms. In addition, the expected appreciation of the RMB is beneficial to the valuation of Chinese companies listed in Hong Kong; With the booming IPO market and continued support from the new economy sector, market sentiment is expected to remain stable with a slight upward trend.</p><p>The aforementioned Hong Kong fund manager stated that there had been no net redemptions as of this morning. However, with the news coming true, it cannot be ruled out that there will be no redemption this afternoon. The world is currently in a phase of devaluation, and Hong Kong's sudden move is not conducive to valuation performance.</p><p>Affected by the news, the Hong Kong Stock Exchange's stock price plummeted.</p><p>Almost all of Hong Kong's major indices plummeted.<img src=\"https://static.tigerbbs.com/b7b78e9996d10d07c275af72e49d8cc8\" tg-width=\"630\" tg-height=\"272\" referrerpolicy=\"no-referrer\"></p><p>Southbound capital withdrew rapidly. According to WIND data, as of 14:18, net outflows of southbound funds had exceeded 15 billion yuan.</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 website of Radio Television Hong Kong on the 24th,<a href=\"https://laohu8.com/S/00388\">Hong Kong Stock Exchange</a>The spokesperson responded that they were 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. The Hong Kong Stock Exchange 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 funds flowing back from Hong Kong stocks flow to A-shares? Judging from the sell-off in A-shares, this does not seem to be the case. In fact, from a global perspective, the addition of stamp duty during the valuation reduction phase may only be a catalyst for the decline, rather than the fundamental reason.</p><p><b>Compiled from securities firms China, Wall Street Insights, 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 significant is the impact of the sudden increase in stamp duty on Hong Kong stocks? Institutions quickly interpreted</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 significant is the impact of the sudden increase in stamp duty on Hong Kong stocks? Institutions quickly interpreted\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>The Hong Kong market suddenly dropped a \"bomb\"!</p><p>This afternoon, Hong Kong Financial Secretary Paul Chan Mo-po announced that Hong Kong plans to raise the stamp duty on stock transactions to 0.13%. The Budget states that it is not appropriate to adjust the rates of profits tax and salaries tax at present, nor are there conditions for introducing new taxes. The SAR government will continue to review and adjust the new taxes as appropriate, study and prepare for them, and conduct discussions in due course to seek consensus.</p><p>Prior to this, the Hong Kong Economic Journal had reported that stamp duty would be increased. But soon, the news disappeared. On February 3 this year, Secretary for Financial Services and the Treasury Hui Ching-yu issued a written response stating that some opinions believe that the stock transaction stamp duty rate should be raised to increase treasury revenue, while others hold opposing views and demand that the stock transaction stamp duty be lowered or even abolished.</p><p>As a result, the Hong Kong stock market experienced a sharp decline. Hong Kong's Hang Seng Index plunged 3% at one point, while the Hang Seng Tech Index plummeted 5%. The Hong Kong Stock Exchange experienced a sharp drop of 12% after the market opened in the afternoon, before stabilizing somewhat. Southbound funds also sold off nearly 15 billion yuan worth of shares. So, how much impact has this sudden incident had on the Hong Kong market? Will the repatriated funds flow into A-shares?</p><p><b>Hong Kong stock market suddenly</b></p><p>On February 24, the Hong Kong SAR government announced an increase in stock stamp duty. In his budget, Hong Kong Financial Secretary Paul Chan announced that the Hong Kong government plans to raise stamp duty to 0.13% in order to increase revenue. Previously, buyers and sellers paid 0.1% each based on the transaction amount.</p><p>Prior to this, the Hong Kong Economic Journal had reported that stamp duty would be increased. However, the news was quickly retracted, causing the stock market to plummet, and the market initially thought it was fake news. In fact, on February 3 this year, the Secretary for Financial Services and the Treasury, Hui Ching-yu, issued a written response stating that some opinions believe that the stock transaction stamp duty rate should be raised to increase treasury revenue, while others hold opposing views and demand that the stock transaction stamp duty be lowered or even abolished.</p><p>According to data provided by the Hong Kong Financial Services and Treasury Bureau, the Hong Kong government's actual revenue from stock transaction stamp duty exceeded HK$33 billion in the last five fiscal years, except for the 2016-2017 fiscal year. According to data from the Hong Kong Inland Revenue Department, the Hong Kong stock stamp duty rate has been declining continuously since 1993: from April 1, 1993 to March 31, 1998, the rate was 0.15%. From April 1, 1998 to April 6, 2000, the tax rate was reduced to 0.125%; From 7 April 2000 to 31 August 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 has remained in effect to this day.</p><p>A Hong Kong fund manager told Securities Times that he has never encountered a stamp duty adjustment since he started working in the industry. This unexpected event is expected to have an impact on Hong Kong stocks, but it is difficult to predict the extent of the impact.</p><p><b>How big is the impact?</b></p><p>Prior to the release of the Hong Kong government's Budget, there were suggestions to consider increasing the stock stamp duty. Local media such as Hong Kong 01, Wen Wei Po, and Hong Kong Economic Journal have discussed this extensively in the past week, speculating that the increase could range from 0.01 to 0.1%. At 11:00 a.m. today, the Hong Kong Economic Journal published a report stating that Financial Secretary Paul Chan will increase the stock stamp duty from the current 0.1% paid by both buyers and sellers to 0.13%.</p><p>Some opposing lawmakers believe that a 0.1 percentage point tax increase would reduce Hong Kong stock trading volume by at least 20%.</p><p>Currently, algorithmic/quantitative trading investors account for 10-20% of the spot market and 40-60% of the derivatives market (the derivatives market is currently exempt from stamp duty). Some experts estimate that the impact of raising the stamp duty from 0.1% bilaterally to 0.13% may be less than 5%.</p><p>Pang Ming, chief economist and chief strategist at 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%), but still lower than the UK (0.5%). Considering transaction costs, this may have some impact on individual investors' willingness to trade, but the impact on institutional clients is relatively limited.</p><p>Other industry insiders believe that according to the budget, Hong Kong's fiscal deficit has reached HK$300 billion, the highest since the handover, and the tax refund cap has been reduced from HK$20,000 in the previous two years to HK$10,000, meaning that money will no longer be distributed as it was in the previous two years. According to Wenhui Daily, the proposal to raise the stamp duty rate has received support from the establishment. Investors may worry that raising transaction costs such as stamp duty may become a trend; Hong Kong's finances may face some problems in the medium to long term.</p><p><b>How have Hong Kong stocks performed after Hong Kong adjusted its stock stamp duty over the years?</b></p><p>Historically, the Hong Kong stock market has adjusted the stamp duty three times since 1993, and all three times it was reduced. Since then, there have been no changes to the stamp duty policy.</p><p>Regarding the impact of the adjustment, after the stamp duty adjustments in 1998 and 2000, Hong Kong stocks experienced a period of decline before bottoming out. However, this was also related to the background of the financial crisis at the time.<b>Stamp duty adjustments cannot change the overall market trend.</b><img src=\"https://static.tigerbbs.com/69ef3a9f5338739492c319072de541fe\" tg-width=\"900\" tg-height=\"158\" referrerpolicy=\"no-referrer\">In contrast, stamp duty adjustments are more frequent in mainland China. Stamp duty has been levied since the establishment of the Shanghai and Shenzhen stock exchanges, with a total of 9 adjustments in between.</p><p>Mainland experience shows that an increase in stamp duty has a significant negative impact on market performance within one month, while a decrease has a positive impact on stock market performance in the short term. Historical data shows that the Shanghai Composite Index rose within a month of the stamp duty reduction.</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 industry insiders believed that Hong Kong stocks would be the world's biggest hope this year, and a clear bull market. So, with the increase in stamp duty, is there still hope?</b></p><p>Pang Ming stated that the Hong Kong stock market still has many positive factors to support valuation levels and market sentiment this year, such as the continuous inflow of southbound funds, strong profit growth in Hong Kong stocks, low valuation levels, and the deepening of market structural reforms. In addition, the expected appreciation of the RMB is beneficial to the valuation of Chinese companies listed in Hong Kong; With the booming IPO market and continued support from the new economy sector, market sentiment is expected to remain stable with a slight upward trend.</p><p>The aforementioned Hong Kong fund manager stated that there had been no net redemptions as of this morning. However, with the news coming true, it cannot be ruled out that there will be no redemption this afternoon. The world is currently in a phase of devaluation, and Hong Kong's sudden move is not conducive to valuation performance.</p><p>Affected by the news, the Hong Kong Stock Exchange's stock price plummeted.</p><p>Almost all of Hong Kong's major indices plummeted.<img src=\"https://static.tigerbbs.com/b7b78e9996d10d07c275af72e49d8cc8\" tg-width=\"630\" tg-height=\"272\" referrerpolicy=\"no-referrer\"></p><p>Southbound capital withdrew rapidly. According to WIND data, as of 14:18, net outflows of southbound funds had exceeded 15 billion yuan.</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 website of Radio Television Hong Kong on the 24th,<a href=\"https://laohu8.com/S/00388\">Hong Kong Stock Exchange</a>The spokesperson responded that they were 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. The Hong Kong Stock Exchange 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 funds flowing back from Hong Kong stocks flow to A-shares? Judging from the sell-off in A-shares, this does not seem to be the case. In fact, from a global perspective, the addition of stamp duty during the valuation reduction phase may only be a catalyst for the decline, rather than the fundamental reason.</p><p><b>Compiled from securities firms China, Wall Street Insights, 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","HSI":"恒生指数","HSCCI":"红筹指数"},"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":{"00388":0.9,"HTImain":0.9,"HSCEI":0.9,"HSCCI":0.9,"HSI":0.9}},"isVote":1,"tweetType":1,"viewCount":2588,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0}],"lives":[]}
