五名消息人士告诉路透,由于中英政治关系紧张,中国暂时叫停沪伦通计划。
计划暂时喊停已令沪伦通的未来蒙上阴影。沪伦通旨在促进中英合作关系,帮助中国公司扩大投资者基础,并使中国大陆投资者能够交易英国上市公司的股票。
上述消息人士一致表示,政治因素是暂停沪伦通的原因。这些消息人士有公职人员,也有安排潜在沪伦通上市案的人士。
中国证监会和上海证交所未回复路透的置评请求。伦敦证交所和英国财政部的发言人均不愿就此置评。
中国外交部在一份传真中表示不清楚具体情况,但补充说“希望英国能为在英国投资的中国企业提供公平和公正的商业环境,并为双方在各个领域顺利开展实际合作创造适当的条件”。
“沪伦通”于去年开始运行,这是英国改善与世界第二大经济体中国关系的一种手段,并被视为中国开放资本市场将以及与全球金融中心接轨的重要一步。
**中国态度变冷**
华泰证券的全球存托凭证(GDR)在伦敦证券交易所成功上市,成为首家使用沪伦通机制的中国企业。国投电力原本有望在12月成为第二家,将占其总股本10%的GDR在伦敦上市。
然而,国投电力的上市交易在最后阶段被推迟,公司称主要是由于市场环境的缘故。
五位消息人士告诉路透,国投电力交易暂停是因为中国政府暂停了沪伦通。
中国太平洋保险是另一家有希望通过该机制上市的公司,消息人士称该公司本来最早可以在2020年第一季度启动交易,但现在也被要求搁置境外上市计划。
国投电力和中国太平洋保险没有回应置评请求。
“这不仅重创了那些希望通过在伦敦上市从而扩大投资者基础的企业,也伤及中国与全球市场的联系,”一位曾经参与某公司GDR交易的消息人士对路透说。
这桩麻烦来得太不是时候,对英国和伦敦证交所都是如此。英国正在为脱欧做准备,因而急于同非欧盟国家建立联系。
根据路孚特数据,截至去年12月4日的一年,伦敦证交所的企业新上市数量为10年来最低,政治动荡以及对英国脱欧的忧虑压制了股市的筹资活动。
China halts British stock link over political tensions - sources
China has temporarily blocked planned cross-border listings between the Shanghai and London stock exchanges because of political tensions with Britain, five sources told Reuters.
Suspending the Shanghai-London Stock Connect scheme casts a shadow over the future of a project meant to build ties between Britain and China, help Chinese firms expand their investor base and give mainland investors access to UK-listed companies.
The sources, who include public officials and people working on potential Shanghai-London deals, all said that politics was behind the suspension.
Two of them highlighted Britain’s stance over the Hong Kong protests and one pointed to remarks over the detention of a now former staff member at its consulate in Hong Kong.
All five sources have been involved in talks with Chinese officials and spoke to Reuters on condition of anonymity because they are not authorized to speak about the matter publicly.
British companies and banks involved in the scheme are watching closely how recently-elected Prime Minister Boris Johnson approaches relations with Beijing and what stance he takes on Hong Kong, which has been roiled by protests.
China blames the Hong Kong unrest, heavily supported by an anti-government movement seeking to curb controls by Beijing, on interference by foreign governments including the United States and Britain.
The China Securities Regulatory Commission and the Shanghai Stock Exchange did not respond to requests for comment. A spokesperson for the London Stock Exchange (LSE.L) and a spokeswoman for the UK’s finance ministry declined to comment.
China’s Ministry of Foreign Affairs said in a faxed statement that it is not aware of the specifics, but added that it “hopes the UK can provide a fair and unbiased business environment for Chinese companies that invest in the UK and create the appropriate conditions for both countries to carry out practical cooperation smoothly in various fields”.
Stock Connect, which began operating last year, was devised as a way of improving Britain’s relationship with the world’s second biggest economy and was seen as a major step by China to open up its capital markets as well as linking them globally.
CHINA CHILL
Huatai Securities was the first Chinese company to use the scheme in May, with SDIC Power set to become the second in December with a listing of global depository receipts (GDRs) in London representing 10% of its share capital.
However, the alternative energy operator’s deal was postponed at an advanced stage, with SDIC Power citing market conditions as the main reason.
Five sources told Reuters SDIC Power’s deal was halted because of Beijing’s suspension of Stock Connect.
Other hopefuls such as China Pacific Insurance, which one of the sources said could have launched a deal as early as the first quarter of 2020, have also been told to put their cross-border listing plans on ice, they added.
SDIC Power and China Pacific Insurance did not respond to requests for comment.
“It’s not only a big blow to the companies looking to broaden the investor base via listings in London, but also to China’s links with global markets,” one source, who has worked on one of the GDR deals, told Reuters.
Trouble with the scheme comes at a bad time for Britain, which is keen to build ties with non-European Union countries as it prepares to leave the bloc, and the LSE.
The London exchange was set for its worst year in terms of new listings in a decade as of Dec. 4, Refinitiv data showed, with political volatility and concerns over Britain’s EU divorce crimping stock market fundraisings.