Chen Jingxiang: The Sino -US war fought from trade to the stock market war

Source: Ming Pao

Author: Chen Jingxiang

Sino -US trade negotiations have not yet made breakthroughs, and the United States has new tricks. According to Bloomberg and Reuters, the Trump administration is discussing what ways to restrict US funds flow into China through investment portfolios.In addition to the Chinese company, the US government's retirement fund is investing in the Chinese stock market, and the stock index that restricts the management of US companies is included in Chinese ingredients stocks.

The above -mentioned tricks are only one purpose, which is to cut off the relationship between US financial markets and mainland companies, so that they cannot obtain funds from the United States.

It's easy to say, whether it can be implemented is another matter.Without capital without the motherland, the financial market only recognizes money or people. As long as the Chinese market and the stock market are favorable, how will the financial industry give up lightly.To prevent China strictly in terms of national security, it does not mean to cut off relations with China. The above -mentioned measures that restrict the inflow of funds in the mainland are implemented.Regulatory regulations.

The latest news was that the US Treasury Ministry issued a statement the next day, stating that the U.S. government has not plans to remove Chinese companies from the US exchange for the time being, nor does it consider preventing Chinese companies from being listed on the US exchange.

The US stock market blocked the Chinese company temporarily pressed

One of the indicators of the US President Trump's economic prosperity is the prosperity of the US stocks. When the news that Chinese -funded companies are required to remove the cards, the VIX index that the United States reflects the panic of the market has risen to the three weeks.The index also declined. Although the decline was slight, the market atmosphere was tense.

The S & P index, Bloomberg Barclays Index, etc., the US financial community will definitely not support it.In response to the incident, Nasdaq said that the key quality of the US capital market is to provide non -discriminatory and fair access for all eligible companies, and provide diversified investment opportunities for American investors.Trump will not do something that is not good for the US stock market, at least before the election next year.

However, the economy of China and the residual continent should be a long -term national policy of the United States. From the start of the trade war, the Huawei, referring to China to control the RMB exchange rate, the stolen American technology and various intellectual property rights, etc.To curb China's development momentum.Now the U.S. Treasury Department comes to clarify that it should just be temporarily pressed, and it does not mean that it will give up.

Talk to China Mei Right Early Mindy Gongs

The United States is mainly blocking China in the stock market. One is Peter Navarro, a White House trading consultant, and the other person is former White House strategist Steve Bannon.CPDC, a think tank organization led by Bannon, bluntly said that China is the current largest enemy of the United States (CPDC's full name is Committee on the Present Danger: China, which is the product of the Cold War period. The original name is CPD.), According to the organization's website, CPDC's purpose is to educate the United States and policy makers about the various threats of the United States under the governance of the Chinese Communist Party, including military forces, as well as the people of the United States and business, politics, and business, politics, andInformation war, online war and economic war conducted by the media elite.

Bannon is the spiritual leader of the extremely rightist in the United States. He used to be a celebrity around Trump.The CPDC under his leadership, all jobs are based on how to deal with China's primary enemy.In April of this year, CPDC held a financial conference in New York to explore how the US capital market should cope with China, including retirement funds that dissuad the United States not to buy mainland companies that violate human rights and threatened the United States.

At the meeting, Bannon rebuked the New York Exchange and Nasdaq's responsibility for their retirement pensions for institutional investment and hard work to work hard; this was shameful and should be terminated immediately.The meeting also urged the US retirement fund group to kick away Chinese companies!(Reference Observer.com: Steve Bannons Crusade Against China Could Affect your Retirement Fund, April 26, 2019)

It can be seen that the Trump administration intends to stop China in the capital market. Its conception is not in today. Bannon and other right -school think tanks have long had this proposition and opened up the gongs for related policies to become another ace to fight against China.

However, the US financial community has always been a good friend in Beijing. In the 1990s, China strived to join the WTO. Goldman Sachs and Blackstone Group acted as a speaker in Beijing and lobbying to the Clinton government.In recent years, mainland companies have been listed in the United States. They believe that Wall Street is the real international financial center. It is a manifestation of being able to list in the US stock market.Allies will not actively respond to sanctions!

In the past, the preferred place for the listing of mainland technology companies was in the US capital market, and Hong Kong has only caught up in recent years. One of the reasons is that the policy risks of the US capital market are getting higher and higher, especially the US Securities and Supervisors are closely watching the usual use of mainland companies.VIETEREST ENTIES scared the mainland companies.

Most of the Chinese companies currently listed overseas use VIE models, that is, set up holding companies outside (such as the Cayman), and set up a very complicated holding structure to avoid certain restrictions, such as telecommunications that foreign capitals must not participate, steel, steel, steel, steel, steel, steel, steel, steel, steel, steel, steel, steel, steel, steel, steelEducation, agriculture and other industries.The US Securities Regulatory's VIE structure of mainland companies is that its complex design may cause enterprises to lack transparency, and investors have failed to accurately evaluate the risk of enterprises.

Hong Kong window position play effect

According to traditional wisdom, whenever the mainland is blocked by the United States, the window position of Hong Kong will take advantage of the momentum to play and replace the role.Alibaba was not full of suggestions that the Hong Kong Stock Exchange rejected its rights of the same shares that year, abandoning Hong Kong to the United States. Now the United States is ready to take away Chinese companies and block US funds to enter the mainland market.The second listing arrangement.

Hong Kong can play a special role, how can the United States know that the Hong Kong human rights and democratic bill will soon pass the Hong Kong human rights and democratic bill, which gives the US government to review Hong Kong's love each year.The opportunity to rectify Hong Kong, which makes Beijing feel pressure.

It is difficult to settle in the Sino -US trade war in Hong Kong. Whether Hong Kong's financial market will become the target of the United States depends on Sino -US relations.The only thing that can be done in Hong Kong is that it is stricter and higher in financial supervision. Only in this way can we avoid excuses to the United States.

(The author is a senior media person)