瑞士银行在A股市场下了第一单

UBS: Baoshan Iron & Steel Is First Stk Buy As China QFII

Swiss investment bank UBS AG (UBS) Wednesday made its first purchase of local currency-denominated stocks in China, including shares in the country's largest steelmaker, Baoshan Iron & Steel Co. (Q.BSS).

The trade was made by UBS China Equities head Nicole Yuen during a press conference in Beijing.

Yuen also bought shares in Shanghai Port Container Co. (Q.SHQ), Sinotrans Air Transportation Development (Q.SAD), and telecommunication equipment maker ZTE Corp. (Q.ZTX).

UBS's purchase of yuan-denominated A shares was made under China's qualified foreign institutional investor program, which further opens the financial markets to foreign investors.

UBS was the first to receive QFII approval from regulators and the first QFII to buy stocks.

Yuen declined to reveal the total value of the four transactions.

"The sum isn't so important," she said.

She added that the four companies chosen represent UBS' focus in its planned A-share strategy.

Along with being the first to get its QFII license, UBS was the first to receive an investment quota. The company has gotten approval to invest up to $300 million.

Yuen said that as China's domestic securities market opens up and information becomes more available, UBS expects to see a significant increase in foreign investment "given China's irresistible fundamentals."

John Holland, head of UBS Asia equity, said interest has been very positive from a broad range of investors around the world.

"This is just the beginning," said Holland. "The response from clients has exceeded our expectations."

The share prices of the companies purchased by UBS were slightly up Wednesday morning, but the announcement has had no significant impact on the share prices. News often takes time to filter through China's markets, and it could have a bigger impact Thursday, one analyst said.
瑞士银行在A股市场下了第一单

瑞士银行(UBS AG, UBS)周三在中国A股市场下了第一单，所买进的股票包括中国最大的钢铁制造商宝钢股份(Baoshan Iron & Steel Co., Q.BSS)。

瑞士银行中国证券部主管袁淑琴(Nicole Yuen)在北京召开的新闻发布会上披露了上述消息。

袁淑琴称，瑞士银行还下单买入了上港集箱(Shanghai Port Container Co., Q.SHQ)、外运发展(Sinotrans Air Transportation Development, Q.SAD)和中兴通讯(ZTE Corp., Q.ZTX)。

瑞士银行本次是依据合格境外机构投资者机制(QFII)买进了中国市场上的A股股票，该机制旨在进一步对境外投资者开放中国的金融市场。 袁淑琴拒绝披露上述4笔交易的总金额。她称，金额多少并不重要，但被选中的这4只股票可以反映出瑞士银行的A股投资策略。

瑞士银行买入的4只股票中有3只周三早盘小幅上涨，但下单的消息并未对这些股票的价格产生直接影响。一位分析师称，一般来说，消息渗透到中国股市需要一定时间，预计更多影响将在周四交易中得以显现。

瑞银集团亚洲证券部主管贺隆(John Holland)称，"这只是一个开始，客户的反应比我们预期热烈。"

贺隆称，有兴趣投资的客户包括来自世界各地不同类型的机构投资者。

袁淑琴补充说，鉴于中国经济发展的巨大潜力，同时随著中国内地证券市场的开放及市场资讯的日益普及，瑞士银行预计境外机构投资者投资中国证券市场的意愿将会大大增加。

瑞士银行不仅是第一家获得QFII资格的境外投资者，而且也于上月首家获批3亿美元的投资额度。

UBS makes first stock trades under China's QFII scheme - UPDATE

UBS AG made its first stock purchases under China's qualified foreign institutional investor (QFII) scheme, formally inaugurating a program that allows foreigners into the A share market that once had been reserved for domestic investors.

Officials of the investment house said they bought local currency A shares in telecommunications firm ZTE (SZ 000063), port operator Shanghai Port (SH 600018), transport firm Sinotrans Air (SH 600270) and major steelmaker Baoshan Iron and Steel (SH 600019).

""It is a major milestone in the opening up of China's financial markets, "" UBS Asia chairman Rodney Ward told reporters.

John Holland, head of Asia equities at the investment house, said the four firms had been chosen due to their market value and their total trading volume.

""Further trades will be based on the level of corporate governance and transparency [within a firm], and whether they use overseas accounting standards,"" he said.

UBS officials declined to give further details of the purchases.

The investment house will be allowed to invest in China's closed and open-end funds as well as subscribe to additional shares, rights shares, initial public offerings and convertible bonds.

UBS officials said the company would purchase treasury bonds or convertible bonds for clients after ""appropriate"" research had been done.

Holland said overseas investors are trying to get ""as much information on Chinese companies as possible, but first a lot of equity research [on Chinese firms] needs to be done"".

The shares bought by UBS ended the morning session mixed, with ZTE up 0. 17 yuan at 18.25 and Shanghai Port edging up 0.05 yuan to 12.73. But Sinotrans Air fell 0.13 yuan to 20.45 and Baoshan Iron and Steel lost 0.01 yuan to end at 5.23.

China's State Administration of Foreign Exchange approved a 300 mln usd investment quota for UBS under the QFII scheme in early June, which aims to allow foreign funds into the country's 500 bln usd stock market.

QFII was launched by the Chinese government last November to allow foreign investors controlled access to the country's ailing A share market and help push forward reforms.

The scheme allows foreign investors to hold up to 10 pct of the A shares in any one listed company, while the total foreign shareholding in any one company should not exceed 20 pct.

(1 usd = 8.3 yuan)
首家QFII瑞银今入场买卖A股(更新)

瑞士银行称，已发出中国QFII（合格境外机构投资者）股票投资第一单。

瑞银亚洲董事长Rodney Ward向新闻界透露，瑞银今日下单意味着市场期待已久的QFII正式进入中国A股市场。


瑞银有关管理人士称，他们已经买入中兴通讯、上港集箱、外运发展和宝钢的股票。但未透露数量和价格等具体细节。


瑞银亚洲证券投资主管John Holland表示，选择以上4家公司是基于他们的股票市值和成交量考量。以后瑞银将根据上市公司的法人治理结构、信息透明度和是否采用国际会计准则作出投资决定。


QIFF将准许境外投资者投资中国A股市场、封闭和开放式基金、可转债；参与申购股票增发、配股和首发新股等。


瑞银称，在作出"恰当的"研究后，将替客户投资国债或公司可转债。

　

China Shares End Dn; Limited Impact From First QFII Trade

China's shares ended weaker Wednesday despite news that Swiss investment bank UBS AG made its first trade as a qualified foreign institutional investor.

The QFII scheme allows foreign institutional investors to trade yuan-denominated A shares directly for the first time, a major step for China in opening its financial markets.

The overall market remained focused on concerns about some firms' potentially bad first-half earnings, analysts said.

Qian Qimin, an analyst at Guotai Junan Securities in Shanghai, said the positive impact on share prices from the first QFII trade could be bigger Thursday as the news filters through the market.

Some analysts said as the investments have long been expected, the news may have only a limited effect.

The Shanghai Composite Index, which tracks A and B shares, ended 0.6% lower at 1503.31. The smaller-capitalized Shenzhen Composite Index also fell 0.6% to settle at 411.10.

Three of the four stocks bought by UBS on behalf of its clients closed higher.

Shanghai Baoshan Iron and Steel's A shares rose 1.0% to 5.29 yuan ($1=CNY8.28), telecom equipment maker ZTE's A shares rose 2.1% to CNY18.46, and Shanghai Port Container's A shares advanced 1.2% to CNY12.83.

However, the fourth stock UBS bought, Sinotrans Air Transportation, fell 0.2% to CNY20.55.

"The announcement will only have a limited impact on these shares because the amount bought by UBS isn't big enough to move such large-cap shares," said Shao Qiutao, an analyst at Guoxin Securities in Shenzhen.

UBS didn't disclose how much it invested or at what price it bought the shares.

Auto makers fell on continued short-term profit taking after many of these stocks posted gains Monday after Chongqing Changan Automobile said it expected its first-half profit to more than quadruple on year.

Shanghai Automotive's A shares fell 1.6% to CNY12.65. Tianjin Faw Xiali Automobile's A shares lost 3.2% to CNY10.11. Dongfeng Automobile's A shares declined 0.7% to CNY12.85, and Shenyang Jinbei Automotive's A shares shed 2.4% to CNY7.47.

However, Changan's A shares continued their climb, adding 1% to CNY18.15, while its B shares rose 2.2% to HK$7.46.

Media stocks also bucked the weakness in the broad market, extending gains on hopes their business could benefit from the launch of pay-per-view services. Local newspapers reported Tuesday that such services could start in the second-half of this year.

CTV Intermediary's A shares rose 1.6% to CNY10.46, after jumping 8.7% Tuesday, and Hunan TV & Broadcast Intermediary's A shares advanced 0.6% to CNY13.76 after a 5% gain Tuesday.

In Shanghai's A-share market, trading volume declined to CNY4.7 billion from CNY5.4 billion, and in Shenzhen's A-share market, it fell to CNY2.9 billion from CNY3.5 billion.

In the Shanghai B-share market, volume fell to $2.5 million from $4.8 million, while in the Shenzhen B-share market, it dwindled to HK$144.8 million from HK$154.0 million.

A & B Share Indexes

Wednesday Previous Change(Pts)

Shanghai Exchange A Shr 1574.36 1583.49 -9.13

Shanghai Exchange B Shr 112.00 112.57 -0.57

Shenzhen Exchange A Shr 432.00 434.67 -2.67

Shenzhen Exchange B Shr 221.68 221.68 0.00
QFII的首次交易未能提振中国股市

中国股市周三走低，尽管有消息称瑞士投资银行瑞士银行(UBS AG, Z.UBS)作为合格境外投资者(QFII)在中国股市完成了首笔交易。

分析师表示，对一些企业今年上半年收益可能欠佳的担忧依然是市场关注的焦点。

上证综合指数收盘下跌0.6%，至1503.31点。深圳综合指数也下跌了0.6%，至411.10点。

QFII制度首次使外国机构投资者能够直接进入中国股市买卖以人民币计价的A股，这是中国开放金融市场的重要一步。

国泰君安(Guotai Junan Securities)驻上海分析师钱启敏表示，随著消息在市场的逐渐传播，QFII首次交易给股价所带来正面影响在周四可能会有所放大。 一些分析师表示，由于这些投资早在人们的预期之中，所以这条消息的影响有限。

瑞士银行(UBS)代其客户买入的四只股票中有三只收盘上扬。

宝钢股份(Baoshan Iron & Steel)的A股上涨1.0%，至人民币5.29元（1美元=人民币8.28元）；电信设备制造商中兴通讯(ZTE)的A股上扬2.1%，至18.46元；上港集箱(Shanghai Port Container)的A股上涨1.2%，至12.83元。

但瑞士银行所购买的第四只股票--外运发展(Sinotrans Air Transportation Development)收盘下跌了0.2%，至20.55元。

国信证券(Guoxin Securities)驻深圳的分析师邵秋涛表示，公布的消息对这些股票所产生的影响有限，因为瑞士银行所购买的数量不足以推动这些大盘股。

瑞士银行并没有透露其投资的具体金额以及购买股票的具体价位。

汽车类股收盘走低，受持续的短期获利卖盘的打压。周一长安汽车(Chongqing Changan Automobile)预期上半财年收益将是上年同期的4倍，受此消息推动，多数汽车类股上扬。

上海汽车(Shanghai Automotive)A股跌1.6%至人民币12.65元。ST夏利(Tianjin Faw Xiali Automobile)A股跌3.2%至人民币10.11元。东风汽车(Dongfeng Automobile)A股跌0.7%至人民币12.85元，金杯汽车(Shenyang Jinbei Automotive)A股跌2.4%至人民币7.47元。但长安汽车(Chongqing Changan Automobile)仍维持升势，A股涨1%至人民币18.15元，B股涨2.2%至人民币7.46港元。

传媒类股逆市上扬，有关传媒公司可能在推出付费电视业务后获利的消息使得传媒类股升势得以延续。当地报纸周二报导称，上述业务将在今年下半年推出。

中视传媒(CTV Intermediary Co.)A股涨1.6%至人民币10.46元，周二该股上涨8.7%。电广传媒(Hunan TV & Broadcast Intermediary Co.)A股涨0.6%至人民币13.76元，周二该股上涨5%。

沪市A股的成交金额从由周二的人民币54亿元跌至47亿元，深市A股的成交金额由人民币35亿元跌至29亿元。

沪市B股的成交金额从周二的480万美元跌至250万美元，深市B股的成交金额由1.54亿港元跌至1.448亿港元。

瑞士银行率先驰骋中国A股市场

UBS Makes History in China With Execution of Trade

Swiss financial group UBS AG on Wednesday became the first foreign company to execute a share trade denominated in Chinese currency, a transaction that marks the opening of China's previously off-limits A-share market.

The yuan-denominated shares of Baoshan Iron & Steel Co., Shanghai Port Container Co., Sinotrans Air Transportation Development Co. and ZTE Corp. were the first to be traded under China's new Qualified Foreign Institutional Investor, or QFII , scheme. UBS didn't disclose the size or value of the transactions, and the trades had no immediate impact on individual share movements.

"It's fabulous to be leaning on the door that is now opening," UBS Head of Asian Equities John Holland said in an interview.

The opening is a limited one. Under the QFII program, only major foreign investment houses, pension funds and fund managers can qualify as investors and even then the amount of capital they can bring into the market is capped at $800 million. To keep a tight rein on hot money leaving China and prompting a financial crisis, the QFII scheme also requires funds to be held onshore for at least one year before being repatriated.

China's stocks aren't all that enticing, either. Shares are considered overvalued, compared with other markets. Transparency, liquidity and corporate governance are expected to remain problems for years to come.

Yet China's ballyhooed $520 billion equities market still fascinates foreign investors, who until now had been locked out of the Chinese-currency shares by the country's capital controls. Since China's stock markets opened in the early 1990s, foreign investors have been relegated to thinly traded B shares in Shanghai and Shenzhen.

UBS became the first institutional investor to qualify for the scheme when it was approved on May 26 by the market regulator, the China Securities Regulatory Commission. Within two weeks, China's State Administration of Foreign Exchange also approved a $300 million ceiling on foreign capital that UBS could channel into the A-share equity and bond markets. Wall Street investment bank Goldman Sachs this week became the fifth institution approved by regulators, following UBS, Nomura Securities Co., a unit of Japan's largest securities and investment-banking-service group, Nomura Holdings Co., Citigroup Inc.'s Citigroup Global Markets Ltd. and Morgan Stanley.

Despite the widespread interest in the more than 1,200 listed companies on China's Shanghai and Shenzhen exchanges, a $300 million upper limit on capital inflows won't be tested immediately, according to UBS's chief of China equities, Nicole S. Yuen. "We applied for that limit to make sure there's enough room to accommodate all the interest that we will potentially receive," she said.
瑞士银行率先驰骋中国A股市场

瑞士银行(UBS AG, UBS)周三执行了首批4笔以人民币计价的股票交易，此举极具象徵意义，它标志著原来禁止外资进入的中国A股市场最终对外开放。

市场对此的直接反应并不明显。然而，这一标志性交易所代表的是一场翻天覆地的改革，这场改革给市场带来的影响可能要在多年后才能显现。

宝钢股份(Baoshan Iron & Steel Co. Ltd., Q.BSS)、上港集箱(Shanghai Port Container Co. Ltd., Q.SHQ)、外运发展(Sinotrans Air Transportation Development Co. Ltd.)和中兴通讯股份有限公司(ZTE Corp., Q.ZTX, 简称：中兴通讯)成为了在新设立的合格境外机构投资者机制(QFII)下首批交易的A股股票。

在瑞士银行驻北京的经纪人执行上述交易前，参加首次交易正式仪式的瑞士银行中国股票业务负责人袁淑琴(Nicole S. Yuen)数次试图打电话给该经纪人，一度使仪式上的气氛紧张起来。

虽然瑞士银行未公布交易规模或总金额，首批在QFII机制下进行的股票的交易价格分别为：宝钢股份人民币4.245元(1美元=人民币8.28元)，上港集箱人民币12.65元，外运发展人民币20.58元，中兴通讯人民币18.11元。

上述交易未对这些股票的走势产生直接影响。

与其他市场的类似股票相比，上述首批交易的股票的估价可能偏高，而且这些公司的透明度、流动性和公司治理可能都有欠缺。然而，市值高达5,200亿美元的中国股市仍令外国投资者疑迷，在此之前，由于中国政府对资本的控制，外国投资者一直被挡在A股市场门外，而A股市场才是中国主要的证券市场。

瑞士银行亚洲股票负责人John Holland告诉道琼斯通讯社(Dow Jones Newswires)说，难以想象，曾经紧闭的大门如今敞开了。

Holland参与过韩国、台湾和印度的市场开放机制的建立，他表示，与其他国家一样，中国在开放资本项目方面面临著类似的挑战。

Holland表示，从许多方面看，中国的QFII机制更加开放，但目前还处于开放过程的初期阶段，瑞士银行期望中国在未来会实行进一步的开放措施。

根据QFII机制，只有主要外国投资公司、养老金和基金管理公司才具备投资者的资格，尽管如此，投资中国A股市场的上限仍被限定在8亿美元内。

为了严格控制热钱(即国际间为追逐利差而不停流动的短期资金)流出中国并引发金融危机，QFII机制同时要求，资金在汇出前应至少在中国保留一年。

瑞士银行于5月26日获得中国证券监督管理委员会(China Securities Regulatory Commission)批准，成为第一家合格的境外机构投资者。

国家外汇管理局(State Administration of Foreign Exchange)也随即在两周内批准了3亿美元这一瑞士银行可以投入中国A股市场和债券市场的资金上限。

瑞士银行亚洲(UBS Asia)董事长Rodney Ward赞扬称，公司将为此进行的为期3年的准备工作放在首位，正是这些工作确保了该公司成为首批提交QFII资格申请的公司之一。

华尔街投资银行高盛(Goldman Sachs, GS)本周成为第五家获得监管机构批准的境外机构投资者，前4家是瑞士银行、野村证券(Nomura Securities Co.)、Citigroup Global Markets Ltd.和摩根士丹利(Morgan Stanley, MWD)。

瑞士银行的袁淑琴说，尽管对上海和深圳证券交易所上市的1,200多家公司有著广泛的兴趣，瑞士银行目前还不会将3亿美元的资本全部投入A股市场。

袁淑琴说，瑞士银行申请这一上限是为了确保有足够的空间来满足投资者所有潜在的兴趣。

她说，现在仍属早期，还需要一段时间才能断定是否需要动用全部投资资金，但公司已经注意到投资者对（中国股市）有著很大兴趣。

袁淑琴表示，由于外国投资者强烈要求获得更多有关A股公司的信息，瑞士银行将股票研究跟踪范围扩大至30-40家公司，并计划明年再增加50家公司。

她说，这就如同打开大坝的闸门，一旦闸门被打开，就会有更多的信息流出，而更多的信息将促使投资者对这一市场产生更大的兴趣。