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Source: financial Investment News
Reporter Liu Qinghua
Fund investment horizon
After a month of gains, Hong Kong stocks have made a comeback in recent days. The Hang Seng Index has been negative for three times since May 21, while the Hang Seng Index has risen nearly 20% in the previous month or so, significantly outperforming the A-share Shanghai Composite Index in the same period. The net value of funds invested in Hong Kong stocks fluctuated accordingly.
It is worth mentioning that during the previous period when Hong Kong stocks rose sharply, funds were obviously reducing their holdings of ETF related to Hong Kong stocks.
Hang Seng Internet ETF (513330)Hiveblockchaingames.sh) trend chart
The volatility of Hong Kong stock market increases
After the Spring Festival, the A-share market launched a relatively obvious rebound, but the performance of Hong Kong stocks is relatively weak. It was not until April 19, when the Hang Seng Index hit a phased low, that Hong Kong stocks finally ushered in a unilateral rally, with the Hang Seng Index hitting a new high on May 20.
Data show that from April 19 to May 20, the Hang Seng Index rose 19.84%, and the Hang Seng Technology Index rose more than 23%, while the A-share Shanghai Composite Index and the CSI 300 Index both rose by about 3% over the same period. During this period, the turnover of the Hong Kong stock market continued to enlarge.
As the index hit a new high, the volatility of the Hong Kong stock market intensified. On May 21, the Hong Kong stock market opened lower and closed lower. The Hang Seng Index fell 2.1% on the day, and the Hang Seng Index fell 3.7%. By the close of trading on May 23, the Hang Seng Index had shrunk out of three consecutive declines.
With the volatility of the Hong Kong stock market, the net value of Hong Kong equity funds has also fluctuated significantly. Data show that from April 19 to May 20, most of the equity funds with the leading increase in net worth mainly invested in Hong Kong stocks.
For example, the net value of GDF's non-bank financial theme ETF rose 31.3%, making it the highest-growing equity fund in the market. The fund is mainly invested in insurance, diversified finance, securities and other directions in the Hong Kong stock market. Huatai Berry Asia Enterprises, Huatai Berry Hong Kong Stock Connect era opportunity A net value rose by more than 28%, the two funds are also re-allotted Hong Kong stocks.
Since the decline in Hong Kong stocks from May 21 to 22 (as of press time, the net value of the fund has not been updated on the 23rd), the net value of the above three funds has fallen by 2.79%, 2.91% and 2.26%, respectively. In addition, Castrol Hong Kong stocks Internet industry core assets A fell by 4.42%, Huitian Fuguo Securities Hong Kong Stock through Innovation New Drug ETF, Yinhua International Securities Hong Kong Stock Exchange New Drug ETF, Yi Fangda China Securities Hong Kong Stock Exchange Medicine and Health Comprehensive ETF all fell by more than 4%, leading the decline in equity funds.
Reduction of capital holdings in Hong Kong stock ETF
It is worth mentioning that when the Hang Seng Index hit a record high, funds were reducing their holdings of relevant ETF.
According to Wind statistics, during the period when the Hang Seng Index rose nearly 20 per cent from April 19 to May 20, the ETF of Hong Kong stocks rose generally. There were 144Hong Kong stocks named after the words "Hong Kong" and "Hang Seng", of which 89 were all up more than 10 per cent, while 36 of them rose more than 20 per cent, and some ETF rose more than 30 per cent.
However, during this period, there was a net outflow of about $7.3 billion from the above-mentioned Hong Kong stock ETF, and more than half of the Hong Kong stock ETF capital outflow. Among them, the net outflow of Hang Seng Internet ETF (513330.SH), Hang Seng Technology Index ETF (513180.SH) and Hang Seng Technology ETF (513130.SH) was 3.323 billion yuan, 1.962 billion yuan and 1.712 billion yuan respectively. This means that during this period, the funds are sold more vigorously.
Compared with the market circulation share of Hong Kong stock ETF at the beginning of the year, it can be found that when Hong Kong stock market fluctuated from the beginning of the year to April 19, the overall performance of Hong Kong stock ETF market circulation share was stable, while the share of some ETF still increased significantly. But after a period of rising capital while reducing holdings, even if the Hang Seng index is relatively high, a number of Hong Kong ETF shares have shrunk since the beginning of the year.
For example, the circulation share of Hang Seng Internet ETF (513330.SH) was 85.9 billion at the beginning of the year and 86.9 billion on April 19, but it has shrunk to 78.4 billion as of May 20, which is lower than the level at the beginning of the year. Similarly, the share of the Hang Seng Technology Index ETF (513180.SH) fell from 49.4 billion at the beginning of the year to 43 billion on May 20. The Hang Seng Technology Index ETF (513180.SH) rose from 30.8 billion at the beginning of the year to 33.5 billion on April 19, but shrank to 30.2 billion on May 20, below the level at the beginning of the year. On the whole, by May 20, the total turnover share of Hong Kong shares in ETF had decreased by 18.4 billion shares compared with the beginning of the year.
