从2003年上班以来的几乎所有时间，中国证券监督管理委员会主席尚先生，在公共场合没有任何意义上说香港股市。This was despite thousands of handshakes with Hong Kong officials, open support for our market from Premier Wen Jiabao and all the hype that accompanied the mainland enterprises that came here to list. Two weeks ago, Mr Shang had an epiphany. His coolness was transformed into warmth. Meeting the new chairman of our Securities and Futures Commission, Eddy Fong, Mr Shang showered praise on Hong Kong. Let's call his statement the Three Supports. The CSRC supports Hong Kong's status as an international financial centre; the listing of mainland enterprises in Hong Kong; and the usage of domestic and overseas securities markets by mainland companies in pursuing reforms, he said. Hong Kong listings, he added, had brought mainland companies money, to be sure, but most importantly an improvement in corporate governance and competitiveness. He also thanked the Securities and Futures Commission for its support in the implementation of state share reform and for the staff secondment programme that links the two regulators in human terms. Mr Shang's words may sound familiar. Many mainland officials have said similar things. But when the speaker is a famously low-key bureaucrat and his statement is posted on the CSRC website for all to see the day after a private meeting, it means a lot. China's top securities regulator, trained in the mainland, had never been a fan of Hong Kong. He had always seen it as a competitor. A number of reforms seen as likely to aid Hong Kong were held up by his strong opposition. Among them was the introduction of the Qualified Domestic亚博赞助欧冠机构投资计划允许内地人在这里和海外投资。那么为什么这个香港的心脏变化是长期以来的态度？它与一份报告有很多关系，即中国的工商银行向国务院派出了其最近同步香港和上海股份的经验。对于大陆官员习惯于看到香港作为爸爸的懒惰男孩，爸爸们牺牲了一个更加勤奋和有力的兄弟，该报告是一个叫醒的电话。它从银行管理层的第一次会议与基金管理人员到最终定价的股票的最终定价，它对比许多领域的两个市场的方法形成鲜明对比。虽然大陆基金经理主要是股份的价格，但香港同行对银行进行了360度烧烤。没有石头被遗忘。每一个新的一天都会带来了以前从未发生过管理层的相关问题。该过程达到了银行各个方面的重新思考，从其公司治理到其战略。香港市场的更大深度不仅仅是一个专业知识问题，而且也有食欲。 To sell in Shanghai the shares had to be priced lower. The bank had to sacrifice US$$5 billion as a result. Until now mainlanders could explain away the deficiencies of their markets by pointing to the time lag between domestic and overseas listings. Now the simultaneous Hong Kong-Shanghai listing allows for a head-on comparison of the two markets. No more excuses. Yet in China, facing facts is easier when the timing is right. Imagine if Mr Shang had sung his Three Supports hymn of praise while the Shanghai A-Share Index was at 1,500. The criticism from domestic investors and players would have been deafening. The successful reform of state shares and the subsequent stellar performance of the mainland stock markets have given Mr Shang the credit and the confidence he needed to show his generous side to Hong Kong. Mr Fong (pictured with Mr Shang, right) could not have received a better welcoming gift than Mr Shang's pledge of support. Ever since his appointment last month, people had questioned whether he enjoyed sufficient credibility in Beijing. Yet an insider said: Mr Fong is a Chinese and Mr Shang has not met a Mandarin-speaking Chinese counterpart from Hong Kong for many years. He knows the stock market. He is humble and sincere in building relationships with the CSRC, not with the officials above it. With hard work, good timing and the right person, Hong Kong has finally broken the ice with the top securities regulator in the north. For the sake of Hong Kong's future dealings with mainland officials, this is a very illuminating experience. Copyright (c) 2006. South China Morning Post Publishers Ltd. All rights reserved.华南早报
2006年12月9日星期六
20061209.
