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1993年7月16日,青岛啤酒在香港上市,拉开了H股的序幕。10年后,还是青岛啤酒,成为首只H股价格超过A股的公司。 H股市场的最初构思始于90年代,由香港联交所、证监会和内地的体改委、国资局共同设计,出发点是帮助一部分内地国营企业利用香港证券市场筹资,香港的上市规则为此增加一章。一路走来,H股有跌有涨,经历了市场的种种苦与甜。 2003年,H股开始发飚。从2002年底的1990点,升至2003年底的5020点,大涨152.3%,同期的恒生指数上涨幅度是34.9%。就在2003年,有18家内地企业选择了H股市场,其中包括中外运、中国财险、中国人寿等国内知名企业,总筹资额高达463.94亿港元,第一次如此接近A股市场的同年融资额。 H股对比屡创新低的国内A股,冰火两重天。但市场变化莫测,谁又能知道H股的火热会持续多久?A股是否因此也受冲击?
July 16, 1993, Tsingtao Brewery listed in Hong Kong, opened the prelude to H shares. 10 years later, or Tsingtao Brewery, becoming the first H-share price more than A shares of the company. The original concept of the H-share market started in the 1990s. It was jointly designed by the Hong Kong Stock Exchange, the Securities and Futures Commission, the Mainland’s Restructuring Commission and the State-owned Assets Supervision and Administration Bureau. The starting point was to help some state-owned enterprises in the Mainland to make use of the securities market in Hong Kong. Add a chapter. Along the way, H-shares are up and down, experiencing the bitter and sweet markets. In 2003, H shares began to Biao. From 1990 at the end of 2002 to 5020 at the end of 2003, it rose 152.3% over the same period of the Hang Seng Index rose 34.9%. In 2003, 18 mainland-based H-share markets were selected by the mainland enterprises, including Sinotrans, China Life Insurance and China Life Insurance. The total raised funds reached as high as HK $ 46.394 billion. For the first time, it was so close to that of the A-share market in the same year amount. H-shares compared to record low domestic A shares, 冰火两重天. However, unpredictable changes in the market, who can know how hot the H shares will last? A shares are also affected by the impact?