Why is there such a big price gap between A shares and H shares of airlines? 10

There is no need to deliberately compare the two markets, the A-share closed-end type and the H-share open-ended type.

First of all, the reason why the A-H premium can exist without eliminating the profit is because of market segmentation. In other words, the A shares bought cannot be sold in Hong Kong. Moreover, there is an inherent flaw in the financial asset of ** that it is difficult to carry out risk-free arbitrage like derivatives (see put-call parity).

Logically, market fragmentation leads to this arbitrage difficulty. This leads to the fact that the same**even if it is very different, it will not necessarily close. (This can be compared to adding a dam in the middle of a pool).

Once the market segmentation is acknowledged, it is possible to talk about why it is different. (It can be compared to why the water level is different). According to traditional financial theory, the value of ** should be equal to the present value of the investor's expected future cash flows discounted at a reasonable risk-adjusted discount rate.

If the market is efficient, then the value is determined. If we use the perpetual growth model (GGM) to analyze, that is, p=v=e(cf) r-g, then **of** will be determined by the following factors: 1) Investors' expectations for future cash flows.

2) Different discount rates. Therefore, it can be said that the difference in A-H stock prices may be due to the different expectations of investors for future cash flows. For example, investors in A-shares are more optimistic.

The dividends of A shares and H shares are the same, but acknowledging that the dividends are the same is not logically the same as that both are expected to be the same).

To put it simply, this is due to the different investment environments in Hong Kong and the mainland.

1.For example, PetroChina's H-shares are listed in Hong Kong for 21 billion yuan, and in mainland China, it is 3 billion yuan (excluding the uncirculated part). )

2.Compared with the Mainland, Hong Kong has a more diversified investment environment. Generally speaking, the channels that can be invested in the mainland, in addition to the first is the property market, the foreign exchange market and the gold market have not yet formed a certain climate.

3.The qualifications for listing on the mainland are a scarce resource (somewhat tinged with ** color), while the Hong Kong listing requirements are much more relaxed.

4.Due to foreign exchange control, the mainland is a semi-closed market, and Hong Kong is completely open, so the price comparison is more in line with international standards, such as Warren Buffett's PetroChina, which is that PetroChina has no investment value compared to oil companies such as Shell, and the mainland, PetroChina is one, there is no comparison.

Hello, the price of ** will be determined by the following factors: 1) the investor's expectation of cash flow on another day. 2) Discount rates for exceptions.

Therefore, it can be said that the price of A-H varies or originates from the different cash flow expectations of investors towards the entire day. For example, investors in A-shares are more smiling.

There is a big difference between domestic and foreign valuations, so stock prices vary greatly. Hardly surprising.

Why is there such a big difference between A-shares and H-shares?

Hello, 1. The system of the two places is different. A share reform, B shares and H shares shareholders did not give shares; A shares are tradable and H shares are fully tradable. 2. The interest rates of the two places are different, that is, the opportunity cost of investors is different.

Hong Kong has almost zero interest rates, the discount rate is affected, and the mainland's cost of funds is high, although the monetary easing is now, the daily call rate is also 1-2%.

First of all, the leading force of the A** market is domestic funds, and the pricing power of Hong Kong stocks is in the hands of foreign capital, which is relatively not enough to understand domestic enterprises, and at the same time, the risk appetite and valuation methods of foreign capital are different from those in China, resulting in different valuations for the same enterprises.

The second is the impact of dividend tax, there is not much tax on long-term dividends held in A shares, but the tax rate of Hong Kong stocks is much higher: if you use the mainland funds of Shanghai-Hong Kong Stock Connect, you have to pay 20% dividend tax, and if you open an account directly with a Hong Kong brokerage, then you also have to pay a dividend tax of 10, on the contrary, in A shares, investors who hold it for more than one year are exempt.

The third point is the exchange rate, in the long run, the RMB has appreciation pressure, and the Hong Kong dollar is anchored to the US dollar, if the RMB appreciates, then the difference in stock prices will be reduced.

The last point is the problem of liquidity, those who have traded Hong Kong stocks know that the same **, the turnover of A shares is very large, the liquidity is very good, many small tickets in Hong Kong stocks may have a turnover of hundreds of thousands a day, which is unimaginable in A shares, higher trading volume will support higher **, this is the so-called liquidity premium. The difference between A-shares and Hong Kong stocks is also the difference that leads to the investment results of shareholders. First, the trading mechanism of A-shares.

A shares, using the T+1 trading system, that is, after the **** of the day, need to be sold on the second trading day. If it is on Friday, then it can only be sold on the following Monday.

Trading mechanism of Hong Kong stocks.

Hong Kong stocks, using the T+0 trading system, after ****, you can sell ** immediately, and you can buy and sell ** at any time on the same day.

Third, the difference between A-shares and Hong Kong stocks.

1. The difference between the trading system.

The biggest difference, for stockholders, is a different trading system, as mentioned above. The difference in the trading system makes A-share shareholders very envious of the T+0 trading system of Hong Kong stocks, but A-share shareholders are very afraid and worried about the trading system of Hong Kong stocks without a daily limit.

T+0, so that shareholders can buy and sell at any time, there is no system of price limit, so that shareholders feel that there is no bottom in their hearts, and they don't know what the range of stock prices is **and**.

2. Different investment philosophies.

A-shares are dominated by **, and about 80% of the participants are **, so A-shares are speculative concepts, and frequent trading leads to great fluctuations.

Hong Kong stocks are dominated by institutions, and institutions are long-term investment concepts, so the overall trend of Hong Kong stocks is relatively stable.

3. Internationalization is different.

A-shares belong to the ** that is not fully internationalized, Hong Kong stocks are the number of shares with full internationalization, A-shares are mainly domestic investors, and Hong Kong stocks are overseas investors.

That is, A-shares have a premium to Hong Kong stocks.

This is very common.

There has always been a price difference in AH shares, and the price-earnings ratio of Hong Kong stocks is itself low

Because the valuation of H-shares is relatively low in the global market, from the perspective of price spread, the safety cushion of H-shares will be thicker.

The overall valuation will be lower.

This is a premium chart for A-shares and H-shares.

caused by the different investment environments in Hong Kong and the mainland.

The A shares and H shares of these companies are the same shares and the same rights, but the places where they are listed are different, and the prices they sell are also different, and I don't know who is the smart person.

First, the Hong Kong market is mature and the investment component is relatively large, while the domestic market is relatively less mature and full of investment.

Second, the issue of the price-earnings ratio, the Hong Kong ** earnings ratio is much lower than that of the mainland, because the mainland's general price-earnings ratio is too high, so it is imperative to launch a Hong Kong stock through train, or speed up the listing of large companies.

3. Investor psychology and market maker operation. Because PetroChina Asia is the first profitable, and many companies with poor performance in China are also good, not to mention PetroChina, so the stock price has gone up. The dealer operation may be the bigger reason.

Because the people of the mainland are richer than the people of Hong Kong, the same shares are cheaper for the people of Hong Kong and the people of the mainland, a harmonious society.

Why is there such a big difference between A-shares and H-shares?

The reason why there is a lot of difference, on the one hand, is that Hong Kong has been developing for a longer time than the mainland, and the Hong Kong market itself is a free market, and international funds can enter and exit freely, so it reflects the value more; On the other hand, mainland A-shares are relatively valued at a relatively high level due to their relatively short time, limited degree of openness, greater macroeconomic regulation and control by the state, and the improvement of their own systems. In general, with the passage of time and the continuous progress of the market and regulations, the stock prices of the two places will tend to converge.

A shares are renminbi listed on the Shanghai and Shenzhen stock exchanges.

H-shares are RMB** listed in Hong Kong.

Hong Kong's ** has been developed for a longer period of time than the mainland, so its value is much higher.

The two ** votes are not the same thing, look at F10 and you will be clear, China Unicom's share capital is only A shares and does not include H shares. The China Unicom H-shares you are talking about do not exist. H-shares refer to companies that are registered in China but are listed on the Hong Kong Stock Exchange**.

China Unicom (full name China United Communications Co., Ltd.****), registered on the 40th floor of Jin Mao Tower, No. 88 Century Avenue, Shanghai; China Unicom (full name China Unicom Co., Ltd.****), registered at 75th Floor, Central Center, 99 Queen's Road Central, Central, Hong Kong. The latter is popularly known as a red-chip company in the ** market. China Unicom **** and domestic public shareholders respectively hold the equity of China Unicom (and; China Unicom (and China United Communications **** hold the equity of China Unicom (BVI)**** and China Unicom respectively; China Unicom (BVI)**** and foreign public shareholders respectively hold the equity of China Unicom (and.

Therefore, China Unicom (is a grandson company of China Unicom. China Unicom (** face value yuan; China Unicom (** face value yuan; Hong Kong Unicom share price China Unicom share price.

A shares: most of them are speculation**, **one liter, hundreds of people follow, and it doesn't matter whether this ** makes money or not.

Valuation: The P/E ratio of A-shares is generally valued at 20-30

Supply and demand: Less than demand. So many people in the mainland go to chase **, and **** will be high at once.

H shares: A large part of the investment is to buy stocks. **As soon as the intrinsic value is higher, there will be people who are short**, so that ** always hovers within what the market thinks is reasonable. **As soon as it falls, people in fundamental analysis are waiting for an opportunity to buy.

Valuation: The price-to-earnings ratio of H-shares is generally valued at 15-20

Supply and demand: Oversupply. There are few people in Hong Kong, and there are fewer people to seek after.

Law: The law is sound, insider ** is illegal, and relatively few people insider ** to raise the stock price.

Another factor is that some companies are listed on the mainland, Hong Kong and overseas at the same time. Like Huaneng (mainland, Hong Kong and the United States) and Datang (mainland, Hong Kong and the United Kingdom). At this time, Hong Kong's H-shares** only follow those of the United States or the United Kingdom**.

At present, Huaneng's stock price in the United States and Hong Kong is about Hong Kong dollars, but A-shares are in RMB. Datang's share price in the UK and Hong Kong is in Hong Kong dollars, while A-shares are in RMB.

The above is just a personal opinion.

The valuation level of A shares and H shares is not the same, and the Hong Kong DE interest rate level now seems to be higher than that in China, so a company's valuation in China is 15%-50% higher than that of Hong Kong is basically reasonable.