The difference between the prices of A shares and H shares

The main reason for this problem is that different markets and different participants, because the A** field is relatively closed compared to the H** field, it is difficult for the people inside to get out, and it is difficult for the people outside to come in, so the so-called "** discrimination" in economics has been formed, and the price difference of AH shares has been formed. The more funds and accounts involved in H-shares and the internationalization make them closer to the international valuation level, while A-shares are relatively independent.

For example, some brand-name clothes are often sold at a discount in big cities, but they are basically not discounted in small cities, that is, because of the fierce competition in big cities, multi-party games, and they have to improve their competitiveness, which has a certain similarity with the price difference of AH shares.

This is mainly due to the reasons of different markets, theoretically speaking, the two should be the same, if they are not the same, arbitrageurs will intervene, but now the problem is that the ** investors in the A** field cannot invest in Hong Kong stocks, and the investors in Hong Kong are also difficult to enter the A** market, which has caused the A** field to be relatively closed. If the CSRC opens the Hong Kong stock through train, the stock prices on both sides should tend to be the same, and now the CSRC considers that if the Hong Kong stock through train is opened, a large amount of funds in the A** field will flow to the H** field, resulting in the ** of A shares, so the CSRC will not open the Hong Kong stock through train for the time being for the sake of maintaining the A** market. . .

To put it simply, the main reason is that A-shares are bought by mainland people, H-shares are international stocks, and mainland people can't buy them.

The problem of confidence in the a** market is not a problem of stock price difference!

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

The differences between A shares and H shares are as follows:

1. The listing place is different.

A shares are issued by a company registered in China and listed in China. H-shares, also known as state-owned enterprise shares, are registered in the mainland but listed in Hong Kong.

2. The denomination currency of the two is different.

A shares are traded in RMB, while H shares are traded in Hong Kong dollars.

3. Investors are different.

A shares are ordinary shares that can be purchased and traded by domestic institutions, organizations or individuals (from April 1, 2013, residents of China, Hong Kong, Macao and Taiwan can open A-share accounts) to subscribe for potatoes and trade in RMB**; Only institutional investors can invest in H-shares in Chinese mainland, and individual investors in mainland China cannot directly invest in H-shares at present.

4. Different types.

A shares are not physical**, with paperless electronic bookkeeping, the implementation of the "T+1" delivery system, with a limit of 10%; H shares are physical**, and the "T+0" delivery system is implemented, with no limit on the rise and fall.

The differences between A shares and H shares are as follows:

1. The listing place is different.

A shares are issued by companies registered in China and listed in China; H-shares, also known as state-owned enterprise shares, are registered in the mainland but listed in Hong Kong.

2. The denomination currency of the two is different.

A shares are traded in RMB, while H shares are traded in Hong Kong dollars.

3. Investors are different.

A shares are ordinary shares that can be subscribed and traded in RMB by domestic institutions, organizations or individuals (with effect from 1 April 2013, residents of China, Hong Kong, Macao and Taiwan can open A share accounts); Only institutional investors can invest in H-shares in Chinese mainland, and individual investors in mainland China cannot directly invest in H-shares at present.

4. Different types.

A shares are not physical**, with paperless electronic bookkeeping, the implementation of the "T+1" delivery system, with a limit on the rise and fall (10%); H shares are physical**, and the "T+0" delivery system is implemented, with no limit on the rise and fall.

The difference between A shares and H shares is that the characteristics are different.

1. A shares are only allowed to be issued in China.

Ordinary shares subscribed by investors in RMB.

2. A shares account for the largest proportion of the outstanding shares issued by the company, and they are also the most liquid, but the A shares of most companies are not the most issued by the company.

3. A-shares are considered to be a kind of ** that only focuses on profit distribution rights and does not pay attention to management rights.

4. H shares can be operated only by opening a Hong Kong ** account through a Hong Kong brokerage company in the Mainland.

5. At present, it is not possible to directly do H shares in domestic brokerage companies, and they generally open accounts through Hong Kong brokerage companies, so these brokerage companies will transfer in and out of funds.

The difference between A shares and H shares is that the trading methods are different.

1. A shares are not physical **, with paperless electronic bookkeeping, the implementation of T+1 delivery system, with a limit on the rise and fall (10%), and the participating investors are institutions or individuals in Chinese mainland.

2. H shares are subject to the T+0 delivery system, which can be sold on the same day, and there is no limit on the rise and fall. Institutional investors in China can invest in H-shares, while individuals in mainland China cannot directly invest in H-shares at present.

First, the difference between A shares, B shares, and H shares:

The official name of A shares is RMB ordinary**. It is an ordinary** issued by a domestic company for domestic institutions, organizations, or individuals (excluding Taiwan, Hong Kong and Macao investors) to subscribe and trade in RMB.

The official name of the B share is RMB Special**. It is subscribed and traded in foreign currency with the face value of RMB marked, and listed and traded on the domestic (Shanghai, Shenzhen)** exchange. Investors are limited to:

Foreign natural persons, legal persons and other organizations, natural persons, legal persons and other organizations in Hong Kong, Macao and Taiwan, Chinese citizens residing abroad, and other investors as stipulated by the China Securities Regulatory Commission. The place of registration and listing of a B-share company is in China, but the investor is overseas or in Hong Kong, Macao and Taiwan.

H shares are foreign shares registered in the Mainland and listed in Hong Kong. The English word for Hong Kong is Hong Kong, and foreign shares listed in Hong Kong are called H shares.

China Unicom's share capital is only A shares and does not include H shares. China Unicom's H-shares 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.

Because the 2** vote is not a company at all, first of all, it is not H shares at all, Hong Kong is listed in a red-chip way, the company's major shareholder is called Unicom BVI Company, BVI company holds 100 million shares of red chips, and BVI company's shares are A-share companies, the two companies are actually the relationship between Sun Company and Grandpa Company, and it is not surprising that there is a big difference in nature.

Answer: A shares are listed and traded on the Shanghai Stock Exchange (T+1 trading) and H shares are listed and traded in Hong Kong (T+0 trading).

A shares refer to the ordinary shares of RMB, which are the A-share accounts that can be opened by institutions, individuals and organizations in Hong Kong, Macao and Taiwan in China, and are the most common ordinary shares traded in RMB**, and this **is not physical**, it is used electronically for bookkeeping, and has a T+1 delivery system.

H shares are registered in the mainland, and the listing place is foreign shares in Hong Kong, and it is precisely because of this that this type of ** will take Hongkong's H, called H shares, and it is a kind of physical **, the implementation of the system is also different from A shares, is a T+0 system, but this H shares in the mainland can not be purchased by individuals, while institutions can, with certain limitations.

Further Information: Why Are A Shares Always More Expensive Than H Shares?

The stock listing is an approval system, the review is strict, and it is obvious that there are more monks and less porridge, and a large number of companies outside are waiting to be listed. Companies that have been listed have "shell value" in themselves, so they are more expensive.

Shares are traded in Hong Kong dollars and A shares are traded in RMB. Although there is a price difference between AH shares, the funds need to be converted into currencies to invest between the two places, and there is a risk of foreign exchange spreads and exchange rate fluctuations.

3.Hong Kong stocks have a short-selling mechanism, and negative news will be quickly reflected in the stock price. The short selling of A-shares is more restricted.

4.Hong Kong stocks are dominated by institutional investors, who value long-term value more, and will have a higher valuation for industry leaders and blue-chip stocks.

First of all, A-shares refer to those listed in Shenzhen or Shanghai, while H-shares are listed in the Hong Kong market. In addition to the difference in the main body of the listed market, there are also some major differences between the two:

1. The denominated currencies of the two are different, A shares are RMB, H shares are Hong Kong dollars, and the direct exchange rate of the currency itself is different and fluctuating;

2. The first structure of issuance in two different markets is different, the financing scale is also different, H shares are more international than the A** market, and the listing requirements of the same company and the issuance scale in the two markets are also different, for example, the total share capital of China Merchants Bank is 100 million shares, of which A shares are 100 million shares, and H shares are 100 million shares.

3. The composition of investors in the two markets and the valuation and value of the same company are different, relatively speaking, Hong Kong** has a larger proportion of institutional investors than A-share investors, with more stable and mature investment philosophy, and prefers blue chips, while A-share investors prefer small and medium-sized enterprises, which is also an important manifestation of the difference;

4. The management departments and policies of the two markets are different, A-shares have obvious administrative imprints with Chinese characteristics, known as the policy market, and the administrative intervention is obvious, although the marketization process has been promoted, the policy traces are still obvious, and the problems of heavy financing and light returns, and the lack of delisting mechanism continue to be solved, while H-shares are more international and more mature;

5. With the gradual implementation and promotion of Shanghai-Hong Kong Stock Connect and Shenzhen-Hong Kong Stock Connect, the continuous cross-integration of investors in the two places, and the marketization of the A-share market, the difference between A-shares and H-shares will theoretically gradually narrow.

A shares are listed in Chinese mainland**, and H shares are listed in Hong Kong**.

A shares are RMB ordinary shares that are purchased in RMB when listed in China. H-shares are overseas listed foreign shares, listed in Hong Kong and not purchased in RMB**.

The stock price is determined by the supply and demand of **. It explains why it will go up or down in the short term.

From a structural analysis, we can understand why A-shares are relatively more expensive than H-shares. Investors in Hong Kong have a huge choice to buy investment commodities, such as U.S. stocks, European stocks, Japanese stocks, various ** and bonds, hedging**, etc., for investment, the supply is huge, and the stock price is almost close to the "most real"**. On the other hand, in the A** market, the approval system is adopted for the listing of enterprises, foreign investors need to have special approval and quota restrictions for QFII (Qualified Foreign Institutional Investors), and there are also foreign exchange controls for Chinese people to invest overseas, so the supply of investment products is limited, and the demand is very strong, and the stock price is naturally expensive, and the stock price of the same enterprise in A shares is more expensive than that of H shares.

First of all, A-shares refer to those listed in Shenzhen or Shanghai, while H-shares are listed in the Hong Kong market. The main reasons for the difference between the two shares** are as follows:

1. The denominated currencies of the two are different, A shares are RMB, H shares are Hong Kong dollars, and the direct exchange rate of the currency itself is different and fluctuating;

2. The scale of issuance in different markets is different, for example, the total share capital of China Merchants Bank is 100 million shares, of which A shares are 100 million shares, and H shares are 100 million shares. The difference in size will also bring about the difference in stock price, usually the small scale ** will be a little higher;

3. Investors in the two markets have different understandings of the valuation and value of the same company, relatively speaking, Hong Kong** has a larger proportion of institutional investors than A-share investors, and their investment philosophy is more stable and mature, and they prefer blue chips, while A-share investors prefer small and medium-sized enterprises, which is an important factor causing the difference;

4. With the gradual implementation and promotion of Shanghai-Hong Kong Stock Connect and Shenzhen-Hong Kong Stock Connect, as well as the continuous poor integration of investors in the two places, this difference will theoretically gradually narrow.