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MSCI拟提高新兴市场指数中A股权重

MSCI拟提高新兴市场指数中A股权重

英国《金融时报》 爱玛•邓克利 香港报道
2018.09.27 12:00
在首次将中国内地上市公司纳入其新兴市场旗舰指数仅仅几个月后,全球指数提供商MSCI提议增加中国A股在该指数中的权重,尽管中国股市今年下跌。

这家在纽约上市的公司周三表示,将围绕是否提高A股在MSCI新兴市场指数的权重,向主权财富基金、资产管理公司和央行等市场参与者征求意见。MSCI新兴市场指数受到1.9万亿美元资产的追踪。

该提议将会让其新兴市场指数中的A股数量到2020年5月增加近一倍,达到434只,MSCI估计,这将吸引约660亿美元的被动型和主动型基金资金。

在中国采取措施让外国投资者更容易进入其股市之后,4个月前,MSCI将235家A股公司纳入其新兴市场旗舰指数。

由于投资者对中国上市公司大量停牌——这种情况在2015年市场下跌期间尤为严重——感到担忧,MSCI之前的纳入提议曾遭到拒绝。

据知情人士透露,提升A股权重的举措是在该公司缩减更积极纳入A股的速度和幅度的计划之后提出的。该人士表示,一些基金经理和投资者还没有为纳入做好准备,而中美之间的贸易战也影响了决定。

MSCI表示,它与“广泛的市场参与者进行了磋商,(而)收到的反馈将指引我们的最终决定”。

亚洲公司治理协会(Asian Corporate Governance Association)最近的一份报告显示,近一半的外国投资者认为MSCI今年将A股纳入其新兴市场指数是不正确的,而27%的受访者赞同纳入。

最新提议将使指数中的A股纳入因子从5%提高至自由流通调整后市值的20%,分两个阶段实施。

MSCI还提议从明年开始纳入科技股云集的创业板(ChiNext)的公司,以及从2020年开始纳入中盘股。

这家指数提供商表示,到2020年年中,中国A股在MSCI新兴市场指数中的权重将从现在的0.71%提高到3.4%。

译者/裴伴

以下为此文英文原文:MSCI eyes near-doubling of China weighting in EM index

Emma Dunkley in Hong Kong
Global index provider MSCI has proposed an increase in the weighting of Chinese A-shares in its flagship Emerging Markets index just months after including mainland-listed companies for the first time, despite the country’s stock market slowdown this year.

The New York-listed company said on Wednesday that it was consulting the market — which includes sovereign wealth funds, asset managers and central banks — about boosting exposure to A-shares in the MSCI EM index, which is tracked by $1.9tn of assets.

The proposal would almost double the number of A-shares in the EM index to 434 by May 2020, which MSCI estimates would attract about $66bn from passive and active funds.

The move comes four months after MSCI brought 235 A-shares into the flagship EM index following steps taken by China to make its equity market more accessible to foreign investors.

The inclusion of A-shares had previously been rejected as a result of investor concerns over the number of Chinese companies that suspend their shares from trading, which was exacerbated during the market sell-off in 2015.

The move to boost participation comes after the company scaled back plans to be more aggressive with the rate and pace of integrating A-shares, according to someone close to the situation. The person said some fund managers and investors were not prepared for the inclusion, while the trade war between the US and China also affected the decision.

MSCI said it consulted “with a broad range of market participants [and] the feedback we receive guides our final decision”.

According to a recent report by the Asian Corporate Governance Association, almost half of foreign investors did not think MSCI was right to include A-shares in its EM index this year, while 27 per cent of respondents agreed with the move.

The latest proposal would involve quadrupling the free-float adjusted market value of A-shares in the index from 5 per cent to 20 per cent next year, in two phases.

MSCI is also suggesting including companies from the technology-focused ChiNext exchange from next year, and mid-cap stocks from 2020.

The index provider said China A-shares would represent 3.4 per cent of the MSCI EM index by mid-2020, up from 0.71 per cent now.
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