本报记者 柳灯

Our reporter willow lamp

　　中集集团(000039,股吧)拟将已发行的B股以介绍方式在香港联合证券交易所上市，有望开创国内资本市场“A＋B”（A、B股上市）转“A＋H”?穴A、H股上市?雪的先河，为处于边缘化的B股开创新的发展之路。但业内人士表示，B股全面转板H股目前还不可行，其前提是重启“港股直通车”。

Cimc group(000039,guba)Quasi will be issued B shares, to introduce the way in Hong Kong listed on the stock exchange，Is expected to create a domestic capital market“A + B”（A、B shares listed）turn“A + H”?Hole A、H shares listed?The first snow，For in marginal B shares start a new development way。But the personage inside course of study says，B shares overall rotating plate H share it is not feasible，The premise is to restart“Hong Kong equities through train”。

　　B股市场“内忧外患” B share market“State of flux”

　　“B股总体上属于交易不太便利、交易清淡的市场。”英大证券研究所所长李大霄接受中国经济时报记者采访时称，B股是人民币外资股，当时设立主要是为了吸引外汇，现在我国的外汇储备已经排在世界第一，设立之初的功能已经逐渐淡化。此外，经过多年的发展，A股和H股市场都变成了全世界前五大市场，但是B股还是落后的微型市场，发展比较滞后，定位、功能不清晰，参与人数也少，国内的机构投资者也参与不了。

“B shares on the whole belong to trading is not too convenient、Light trading market。”The big securities institute director LiDaXiao accept China economic times reporter interview said，B shares is RMB shares，At that time set up mainly in order to attract foreign exchange，Now China's foreign exchange reserve has in the world the first row，At the beginning of the establishment of the function has gradually fade。In addition，After years of development，A shares and H share market has become the first five big market all over the world，But the B shares or backward miniature market，Development lags behind，positioning、Function is not clear，Participate in the number is less，Domestic institutional investors also participate in the。

　　B股是以人民币标明面值，以外币认购和买卖，在中国境内证券交易所上市交易的外资股，公司的注册地和上市地均在境内。B股市场成立于1992年，此前一直仅限境外投资者参与，2001年2月29日之后对境内投资者开放。

B shares is RMB indicate the par value，The subscription and trading in foreign currencies，In China shares listed on the stock exchange transaction，The company's registered and listed in China to all。B share market was established in 1992，Had been only for foreign investors to participate in，On February 29, 2001, after investors to open。

　　据Wind资讯统计，目前上交所和深交所共有108家B股公司，有86家同时在A、B股上市，其余21家为纯B股公司。7月12日在香港上市的伊泰B开启了纯B股公司赴港融资先河。截至8月16日，B股上市公司数量为A股的4.4%，但市值和成交额却只有A股的2.2%和0.6%。与此同时，B股的融资功能散失也使其逐渐被边缘化。

According to the Wind information statistics，At present ShangJiaoSuo and shenzhen a total of 108 B shares of the company，There are 86 home at the same time in A、B shares listed，The rest of the 21 home for pure B shares of the company。On July 12, listing in Hong Kong, tai B opens the pure B shares of the company to the port financing first。As of August 16,，B shares listed company quantity for A share of 4.4%，But the market value and turnover is only A share of 2.2% and 0.6%。meanwhile，B shares financing function loss also make it gradually marginalized。

　　外围压力也将B股推向绝境。一方面，QFII（合格境外机构投资者）数量和投资额度均大幅扩容使得B股市场对境外机构投资者的吸引力更弱。公开资料显示，今年共有41家境外机构获得QFII资格，大幅超过往年。另一方面，退市新政的实施也开始发力，多家B股公司面临退市，最具代表性的是闽灿坤B，新政发布后连续8个交易日跌停，连续18个交易日股价低于1元人民币，直逼退市红线。

Peripheral pressure will also B shares to despair。On the one hand，QFII（Qualified foreign institutional investors）The quantity and the investment quota significantly flash makes the B shares market for foreign institutional investor attraction more weak。Public data shows，This year a total of 41 home overseas institutions to QFII qualification，Significantly more than usual。On the other hand，The implementation of the New Deal to withdraw from the market also started to force，Several B shares of the company faced delisted，The most representative is fujian tsann kuen B，The New Deal after releasing eight consecutive trading day drop stop，18 consecutive trading day share price lower than 1 yuan，Close to the red line to withdraw from the market。

　　“B转H”打开新通道 “B turn H”Opened the new channel

　　8月15日，对B股市场来说是个特别的日子。

August 15,，To B share market is a special day。

　　当天，已经停牌一月的中国国际海运集装箱?穴集团?雪股份有限公司（000039.SZ）（简称中集集团）发布公告称，拟将已发行的B股转换上市地以介绍方式在香港联交所主板上市及挂牌交易，并将在8月30日临时股东大会上审议方案，需要获得全体股东和B股股东2／3以上的表决通过，并获得证监会、港交所等批准或同意。

The day，Has suspended the January China international Marine containers?Hole group?Snow co., LTD（000039 SZ）（Referred to as cimc group）Releases announcement to say to，Quasi will be issued B shares listed on the conversion to introduce way in the Hong Kong stock exchange main board listed and listed for trading，And will be on August 30, the extraordinary shareholders' general meeting review plan，Need to get all the shareholders and B shares more than two-thirds of shareholders vote to pass，And access to the CSRC、Hong Kong exchange such as the approval or consent。

　　如果顺利，中集集团将开创国内资本市场“A＋B”转“A＋H”先河，打通B股自我救赎的“第四条路”。

If all goes well，Cimc group will create a domestic capital market“A + B”turn“A + H”first，Through B shares of self-salvation“Article 4 the road”。

　　据李大霄介绍，B股有四条出路：“B转A”、“A＋B”转“A＋H”、私有化（退市），另一种是随着人民币可自由兑换程度的加深，A、B、H股之间的差价慢慢减小，B股长期低迷的问题就可能慢慢解决。

According to LiDaXiao introduced，B shares has four way：“B turn A”、“A + B”turn“A + H”、privatization（delisted），Another kind is with the yuan convertible degree of deepening，A、B、H share price difference between slowly decrease，B shares long-term downturn problems might slowly to solve。

　　财经评论员皮海洲撰文称，作为“A＋B”公司的中集集团，不仅拥有A股市场，而且在失去B股市场之后?穴所有的B股公司早晚都要失去这个市场?雪，该公司还拥有了更加广阔的香港市场，这也意味着该公司从此拥有了国际化的舞台。因此，中集集团将B股转为H股的做法无疑为“A＋B”公司做出了表率。

Financial commentators skin HaiZhou said articles，as“A + B”The company's cimc group，Not only has A share market，And in lose B shares the market?Hole all the B shares of the company sooner or later will lose the market?snow，The company also has a broader market in Hong Kong，It also means the company from now on have the international stage。therefore，Cimc group will B shares into H shares for it will“A + B”The company made the model。

　　李大霄告诉记者，“B转H”具有普遍意义，H股的容量比较大，为了吸收更多的上市资源，港交所应该很欢迎“B转H”。

LiDaXiao told reporters，“B turn H”Universal significance，H share capacity is larger，In order to absorb more public resources，The Hong Kong exchange should be very welcome“B turn H”。

　　“全部B股公司原则上都将可以转板H股，这将是自动关闭B股市场的最佳路径与最优方案。”武汉科技大学金融证券研究所所长董登新告诉本报记者，因为B股采用港币或美元标价，可直接与港股这一国际市场无缝对接，而且B股估值标准、估值水平与港股十分接近，再加上港股上市标准及操作程序远比A股宽松、简单、便利，B股全面转板H股是B股公司的福音；相反，B股转板A股则会遇到较大的市场压力。

“All B shares in principle, the company will be able to turn plate H share，It will be shut down automatically B share market the best path and the optimum scheme。”Wuhan university of science and technology financial securities institute director DongDengXin told our reporter，Because the B shares hk $or price，Can be directly and stocks the international market seamless docking，And B share valuations standard、Valuation levels and stocks are very close，Plus stocks listed standard and operating procedures than a-share loose、simple、convenience，B shares overall rotating plate H share is B shares of the company's Gospel；instead，B shares rotating plate A shares will meet greater market pressure。

　　对于第四条路，市场似乎也在“鼓掌欢迎”。8月15日，中集集团B早盘成交活跃，高开低走之后一路震荡上行，全天上涨3.31%，全天成交7581万港元，是前一个交易日的8倍。

For the fourth road，The market also appears to be“applause”。August 15,，Cimc group B in early trading, clinch a deal the active，High open low go all the way after concussion uplink，Day rose 3.31%，All day long clinch a deal the hk $75.81 million，Is a trading day before 8 times。

　　Wind资讯统计显示，目前深市符合B股转H股条件的上市公司最多有46家，占所有B股公司的42.6%。

Wind information statistics show，At present shenzhen exchanges with B shares turn H share conditions of the listed companies of 46 home most，Accounted for 42.6% of all B shares of the company。

　　“港股直通车”可助全面转板 “Hong Kong equities through train”May help comprehensive turn plate

　　国浩律师集团?穴上海?雪事务所律师张维此前表示，对于部分“A＋B”的绩优公司而言，中集集团B股转H股的方案具有一定的借鉴意义。但是，很多纯B股公司的财务指标无法达到介绍上市的标准，B股转H股全面复制并不可行。

Guohao lawyer group?Hole Shanghai?Snow firm lawyer, zhang wei said previously，For some“A + B”The performance of optimal companies，Cimc group B shares turn H share scheme has a certain significance。but，A lot of pure B shares of the company's financial index cannot reach the standard of listed is introduced，B shares turn H shares overall copy is not feasible。

　　“B股全面转H股的前提是必须同步开通"港股直通车"，"港股直通车"可助B股全面转板H股。”董登新说，如果方案获批执行，中集集团将首创内地投资者直接进入港股市场的先河，这将为“港股直通车”打通制度和技术上的最后一道障碍，有利于内地股民直接跨境投资港股，进行组合投资。

“B shares overall turn H share is the premise of must synchronize opened"Hong Kong equities through train"，"Hong Kong equities through train"May help B shares overall rotating plate H share。”DongDengXin said，If plan approved execution，Cimc group will first mainland investors directly into stocks market first，This will be for“Hong Kong equities through train”Through system and technical finally a barrier，Mainland investors to cross-border investment in Hong Kong stocks directly，For portfolio。

　　个人跨境证券交易是我国资本项目管制最为严格的部分之一，目前内地投资者还不能直接购买H股，QDII是向境外进行证券投资最为便利的手段。中集集团称，如果能够完成B股转赴香港上市，内地股票持有者只能卖出B股转H股前持有的股票，不能买入H股。对外经济贸易大学国际直接投资研究中心主任卢进勇也告诉记者，如果希望以合法的方式进行港股交易，就要等到“港股直通车”正式推出。

Personal cross-border securities trading is our country capital project control the most strict part one，At present the mainland investors also cannot directly buy H share，QDII is to overseas securities investment in the most convenient means。Cimc group says，If we can finish ZhuanFu B shares listed in Hong Kong，The mainland stock holders can only sell B shares turn H share holdings of shares of the former，Cannot be bought H share。Foreign economic and trade university international direct investment research center director LuJinYong also told reporters，If hope in a lawful manner stocks trading，Will wait until“Hong Kong equities through train”Officially launched。

　　据记者了解，2007年初香港方面建议允许中国内地投资者投资一系列范围广泛的海外资产，从而使香港既成为投资流出渠道，也成为投资目的地，外汇管理局还发布了《开展境内个人直接投资境外证券市场试点方案》，但随后大牛市终结，“港股直通车”计划被宣布无限期推迟。

According to reporter understanding，At the beginning of 2007 in Hong Kong Suggestions allow mainland China investment series of a wide range of overseas assets，Hong Kong is to become investment outflow channels，Also as an investment destination，Administration of foreign exchange have also issued a《To carry out domestic foreign direct investment in the individual securities market pilot scheme》，But then put an end to the big bull market，“Hong Kong equities through train”Plans have been announced indefinitely delayed。

　　李大霄表示，“B转H”涉及到持有港股的问题，目前主要是通过券商间接的集中托管，随着开放步伐的加快，香港跟内地加速融合，人民币债券不断推进，“港股直通车”很有可能会开通。

LiDaXiao said，“B turn H”Involved in the problem of holding stocks，At present mainly through indirect securities centralized custody，With the quickening pace of opening，Hong Kong and the mainland accelerated fusion，RMB bonds advancement，“Hong Kong equities through train”Is likely to be opened。