本报记者 张莉

Our reporter ZhangLi

　　随着跨境人民币贷款项目启动，围绕人民币业务开放与引进外资为目标的前海金融创新逐步进入加速阶段。深圳市市长许勤此前透露，继跨境人民币贷款之后，接下来将加快推进外商股权投资基金试点在前海落地。另据媒体报道称，由前海管理局全资控股的前海开发投资控股公司最快将在3月赴港发行人民币债券，计划集资15亿元人民币。

Along with the cross-border RMB loan project startup,Around the RMB business opening and the introduction of foreign capital as the goal of the sea before financial innovation gradually entered the acceleration phase.Shenzhen mayor hsu said previously,After the cross-border RMB loans,The next will accelerate the foreign equity investment fund pilot in the sea before landing.According to media reports say,The sea before administration of wholly-owned and share-controlled before sea development investment holding company will be the fastest in the march to the issuance of RMB bonds in Hong Kong,Plan funds is 1.5 billion yuan RMB.

前海企业 Sea before enterprise

　　有望发行“点心债” Is expected to issue"Snacks debt"

　　继前海跨境人民币贷款业务实施落地后，跨境人民币业务的流通渠道也在逐步拓宽之中。据有关人士透露，前海试点注册企业赴港发行人民币债券的政策正进入审批阶段，前海管理局全资拥有的前海开发投资控股有限公司有望加入香港“点心债”发行人行列。据市场消息称，这笔由前海开发投资控股公司发行的“点心债”，初步集资额为15亿元人民币，3年期息率约在4厘左右，由国开金融担保，建银国际为主承销商，最快3月获批赴港发行。

After the former sea cross-border RMB loan business implementation after landing,Cross-border RMB business distribution channels are also gradually broaden in.According to the sources,Before sea trial registered enterprises to the issuance of RMB bonds in Hong Kong is the policy of the examination and approval,Before the administration of sea wholly owned subsidiary of the sea before development investment holding co., LTD., Hong Kong is expected to join"Snacks debt"Issuer ranks.According to the market news said,The development of the sea before investment holding company issued"Snacks debt",Preliminary financing amount is 1.5 billion yuan RMB,3 period interest rate about 4 to or so,The countries to open financial guarantee,Silver is built international underwriters,The fastest march approved to issue port.

　　港资银行分析人士认为，前海企业赴港发点心债有利活跃香港离岸人民币市场。同时，前海试点发行的人民币债券，有望在金融创新开放基础上简化发债程序，放宽增加发债额度，进而有效将人民币资金集中回流到内地。香港金管局数据显示，2012年在香港的人民币融资活动高速增长，人民币点心债券市场的规模扩大60%，至2300亿元人民币。市场预期前海企业试点赴港发债可进一步扩大人民币资金池。

HongKong bank analysts say,Former sea port enterprises to send snacks debt favorable active Hong Kong offshore RMB market.At the same time,Sea trial before the issue of RMB bonds,Is expected to open in the financial innovation based on simplified FaZhai program,Relax FaZhai quota increase,Then will the effective centralized fund return to the mainland.Hong Kong the hkma data display,In Hong Kong in 2012 RMB financing activities high growth,The dessert bond market scale of 60%,To 230 billion yuan RMB.The market is expected to sea before pilot enterprises in Hong Kong FaZhai can further expand the pool.

外资股权投资基金试点 Foreign equity investment fund pilot

　　或近期落地 Or recent fall to the ground

　　除赴港发债外，前海还将充分利用人民币跨境结算渠道，通过设立外商股权投资基金试点等优惠政策吸引外资股权投资机构进驻前海发展。据悉，深圳市外商股权投资基金管理办法已于去年12月通过，并将首先在前海试点。许勤在今年2月初的深圳金融创新奖颁奖仪式上表示，深圳前海跨境人民币贷款项目已启动，外资股权投资基金试点有望近期落地。

In addition to the FaZhai to visit Hong Kong,Before the sea will also make full use of RMB cross-border settlement channels,Through the establishment of foreign equity investment fund pilot program of preferential policies to attract foreign capital equity investment institutions stationed in sea before development.It is reported,Shenzhen foreign equity investment fund management measures already in December through,And will be the first to before sea trial.Hsu in early February shenzhen financial innovation award ceremony on Wednesday,Shenzhen sea before cross-border RMB loan project has been launched,Foreign equity investment fund pilot is expected to be born in the near future.

　　同时，来自前海管理局招商处方面的消息称，有关外商股权投资基金试点政策已获国家外汇局支持，深圳尤其是前海具备成立条件。分析人士认为，在前海设立外资股权投资基金将可在基金层面进行结汇，成为金融开放的重要突破口，不过在具体结汇审批的操作模式上，试点基金的项目投资规划如何获得结汇额度，尚待主管部门推出的最终方案明确。据悉，预期落地的前海外商投资优惠政策将充分利用前海人民币离岸业务基础上，以吸引香港及国际外资为目标，支持包括发展并购基金、产业基金、天使基金、对冲基金等各类基金。

At the same time,Before the administration of the sea from the news that investment prescription,Concerning foreign equity investment fund pilot policy has been the safe support,Shenzhen especially sea before have established conditions.Analysts believe that,In the sea before the establishment of foreign-funded equity investment fund will be available in fund settlement of level,Become an important breakthrough of financial openness,But in the settlement of exchange approval to operation mode,Pilot fund project investment planning how to get settlement amount,Is yet to be competent department launched the final project clear.It is reported,Expected before landing sea foreign investment preferential policies will make full use of sea before an offshore RMB based on business,To attract foreign investment to Hong Kong and international goal,Support includes development of merger and acquisition of funds/Industry fund/Angel fund/Hedge funds and other kinds of fund.

　　实际上，前海22条先行先试政策中已明确将支持包括香港在内的外资股权投资基金在前海创新发展，积极探索外资股权投资企业在资本金结汇、投资、基金管理等方面的新模式。前海管理局在今年的发展计划中也表示，将强化综合协调力度，确保以产业准入目录、产业优惠目录、双向跨境贷款、QFLP试点外汇额度等为核心的多项财税、金融政策正式落地。据了解，在招商引资方面，前海将继续运用香港投资推广署、贸发局以及世界知名第三方专业机构招商推介平台，力争引入30家以上世界500强企业，实际利用外资70亿美元以上。

In fact,Sea before 22 first try first policy has been clear will support including Hong Kong, foreign equity investment funds in the sea before innovation development,Actively explore foreign equity investment enterprises in the capital settlement/investment/Fund management of the new model.Before the administration of the sea in this year's development plan also said,Will strengthen the comprehensive coordination efforts,To ensure that the industry access list/Industry preferential directory/Two-way cross-border loans/QFLP pilot exchange line as the core of a number of tax/Financial policy formally landing.It is understood,In the aspects of investment,Sea before will continue to use Hong Kong investment promotion agency/TDC and world famous professional third party institution investment promotion platform,Strive to introduce more than 30 of the world top 500 enterprises,The actual use of foreign capital more than $7 billion.

港股再度热炒“前海概念” Stocks storm again"Sea before concept"

　　随着前海的加速建设开发以及相关金融创新政策陆续落地等利好消息的释放，市场一度看好前海概念板块，连香港投资者也加入到对前海概念股的追逐中。

With the acceleration of sea before the construction development and related financial innovation policy in succession, such as landing good news release,Once the market good sea before concept plate,Even the Hong Kong investors are joined to the sea before the stocks in the chase.

　　1月22日，前海土地改革试点方案及规划细则近期落地消息发布，受此影响，港股市场中招商局国际、中集集团(000039,股吧)H股、深圳国际三只股票呈现交投异常活跃迹象，股价放量上扬。经历一波回调之后，2月15日的港股市场再度热炒前海概念板块，港股深圳国际、中集集团、百仕达、深圳控股等股价一度急升，最高涨幅接近9.9%，甚至仅带深圳二字的壳公司也出现了游资热炒现象。

On January 22,,Former sea land reform pilot scheme and planning rules recent French news release,Affected by this,Stock market in China merchants international/Cimc group(000039,guba)H share/Shenzhen international three stock trading abnormal signs on active,Share price rise measures.Experience a wave after the callback,On February 15, the stocks market again before a storm sea concept plate,Stocks shenzhen international/Cimc group/The shi da/Shenzhen holding share price has steep rise,The highest or close to 9.9%,Even with shenzhen only word shell company also appeared idle fund folly phenomenon.

　　不少外资投行纷纷表示看好前海发展，并给予港股前海概念板块较高评级。不过也有券商指出，港股市场的前海概念股与内地A股市场一样，存在炒作氛围，即使中长线看好前海发展，也应选择在前海有实质项目且现金充裕的公司。

A lot of foreign investment Banks have said before the good development of the sea,And to give Hong Kong stocks sea before concept plate higher ratings.But there are also pointed out that brokers,Hong Kong stocks market sea before the concept and the mainland a-share market,Hype atmosphere there,Even if ZhongChangXian valued sea before development,Also should choose in the sea before there is substantial project and cash plenty of company.