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The failure of Chinese stocks to be included in key international benchmarks earlier this year cast a shadow over the long-awaited debut of a trading link designed to give foreign investors greater access to shares listed on the mainland.
中国股票未能在今年早些时候被纳入关键国际基准股指，给深港通(Shenzhen-Hong Kong Stock Connect)的开通投下阴影，这一期待已久的交易链接旨在扩大境外投资者买卖中国内地上市股票的渠道。
Demand from investors outside China for shares listed on the Shenzhen Stock Exchange reached just Rmb2.67bn ($390m) on Monday, or only a fifth of the daily quota available. The trading link, known as the Shenzhen-Hong Kong Stock Connect, allows foreigners to trade 881 stocks, and offers investors more exposure to the country’s tech sector than the Shanghai Stock Exchange.
周一，境外投资者对深圳证交所上市股票的需求仅为26.7亿元人民币（合3.90亿美元），只用掉每日可用额度的五分之一。深港通让境外人士可以交易881只股票，且相比上海证交所为投资者提供更大的科技股敞口。
The lacklustre first day was a sharp contrast to the launch two years ago of a similar link giving foreigners easier access to shares listed in Shanghai. Then international investors exhausted their Rmb13bn daily quota before the debut session was over.
深港通首日反响平平与两年前推出的沪港通形成鲜明对比，后者让境外人士更容易交易在上海上市的股票。那时境外投资者在首日收盘之前就耗尽了130亿元人民币的每日额度。
At the time of the Shanghai launch, it was widely believed that Chinese equities would soon be included in MSCI, the provider of some of the most widely tracked international stock benchmarks. In June, MSCI denied China’s domestic markets entry for the third straight year.
在沪港通开通时，人们普遍认为，中国股票很快将被MSCI明晟纳入，后者提供一些受到最广泛追踪的国际基准股指。今年6月，MSCI明晟连续第三年拒绝纳入中国内地股市。
“The immediate response has been muted,” said Caroline Maurer, head of greater China equity at BNP Paribas Investment Partners. “There were more expectations built into the Shanghai Connect, like MSCI inclusion.”
“这一次的立即反应比较平静，”法国巴黎投资(BNP Paribas Investment Partners)大中华区股票投资主管沈昱(Caroline Maurer)表示。“当初沪港通开通时被寄予更多期待，比如被纳入MSCI明晟。”
The variety of smaller, fast-growing companies in Shenzhen is the chief attraction of the increased access to China, said Mark Tinker, head of AXA Framlington Equities Asia. “The add-on for Shenzhen is basically diversification. It’s probably more of what a long-term investor is interested in: China’s growth sectors such as IT.”
AXA Framlington Equities亚太区负责人马克.汀克(Mark Tinker)表示，深圳股市有众多规模较小、增长迅速的上市公司，这是此次扩大内地股市投资渠道的主要吸引力。“深港通带来的额外好处基本上就是多样化。它很可能在更大程度上是长线投资者会感兴趣的：中国的成长型行业，比如信息技术行业。”
While the Shenzhen-Hong Kong Stock Connect also allows mainland investors to buy stocks listed in Hong Kong, Monday’s trading direction was tilted in favour of international investors chasing stocks listed on the mainland, known as A-shares. Less than 1.2 per cent of Shenzhen A-shares are owned by foreign investors, according to data from China’s securities regulator.
尽管深港通也允许内地投资者买入在香港上市的股票，但周一的交易方向偏向于境外投资者追逐在内地上市的股票，即A股。根据中国证券监管机构的数据，不到1.2%的深圳A股由外国投资者拥有。
With the link launching on the same day Asian markets were digesting news of Italy voting against constitutional reform in a national referendum and the broader backdrop of a weakening Chinese currency, Charles Li, chief executive of Hong Kong Exchanges and Clearing, sought to head off any possible disappointment.
深港通开通当天，亚洲市场正在消化意大利在全民公投中投票反对宪法改革的消息，还有人民币走弱的大背景。香港交易所(HKEx)行政总裁李小加(Charles Li)寻求化解任何可能的失望情绪。
“When you build a bridge, the traffic will come in the next 20 years. You don’t really think about the traffic the next week,” Mr Li told the audience assembled in Exchange Square in central Hong Kong and by satellite feed in Shenzhen ahead of the opening gong.
“当你建造一座桥时，交通将在未来20年逐渐到来。你不会真的考虑下周的交通流量，”李小加对聚集在香港中环交易广场(Exchange Square)的观众表示。他在开盘前发表的讲话还通过卫星连线在深圳转播。
Kinger Lau, chief China strategist at Goldman Sachs, said that “even though the story is interesting and exciting, we think international investors need to be more selective when they pick shares in Shenzhen”.
高盛首席中国策略师刘劲津(Kinger Lau)表示，“尽管整个故事是有意思和令人振奋的，但我们认为境外投资者在挑选深圳股票时需要更仔细地甄别。”
