Hong Kong government rejected the stock stamp duty HKEx once fried high 5% expected to sell pressure
The Hong Kong Exchanges and Clearing Limited (0388) raised its share price by nearly 5% yesterday, pushing the Hang Seng Index closed another 10-year high. But after closing, the Financial Services and Finance Bureau spokesman clarified that the Government did not plan to look at the stamp duty on stock trading. The market price of the HKEx will be selling pressure today. However, due to the fact that the market has been broken, the space has been limited. The incident has also reintroduced market discussions on stamp duty, and the Hong Kong Government should review how to strike a balance between promoting the development of financial markets and maintaining income.
Ming Pao reporter Liao Yiran
On Friday night, Bloomberg reported that the HKEx was considering advising the government to reduce or even eliminate the stamp duty on the stock. The Government did not have a clear response that night, only the stock stamp duty was the government’s stable source of income. Yesterday, the HKEx stock price was fired in the afternoon rose to 230.2 yuan, an increase of up to 4.8%, turnover of only 6 billion yuan a day, more than a year, but the amount of short-selling than the previous day, 4 times to 321 million yuan.
Mai Tucai: deductible stamp duty and high frequency transactions
However, the stock in the city has a clear callback, closing at 225.6 yuan, the higher level down 2%, full day gain narrowed to 2.73%. Then the government clarified in the evening that there was no plan to view stamp duty on stock trading. Mr McKinsey, Associate Professor, Department of Finance and Decision-making, Baptist University, said that once the stock stamp duty was reduced, it would lead to a large number of speculative-based speculators. High-frequency transactions would take root in the harbor. Therefore, Whether Hong Kong wants to develop direction. On the other hand, stamp duty is one of the main sources of revenue of the Government. If it is lowered or even withdrawn, it will put pressure on public finances.
The government ‘s main income tax cuts increase public financial pressure
According to the information, stamp duty in the past few years accounted for half of the overall stamp duty, accounting for the proportion of total government revenue and even an upward trend in the 2015 to 16 years reached 7.42%, the previous years generally 4% to 5% (see photo). However, Mr Mak said that the Government should study how to stabilize its income and achieve the effect of enhancing the competitiveness of the Hong Kong stock market. At present, Hong Kong is one of the highest transaction costs in the major markets in the region (see draft).
The atmosphere of the city is better
Stamp duty relief empty a happy, rich asset management director Huang Guoying estimated that the HKEx stock price will be recruited to 220 yuan, that is, yesterday’s gains all erased. But he said the market sentiment has improved, the deal has the opportunity to increase, the HKEx stock price will not fall too fast. Futian Financial Research Director Tan Langwei also believes that the market has been a breakthrough, even if the stamp duty of the vision down, the HKEx short-term adjustment, there is still the opportunity to rise with the market, the impact of early August high 233 yuan.
HKEx increased yesterday, together with Chang Shi (1113), which benefited from the sale of the Central News Center and Tencent (0700), even if the spin-off was listed, to promote the Hang Seng Index rose more than 300 points in the early stage, close to 28,800 points, closing at 28,692 Point, stabilized in the “big times” intraday high of 28,588 points above the country that also rose 83 points to 11,602 points, total turnover increased to 103.2 billion yuan.
7.42%
Over the past few years, stock stamps accounted for half of the overall stamp duty, accounting for the proportion of total revenue in the government increased from 7.46% in 2015 to 16 years, after a few years generally 4% to 5%