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The highly anticipated mutual recognition of funds regime between Hong Kong and mainland China will become operational in July with an initial quota of Rmb300bn ($48bn) for each side.
外界高度期待的中港基金互认(Mutual Fund Connect)项目将于7月开始执行，最初双向额度均为3000亿元人民币（合480亿美元）。
Hong Kong’s Securities and Futures Commission and the China Securities Regulatory Commission, the regulators, have agreed on the implementation principles and the mode of operation of the Mainland-Hong Kong Mutual Recognition of Funds initiative.
香港证监会(SFC)和中国证监会(CSRC)已就基金互认的执行原则和操作模式达成了共识。
The MRF will allow eligible Hong Kong-domiciled funds to be sold to retail investors in China under a streamlined procedure. Qualifying Chinese funds will enjoy the same treatment in Hong Kong.
在基金互认安排下，符合条件的、在香港注册的基金将能以更简化流程出售给中国内地散户投资者。合格的内地基金在香港将受到同等对待。
The initiative, the first to allow offshore funds to be distributed directly to mainland investors, is a “major breakthrough” in developing access between Hong Kong and China’s fund markets, said Ashley Alder, chief executive of the SFC.
香港证监会行政总裁欧达礼(Ashley Alder)表示，中港基金互认是推动香港与内地两地基金市场互通的一项“重大突破”。
Initially, only general equity funds, bond funds, mixed funds, unlisted index funds and physical index-tracking exchange traded funds will qualify.
在首阶段，只有一般型股票基金、债券基金、混合基金、非上市指数基金和实物跟踪指数交易所买卖基金(ETF)才符合资格参与基金互认安排。
So far about 100 Hong Kong-domiciled funds and 850 mainland funds are eligible, said Julia Leung, executive director of the investment products division at the SFC.
香港证监会投资产品部执行董事梁凤仪(Julia Leung)表示，目前大约有100只注册于香港的基金和850只内地基金有资格参与该安排。
The 100 Hong Kong funds have around Rmb300bn in assets in total, while the 850 mainland funds have around Rmb2tn, according to Christina Choi, senior director of investment products at the SFC.
香港证监会投资产品部高级董事蔡凤仪(Christina Choi)表示，这100家香港基金总共持有约3000亿元人民币资产。
Of the Hong Kong funds, 57 per cent are equity funds, 22 per cent are bond vehicles and the rest are balanced funds, Ms Choi said. By geography, 23 per cent of them invest in global markets, including equities and bonds; 31 per cent invest in the Asia-Pacific region and 22 per cent invest purely in Hong Kong.
蔡凤仪表示，在这些香港基金中，57%为股票基金，22%位债券基金，其余为平衡性基金。从地理分布看，23%投资于全球市场——包括股票与债券，23%投资于亚太地区，22%仅投资于香港地区。
The SFC will start accepting applications from July 1, according to Mr Alder. In the meantime, the regulator will work with the industry and organise a number of briefing sessions to help them prepare for the scheme, he said.
欧达礼表示，香港证监会将于7月1日起开始接受申请。他说，同时，这家监管机构还将与业界合作，组织一系列的通风会，以帮助他们为基金互认项目做准备。
Hong Kong might see the first approved mainland fund start selling in the territory as soon as the third quarter, Ms Choi said.
蔡凤仪表示，香港地区或许最早今年三季度就看到第一款获批的内地基金上市销售。
Investors’ purchase of funds in both China and Hong Kong will be capped at an aggregate net quota of Rmb300bn. Since the subscription and redemption values will be offset, the actual sales volume would be much bigger than Rmb300bn, according to Ms Choi.
蔡凤仪表示，内地与香港购买对方公募基金的额度都是3000亿元人民币。由于这是扣除申购费 、赎回费之后的净额度，实际交易量将远远大于3000亿元人民币。
