Hong Kong listed companies generally have a tradition of high dividends. According to the statistics of Hong Kong Exchanges and Clearing Limited (HKEx), the average dividend yield of the main board market in 20 15 was about 3.7%, and the average dividend yield of Hang Seng Index in 10 reached 35%. This paper makes a brief introduction to the distribution method and time of dividends/bonus shares of Hong Kong stocks that mainland investors are concerned about when they buy Hong Kong stocks through the Hong Kong Stock Connect under Shenzhen-Hong Kong Stock Connect and the Hong Kong Stock Connect under Shanghai-Hong Kong Stock Connect (collectively referred to as "Hong Kong Stock Connect").
I. Dividends
(1) Distribution of money
Hong Kong listed companies can pay dividends in Hong Kong dollars, US dollars, British pounds and so on. However, the dividends obtained by Hong Kong Stock Connect investors through holding shares are unified into RMB. (2) Calculation method
China Securities Depository and Clearing Co., Ltd. (China Clearing Co., Ltd.) handles the cash dividend distribution business, and within three trading days after receiving the foreign currency dividend funds distributed by Hongkong Clearing Co., Ltd., carries out the business of exchange of fragmentary shares, RMB dividend amount and cash (such as cash distribution of fragmentary shares as stipulated in the distribution plan of listed companies), liquidation and distribution.
● Cash dividend amount in investor's account = dividend amount per share × number of dividend rights; If the mantissa is less than 1 point, it will be truncated directly.
● Cash receivable from scattered stocks in the investor's account = [(number of dividend rights for dividend options × dividend amount per share) ÷ stock dividend price receivable in the investor's account (integer)] × stock dividend price receivable, and the mantissa is less than 1 minute, which is directly truncated.
According to the relevant provisions of the national tax law and tax policy, the dividend amount per share payable by individual investors and securities investment funds in Hong Kong Stock Connect is calculated according to the after-tax amount.
(3) Delivery time
After receiving the foreign currency incentive funds distributed by Hong Kong Securities Clearing Company Limited (HKSCC), China Clearing needs to negotiate with banks to exchange foreign exchange and transfer the funds to China, and then distribute the incentive funds to investors of Hong Kong Stock Connect in RMB. Therefore, mainland investors will get bonus funds later than the Hong Kong market.
Second, red shares
(1) Choose to subscribe for shares with dividend rights.
"Choosing to subscribe for shares with dividend rights" refers to the behavior that investors choose to accept shares instead of cash when Hong Kong listed companies distribute dividends with dividend options.
During the reporting period of dividend options set by China Clearing, investors can declare and inquire dividend options and cancel declared options through custodian brokers. The declared amount shall be the dividend right amount of the selected stock dividend.
In order to ensure that the collection results of investors' willingness to declare dividend options in Hong Kong Stock Connect are summarized and submitted to Hong Kong within the time specified in Hong Kong settlement, the deadline for reporting dividend options set by China settlement is two Shenzhen/Shanghai working days earlier than the deadline for settlement in Hong Kong.
(2) Calculation method
At the end of the domestic dividend option declaration deadline, China Clearing will process the dividend option declaration data submitted by investors through brokers. If the cumulative amount declared by investors in Hong Kong Stock Connect is greater than the balance of available dividend rights in the investors' accounts of Hong Kong Stock Connect (excluding the right to freeze dividends), the declaration of the excess part fails, and the declaration of the remaining part succeeds. Investors can check the effective declared quantity and dividend balance of their accounts through brokers.
Stock dividends receivable in the investor's account = (the number of dividend rights to declare dividend options × the dividend amount per share) ÷ the price of replacing interest with shares, less than 1 at the end of the share period.
For the fragmented shares distributed by investors with less than 65,438+0 shares, for example, the docking scheme between Hong Kong stocks and listed companies stipulates that the fragmented shares are distributed in cash, and the China settlement will make cash distribution according to the share dividend price.
(3) Time of issuance and time of listing and trading.
China Clearing handles the share delivery business, and according to the arrival time of Hong Kong Clearing to distribute bonus shares:
● If the arrival time is earlier than the end-of-day processing time of China settlement system, the business will be processed on the day when the bonus shares arrive, and the corresponding bonus shares can be listed and traded on the next trading day of the processing day;
● If the arrival time is later than the day-end processing time of China settlement system, the business will be processed on the next trading day of Hong Kong Stock Connect, and the corresponding bonus shares will be listed and traded on the next trading day of Hong Kong Stock Connect.
Therefore, the first day that investors can sell bonus shares in Hong Kong Stock Connect is generally one trading day later than that in Hong Kong.
Third, for example.
Hong Kong stock 00 1 1 Hang Seng Bank issued an announcement on June 3. Date of record is June 1 1, and the dividend payment date is July 4th. At that time, the exchange rate of USD against RMB was 6.2 1, so you can choose to use stock dividend instead of cash dividend, and the dividend price is 65438. An investor holds 200 shares of Hang Seng Bank on June 1 1 day. If he chooses 100 to replace the cash dividend and 100 cash dividend fund, he can receive (0.5× 100)/ 10=5.
Fourth, the dividend difference between Hong Kong stocks and A shares.
The main differences in dividend distribution between Hong Kong stocks and A shares include:
● Send money. Hong Kong stock dividends can be distributed in foreign currencies other than Hong Kong dollars, and China settlement will uniformly distribute dividend funds to investors in RMB after the exchange;
● Dividend options. Dividends in Hong Kong stocks can have dividend options, that is, investors can declare the number of unfrozen dividend rights recorded on the registration date, and choose to replace cash dividends with stock dividends;
● Delivery cycle. Dividends of listed companies in Shenzhen and Shanghai are distributed on the next trading day on the registration date. Because there are dividend options in Hong Kong stocks, there is a long interval between the dividend registration date and the actual dividend date.