Government run organisations offer better returns than bond market
Investors are ploughing money into shares of China’s state-run enterprises as they seek a haven from weakness in the Chinese economy and better returns than those offered by the country’s government bond market. Since the start of April, shares in government-run banks have rocketed with state lenders Bank of China and Industrial and Commercial Bank of China up more than 20 and 10 per cent, respectively, in a rare rally for the country’s bank shares.
More generally, Hong Kong’s Hang Seng Red Chips index of state-run enterprises has climbed about 10 percentage points this year compared with a slight loss for the broader Hang Seng China Enterprises index.
自4月初以来，中国国有银行股价大幅上涨，中国银行(Bank of China)和中国工商银行(ICBC)股价分别上涨逾20%和逾10%，这样的涨势在中国银行股中极为罕见。
The rally in SOE stocks reflects a hunt for higher dividend yield, analysts said, as a range of China-focused investors lose their appetite for government bond yields that have been driven sharply lower by investors’ flight to safety in the face of economic uncertainty.
总体而言，追踪中国国有企业股价的香港恒生红筹股指数(Hang Seng Red Chips index)今年已上涨约10个百分点，而覆盖面更广的恒生中国企业指数(Hang Seng China Enterprises index)则略有下跌。