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CN Banks Rally on Expectation of CN Waiving Div. Tax on Southbound Stock Connect; CCB Hikes 5%+
Mainland bank stocks, which are seen as great dividend collection picks, rallied on the expectation that China will waive the dividend tax on Southbound Stock Connect. CCB (00939.H...
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CN Banks Rally on Expectation of CN Waiving Div. Tax on Southbound Stock Connect; CCB Hikes 5%+
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Mainland bank stocks, which are seen as great dividend collection picks, rallied on the expectation that China will waive the dividend tax on Southbound Stock Connect. CCB (00939.HK)  +0.050 (+0.855%)    Short selling $205.77M; Ratio 8.349%   opened 1.52% higher today and peaked at the one-year high of $5.58. It is now trading at $5.57, hiking 5.49%, with 665 million shares traded, involving a capital of $3.648 billion.

ABC (01288.HK)  0.000 (0.000%)    Short selling $79.58M; Ratio 8.421%   opened 1.12% higher today and reached as high as $3.74, a new high since April 2019. It now trades at $3.73, rising 4.78%, with 89.2215 million shares traded, involving $328 million.

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ICBC (01398.HK)  +0.020 (+0.425%)    Short selling $366.28M; Ratio 26.385%   opened 1.15% higher and topped at $4.54, a new high in almost a year. It is trading now at $4.53, lifting 4.14%, with 320 million shares traded, involving $1.433 billion.

BANKCOMM (03328.HK)  +0.050 (+0.804%)    Short selling $30.51M; Ratio 25.116%   opened 0.17% higher today and logged a high at $5.93, the highest since July 2019. It is currently trading at $5.91, elevating 2.96%, with 18.5522 million shares traded, involving $109 million.

BANK OF CHINA (03988.HK)  +0.060 (+1.554%)    Short selling $447.81M; Ratio 21.881%   opened 0.55% higher today and reached a peak of $3.74, a new high since May 2019. It trades now at $3.73, inclining 3.04%, with 383 million shares traded, involving $1.412 billion.

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Chinese individual investors investing in Hong Kong-listed shares through the Southbound Stock Connect are currently required to pay a 20% income tax to the Mainland government when they receive dividends.

Citing sources, Bloomberg reported that the China Securities Regulatory Commission (CSRC) and the State Administration of Taxation (SAT) are considering exempting the relevant dividends from the tax, and that a draft plan has been reported to the regulators. However, whether it will be implemented and the date of implementation are still subject to uncertainty.


(HK stocks quote is delayed for at least 15 mins.Short Selling Data as at 2024-05-20 16:25.)

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