来源：证券时报
去年12月13日，港交所宣布推出“港币-人民币双柜台模式”以及双柜台庄家机制(简称“双柜台模式”)，进一步支持人民币柜台在香港上市、交易及结算。
目前市场准备就绪，统计数据显示，已有5家上市公司向联交所提交申请批准增设人民币柜台。这意味着港交所力推的双柜台交易模式即将落地，离岸人民币即将迎来更加丰富的投资标的。
问题来了，什么是“双柜台模式”，如何交易，哪些标的可以直接用人民币交易，双柜台交易的好处有哪些？证券时报记者将一一为您解答。
5家公司提交申请增设人民币柜台交易
据港交所此前披露，待监管机构批准及市场准备就绪后，“港币-人民币”双柜台的登记程序预计于2023年上半年展开。
据记者统计，截至3月17日，已经有5家港股上市公司提交申请，包括快手、吉利汽车、中银香港、香港交易所、安踏体育。
快手公告称，已于3月1日向联交所提交增设人民币柜台交易计划，公司认为港币-人民币双柜台模式将为公司股东及潜在投资人提供更多投资灵活性及股票流动性，也利于支持人民币国际化。
安踏于3月16日提交申请，并同样认为，在双柜台模式下增设人民币柜台，可为股东及投资者提供买卖货币的选择，并且有机会获得新的人民币流动性。
什么是双柜台模式？
证券时报记者采访获悉，“双柜台模式”主要是指一套交易流程：
首先是合资格的证券——基本确定的是要进入到港股通，双柜台证券名单由港交所择时公布。
其次，同一只上市公司股票可以用港币计价也可以用人民币计价，比如港交所的股票目前是港币计价，现在增加一个币种——人民币计价。投资人既可以选择用港币购买也可以用人民币购买这只股票。
第三，就是选择符合条件的证券商支持双币柜台交易。一般而言，证券庄家和特许证券商在香港统称为“庄家”，而且必须要获得相应资质，比如证券庄家至少是要被港交所认可，或者评级在穆迪A3以上，或者无论任何时候，公司的实缴股本最少为5000万港元等值，股东出资最少为1亿港元等值。
第四，清算。双币柜台之间的结算时间是T+2。
整个交易流程、庄家活动及结算模式称之为双柜台模式，其实施办法将视乎监管机构批准。
如何识别及交易？
港交所文件显示，港币-人民币双柜台交易安排将大致遵循现有股票代码分配计划，即港币柜台的股票代码是以“0”开始的5位数字，而人民币柜台的股票代码是以“8”开始的5位数字。港币及人民币柜台股票代码的最后四位数将相同。人民币柜台的股票简称将后缀“-R”。
交易安排方面，在人民币及港币柜台的证券为相同类别且可互相转换的基础上，若其中一个柜台(如港币柜台)是可以进行卖空的指定证券，另一个柜台(如人民币柜台)也可以按照交易所规则被纳入为可进行卖空的指定证券，相应的，两个柜台均会在交易所公布的可进行卖空的指定证券名单中。
鉴于两个柜台的股票属于同一类别，且可相互转换，购买或以港币持有该股票，以人民币卖出都将被视为持货沽售，反之亦然。
对于符合卖空资格的指定股票，比如以港币借入股票，随后在人民币柜台卖出，将被视为有担保的卖空，反之亦然。
值得一提的是，在双柜台模式下，由于人民币柜台仅供交易及结算，故不会向人民币柜台提供实物股票存入或提取服务，实物股票只可存入港币柜台之后再转换至人民币柜台。同样，人民币柜台需转换至港币柜台之后才可以提取实物股票。
所有香港结算费用，除代收股息服务费及代收利息服务费外，都以港元计算及收取。代收股息服务费及代收利息服务费是以有关证券所采用的合资格货币计算。
被指定为“双柜台”证券有什么好处？
持有“双柜台”的发行人能够为投资者提供不同交易货币选择，以及开拓人民币交易的新潜在渠道。由交易所指定的双柜台证券可以引入庄家以提供流动性并缩小港币与人民币柜台之间的价格差异。
比如，设立人民币柜台后，QDII基金和港股通投资者可以选择人民币柜台交易，消除投资港股的汇兑成本和汇率风险，有利于促进港股通交易，吸引更多内地资金参与港股投资。
申请流程、处理时间、投入成本是怎样的？
由于“双柜台模式”会对上市证券的交易安排有影响，上市发行人先提交申请，然后港交所同意，并向香港中央结算有限公司申请将上市证券纳入结算系统的多柜台合资格证券，再对外刊发公告通知，告诉投资人，公司已经申请增设人民币柜台交易。
目前暂无有关人民币柜台申请的特定规定时间表。即，看公司提交，不作强制要求。也可以是先申请了人民币柜台交易，后面还可以取消不设人民币柜台。
另外，增设人民币柜台也无需向港交所支付任何费用。
双币柜台证券持有人的待遇会否不同？
人民币柜台仅供交易及结算使用，而且两个柜台买卖的都是同一只证券，因此享有的权利也是完全相同，不存在区别对待。
如何计算“双柜台”证券市值？
港交所会按照“双柜台”证券的总发行股份数及港币柜台的收市价计算总市值。
编辑/new
来源：证券时报
Source: Securities Times
去年12月13日，港交所宣布推出“港币-人民币双柜台模式”以及双柜台庄家机制(简称“双柜台模式”)，进一步支持人民币柜台在香港上市、交易及结算。
On December 13 last year, the Hong Kong Stock Exchange announced the launch of the “HKD/RMB Dual Counter Model” and the Dual Counter Bookmaker Mechanism (“Double Counter Model” for short) to further support RMB counter listing, trading and settlement in Hong Kong.
目前市场准备就绪，统计数据显示，已有5家上市公司向联交所提交申请批准增设人民币柜台。这意味着港交所力推的双柜台交易模式即将落地，离岸人民币即将迎来更加丰富的投资标的。
The market is now ready. Statistics show that five listed companies have submitted applications to the Stock Exchange for approval to set up additional RMB counters. This means that the dual counter trading model promoted by the Hong Kong Stock Exchange will soon be implemented, and the offshore renminbi will soon usher in richer investment targets.
问题来了，什么是“双柜台模式”，如何交易，哪些标的可以直接用人民币交易，双柜台交易的好处有哪些？证券时报记者将一一为您解答。
The question arises, what is the “dual counter model”, how to trade, which targets can be directly traded in RMB, and what are the benefits of dual counter trading? The Securities Times reporter will answer your questions one by one.
5家公司提交申请增设人民币柜台交易
5 companies submitted applications to set up additional RMB counter transactions
据港交所此前披露，待监管机构批准及市场准备就绪后，“港币-人民币”双柜台的登记程序预计于2023年上半年展开。
According to the Hong Kong Stock Exchange's previous disclosure, the registration process for the “HKD/RMB” double counter is expected to begin in the first half of 2023, after regulatory approval and market preparation.
据记者统计，截至3月17日，已经有5家港股上市公司提交申请，包括快手、吉利汽车、中银香港、香港交易所、安踏体育。
According to the reporter's statistics, as of March 17, five Hong Kong-listed companies had submitted applications, including Kuaishou, Geely Automobile, Bank of China Hong Kong, Hong Kong Stock Exchange, and Anta Sports.
快手公告称，已于3月1日向联交所提交增设人民币柜台交易计划，公司认为港币-人民币双柜台模式将为公司股东及潜在投资人提供更多投资灵活性及股票流动性，也利于支持人民币国际化。
Kuaishou announced that it has submitted an additional RMB counter trading plan to the Stock Exchange on March 1. The company believes that the HKD/RMB dual counter model will provide more investment flexibility and stock liquidity to the company's shareholders and potential investors, and is also conducive to supporting the internationalization of the RMB.
安踏于3月16日提交申请，并同样认为，在双柜台模式下增设人民币柜台，可为股东及投资者提供买卖货币的选择，并且有机会获得新的人民币流动性。
Anta submitted an application on March 16, and also believes that adding a RMB counter under the dual counter model can provide shareholders and investors with options to trade currencies and have an opportunity to obtain new RMB liquidity.
什么是双柜台模式？
What is the dual counter model?
证券时报记者采访获悉，“双柜台模式”主要是指一套交易流程：
The Securities Times reporter learned in an interview that the “dual counter model” mainly refers to a set of transaction processes:
首先是合资格的证券——基本确定的是要进入到港股通，双柜台证券名单由港交所择时公布。
The first is qualified securities — the basic certainty is to enter the Hong Kong Stock Connect, and the list of double-counter securities will be announced by the Hong Kong Stock Exchange at the time chosen by the Hong Kong Stock Exchange.
其次，同一只上市公司股票可以用港币计价也可以用人民币计价，比如港交所的股票目前是港币计价，现在增加一个币种——人民币计价。投资人既可以选择用港币购买也可以用人民币购买这只股票。
Second, the shares of the same listed company can be denominated in Hong Kong dollars or in RMB. For example, stocks on the Hong Kong Stock Exchange are currently denominated in Hong Kong dollars, and now there is an additional currency denominated in RMB. Investors can choose to buy this stock in Hong Kong dollars or RMB.
第三，就是选择符合条件的证券商支持双币柜台交易。一般而言，证券庄家和特许证券商在香港统称为“庄家”，而且必须要获得相应资质，比如证券庄家至少是要被港交所认可，或者评级在穆迪A3以上，或者无论任何时候，公司的实缴股本最少为5000万港元等值，股东出资最少为1亿港元等值。
Third, select eligible securities firms to support dual currency counter transactions. Generally speaking, securities bookmakers and licensed securities dealers are collectively referred to as “bookmakers” in Hong Kong, and must obtain corresponding qualifications. For example, securities bookmakers must at least be recognized by the Hong Kong Stock Exchange or rated at least A3 by Moody's, or at any time, the company's paid-up share capital is at least 50 million Hong Kong dollars equivalent, and shareholders' investment is at least equivalent to HK$100 million.
第四，清算。双币柜台之间的结算时间是T+2。
Fourth, liquidation. The settlement time between the two currency counters is T+2.
整个交易流程、庄家活动及结算模式称之为双柜台模式，其实施办法将视乎监管机构批准。
The entire trading process, bookmaker activity, and settlement model is called a two-counter model, and its implementation is subject to regulatory approval.
如何识别及交易？
How to identify and trade?
港交所文件显示，港币-人民币双柜台交易安排将大致遵循现有股票代码分配计划，即港币柜台的股票代码是以“0”开始的5位数字，而人民币柜台的股票代码是以“8”开始的5位数字。港币及人民币柜台股票代码的最后四位数将相同。人民币柜台的股票简称将后缀“-R”。
According to Hong Kong Stock Exchange documents, the Hong Kong dollar-RMB double-counter trading arrangement will generally follow the existing stock code distribution plan, that is, the stock code for the Hong Kong dollar counter is a 5-digit number starting with “0,” while the stock code for the RMB counter is a 5-digit number starting with “8.” The last four digits of the HKD and RMB counter codes will be the same. Stock abbreviations on the RMB counter will be suffixed with “-R”.
交易安排方面，在人民币及港币柜台的证券为相同类别且可互相转换的基础上，若其中一个柜台(如港币柜台)是可以进行卖空的指定证券，另一个柜台(如人民币柜台)也可以按照交易所规则被纳入为可进行卖空的指定证券，相应的，两个柜台均会在交易所公布的可进行卖空的指定证券名单中。
In terms of trading arrangements, on the basis that securities on the RMB and Hong Kong dollar counters are in the same category and are interchangeable, if one of the counters (such as the Hong Kong dollar counter) is a designated securities that can be short sold, the other counter (such as the RMB counter) can also be included as designated securities that can be short sold in accordance with exchange rules. Corresponsively, both counters will be included in the list of designated securities that can be short sold.
鉴于两个柜台的股票属于同一类别，且可相互转换，购买或以港币持有该股票，以人民币卖出都将被视为持货沽售，反之亦然。
Since the stocks on the two counters are in the same category and can be converted to each other, purchased or held in Hong Kong dollars, any sale in RMB will be treated as holding goods for sale, and vice versa.
对于符合卖空资格的指定股票，比如以港币借入股票，随后在人民币柜台卖出，将被视为有担保的卖空，反之亦然。
Designated stocks that are eligible for short selling, such as borrowing stocks in Hong Kong dollars and then selling them at the RMB counter, will be treated as a guaranteed short sale, and vice versa.
值得一提的是，在双柜台模式下，由于人民币柜台仅供交易及结算，故不会向人民币柜台提供实物股票存入或提取服务，实物股票只可存入港币柜台之后再转换至人民币柜台。同样，人民币柜台需转换至港币柜台之后才可以提取实物股票。
It is worth mentioning that under the dual counter model, since the RMB counter is for trading and settlement only, physical stock deposit or withdrawal services will not be provided to the RMB counter. Physical stocks can only be deposited into the Hong Kong dollar counter and then converted to the RMB counter. Similarly, the RMB counter needs to be converted to the Hong Kong dollar counter before physical stocks can be withdrawn.
所有香港结算费用，除代收股息服务费及代收利息服务费外，都以港元计算及收取。代收股息服务费及代收利息服务费是以有关证券所采用的合资格货币计算。
All Hong Kong clearing fees, with the exception of dividend collection service fees and interest collection service fees, are calculated and collected in Hong Kong dollars. The dividend collection service fee and interest collection service fee are calculated in the qualifying currency used for the securities concerned.
被指定为“双柜台”证券有什么好处？
What are the benefits of being designated as a “double counter” securities?
持有“双柜台”的发行人能够为投资者提供不同交易货币选择，以及开拓人民币交易的新潜在渠道。由交易所指定的双柜台证券可以引入庄家以提供流动性并缩小港币与人民币柜台之间的价格差异。
Issuers with “double counters” can provide investors with different trading currency options and open up new potential channels for RMB transactions. Dual counter securities designated by exchanges can be introduced to bookmakers to provide liquidity and reduce the price difference between HKD and RMB counters.
比如，设立人民币柜台后，QDII基金和港股通投资者可以选择人民币柜台交易，消除投资港股的汇兑成本和汇率风险，有利于促进港股通交易，吸引更多内地资金参与港股投资。
For example, after setting up a RMB counter, QDII funds and Hong Kong Stock Connect investors can choose to trade over the RMB counter to eliminate exchange costs and exchange rate risks of investing in Hong Kong stocks, which is conducive to promoting Hong Kong Stock Connect trading and attracting more mainland capital to participate in Hong Kong stock investment.
申请流程、处理时间、投入成本是怎样的？
What is the application process, processing time, and investment costs?
由于“双柜台模式”会对上市证券的交易安排有影响，上市发行人先提交申请，然后港交所同意，并向香港中央结算有限公司申请将上市证券纳入结算系统的多柜台合资格证券，再对外刊发公告通知，告诉投资人，公司已经申请增设人民币柜台交易。
Since the “dual counter model” will have an impact on trading arrangements for listed securities, the listed issuer first submits an application, then the Hong Kong Stock Exchange approves and applies to Hong Kong Central Clearing Limited for multi-counter eligible securities to include the listed securities in the settlement system, and then publishes an announcement notice to the public informing investors that the company has applied for additional RMB counter transactions.
目前暂无有关人民币柜台申请的特定规定时间表。即，看公司提交，不作强制要求。也可以是先申请了人民币柜台交易，后面还可以取消不设人民币柜台。
There is currently no specific schedule for over-the-counter applications in RMB. In other words, depending on the company's submission, there is no mandatory requirement. You can also apply for a RMB counter transaction first, then cancel without a RMB counter later.
另外，增设人民币柜台也无需向港交所支付任何费用。
Also, there is no need to pay any fees to the Hong Kong Stock Exchange for the addition of RMB counters.
双币柜台证券持有人的待遇会否不同？
Will holders of Dual Currency Counter Securities be treated differently?
人民币柜台仅供交易及结算使用，而且两个柜台买卖的都是同一只证券，因此享有的权利也是完全相同，不存在区别对待。
The RMB counter is for trading and settlement only, and the two counters are trading the same securities, so the rights enjoyed are exactly the same, and there is no difference in treatment.
如何计算“双柜台”证券市值？
How to calculate the market value of “double counter” securities?
港交所会按照“双柜台”证券的总发行股份数及港币柜台的收市价计算总市值。
The Hong Kong Stock Exchange will calculate the total market value based on the total number of shares issued in “double counter” securities and the closing price of the Hong Kong dollar counter.
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