This will allow individuals to buy a shares directly from subsidiaries of mainland security companies.

Jerry Lou, an economist at Morgan Stanley, says: "in the long term, we believe it will result in lower volatility and greater institutional participation in the A-share market."

摩根士丹利（morgan stanley）经济学家娄刚（jerry lou）表示：“长期来看，我们相信，它最终会降低a股市场的波动性，增加机构对a股市场的参与。”

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Oussama Himani, head of emerging market strategy at UBS, said a shares were trading at levels that could only be justified by "very optimistic" earnings growth expectations.

瑞银集团（ubs）新兴市场策略主管乌萨马希马尼（oussama himani）表示，只有收益增长预期“非常乐观”，才能证明a股目前的股价水平是合理的。

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The size of a Shanghai A-share listing has yet to be decided.

上海a股的上市规模仍未确定。

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The Hang Seng China ah premium index reached a high of 208 in January 2008, with a shares more than double the price of H shares at the time.

恒生ah股溢价指数在2008年1月达到208的高点，意味着当时a股平均比h股贵一倍。

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The average premium of a shares over H shares, as measured by the Hang Seng China ah premium index, is notoriously volatile.

衡量a股对h股平均溢价水平的恒生ah股溢价指数（hang seng china ah premium index），一直以来都出了名的波动。

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China restricts foreign investment in renminbi-denominated stocks listed on the Shanghai and Shenzhen stock markets, known as a shares, by limiting buying to those groups with a qualified foreign institutional investor licence.

中国限制外资投资沪深股票市场上以人民币计价的股票（即a股），仅允许那些拥有合格境外机构投资者（qfii）牌照的公司购买这些股票。

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Analysts at PwC believe that, providing the global economy does not deteriorate further, Shanghai will host another eight A-share offerings over the next six months, its mainland rival Shenzhen a further 46 and Hong Kong an extra 32.

普华永道（pwc）的分析师认为，如果全球经济没有进一步恶化，上海股市在未来6个月内将再举行8宗a股发行活动，而深圳将有46宗，香港有32宗。

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The company will maintain its A-share listing, which is denominated in Renminbi.

该公司将保留以人民币计价的a股。

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Shanghai A-shares sported a price/ earnings ratio of 50 at the peak last autumn.

去年秋季，上海a股的市盈率一度达到50倍的峰值水平。

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One of its funds, China ABH shares, which invests primarily in Chinese companies listed on the mainland A-share market, has seen a return of more than 900 per cent since it was launched seven years ago.

该公司旗下的中华abh股基金（china abh shares）主要投资于在内地a股市场上市的中国企业，自7年前发行以来，回报率已超过900%。

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The approval of more QDII quotas should drive market liquidity and help reduce the valuation gap between a and H shares.

批准更多的qdii额度，应该会加大市场流动性，有助于缩减a股与h股间的估值差距。

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He also reiterated promises that China is considering introducing Hong Kong-listed ETF products that would track the domestic a share index, as well as sanctioning more renminbi-denominated bonds and shares in the city.

他同时重申，中国正考虑推出在港挂牌交易的、跟踪国内a股指数的交易所交易基金（etf）产品，并批准更多以人民币计价的债券和股票赴港上市。

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For these A-share companies, buy-backs are one option.

对这些拥有a股的企业，回购是一种选择。

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Nomura has a QFII licence and is using it in this fund, meaning it is free to buy a shares.

野村拥有一张qfii牌照，目前正将这张牌照用于这只新基金这意味着，它可以自由购买a股股票。

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Underwriting domestic currency A-share issues is nice work.

承销以人民币计价的a股是一份好差事。

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Measures could include allowing a series of large IPOs in Shanghai, which are designed to draw some of the liquidity from the market.

这些措施可能包括允许一系列大型企业在a股市场进行大规模首次公开发行（ipo），以吸收市场的部分流动性。

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But having let H-shares close the gap, A-shares powered ahead again.

但是，随着h股的价格优势消失，a股再度领先。

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Moreover, investment income will also increase as mainland A-share market marked record high.

至于投资收入亦会受惠a股市场创新高而造好。

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MS Lam said Hong Kong institutions have a limited QFII quota so they cannot invest directly in China-listed A-shares.

张灼华表示，香港机构的qfii配额有限，所以它们无法直接投资内地上市的a股。

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Last Thursday, after Alan Greenspan, former US Federal Reserve Chairman, warned that the Chinese market was due for a dramatic correction, the A-share market barely moved.

上周四，在美联储（fed）前任主席艾伦格林斯潘（alan greenspan）发出警告，称中国市场即将出现大幅回调之后，a股市场几乎没有变化。

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