China is in the period of economy developing quickly, but the hedging of State-owned enterprise going abroad isn't well. Though it is for the escaping from the risk and controlling the cost, but we can see a series of accidents occurred, such as Air China lost 12 billion dollars an so on. These accidents not only loss vastly, but also influence the SOE's hedging developing in the international future's market. This paper try to find the reason why it happen and aim at to avoid it happen again, and provide some useful reference for the supervising administration.This paper use the way of case analyzing for such important accidents and experiences in the future and option market overseas from many aspects, try to find the basic cause and to solve.This paper specially offered a supposed hedging case of a SOE investment in capital market overseas, it adopts S&P 500 share index future to hedge.
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