Brokerages get nod for Shanghai-HK stock link
Print Edition
SEVERAL brokerages have won regulatory approval to participate in the imminent pilot program that will allow cross-border trading between the Shanghai and Hong Kong stock markets.
Central China Securities has got the nod from the Shanghai Stock Exchange to offer trading services for Chinese mainland investors who plan to invest in Hong Kong shares under the Shanghai-Hong Kong Stock Connect program, the Henan Province-based brokerage said on its website yesterday.
The announcement lifted the brokerage’s Hong Kong-listed shares 21.7 percent to HK$3.53 (46 US cents) yesterday amid expectations the program will boost the brokerage’s profitability.
Other securities houses, including China Galaxy Securities, Guangfa Securities, Founder Securities and some small and medium brokerages, were also allowed into the program, the Securities Daily reported yesterday.
The program, first revealed in April, will for the first time enable investors on the mainland to trade selected Hong Kong shares and offer Hong Kong investors access to yuan-denominated A shares.
It was said earlier that the linkup will be launched in October but no date has yet been disclosed.
Internet financial information service provider Shanghai Great Wisdom cited an unnamed source as saying the China Securities Regulatory Commission is scheduled to announce tomorrow the program will start on October 27.
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