Shenzhen-HK stock link on the way
Print Edition
SHENZHEN will be allowed to link its stock exchange with Hong Kong’s stock market following the pilot program planned for Shanghai, the securities regulator has said.
China will support the cooperation between the capital markets of Shenzhen and Hong Kong and allow them to explore new ways of cooperation based on the experience of the Shanghai-Hong Kong Stock Connect, the China Securities Regulatory Commission said in a document outlining measures on Shenzhen’s capital market.
The Shenzhen bourse, home to the ChiNext board — China’s Nasdaq-style market for high-tech firms and startups — is likely to be more attractive to overseas investors as China’s growth companies have outperformed large-cap blue chips listed on the Shanghai exchange, analysts said.
The planned stock connect scheme between Shanghai and Hong Kong — a landmark step in China’s effort to open up its market and promote yuan internationalization — is expected to be launched as soon as this month.
For the first time overseas investors in the scheme will have direct access to 568 stocks listed in Shanghai. Meanwhile, Chinese investors will be able to trade 266 Hong Kong-listed shares through the scheme.
Xiao Zhijia, deputy director-general of Shenzhen’s office of financial development services, said earlier that the Shenzhen stock exchange has submitted to the CSRC a proposal to connect with the Hong Kong stock market.
The CSRC also said it will allow financial reforms tested in Shanghai’s pilot free trade zone to be implemented in the Qianhai Economic Zone in Shenzhen, Guangdong Province.
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