Test on pilot investment in Shanghai, HK starts
Print Edition
THE Shanghai Stock Exchange yesterday started testing a pilot program allowing cross-market equity investment between the Shanghai and Hong Kong bourses.
The testing of the overall process of the Shanghai-Hong Kong Stock Connect will last through the end of September, according to a circular released to brokerages participating in the test.
The testing of registration and settlement services will be done on August 30 and 31, followed by testing of the stability and capacity of the system on September 13.
The 21st Century Business Herald said yesterday that 40-50 Chinese mainland brokerages will participate in the test.
The program, set to launch in October, will for the first time enable individual investors on the mainland to trade Hong Kong shares without going through a qualified institutional investor. It will also open the A-share market to Hong Kong investors.
The China Securities Regulatory Commission said earlier that Hong Kong investment in the mainland market will be limited to an aggregate quota of 300 billion yuan (US$48.7 billion) and a daily quota of 13 billion yuan. Mainland investment in Hong Kong stocks will be limited to an aggregate quota of 250 billion yuan and a daily quota of 10.5 billion yuan, it added.
The Hong Kong Exchanges and Clearing Ltd said that Hong Kong investors will not be able to buy Shanghai shares when the remaining quota is below the daily cap of 13 billion yuan.
Charles Li, chief executive of HKEx, wrote on his official blog on Sunday: “The quota system is a key component of the scheme designed to minimize any potential unforeseen risk of excessive capital flows.”
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