Shenzhen-Hong Kong Stock Connect Set for December Launch

Posted November 28, 2016

The stock market hook-up between Hong Kong and China's second market in Shenzen is expected to be now getting the go-ahead after many delays and administrative concerns, not to mention great destabilisation on Chinese markets.

A similar link between the Shanghai and Hong Kong bourses was launched in November 2014.

"The stock exchanges and the clearing houses have completed a series of market rehearsals with participants in both markets and reported that systems are ready".

Hong Kong shares also strengthened, touching a two-week high, as a pull-back in the surging USA dollar gave some relief to Asian shares, which had underperformed on worries about capital flight to high-yielding US markets.

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China announced the launch of the scheme in August.

China has been slowly improving market access and gradually easing restrictions on money flow.

"The necessary trading and clearing rules and other relevant rules, the daily quota mechanism and other regulatory and operational arrangements have been finalized", the China Securities Regulatory Commission and the Hong Kong Securities and Futures Commission said in a statement. For mainland investors, especially high net-worth ones, it will be a convenient channel for overseas asset allocation.

SHANGHAI Nov 25 China's leading share index capped its best week in almost 6 months on Friday as investors continued to scoop up blue-chips on signs that the economy is on steadier footing. Any company that is dual listed in the city and Hong Kong will also be available.

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CRRC, whose Shanghai-listed shares trade at more than 60 percent premium over their Hong Kong counterparts, jumped 5 percent.

SFC Chairman, Mr Carlson Tong commented, "The expanded trading link will further strengthen mutual access between the Mainland and Hong Kong stock markets".

The Shenzhen link "reduces foreign investors' reliance on QFII, thus relieving the difficulty of hedging renminbi, which has been increasingly volatile of late", Tony Cheung, head of quant analytics at Liquidnet Holdings Inc.in the Asia Pacific region, said by e-mail.

HSBC strategists wrote in a note the inflows from the Shanghai and Shenzhen links could help contribute more than half of the total trading in Hang Seng Index constituents in five years, from a maximum of 20% so far.

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"We will closely monitor its implementation so that it will contribute to the economic and financial reforms of our country and reinforce Hong Kong's position as an global financial center", the city's financial secretary John Tsang said in an e-mailed statement.