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Joint Announcement Issued By SFC And Hkex

2014/4/10 17:22:00 17

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the SFC and HKEx issued a joint announcement today: the Shanghai stock exchange and the stock exchange of Hongkong will allow investors from both sides to buy and sell shares on the other side of the stock exchange stipulated in the local securities companies (or brokers).

The Shanghai and Hong Kong Exchanges include two parts: Shanghai Stock Exchange and Hong Kong stock exchange. The Shanghai stock exchange refers to the securities trading service company established by the Hongkong stock exchange, entrusted by the investors to the Hongkong stock exchange, to declare to the Shanghai Stock Exchange (Stock Exchange), and to sell the shares listed on the Shanghai securities exchange. The Hong Kong stock exchange means that the investors entrust the mainland securities company, the securities trading service company established by the Shanghai stock exchange, to declare to the Hongkong stock exchange, and to sell the shares on the Hongkong stock exchange within the stipulated scope.

The total amount of Shanghai Stock pass is 300 billion yuan, the daily amount is 13 billion yuan; < a href= "http://www.91se91.com/news/index_c.asp" > Hong Kong stock < /a > total amount is 250 billion yuan, the daily amount is 10 billion 500 million yuan.

The two sides can adjust their investment quota according to the pilot situation.

At the initial stage of the trial, the Shanghai Stock Exchange's stock ranged from the constituent stocks of the Shanghai Stock Exchange 180 index, the Shanghai Stock Exchange 380 index, and the A+ H-share company listed on the Shanghai stock exchange; the stock range of the Hong Kong stock exchange was the constituent stock of Hengsheng general stock index of the stock exchange of Shanghai, the constituent stock of the Hengsheng comprehensive medium share index and the A+ H-share company listed on the Hongkong stock exchange and the Shanghai stock exchange at the same time.

The two sides can adjust the scope of investment targets according to the pilot situation.

In the initial stage of the pilot, < a href= "http://www.91se91.com/news/index_c.asp" > Hongkong Securities Regulatory Commission < /a > requires that domestic investors who participate in Hong Kong stocks are limited to institutional investors, and the total amount of securities account and capital account balance is not less than 500 thousand yuan for personal investors.

below is a href= "http://www.91se91.com/news/index_c.asp" > announcement < /a > the full text: /p >

to promote the common development of the mainland and Hongkong capital markets, the China Securities Regulatory Commission and the Hongkong securities and Futures Commission have decided to approve the Shanghai stock exchange, The Stock Exchange of HongKong Limited (hereinafter referred to as the Hongkong stock exchange), China Securities Depository and Clearing Co., Ltd. (hereinafter referred to as China settlement), and Hongkong Central Clearing Company Limited (hereinafter referred to as Hongkong settlement) to carry out the pilot exchange mechanism of Shanghai and Hong Kong stock market pactions (hereinafter referred to as Shanghai and Hong Kong).

This joint announcement sets out the principles to be followed when the Shanghai and Hong Kong through projects are expected to be implemented.

The announcement is as follows:

(P > 1) the Shanghai stock exchange and the stock exchange of Hongkong will allow investors from both sides to buy and sell shares on the other side of the stock exchange stipulated in the local securities companies (or brokers).

two, Shanghai and Hong Kong is an important part of China's capital market opening to the outside world. It helps to strengthen the capital market relationship between the two places and promote two-way opening of the capital market. It has many positive meanings:

(1) is conducive to enhancing the comprehensive strength of China's capital market through a new cooperation mechanism.

Shanghai and Hong Kong can deepen exchanges and cooperation, expand investment channels for investors in both places, and enhance market competitiveness.

(two) is conducive to consolidating the status of two financial centers in Shanghai and Hongkong.

Shanghai and Hong Kong can help to enhance the attractiveness of Shanghai and Hongkong to international investors, improve the structure of investors in Shanghai market, further promote the construction of Shanghai's international financial center, and help Hongkong develop into an important overseas investment market for mainland investors, and consolidate and enhance Hongkong's position as an international financial centre.

(three) is conducive to promoting the internationalization of RMB and supporting Hongkong to become an offshore RMB business center.

Shanghai and Hong Kong can not only facilitate mainland investors to invest directly in the Hongkong market, but also increase investment channels for offshore RMB funds to facilitate the orderly flow of Renminbi in the two places.

three, Shanghai and Hong Kong follow the current paction settlement laws and regulations and operation modes of the two markets. The main points of the system include the following five aspects:

(1) applicable paction, settlement and listing requirements.

Trading settlement activities comply with the market rules and business rules of paction settlement.

Listed companies will continue to be regulated by listing rules and other provisions.

Shanghai and Hong Kong are open only in both Shanghai and Hong Kong, and are able to meet the settlement arrangements.

(two) means of settlement.

China settlement and Hongkong settlement adopt direct cross-border settlement methods, and become mutual settlement participants, providing corresponding settlement services for the Shanghai and Hong Kong through.

(three) investment target.

The two sides can adjust the scope of investment targets according to the pilot situation.

(four) investment quota.

In the initial stage of the pilot, the total amount of RMB cross-border investment quota was managed, and the daily quota was set up for real-time monitoring.

Among them, the total amount of Shanghai Stock pass is 300 billion yuan, the daily amount is 13 billion yuan, the total amount of Hong Kong stock is 250 billion yuan, and the daily amount is 10 billion 500 million yuan RMB.

The two sides can adjust their investment quota according to the pilot situation.

(five) investors.

At the early stage of the trial, the Hongkong Securities Regulatory Commission requested that the domestic investors participating in the Hong Kong stock exchange should be limited to institutional investors and individual investors with a total sum of not less than 500 thousand yuan in securities accounts and capital account balances.

four, and actively enhance cross-border supervision and law enforcement cooperation between the two countries.

The securities regulatory authorities of both places will take all necessary measures to ensure that the two sides establish effective mechanisms in Shanghai and Hong Kong in order to protect the interests of investors, and timely respond to the illegal acts appearing in their respective markets.

The two regulatory authorities will improve the current bilateral regulatory cooperation arrangements and strengthen law enforcement cooperation in the following areas:

Perfect notification and sharing mechanism for illegal clues discovery;

effective investigation and cooperation to crack down on cross boundary violations such as misrepresentation, insider trading and market manipulation;

law enforcement exchanges and training between the two sides;

improve the level of cross border law enforcement cooperation.

five, the two sides will establish a liaison mechanism for the Shanghai and Hong Kong through projects, and resolve the problems in the pilot process through consultation.

the two exchanges and registration and clearing institutions should actively promote the operation and other work of Shanghai and Hong Kong in line with the principles of sound and orderly control and risk control. After completing the relevant trading settlement rules and systems, obtaining all relevant regulatory approvals, fully adjusting the business and technical systems of market participants, and preparing all necessary investors' education, the Shanghai and Hong Kong authorities will formally start the operation.

during the preparation period of the pilot project, the two exchanges and the registration and clearing institutions will contact various market participants to ensure that the market participants understand all relevant rules, systems and technical requirements that they need to participate in the project before they are formally implemented in Shanghai and Hong Kong.

The two exchanges and the registration and clearing institutions will issue further announcements on the progress of the pilot projects, including the expected time schedule.

From the date of issuance of this joint announcement to the formal launch of Shanghai and Hong Kong, it will take 6 months to prepare.

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