Shanghai And Hong Kong Through Detailed Rules To Clarify Hong Kong Stocks Through Unilateral "T+0"

Shanghai and Hong Kong have been stepping up preparations since the Shanghai and Hong Kong Tong approved pilot projects in April 10th. P.

Yesterday afternoon, the Shanghai Stock Exchange (hereinafter referred to as the "Shanghai Stock Exchange") and the stock exchange of Hongkong (hereinafter referred to as the "Stock Exchange") almost simultaneously issued the Shanghai and Hong Kong Tong pilot detailed rules.

< /p >

< p > the Shanghai Stock Exchange issued the detailed rules for the implementation of the pilot interconnection mechanism for Shanghai and Hong Kong stock market (hereinafter referred to as the "rules"), which consists of six chapters and 106 articles, and has been soliciting opinions from the public since April 29th.

< /p >

< p > the release of the draft rules is an important work in the preparatory period for the 6 months of the establishment of Shanghai and Hong Kong through business.

The first financial daily learned from the Shanghai stock exchange that the next step is that the Shanghai Stock Exchange, the stock exchange, China Clearing and Hongkong clearing will also sign a cooperation agreement to make a clear definition of the responsibilities of all parties concerned, and initiate technical preparations for the parties concerned.

< /p >

< p > it is noteworthy that the "T+0" trading rules of concern have also been mentioned in the rules, but it is aimed at < a href= "http://www.91se91.com/news/index_cj.asp" > Hong Kong stocks through < /a >.

According to the rules, investors buy and sell Hong Kong stocks through shares, and the stocks purchased on that day can be sold before the paction is confirmed.

< /p >

< p > < strong > new paction mode < /strong > < /p >

< p > in April 10th, China's < a href= "http://www.91se91.com/news/index_cj.asp > > < /a > > the Hongkong securities and Futures Commission's joint announcement of supervision and Management Commission (hereinafter referred to as the" joint announcement ") has stipulated the paction settlement method.

< /p >

< p > the two sides agreed that Shanghai and Hong Kong should abide by the existing laws and regulations and operation modes of paction settlement in the two markets, and the trading settlement activities shall abide by the market rules and business rules of the trading settlement, and the listed companies shall be subject to the listing rules and other provisions.

< /p >

< p > the Shanghai Stock Exchange issued the detailed rules and regulations to refine the trading mode, which stipulates that the trading rules are based on the local rules, that is, "Hongkong market investors can not sell shares on Shanghai Stock Exchange, and mainland investors can buy Hong Kong stocks and sell them on the same day."

< /p >

< p > "attention should be paid to the implementation of the" T+2 "settlement system in Hongkong market, that is, T day buying and T+2 day stock arrival.

But investors are allowed to sell shares on T days and T+1 days when stocks haven't arrived.

SSE related person in charge said, so the rules draft rules stipulate that Hong Kong stocks can be bought and sold by investors through Hong Kong stocks. The stocks bought on that day are confirmed to be sold before the paction is completed.

< /p >

< p > in terms of order type, the rules stipulate that investors in Shanghai and Hong Kong can not adopt the mode of market price.

"Shanghai and Hong Kong offer simple and safe price limit orders to both investors, and do not provide complex orders such as market orders."

The Shanghai Stock Exchange explained that the rules also stipulate that Hong Kong and Hong Kong have banned naked short selling, and margin trading has also been limited and do not participate in bulk trading.

< /p >

At present, there is a certain threshold for mainland investors to participate in Hong Kong stocks. Individual investors need to meet the requirements of total assets of securities accounts and capital accounts not less than 500 thousand yuan RMB P.

< /p >

Besides P, taxes and fees in the paction and settlement process are also factors that affect the enthusiasm of investors in the market.

< /p >

< p > "mainland investors participate in the sale and purchase of shares by Hong Kong stocks, and they need to pay the same taxes and fees as Hongkong local investors in terms of pactions and settlement."

In response to the first Financial Daily reporters' questions, the head of the SSE said that at present, the tax and fees in the Hongkong stock market mainly consist of four categories, namely stamp duty, paction fee and paction system usage fee, paction levy and investor compensation levy, as well as the cost of stock settlement.

< /p >

< p > in addition, Hongkong local investors are required to pay a number of fees in accordance with the general rules of the central clearing system and the rules of operation procedures for the depository and agent services of Hong Kong equity holders.

< /p >

< p > the Shanghai Stock Exchange said that the draft should be further revised and improved on the basis of widely soliciting opinions from the market, and it should be agreed with the relevant parties such as the stock exchange and the approval of the regulatory authorities before it can be finalized.

< /p >

< p > < strong > pushing forward < /strong > < /p >.

The release of < p > a href= "http://www.91se91.com/news/index_cj.asp" > joint announcement < /a > marks the beginning of the 6 month preparatory period for Shanghai and Hong Kong.

< /p >

< p > in accordance with the deployment of the SFC, preparations include issuing normative documents and supporting measures, making technical preparations, formulating detailed rules and emergency plans for dealing with pactions, trading time arrangement, information disclosure, and communicating with Hongkong Securities Regulatory Commission for business supervision and cross border enforcement.

< /p >

< p > SSE said that relevant work is being pushed forward.

It includes further perfecting the business plan, implementing the system arrangement of paction, technology, registration, settlement and supervision, speeding up the development of related technology systems such as paction and settlement, and promoting the development of the company's business and technology system as soon as possible by member companies, and comprehensively carrying out investor education to reveal the risk of cross-border investment.

< /p >

< p > "the Institute will also consult the industry on the technology development plan, and China settlement will also seek industry advice on the implementation guidelines of Shanghai and Hong Kong through clearing business."

In response to a reporter's question, the head of the SSE said that after the implementation of the business documents, including the rules, the business of Shanghai and Hong Kong will be able to enter the stage of substantive technology development.

< /p >