china launches landmark shanghaihong kong stock link programme
Last Updated : GMT 23:18:11
Arab Today, arab today
Arab Today, arab today

China launches landmark Shanghai-Hong Kong stock link programme

Arab Today, arab today

Arab Today, arab today China launches landmark Shanghai-Hong Kong stock link programme

President of the Hong Kong Stock Exchange Chow Chung-kong (C-L)
Shanghai - XINHUA

 Gongs were struck in the Shanghai and Hong Kong bourses to mark the historic start of the Shanghai-Hong Kong Stock Connect program on Monday.
The initiative is a landmark trading link program allowing investors to trade on both bourses. It has been seen as a significant move toward a more open capital market in the Chinese mainland.
The much-anticipated launch is expected to see billions of dollars in daily cross-border transactions.
Under the whole program, which caps cross-border investment at 550 billion yuan (90 billion U.S. dollars), investors, with over 500,000 yuan in their brokerage accounts, will be allowed to trade eligible shares listed on either market through local securities firms or brokers.
Each day, investors are permitted to buy and sell up to 23.5 billion yuan worth of stock from a select list of companies. Up to 10.5 billion yuan of that daily quota goes to mainland investors and the rest to Hong Kong.
Previously, cross-border investment in the the mainland equity market was only allowed under a series of projects including qualified domestic institutional investor (QDII), qualified foreign institutional investor (QFII) and RMB qualified foreign institutional investor (RQFII).
To overcome a major block in the stock connect program, the Finance Ministry and its securities watchdog on Friday decided to exempt profits made from the connect program from taxes from its launch until Nov. 16, 2017.
At the launch ceremony in Shanghai, China Securities Regulatory Commission (CSRC) chairman Xiao Gang hailed the trading link program as a "major institutional innovation" in capital markets.
The link heralds a new model -- whereby operation is convenient and risks controllable -- for cross-border securities investment," Xiao said.
The connect program is conducive to "consolidating the role of Hong Kong as an international financial center", and "speeding up the building of Shanghai as an international financial center" so as to raise the competitiveness of China's overall capital market, Xiao said.
It is also "conducive to the internationalization of RMB and boosting the convertibility in cross-border capital and financial transaction," he added.
Chinese shares surged on the news. The benchmark Shanghai Composite Index opened at 2,506.86 points, up 28.04 points, or 1.13 percent, before closing at 2,495.80 for the morning session.
Hong Kong stocks moved up 225.68 points, or 0.94 percent, to open at 24,313.06.

 

arabstoday
arabstoday

GMT 14:54 2017 Sunday ,19 November

Bahrain Bourse daily trading performance

GMT 03:16 2017 Saturday ,18 November

Asian markets head for positive end to volatile week

GMT 11:57 2017 Friday ,17 November

US stocks boosted by solid Wal-Mart, Cisco earnings

GMT 06:51 2017 Friday ,17 November

Bahrain Bourse daily trading performance

GMT 03:57 2017 Thursday ,16 November

Stock markets retreat as oil slides

GMT 15:05 2017 Wednesday ,15 November

Bahrain Bourse daily trading performance

GMT 02:47 2017 Wednesday ,15 November

Asian markets down as fears grow for US tax reform

GMT 19:56 2017 Tuesday ,14 November

Bahrain Bourse daily trading performance
Arab Today, arab today
Arab Today, arab today

Name *

E-mail *

Comment Title*

Comment *

: Characters Left

Mandatory *

Terms of use

Publishing Terms: Not to offend the author, or to persons or sanctities or attacking religions or divine self. And stay away from sectarian and racial incitement and insults.

I agree with the Terms of Use

Security Code*

china launches landmark shanghaihong kong stock link programme china launches landmark shanghaihong kong stock link programme

 



Name *

E-mail *

Comment Title*

Comment *

: Characters Left

Mandatory *

Terms of use

Publishing Terms: Not to offend the author, or to persons or sanctities or attacking religions or divine self. And stay away from sectarian and racial incitement and insults.

I agree with the Terms of Use

Security Code*

china launches landmark shanghaihong kong stock link programme china launches landmark shanghaihong kong stock link programme

 



Arab Today, arab today
Arab Today, arab today Jordanian woman reveals her project

GMT 00:46 2017 Saturday ,11 November

Jordanian woman reveals her project
Arab Today, arab today Japanese regulators raid Airbnb

GMT 00:44 2017 Monday ,20 November

Japanese regulators raid Airbnb
Arab Today, arab today Keep kids busy at Thanksgiving gatherings

GMT 11:14 2017 Friday ,10 November

Keep kids busy at Thanksgiving gatherings
Arab Today, arab today Saudi, Bahrain target Iran

GMT 00:48 2017 Monday ,20 November

Saudi, Bahrain target Iran
Arab Today, arab today Europe turns on Facebook, Google

GMT 02:26 2017 Monday ,20 November

Europe turns on Facebook, Google
Arab Today, arab today
Arab Today, arab today
Arab Today, arab today Australian academic's book pulled

GMT 15:20 2017 Monday ,13 November

Australian academic's book pulled
Arab Today, arab today May under Brexit pressure at EU reform summit

GMT 02:14 2017 Saturday ,18 November

May under Brexit pressure at EU reform summit
Arab Today, arab today Delhi half-marathon to go ahead

GMT 03:51 2017 Saturday ,18 November

Delhi half-marathon to go ahead
Arab Today, arab today The history of solar eclipses

GMT 05:16 2017 Sunday ,20 August

The history of solar eclipses
Arab Today, arab today Driverless, electric future just round

GMT 02:45 2017 Monday ,20 November

Driverless, electric future just round
Arab Today, arab today Tesla unveils its all-electric semi truck

GMT 02:59 2017 Saturday ,18 November

Tesla unveils its all-electric semi truck
Arab Today, arab today Mona Abdel Ghany increased artistic activities

GMT 12:15 2017 Friday ,17 November

Mona Abdel Ghany increased artistic activities
Arab Today, arab today paObama climate envoy slams Trump's rejection

GMT 16:04 2017 Friday ,17 November

paObama climate envoy slams Trump's rejection

GMT 12:22 2017 Thursday ,16 November

Hanan Metawe denies apology for “Major Treason”

GMT 11:15 2017 Thursday ,16 November

Angola oil boss sacked by father's protege

GMT 18:41 2017 Friday ,20 October

Designer Aql Faqih aspires to innovation

GMT 11:38 2017 Wednesday ,15 November

Unloved vultures fight for their survival

GMT 11:49 2017 Thursday ,17 August

Egyptian artist presents new collection of designs

GMT 02:28 2017 Saturday ,18 November

Anti-drug operation nets 4 tonnes

GMT 01:34 2017 Friday ,17 November

Banyan Tree Phuket Takes Festive Season

GMT 17:12 2017 Monday ,07 August

Al-Shawaifi reveals secrets of total solar eclipse

GMT 16:53 2017 Tuesday ,05 September

Youssra depended on colored foam
Arab Today, arab today
Arab Today, arab today
 
 Arab Today Facebook,arab today facebook  Arab Today Twitter,arab today twitter Arab Today Rss,arab today rss  Arab Today Youtube,arab today youtube  Arab Today Youtube,arab today youtube
arabstoday arabstoday arabstoday arabstoday
arabstoday arabstoday arabstoday
arabstoday
بناية النخيل - رأس النبع _ خلف السفارة الفرنسية _بيروت - لبنان
arabstoday, Arabstoday, Arabstoday