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Chief Executive CY Leung
In August, Premier Li Keqiang announced that the State Council had approved the implementation plan for Shenzhen-Hong Kong Stock Connect. After months of preparation, we are about to witness the launch of Shenzhen-Hong Kong Stock Connect.
Following the footsteps of Shanghai-Hong Kong Stock Connect, as well as the Mainland-Hong Kong mutual recognition of funds arrangement, Shenzhen-Hong Kong Stock Connect is yet another milestone in deepening mutual access between the capital markets in Hong Kong and the Mainland. Starting today, Hong Kong and overseas institutional and individual investors can trade eligible A-shares listed in Shenzhen directly through the stock market. Qualified Mainland investors, meanwhile, can trade eligible shares listed in Hong Kong through this new platform.
The Shenzhen-Hong Kong Stock Connect is, in two ways, an enhanced version of the Shanghai counterpart. First, the scope of eligible securities is expanded. Second, there will be no aggregate quota upon its launch.
The Shenzhen-Hong Kong Stock Connect is exemplary of Hong Kong's combined advantages of "one country, two systems" - we are the world's China financial capital, and at the same time China's international financial capital. We are, indeed, a "super-connector" between the rest of China and the rest of the world.
And for the benefit of all. The Stock Connect will facilitate the Mainland's capital markets reforms, and help promote the internationalisation of renminbi. As for Hong Kong, this new platform will surely attract investors eyeing opportunities in the Mainland, bolstering our position as an international financial centre and a global offshore renminbi business hub.
We will closely monitor the operation of the stock market, and consider what room there is to improve the mechanism and expand the scheme in an orderly manner.
Chief Executive CY Leung gave these remarks at the Shenzhen-Hong Kong Stock Connect launch ceremony at Hong Kong Exchanges & Clearing on December 5.
