1. What is Shenzhen Hong Kong Stock Connect?
The Hong Kong SFC and China Securities Regulatory Commission (CSRC) jointly announced on 16 August 2016 that the establishment of mutual stock market access (“Shenzhen – Hong Kong Stock Connect”, abbr.: SZHK connect) has been approved. Based on this establishment, Hong Kong and overseas investors are allowed to trade Shenzhen Stock Exchange Securities through and vice versa. SZHK Connect is divided into 2 parts: the Southbound order-routing (mainland investors to trade HK listed securities) and Northbound order-routing (HK and overseas investors to trade Shenzhen listed securities)
2. Eligible Securities
|
SZ-HK Stock connect
|
| Direction |
Northbound (SZ Connect) |
Southbound (HK Connect) |
| Include |
1. SZSE Component Index (with market cap at least RMB 6 billion)
2. SZSE Small/Mid Cap Innovation Index (with market cap at least RMB 6 billion)
3. A+H shares listed in Shenzhen and HK market
4. ChiNext stocks (for institutional professional investors only1)
|
1. HS Composite Large Cap Index
2. HS Composite Mid Cap Index
3. A+H shares listed in Shanghai and Shenzhen and HK market
4. HS Composite Small Cap Index with market capitalization at least HK$5 billion
|
| Exclude |
1. Risk alert shares
2. Shares not traded in RMB
|
1. H shares where their respective A shares are risk alert shares
2. Shares not traded in HK$
|
| No. of stocks |
~880 stocks |
~417 stocks |
| Future |
Exchange-traded funds (ETFs) is planned to be included as eligible securities A launch date will be announced separately after Shenzhen-Hong Kong Stock Connect has been in operation for a period of time and upon the satisfaction of relevant conditions.
|
1 Institutional Professional Investors as defined in the relevant Hong Kong rules and regulations
3. Trading hours
| Trading Session |
Shenzhen |
Shanghai |
Input order to CSC
|
Hong Kong |
| Opening Auction |
09:15 – 09:25 |
09:10 – 11:30 |
09:00 – 09:20 |
| Morning Trading Session |
09:30 – 11:30 |
09:30 – 12:00 |
| Afternoon Trading Session |
13:00 – 14:57 |
13:00 – 15:00 |
12:55 – 15:00 |
13:00 – 16:00 |
| Closing Auction |
14:57 – 15:00 |
- |
16:00 – 16:10 |
#注:
(1) 09:20 – 09:25 and 14:57 – 15:00: SZSE will not accept order cancellation; 09:20 – 09:25: SSE will not accept order cancellation
(2) (a) 09:10 – 09:15; (b) 09:25 – 09:30; (c)12:55 – 13:00: Orders and order cancellations can be input into CSC but will not be processed by SZSE and SSE until their market open
(3) Orders that are not executed during the opening call auction session will automatically enter the continuous auction session
|
4. Fees and commission
| Items |
Rate |
Charged by |
| Handling Fee |
0.00487% of the consideration of a transaction per side |
SZSE |
| Securities Management Fee |
0.002% of the consideration of a transaction per side |
CSRC |
| Transfer Fee |
0.002% of the consideration of a transaction per side |
ChinaClear |
| 0.002% of the consideration of a transaction per side |
HKSCC |
| Stamp Duty |
0.1% of the consideration of a transaction on the seller |
SAT |
5. Settlement Arrangement
| Settlement |
Shenzhen |
Shanghai |
Hong Kong |
| Stock |
T-day |
T-day |
T-day |
| Money |
T+1 day |
T+1 day |
T+1 day |
|
• Same securities & money settlement timeline as Shanghai-HK Stock Connect
• Participants’ CNS money obligation in Shanghai and Shenzhen markets will be netted as HKSCC will arrange fund transfer between ChinaClear SH and SZ
|
6. Daily Quota
| Daily Quota |
RMB 13 billion |
RMB 10.5 billion |
| Aggregate Quota |
Removed |
| Update Link |
Click Here |
7. Relevant Links
Hong Kong Exchange Announcement
Hong Kong Listed Company Information
Shenzhen Exchange website
List of Eligible Securities for Southbound Trading (stocks eligible for both buy and sell)
