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Securities
Overview

Is Shenzhen-Hong Kong Stock Connect open to all investors?

Trading of Shenzhen Stock Exchange (“SZSE”) securities under Shenzhen-Hong Kong Stock Connect (“Shenzhen Connect”) will be opened to all Hong Kong and overseas investors. The only exception is that the trading of SZSE securities which are listed on the ChiNext market,will initially be limited to institutional professional investors.

 

 

What shares are eligible and ineligible for trading through Shenzhen Connect?

 

Northbound Trading

(i.e. Hong Kong and overseas investors trading in SZSE Securities through Shenzhen Connect)

Southbound Trading

(i.e. Mainland investors trading in SEHK Securities under Shenzhen Connect)

Index Constituents

all the constituent stocks of the SZSE Component Index and the SZSE Small/Mid Cap Innovation Index which have a market capitalization of not less than RMB 6 billion.
At the initial stage of Shenzhen Connect, investors eligible to trade shares that are listed on the ChiNext market of SZSE under Northbound trading will be limited to institutional professional investors.

all constituent stocks of the Hang Seng Composite SmallCap Index which have a market capitalization of not less than HKD 5 billion, and all the H shares of SEHK-listed companies which have A shares listed on SZSE

A+H Shares

SZSE-listed A shares which have corresponding H shares listed on SEHK

H shares which have corresponding shares in the form of A shares listed on SZSE

Exclusion

SZSE-listed shares which are not traded in RMB. SZSE-listed shares which are under risk alert * or under delisting arrangement.

Hong Kong shares that are not traded in HKD; H shares which have corresponding shares listed and traded on any exchange in Mainland China other than SSE/SZSE; and H shares which have corresponding A shares put under risk alert* or delisting arrangement.

Under risk alert in relation to A shares listed on the SZSE Main Board or SZSE SME Board, means the relevant shares are placed under “risk alert” by SZSE including shares of “ST companies”, “*ST companies”; and in relation to any A shares listed on the SZSE Market, means the relevant shares are subject to the delisting process or the listing of which has been suspended by SZSE under the SZSE Rules. For details, please refer to the SZSE Listing Rules at http://www.szse.cn/main/rule.

You can obtain more information on eligible stocks of Shanghai-Hong Kong Stock Connect in SEHK website**

Investors will only be allowed to sell but restricted from buying such SZSE Securities if:

  1. such securities subsequently cease to be a constituent stock of the relevant indices; and/or
  2. such securities are, based on any subsequent periodic review, determined to have a market capitalisation of less than RMB 6 billion; and/or
  3. they are subsequently placed under risk alert; and/or
  4. the corresponding H shares of such securities are subsequently delisted from SEHK, as the case may be
 

 

Is there a quota for Shenzhen-Hong Kong Stock Connect?

There is no Aggregate Quota for Shenzhen Connect.

The Northbound Daily Quota is set at RMB 13 billion for Shenzhen Connect, and the Southbound Daily Quota is set at RMB 10.5 billion for Shenzhen Connect.

SEHK monitors the usage of the Northbound Daily Quota on a real time basis, and the Northbound Daily Quota Balance is and will be updated on the HKEX website every minute and disseminated through CCOG and OMD Index Feed at 5-second intervals:
Daily Quota Balance = Daily Quota – Buy Orders + Sell Trades + Adjustments

 

What are the trading hours for Northbound trading?

Northbound trading of Shenzhen Connect follows SSE’s and SZSE’s trading hours. However,
SEHK will accept Northbound orders from SEHK Participants five minutes
before the Mainland market sessions open in the morning and in the afternoon.

1. 09:20 – 09:25, 14:57 – 15:00: SZSE will not accept order cancellation.
09:10 – 09:15; 09:25 – 09:30; 12:55 – 13:00: Orders and order cancellations can be accepted by SEHK but will not be processed by SZSE until SZSE’s market open.

2. Any buy or sell orders not executed during the opening call auction session will automatically enter the continuous auction session. Any buy or sell orders not executed during the continuous auction session will automatically enter the closing call auction session.

3. Southbound trading follows SEHK’s trading hours.