The Shanghai-Hong Kong Stock Connect will be launched on Nov 17, according to a joint statement released by the China Security Regulatory Commission and the Hong Kong Securities and Futures Commission on Nov 10.
The Stock Connect scheme was announced by Premier Li Keqiang on April 10 during a speech delivered at the opening ceremony of the 2014 Boao Forum for Asia.
Li said then that efforts will be made to pave the way for the building of a Shanghai-Hong Kong stock market trading mechanism to promote healthy, two-way development between the mainland and Hong Kong capital markets.
The joint declaration in April by the mainland and Hong Kong regulatory authorities about setting up Stock-Connect was made within three hours after the Premier mooted the launch of the mechanism.
Hong Kong Secretary for Financial Services and the Treasury K C Chan said the Stock-Connect mechanism had been researched for several years and the Premier’s endorsement brought it to fruition.
Chinese media praised the mechanism as a “premier strategy” for the capital market which will further promote China’s reform and opening-up.