大赢家娱乐城博彩平台:Shanghai-Hong Kong Stock Connect
娱乐城做什么的 www.avylby.com.cn Shanghai-Hong Kong Stock Connect is a securities trading and clearing links programme developed by Hong Kong Exchanges and Clearing Limited (HKEX),Shanghai Stock Exchange (SSE) and China Securities Depository and Clearing Corporation Limited (ChinaClear), aiming to achieve a breakthrough in mutual market access between the Mainland and Hong Kong.
Northbound trading is limited to secondary market trading and does not apply to initial public offerings at the initial launch. In the early stage, the Shanghai-Hong Kong Stock Connect will not cover all the SSE-listed A shares. Hong Kong investors are allowed to trade all the constituent stocks of the SSE 180 Index and SSE 380 Index as well as all the SSE-listed A shares that are not included as constituent stocks of the relevant indices but which have corresponding H shares listed on SEHK, except the following:
(a) All the SSE-listed shares which are not traded in RMB; and
(b) All the SSE-listed shares which are included in the “risk alert board”1.
The list of eligible stocks is available here.
1. According to the SSE Listing Rules, any SSE-listed company which operation is unstable due to financial or other reasons, to the extent that it is running the risk of being delisted or exposing investors’ interest to undue damage, will be included in the “risk alert board”. For details, please refer to the SSE Listing Rules at //www.sse.com.cn/lawandrules/sserules/listing/stock/c/c_20150912_3985869.shtml (Chinese version only) and the SSE Risk Alert Board Provisional Trading Arrangement at //www.sse.com.cn/disclosure/listedinfo/riskplate/rules/c/c_20151030_4006686.shtml (Chinese version only).
2. Total number of stocks as of 10 Apr 2014; Market capitalisation as of 31 Mar 2014; Average daily turnover as of first quarter of 2014
1.During the initial phase of Shanghai-Hong Kong Stock Connect, a dynamic price checking at 3% will be put in place for buy orders. The percentage may be adjusted from time to time subject to market conditions. The percentage may be adjusted from time to time subject to market conditions. During Opening Call Auction, the current bid (or previous closing price in the absence of the current bid) will be used for checking. Dynamic price checking will be applied throughout the trading day, from the 5-minute input period before the start of Opening Call Auction until the end of the afternoon Continuous Auction.
2. Odd lot trading is only available for sell orders and all odd lots should be sold in one single order.
Set out below are trading hours and arrangements for northbound trading:
09:20-09:25: SSE will not accept order cancellation.
09:10-09:15; 09:25-09:30; 12:55-13:00: orders and order cancellations by SEHK participants can be accepted but will not be processed by SSE until SSE’s market open.
Orders that are not executed during the opening call auction session will automatically enter the continuous auction session.
Trading under the Shanghai-Hong Kong Stock Connect is subject to quotas in order to control the speed and size of cross-boundary fund flows in the initial stage of the programme.
1.When a buy order is cancelled, rejected by the other exchange or executed at a better price.
Daily quota refers to the maximum net buy value of northbound trades via Shanghai-Hong Kong Stock Connect each day, which means the used quota is calculated on a “net buy value” basis, namely the aggregate buy trades net of aggregate sell trades. Unused daily quota will not be carried over to the following day’s daily quota.
Quota is used on a first-come, first-served basis. Usage of daily quota will be calculated on a real-time basis during the trading session and northbound daily quota balance will be updated every time a northbound order is received and executed.
Daily quota balance = daily quota – buy orders + sell trades + adjustments (when a buy order is cancelled, rejected by the other exchange or executed at a better price)
In case the daily quota is used up:
During the opening call auction session: new buy orders will be rejected until daily quota balance resumes to a positive level (e.g. due to buy order cancellation).
During the continuous auction session: buy order input will be suspended for the remaining of the day, but buy orders already accepted by SSE’s trading system before such suspension will not be affected.
The following trading and settlement-related fees and levies will be applied only to trading of SSE-listed shares via Shanghai-Hong Kong Stock Connect:
Remarks: Fees are rounded to the nearest cent.
*Portfolio Fee is calculated by the total market value of A share in daily investment portfolio, and is charged in Hong Kong dollars.
Set out below are fees and levies to be confirmed with the relevant regulatory and tax authorities:
1. Dividend tax will be withheld by issuers of SSE Securities and ChinaClear upon dividend payment.
For northbound trading, investors will only be allowed to trade on days where both markets are open for trading and banking services are available in both markets on the corresponding settlement days. The following table illustrates the holiday arrangement for northbound trading:
Under the current PRC rules, when an investor holds or controls up to 5% of the issued shares of an SSE-listed issuer, the investor is required to disclose his interest within three working days. Such investor may not buy or sell the shares in the listed issuer within the said three-day period.
For such investor, every time when there is an increase or decrease in his shareholding by 5%, disclosure is required to be made within three working days. From the day the disclosure obligation arises to two working days after the disclosure is made, the investor may not buy or sell the shares in the listed issuer.
If a change in shareholding of the investor is less than 5% but results in the shares held or controlled by him falling below 5% of the total issued shares of the listed issuer, the investor is also required to disclose the relevant information within three working days.
Under the current PRC rules, all foreign investors can only hold or control up to 30% of the issued shares of an SSE-listed issuer.
When the aggregate foreign shareholding of an individual A share reaches 26%, SSE will publish notices on its website
When the aggregate foreign shareholding exceeds the 30% threshold, the foreign investors concerned will be requested by SSE to sell the shares on a last-in-first-out basis within 5 trading days
Foreign investors are defined as investors who trade A shares via the Qualified Foreign Institutional Investor (QFII), RMB Qualified Foreign Institutional Investor (RQFII) and Shanghai-Hong Kong Stock Connect programs
After the implementation of Shanghai-Hong Kong Stock Connect, when aggregate foreign shareholding of an individual A share reaches 28%, SEHK will stop accepting further buy orders on that A share, until shareholding lowers to 26%. If the aggregate foreign shareholding exceeds 30% and the excess is due to Shanghai-Hong Kong Stock Connect, SEHK will notify the relevant exchange participants and request them to follow the forced-sale guidelines
If the aggregate foreign shareholding limit (currently set at 30%) is exceeded due to trading in SSE Securities through Shanghai-Hong Kong Stock Connect, SSE will notify SEHK the number of shares that are subject to forced sale within 5 trading days. On a last-in-first-out basis, SEHK will identify the relevant trades involved and request the relevant EPs to require the clients concerned to sell the shares within the timeframe as stipulated by SEHK.
APPENDIX: RISK Disclosures AND OTHER INFORMATION Relating to Stock Connect
Investing in China Connect Securities involves special considerations and risks, including without limitation greater price volatility, less developed regulatory and legal framework, economic, and social and political instability of the stock market in Mainland China. The Client should also note that the SSE trading rules, listing rules, and other applicable laws and regulations may be published in Chinese only, without any official English translation.
Stock Connect is an unprecedented scheme launched jointly between the SSE and the HKEx to facilitate cross-border trading of China Connect Securities through the HKEx. Trading in China Connect Securities under Northbound Trading is subject to all Applicable Requirements. Any change in the Applicable Requirements may have an adverse impact on the trading of China Connect Securities. Such impact may adversely affect your investment in China Connect Securities. In the worst case scenario, the Client may lose a substantial part of his investments in China Connect Securities under Stock Connect.
Stock Connect Supplement to Account Terms & Conditions and Stock Connect Risk Disclosure and other information
Customer is required to read and understand the Stock Connect Supplement of terms & conditions and Risk Disclosure and other information. For details, please refer to below documents:
- Email: [email protected]
- Enquiry Form: Please click below Enquiry Form
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