总统娱乐城澳门赌博:Shenzhen-Hong Kong Stock Connect
娱乐城做什么的 www.avylby.com.cn Shenzhen-Hong Kong Stock Connect is a securities trading and clearing links programme developed by the Stock Exchange of Hong Kong Limited (SEHK), Shenzhen Stock Exchange (SZSE), Hong Kong Securities Clearing Company Limited (HKSCC) and China Securities Depository and Clearing Corporation Limited (ChinaClear), aiming to achieve a breakthrough in mutual market access between the Mainland and Hong Kong. The programme comprises SZSE northbound trading and southbound trading.
SZSE northbound trading represents that investors are enable to engage Hong Kong brokers to trade prescribed shares listed on the Shenzhen Stock Exchange on their behalf via the SEHK Shenzhen special purpose vehicle who is liable to report to the Shenzhen Stock Exchange for related trading order (order transfer).
The China Securities Regulatory Committee (CSRC) and Securities & Futures Commission of Hong Kong (SFC) have issued a Joint Announcement on 25 November 2016 that the Shenzhen-Hong Kong Stock Connect will be launched on 5 December 2016.
Please refer to SEHK website for the list of eligible stocks.
Sell-only SZSE Securities
If an SZSE security is removed from the list of eligible stocks for northbound trading, investors will only be allowed to sell the SZSE security but restricted from further buying. In addition, investors will only be allowed to sell SZSE securities but restricted from further buying if:
- Such securities subsequently cease to be a constituent stock of the relevant indices; and/or
- such securities, based on any subsequent periodic review, have a market capitalization of less than RMB6 billion; and/or
- they are subsequently placed under risk alert; and/or
- the corresponding H shares of such securities are subsequently delisted from SEHK, as the case may be.
1. Odd lot trading is only available for sell orders and all odd lots should be sold in one single order. For example, you can only sell 7 shares or 107 shares if you hold 107 SZSE-listed shares in your account.
Set out below are trading hours and arrangements for SZSE northbound trading:
09:20-09:25 and 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 by SEHK participants can be accepted but will not be processed by SZSE until SZSE’s market open.
Orders that are not executed during the opening call auction session will automatically enter the continuous auction session.
Trading under the Shenzhen-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 bid.
Daily quota refers to the maximum net buy value of northbound trades via Shenzhen-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 bid)
In case the daily quota is used up:
During the opening call auction session: new buy orders will be rejected. However, as order cancellation is common during opening call auction, the Northbound Daily Quota Balance may resume to a positive level before the end of the opening call auction. When that happens, SEHK will accept SZSE northbound buy orders again.
During the continuous auction session and closing auction session: buy order input will be suspended for the remaining of the day, but buy orders already accepted by SZSE’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 SZSE-listed shares via Shenzhen-Hong Kong Stock Connect:
Remarks: Fees are rounded to the nearest cent.
*Portfolio Fee is calculated by the total market value of SZSE-listed shares in daily investment portfolio, and is charged in Hong Kong dollars and on monthly basis.
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 SZSE Securities and ChinaClear upon dividend payment.
For SZSE 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 SZSE northbound trading:
For the trading day on which Hong Kong market is open for half day trading only, SZSE northbound trading remains open until the closing of SZSE market.
Under the current PRC rules, when an investor holds or controls up to 5% of the issued shares of an SZSE-listed issuer, the investor is required to disclose his interest to the CSRC or related exchange in writing within three working days and inform related listed issuer. 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 (to the same parties and in the same manner as mentioned above).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 current Mainland rules, unless otherwise permitted by the relevant strategic investor regulations, a single foreign investor’s (i.e. QFII and RQFII) shareholding in a listed company is not allowed to exceed 10% of the company’s total issued shares, while all foreign investors’ shareholding in the A shares of a listed company is not allowed to exceed 30% of its total issued shares.
When the aggregate foreign shareholding of an individual A share reaches 26%, SZSE will publish notices on its website (https://www.szse.cn/main/disclosure/news/qfii/).
If aggregate foreign shareholding exceeds the 30% threshold, the foreign investors concerned will be requested by the SZSE to sell the shares on a last-in-first-out basis within five trading days.
Foreign investors are defined as investors who are the Qualified Foreign Institutional Investor (QFII), RMB Qualified Foreign Institutional Investor (RQFII) or trade shares via the Shenzhen-Hong Kong Stock Connect programs
After the implementation of Shenzhen-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 Shenzhen-Hong Kong Stock Connect, SEHK will notify the relevant exchange participants and request them to force-sell their shares. Even if the aggregate shareholding exceeds 30%, investors are allowed to sell SZSE Securities. If the aggregate foreign shareholding drops below the 30% threshold due to trading within 5 trading days, the exchange participants who have been requested to force-sell related shares can apply to the SEHK for a forced-sale exemption.
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
Write to us by mail or fax to our
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