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Recently, in order to promote the preparatory work for Shenzhen-Hong Kong Stock Connect Program (hereinafter referred to as “The Program”), Fang Xinghai, the Vice Chairman of CSRC and concurrently the Leader of Special Work Team for Shenzhen-Hong Kong Stock Connect Program of China Securities Regulatory Commission (“CSRC”), chaired a symposium of the Program in Shenzhen, at which he listened to the preparatory work progress report and opinions from Shenzhen Stock Exchange (“SZSE”), Hong Kong Stock Exchange (“HKEx”), China Securities Depository and Clearing Co., Ltd. (“CSDC”) and some securities companies, and carried out deployment for relevant work, so as to ensure the up and running of the Program in the year.
Shanghai-Hong Kong Stock Connect Program has been running smoothly and orderly since its pilot, it has withstood market testing and realized the expected goals, so as to provide valuable experiences and lay a solid foundation for the Program. The preparatory work of market participants for the program has been accelerated since the Joint Announcement promulgated by CSRC and Securities and Futures Commission (“SFC”) on 16 August, 2016. SZSE and other three parties have completed the formulation of main rules, and plan to solicit opinions from the public in the near future. The technical system development and mutual simulation test of SZSE and HKEx have been completed, and all preparatory work has been promoted orderly. Recently, SZSE and CSDC jointly promulgated the notice on start work, required relevant market organizations to participate in it and overall start the preparatory work. Relevant securities companies have established special teams to strengthen organizational guarantee, and they have completed technical development based on Shanghai-Hong Kong Stock Connect Program, so they are expected to complete relevant preparatory work for the Program quickly.
Mr. Fang Hai Xing emphasized that the Program is another important strategic deployment of the Central Party and the State Council for the reforming and opening of capital market, marking that Chinese capital market has taken another solid step towards the internationalization and market-oriented direction, which facilitates to strengthen the cooperation between Mainland China and Hong Kong in a wider extent, higher level and deeper degree and further enhance the international competitiveness and ability for serving entity economy of Chinese capital market, and CSRC’ Party committee has attached great importance to the work. All participants in the symposium said that they would carry out elaborate organization and close cooperation under CSRC’s unified arrangement, so as to ensure the timely completion of preparatory work for the Program and its smooth up and running.
