Shenzhen-HK stock connect: ‘it’s complicated’

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The creation of Shenzhen-Hong Kong Stock Connect was a complex process involving many difficult issues, including some that were different from the Shanghai-Hong Kong Stock Connect, said an expert.

“A number of critical Hong Kong and Mainland China legal issues were addressed, including the finality of contracts cleared through Stock Connect and the nature of ownership of China A-shares and Hong Kong shares held through Stock Connect,” Linklaters’ capital markets partner Liew Chin-Chong, who led the firm’s team in this project, told Asia Business Law Journal’s sister publication, China Business Law Journal.

“A number of adaptations were also made to the practice of the Hong Kong market to cater for the special features/trading of the home Mainland China market, including the implementation of ‘pre-trade checking’ procedures and restrictions on ‘non-trade transfers’ in respect of China A-shares, which is novel to the Hong Kong market.”

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