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CSRC Issues Provisions on Shanghai and Hong Kong Stock Market Trading Interconnection Mechanism, Confirming the Limitation for Foreign Capital

2014-June-30       Source: Newsgd.com

On June 13, the China Securities Regulatory Commission ("CSRC") issued the Several Provisions on the Pilot Program of the Shanghai and Hong Kong Stock Market Trading Interconnection Mechanism (the "Provisions") with expected immediate effect in Oct.

On June 13, the China Securities Regulatory Commission ("CSRC") issued the Several Provisions on the Pilot Program of the Shanghai and Hong Kong Stock Market Trading Interconnection Mechanism (the "Provisions") with expected immediate effect in Oct. As the main accordance for the interconnection mechanism, the Provisions specify the responsibilities of the Stock Exchange in each city, the duties of trading service companies, the scope of the interconnection, the percentage of foreign shareholdings, the clearing and settlement methods, the settlement currencies and related issues within 19 articles. For example, the Provisions limit the shareholdings of sole foreign investor in 10% of the total shares of the public company, and further, the total amount of A shares of a sole public company held by all foreign investors shall be less than 30% of all shares of that public company. Notwithstanding, the limitation is not apply to the foreign investors who strategically invest the public company complying with laws.

(This information is provided by Lawyer Kelly Xie from Guangdong KaiTong Law Firm in friendship. It is not any legal opinion or legal grounds addressed to any organization or individual. For inquiry, please contact Kelly via email at Kelly_xie@ktlf.com.cn or by phone on 13926185641.)

Editor: 王凯

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