What is Shenzhen-Hong Kong Stock Connect?

Shenzhen-Hong Kong Stock Connect (SZ-HK Stock Connect) is a securities trading and clearing links programme developed by The Stock Exchange of Hong Kong Limited (SEHK), the Shenzhen Stock Exchange (SZSE), Hong Kong Securities Clearing Company Limited (HKSCC) and China Securities Depository and Clearing Corporation Limited (ChinaClear) for the establishment of mutual market access between the Hong Kong and Shenzhen.

Under SZ-HK Stock Connect, SEHK, a wholly-owned subsidiary of Hong Kong Exchanges and Clearing Limited (HKEx), and SZSE will establish mutual order-routing connectivity and related technical infrastructure to enable investors of their respective markets to trade designated equity securities listed in the other’s market.

HKSCC, also a wholly-owned subsidiary of HKEx, and ChinaClear will be responsible for the clearing and settlement of trades executed through SZ-HK Stock Connect and the provision of depository, nominee and other related services to Hong Kong and international investors, and investors in the Mainland, respectively.

Interested in more details or activate SZ-HK Stock Connect Service?

Please call our Customer Service Hotline on (852) 2822 5001 or contact your investment consultant.

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Remarks:

  • The above information and materials are sourced from the prevailing information provided by HKEx and may be amended or changed as the implementation of Shenzhen-Hong Kong Stock Connect and promulgation or preparation of the relevant rules, regulations, agreements and other documentation progresses.
  • Information of Shenzhen-Hong Kong Stock Connect will be updated on the HKEX website from time to time. Please visit HKEx's official website for more details.
  • The above information and materials do not contain legal or other advice and should not be relied on as such. Specific legal, tax or other advice about your specific circumstances should always be sought separately before taking any action based on the above information and materials.

 

Key Features of Shenzhen-Hong Kong Stock Connect

Investors can trade in SZSE Securities through Shenzhen-Hong Kong Stock Connect (i.e. Northbound trading). Similar reciprocal arrangements is adopted for Southbound trading, Mainland investors can trade in SEHK Securities under Shenzhen-Hong Kong Stock Connect.

Eligible Investors and Securities

Eligible Investors

All retail and institutional investors outside Mainland China are eligible to participate in Shenzhen-Hong Kong Stock Connect.

Eligible Securities (Northbound trading, SZSE securities)

~880 stocks for SZ Northbound, covering:

  • Constituents of SZSE Component index
  • Constituents of SZSE Small/Mid Cap Innovation Index with market capitalisation of not less than RMB6 billion
  • SZSE-SEHK A+H shares
  • SZSE ChiNext PRICE INDEX
    - Only open to institutional professional investors initially

 

Quota

Aggregate Quota

No aggregate Quota

Daily Quota


RMB13 billion

  • Calculated Real-time during trading hours
  • Balance: Daily Quota – Buy Trades + Sell Trades + Adjustments (e.g. Buy Order cancelled, Buy Order rejected by SZSE & SSE, Buy Order executed at a better price)

If Daily Quota balance ≤ 0:

  • During opening call auction (Pre‐opening): Reject new buy orders until quota balance becomes positive (e.g. due to Buy Order cancellation)
  • During continuous auction (continuous trading): Suspend buy order for the remaining of the day
  • Buy orders already input before suspension will not be affected

 

Trading Rules

Trading Hours

Northbound Trading will follow SZSE & SSE’s trading hours. However, SEHK will accept Northbound orders from SEHK participants five minutes before the Mainland market session opens in the morning and in the afternoon

Trading Sessions SSE SZSE Input orders into CSC
Opening call Auction 09:15-09:25 09:10-11:30
Continuous Auction (Morning) 09:30-11:30
Continuous Auction (Afternoon) 13:00-15:00 13:00 – 14:57 12:55-15:00
Closing Call Auction   14:57 – 15:00
  • 09:20-09:25: SSE will not accept order cancellation
  • 09:20-09:25 & 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 can be input into CSC but will not be processed by SZSE & SSE until their market open
  • Orders that are not executed during the opening call auction session will automatically enter the continuous auction session
Settlement Cycle
  • Securities settlement: Trade day (T)
  • Money settlement: T+1
Currency
  • Trading and settlement: RMB


Price Limit:

  • ±10% on previous closing price
  • Any orders with price beyond the price limit will be rejected
  • The upper and lower price limit will remain the same intra-day

Other Rules:

  • No day trades
  • Investors will only be allowed to trade on the other market on days where both markets are open for trading, and banking services are available in both markets on the corresponding settlement days
  Mainland Hong Kong Open for Northbound Trading?
Day 1 Business Day Business Day Yes
Day 2 Business Day Business Day No (HK market closes on money settlement day)
Day 3 Business Day Public Holiday No (HK market closes on trading day)
Day 4 Public Holiday Business Day No (Mainland market closes)

 

Remarks:

  • The above information and materials are sourced from the prevailing information provided by HKEx and may be amended or changed as the implementation of Shenzhen-Hong Kong Stock Connect and promulgation or preparation of the relevant rules, regulations, agreements and other documentation progresses.
  • Information of Shenzhen-Hong Kong Stock Connect will be updated on the HKEX website from time to time. Please visit HKEx's official website for more details.
  • The above information and materials do not contain legal or other advice and should not be relied on as such. Specific legal, tax or other advice about your specific circumstances should always be sought separately before taking any action based on the above information and materials.