( 一 ) 有利于通过一项全新的合作机制增强我国资本市场的综合实力沪港通可以深化交流合作, 扩大两地投资者的投资渠道, 提升市场竞争力 ( 二 ) 有利于巩固上海和香港两个金融中心的地位沪港通有助于提高上海及香港两地市场对国际投资者的吸引力, 有利于改善上海市场的投资者结构, 进一步推进上海国际

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1 中国证券监督管理委员会香港证券及期货事务监察委员会联合公告 2014 年 4 月 10 日为促进内地与香港资本市场共同发展, 中国证券监督管理委员会香港证券及期货事务监察委员会原则批准上海证券交易所 ( 以下简称上海证券交易所 ) 香港联合交易所有限公司( 以下简称香港联合交易所 ) 中国证券登记结算有限责任公司( 以下简称中国结算 ) 香港中央结算有限公司 ( 以下简称香港结算 ) 开展沪港股票市场交易互联互通机制试点 ( 以下简称沪港通 ) 本联合公告载列了预期实行沪港通项目时将需遵循的原则现公告如下 : 一上海证券交易所和香港联合交易所将允许两地投资者通过当地证券公司 ( 或经纪商 ) 买卖规定范围内的对方交易所上市的股票沪港通包括沪股通和港股通两部分 : 沪股通, 是指投资者委托香港经纪商, 经由香港联合交易所设立的证券交易服务公司, 向上海证券交易所进行申报 ( 买卖盘传递 ), 买卖规定范围内的上海证券交易所上市的股票 ; 港股通, 是指投资者委托内地证券公司, 经由上海证券交易所设立的证券交易服务公司, 向香港联合交易所进行申报 ( 买卖盘传递 ), 买卖规定范围内的香港联合交易所上市的股票二沪港通是我国资本市场对外开放的重要内容, 有利于加强两地资本市场联系, 推动资本市场双向开放, 具有多方面的积极意义 : 1 / 7

2 ( 一 ) 有利于通过一项全新的合作机制增强我国资本市场的综合实力沪港通可以深化交流合作, 扩大两地投资者的投资渠道, 提升市场竞争力 ( 二 ) 有利于巩固上海和香港两个金融中心的地位沪港通有助于提高上海及香港两地市场对国际投资者的吸引力, 有利于改善上海市场的投资者结构, 进一步推进上海国际金融中心建设 ; 同时有利于香港发展成为内地投资者重要的境外投资市场, 巩固和提升香港国际金融中心地位 ( 三 ) 有利于推动人民币国际化, 支持香港发展成为离岸人民币业务中心沪港通既可方便内地投资者直接使用人民币投资香港股票市场, 也可增加境外人民币资金的投资渠道, 便利人民币在两地的有序流动三沪港通将遵循两地市场现行的交易结算法律法规和运行模式, 主要制度要点有以下五个方面 : ( 一 ) 适用的交易结算及上市规定交易结算活动遵守交易结算发生地市场的规定及业务规则上市公司将继续受上市地上市规则及其他规定的监管沪港通仅在沪港两地均为交易日且能够满足结算安排时开通 ( 二 ) 结算方式中国结算香港结算采取直连的跨境结算方式, 相互成为对方的结算参与人, 为沪港通提供相应的结算服务 ( 三 ) 投资标的试点初期, 沪股通的股票范围是上海证券交易所上证 180 指数上证 380 指数的成份股, 以及上海证券交易所上市 2 / 7

3 的 A+H 股公司股票 ; 港股通的股票范围是香港联合交易所恒生综合大型股指数恒生综合中型股指数的成份股和同时在香港联合交易所上海证券交易所上市的 A+H 股公司股票双方可根据试点情况对投资标的范围进行调整 ( 四 ) 投资额度试点初期, 对人民币跨境投资额度实行总量管理, 并设置每日额度, 实行实时监控其中, 沪股通总额度为 3000 亿元人民币, 每日额度为 130 亿元人民币 ; 港股通总额度为 2500 亿元人民币, 每日额度为 105 亿元人民币双方可根据试点情况对投资额度进行调整 ( 五 ) 投资者试点初期, 香港证监会要求参与港股通的境内投资者仅限于机构投资者及证券账户及资金账户余额合计不低于人民币 50 万元的个人投资者四积极增强两地跨境监管和执法合作两地证券监管机构将各自采取所有必要措施, 以确保双方为保障投资者利益之目的, 在沪港通下建立有效机制, 及时应对各自或双方市场出现的违法行为两地监管机构将改进目前的双边监管合作安排, 加强以下方面之执法合作 : 完善违法违规线索发现的通报共享机制 ; 有效调查合作以打击虚假陈述内幕交易和市场操纵等跨境违法违规行为 ; 双方执法交流与培训 ; 提高跨境执法合作水平 3 / 7

4 五双方将就沪港通项目设立对口联络机制, 协商解决试点过程中的问题两地交易所及登记结算机构应当按照稳妥有序风险可控的原则, 积极推进开展沪港通的各项营运和其他工作, 在完成相关的交易结算规则和系统获得所有相关的监管批准市场参与者充分调整其业务和技术系统所有必需的投资者教育工作准备就绪后, 正式啓动沪港通在试点项目准备期间, 两地交易所及登记结算机构会联络各类市场参与者, 确保市场参与者在沪港通正式实行前了解他们参与项目所需符合的所有有关规则系统和技术要求两地交易所及登记结算机构将就试点项目进展情况 ( 包括预期时间安排 ) 发出进一步公告从本联合公告发布之日起至沪港通正式啓动, 需要六个月准备时间特此公告 4 / 7

5 Joint Announcement of China Securities Regulatory Commission and Securities and Futures Commission 10 Apr 2014 The China Securities Regulatory Commission and the Securities and Futures Commission have approved, in principle, the development of a pilot programme (Shanghai-Hong Kong Stock Connect) for establishing mutual stock market access between Mainland China and Hong Kong. When launched, the pilot programme will operate between the Shanghai Stock Exchange (SSE), the Stock Exchange of Hong Kong Limited (SEHK), China Securities Depository and Clearing Corporation Limited (ChinaClear) and Hong Kong Securities Clearing Company Limited (HKSCC). This announcement describes the principles under which it is expected that Shanghai-Hong Kong Stock Connect will operate. I. SSE and SEHK will enable investors to trade eligible shares listed on the other s market through local securities firms or brokers. Shanghai-Hong Kong Stock Connect comprises a Northbound Trading Link and a Southbound Trading Link. Under the Northbound Trading Link, investors, through their Hong Kong brokers and a securities trading service company to be established by SEHK, will be able to place orders to trade eligible shares listed on SSE by routing orders to SSE. Under the Southbound Trading Link, eligible investors, through Mainland securities firms and a securities trading service company to be established by SSE, will be able to place orders to trade eligible shares listed on SEHK by routing orders to SEHK. II. Shanghai-Hong Kong Stock Connect is an important step in the opening up of the China capital market and will enhance capital market connectivity between Mainland China and Hong Kong, bringing various benefits, including: a. The programme will enhance the overall strength of China s capital markets through a new and significant collaborative mechanism. Shanghai-Hong Kong Stock Connect deepens cooperation and communication between the stock markets in Shanghai and Hong Kong; expanded cross--boundary investment channels will enhance the competitiveness of both markets. b. Shanghai-Hong Kong Stock Connect will further consolidate the position of Shanghai and Hong Kong as financial centres, enhance the attractiveness of both markets to international investors. It will improve the investor profile of SSE, and promote the development of 5 / 7

6 Shanghai as an international financial centre. Shanghai-Hong Kong Stock Connect will reinforce Hong Kong s position, in particular, its development as a destination for Mainland investors. c. Shanghai-Hong Kong Stock Connect will also help promote the internationalization of the RMB and development of Hong Kong as an offshore RMB business centre by enabling Mainland investors to directly participate in the Hong Kong stock market using RMB. It will also expand investment channels for offshore RMB funds and facilitate an orderly flow of RMB funds between the two markets. III. Shanghai-Hong Kong Stock Connect will be founded on the existing rules and regulations and operational models governing trading and clearing in each market. Set out below are the five principal elements of Shanghai-Hong Kong Stock Connect : a. Applicable trading, clearing and listing rules. Trading and clearing arrangements will be subject to the regulations and operational rules of the market where trading and clearing take place. Listed companies will continue to be subject only to the listing and other rules and regulations of the markets where they are listed. Shanghai-Hong Kong Stock Connect will only operate on a day which is a trading day of both SSE and SEHK and where the clearing arrangements are in order. b. Clearing. ChinaClear and HKSCC will establish a direct link for the cross--boundary clearing. Each of them will become each other s clearing participant to provide clearing services for Shanghai-Hong Kong Stock Connect. c. Eligible shares. Under the pilot programme, shares eligible to be traded through the Northbound Trading Link will comprise all the constituents of the SSE 180 Index and SSE 380 Index, and shares of all SSE-listed companies which have issued both A shares and H shares. Shares eligible to be traded through the Southbound Trading Link comprise all the constituents of the Hang Seng Composite LargeCap Index and Hang Seng Composite MidCap Index, and shares of all companies listed on both SSE and SEHK. The scope of Shanghai-Hong Kong Stock Connect is subject to further adjustment following launch of the pilot programme. d. Quotas. Trading under Shanghai-Hong Kong Stock Connect will, initially, be subject to a maximum cross-boundary investment quota, together with a daily quota that will be monitored on a real time basis. The Northbound Trading Link will be limited to an aggregate quota of RMB300 billion and a daily quota of RMB13 billion, and the Southbound Trading Link will be limited to an aggregate quota of RMB250 billion and a daily quota of RMB10.5 billion. Quotas may be adjusted in future. e. Eligible investors. Initially, the SFC requires Mainland investors participating in the Southbound Trading Link to be limited to institutional investors,and those individual investors who hold an aggregate balance of not less than RMB 500,000 in their securities and cash accounts. 6 / 7

7 IV. Both the CSRC and the SFC will actively enhance cross-boundary regulatory and enforcement cooperation. Each of them will take all necessary measures to establish, in the interests of investor protection, an effective regime under Shanghai-Hong Kong Stock Connect to respond to all misconduct in either or both markets on a timely basis. The CSRC and the SFC will improve the current bilateral agreement to strengthen enforcement cooperation in respect of the following areas: referral and information exchange mechanisms concerning improper activities; investigatory cooperation in relation to cross boundary illegal activities including disclosure of false or misleading information, insider dealing and market manipulation; bilateral enforcement exchange and training; and enhancement of general standards of cross--boundary enforcement cooperation. V. The two Commissions will establish a dedicated liaison mechanism for Shanghai-Hong Kong Stock Connect to deal with any issues that may be encountered during the pilot programme which may require joint resolution. SSE, SEHK, ChinaClear and HKSCC will collaborate with each other to develop the operational and other components of Shanghai-Hong Kong Stock Connect prior to launch, including all necessary arrangements to ensure an orderly market and prudent risk management. Launch of Shanghai-Hong Kong Stock Connect will only take place once relevant trading and clearing rules and systems have been finalized, all regulatory approvals have been granted, market participants have had sufficient opportunity to configure and adapt their operational and technical systems. All necessary investor education programmes must also be in place. SSE, SEHK, ChinaClear and HKSCC will, during the development of Shanghai-Hong Kong Stock Connect, and prior to launch, liaise with market participants in relation to all rules, systems and technical requirements relevant to their operations. Further announcements will be made as development work progresses, including as to the expected timetable. It should take approximately six months from the date of this announcement to complete the preparation for formal launch. 7 / 7

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untitled 1.01 (accounts) (affiliated company) (announcement) 16.17 (Application Proof) (approved share registrar) 12 (Articles) (asset-backed securities) (associate) 20.06(2) (authorised representative) 5.24 (balance