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1 2014 年 6 月 27 日资本市场法律热点问题证监会出台沪港通试点规定中国证券监督管理委员会 ( 以下简称中国证监会 ) 于 2014 年 6 月 13 日公布了沪港股票市场交易互联互通机制试点若干规定 ( 以下简称若干规定 ) 沪港股票市场交易互联互通机制( 以下简称沪港通 ) 预期于 2014 年 10 月正式启动, 该机制为中国内地和香港市场的投资者提供了交易对方市场股票的新路径建立沪港通机制的背景沪港通的计划最早披露于香港证券及期货事务监察委员会 ( 以下简称香港证监会 ) 及中国证监会的联合公告 ( 以下简称联合公告 ), 是监管机构对建立内地与香港之间直接跨境交易平台的新尝试今年五月, 证监会发布沪港股票市场交易互联互通机制试点若干规定 ( 征求意见稿 ) 公开征求意见经过公开征求意见后, 若干规定的正式稿于日前公布并生效作为股票市场互通机制试点项目, 沪港通包括了沪股通 ( 香港及海外投资者通过香港经纪商在上海交易 ) 和港股通 ( 内地投资者通过大陆经纪商在香港交易 ) 在沪股通中, 香港投资者可投资在上海证券交易所 ( 以下简称上交所 ) 上市的规定范围内的股票 ; 在港股通中, 内地投资者可投资在香港联合交易所 ( 以下简称联交所 ) 上市的规定范围的内股票在沪港通机制建立之前, 内地投资者仅可通过合格境内机构投资者 ( 以下简称 QDII ) 方式投资在香港上市的股票同样, 境外投资者要投资在中国内地上市的股票, 也仅可通过经中国证监会批准并由国家外汇管理局授予的额度的合格境外机构投资者 ( 以下简称 QFII ) 人民币合格境外投资者 ( 以下简称 RQFII ), 或交易 B 股的方式进行若干规定的核心条款若干规定进一步细化了上交所联交所及两者的附属机构在沪港通机制下的职责其核心条款总结如下 : 设立交易所子公司若干规定第五条规定, 上交所和联交所将分别于对方所在地设立证券交易服务公司, 主要职能为接收买卖对方交易所股票的指令, 并将该等指令传递到对方交易所的交易平台以撮合及执行交易下图为沪港通交易流程图示 :

2 内地香港合资格内地投资者上交所上交所会员联交所子公司上交所子公司交易所参与者联交所对单个内地上市公司的持股比例, 不得超过该上市公司股份总数的 10% 所有境外投资者对单个内地上市公司 A 股的持股比例总和, 不得超过该上市公司股份总数的 30%, 境外投资者战略投资的持股不受该限制根据联合公告, 通过沪港通达成的交易初期将受制于投资总额度 ( 以下简称总额度 ) 以及每日额度沪股通总额度为人民币 3,000 亿元, 港股通总额度为人民币 2,500 亿元沪股通每日额度为人民币 130 亿元, 港股通每日额度为人民币 105 亿元香港与海外投资者北向南向跨境监管机制若干规定第三四条明确规定, 除非另有规定,(1) 沪港通遵循两地市场现行的交易结算法律法规,(2) 上市公司遵守上市地的监管规定及业务规则,(3) 经纪商遵守交易结算发生地的监管规定及业务规则尽管如此, 中国证监会仍保有对沪港通业务的监管权, 并通过监管合作安排与香港证监会及其他有关国家或地区的证券监督管理机构, 按照公平公正对等的原则, 维护投资者跨境投资的合法权益额度限制暗盘交易若干规定第十一条规定, 除非由中国证监会特别准许, 通过沪港通买卖的股票提供转让服务仅可在证券交易所提供即意味着沪股通及港股通业务均不允许暗盘交易结算和交收若干规定指定中国证券登记结算有限责任公司作为沪股通交易的结算交收负责机构, 香港中央结算有限公司作为港股通交易的结算交收负责机构若干规定同时指出, 投资者通过沪港通买卖股票, 应当以人民币与经纪商进行交收简评沪港通是开放中国资本市场和促进人民币国际化进程中的重要一步, 但如何发挥沪港通机制的作用以促进内地及香港股票市场的发展, 以及沪港通机制对 QDII QFII 和 RQFII 的影响仍有待观察若干规定第十二条规定, 单个境外投资者谢青合伙人电话 : 邮箱地址 :xieq@junhe.com 余永强合伙人电话 : 邮箱地址 :yuyq@junhe.com 王毅合伙人电话 : 邮箱地址 :wangyi@junhe.com 崔彧律师电话 : 邮箱地址 :cuiyu@junhe.com 本文仅为分享信息之目的提供本文的任何内容均不构成君合律师事务所的任何法律意见或建议如您想获得更多讯息, 敬请关注君合官方网站或君合微信公众号君合法律评论 / 微信号 JUNHE_LegalUpdates

3 June 27, 2014 Capital Market CSRC Released Further Details on Shanghai-Hong Kong Stock Connect On June 13, 2014, the China Securities Regulatory Commission ( CSRC ) released the final version of Certain Provisions on Shanghai-Hong Kong Stock Connect Pilot Program ( Rules ). Shanghai-Hong Kong Stock Connect is expected to be formally launched by October 2014, which will eventually enable investors of Mainland China and Hong Kong to trade eligible stocks listed in the other market. Background of Shanghai-Hong Kong Stock Connect Shanghai-Hong Kong Stock Connect was initially unveiled by a joint announcement by the CSRC and the Hong Kong Securities and Futures Commission (the SFC ) ( Joint Announcement ), which represents new efforts by the regulators to establish a direct mutual market access platform between Mainland China and Hong Kong. In May of this year, the CSRC published the draft version of Certain Provisions on Shanghai-Hong Kong Stock Connect Pilot Program to seek public comments. Now the Rules were issued and are currently effective. Shanghai-Hong Kong Stock Connect, as a pilot program to provide mutual stock market access, covers both a northbound trading link (i.e. Hong Kong and overseas investors trading in Mainland China) and a southbound trading link (i.e. Mainland China investors trading in Hong Kong). Under the northbound trading link, Hong Kong investors will be able to trade eligible stocks listed on the Shanghai Stock Exchange ( SSE ) through HK brokers, while under the southbound trading link, Mainland investors will be able to trade eligible stocks listed on the Stock Exchange of Hong Kong Limited (the HKeX ) through Mainland brokers. Prior to the establishment of Shanghai-Hong Kong Stock Connect, the only way that Mainland China investors can invest in Hong Kong listed stocks is trading via the Qualified Domestic Institutional Investor ( QDII ) program. Similarly, foreign investors are only allowed to invest in the Mainland China stock market either through the Qualified Foreign Institutional Investor ( QFII ) program or the Renminbi Qualified Foreign Institutional Investor ( RQFII ) program with holders of special license issued by the CSRC and quotas granted by the State Administration of Foreign Exchange, or trading B-shares. Major Provisions of the Rules The Rules further spelled out the duties of SSE,

4 HKeX and their servicing affiliates on carrying out the Shanghai-Hong Kong Connect facilitates. Key provisions of the Rules are summarized below: Exchange Subsidiary Under Article 5 of the Rules, SSE and HKeX will each establish a subsidiary in the other s location, whose principal function is to receive orders to trade in the other exchange, and route the orders onto the other exchange s trading platform for matching and execution. Below is the illustration of order flow of Shanghai-Hong Kong Connect trading: Mainland Eligible Mainland Investors SSE SSE Members rules and regulations promulgated by the supervisory authorities in its region. Nevertheless, CSRC will have a general authority to supervise all business activities of Shanghai-Hong Kong Stock Connect. The CSRC will, based on the principles of fairness, justice, and reciprocity, work together with the SFC and other relevant securities market regulators through the cooperation arrangements between regulators to protect the interests of investors. Quotas Under Article 12 of the Rules, a single foreign investor cannot hold more than 10 percent of the total outstanding stock of a Mainland listed company. The maximum combined holdings of all Hong Kong and overseas investors of a single Chinese listed company will be 30 percent, excluding stocks held by overseas strategic investors. Hong Kong HKeX Subsidiary Exchange Participants SSE Subsidiary HKeX HK & Overseas Investors Northbound Southbound Pursuant to the Joint Announcement of the CSRC and the SFC, trading under the Shanghai-Hong Kong Stock Connect will also be initially subject to a maximum investment quota (aggregate quota), together with a daily quota. The northbound aggregate quota is set at RMB300 billion and the southbound aggregate quota is set at RMB250 billion. The daily quota limits the maximum net buy value each day. The northbound daily quota is set at RMB13 billion and the southbound daily quota is set at RMB10.5 billion. No Dark Pool Trading Cross-border Regulatory Framework Articles 3 and 4 of the Rules make it clear that, except otherwise provided, (i) all trading and clearing activities under Shanghai-Hong Kong Stock Connect will continue to be subject to the rules of the market where the trading and clearing activities occur, (ii) all listed companies shall follow the rules and regulations of the location where it is listed, and (iii) brokers shall follow the Under Article 11 of the Rules, cross-border trading can only be conducted at exchanges, unless specially permitted by the CSRC. In other words, dark pool trading will not be available for either northbound trading or southbound trading. Clearing and Settlement The Rules impose the liability of clearing and

5 settlement of the southbound trading on the China Securities Depository and Clearing Corporation Limited while that of northbound trading on the Hong Kong Securities Clearing Company Limited. The Rules also make clear that investors shall settle with brokers in RMB for the stock trading under the Shanghai-Hong Kong Stock Connect. Our Observation Shanghai-Hong Kong Stock Connect is a notable step in the opening up of China s capital markets and the promotion of RMB internationalization. However, it remains to be seen how Shanghai-Hong Kong Stock Connect will stimulate the Mainland and Hong Kong stock markets and its impact on the QDII, QFII, and RQFII participants. Xie Qing Partner Tel: xieq@junhe.com Yu Yongqiang Partner Tel: yuyq@junhe.com Wang Yi Partner Tel: wangyi@junhe.com Cui Yu Associate Tel: cuiyu@junhe.com This document is provided for and only for the purposes of information sharing. Nothing contained in this document constitutes any legal advice or opinion of Jun He Law Offices. For more information, please visit our official website at or our WeChat public account 君合法律评论 /WeChat account JUNHE_LegalUpdates.

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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