China has set up special group to launch Shenzhen-HK stock connect: Caixin

August 10, 2016 10:04 PM EDT

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SHANGHAI (Reuters) - China's securities regulator recently set up a special work group tasked with launching the Shenzhen-Hong Kong Stock Connect scheme, Chinese magazine Caixin reported on its website.

The group, headed by Fang Xinghai, vice chairman of the China Securities Regulatory Commission (CSRC), is responsible for coordinating efforts among various departments within the CSRC, relevant government bodies, as well as between Chinese and Hong Kong regulators, according to Caixin.

The Shenzhen-Hong Kong Stock Connect is a cross-border investment program modeled after the Shanghai-Hong Kong Stock Connect, which was launched in Nov. 2014, and allows mainland investors to buy Hong Kong stocks, and vice versa.

Hong Kong Exchanges and Clearing Ltd (HKEX) <0388.HK> said in its mid-year report that the exchange was technically ready for the Shenzhen-Hong Kong Connect scheme, and was only waiting for regulatory approval.

Chinese Premier Li Keqiang said in March that China would strive to launch the connect scheme this year.

(Reporting by Samuel Shen and Pete Sweeney; Editing by Biju Dwarakanath)



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