Yang Qiumei, chief executive of ICI Global Asia Pacific, said the Shenzhen market is unlikely slow down the pace of its opening up. Photo: HKEJ
EJ InsightToday, 09:25
The launch of the Shenzhen-Hong Kong Stock Connect may take a longer time than previously expected, but China remains determined to open up its markets, said Yang Qiumei (楊秋梅), former head of mainland development at Hong Kong Exchanges and Clearing Ltd. (00388.HK).
It is hard to estimate when regulators will give the green light to the cross-border stock link, Yang, who is now chief executive of ICI Global Asia Pacific, told the Hong Kong Economic Journal.
But Shenzhen is an important market for China and international investors, and the pace of its opening up is unlikely to slow down, even though Hong Kong’s stock trading link with Shanghai has seen lackluster trading in recent months, Yang said.
Meanwhile, regulators are said to be considering a similar stock trading link between Shanghai and London.
Bank of China (Hong Kong) Asset Management Ltd. chief executive Au King-lun said the tie-up between the two bourses is unlikely to pose any threat to Hong Kong anytime soon.
London and Shanghai have to resolve many issues, including foreign exchange, transaction system and regulatory differences, before the stock link can proceed, Au said.
Au believes that both the launch of the Shenzhen-Hong Kong stock link and the approval of products qualified for the mutual recognition program for funds will be delayed given the recent turbulence in the stock market.
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