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The Current Pilot Details

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The Current Pilot Details On April 10, CSRC and SFC both announced the launch of what has been dubbed “Shanghai-Hong Kong Stock Connect”, a pilot program that aims to establish mutual stock market access between the Mainland and Hong Kong. As a form of hybrid cross-border program that combines the long-awaited QDII2 and essentially a QFII2 scheme, the implications will be wide-reaching for eligible investors on both sides of the border. Brokerage opportunities for those able to execute trades into and out of the Mainland will be particularly significant – Z-Ben Advisors urges such potentially-eligible participants to consider their strategic positioning now, in advance of the launch (expected in October). Brokerages best positioned to take advantage of Shanghai-Hong Kong Stock Connect Mainland market Mainland brokerage Brokerages’ HK subsidiaries share (%) Essence Securities Co., Ltd. Essence International Securities (Hong Kong) Limited 2.34 Caitong Securities Co.,Ltd Caitong International Securities Co., Limited 1.07 Orient Securities Co.,Ltd. Orient Securities (Hong Kong) Limited 1.47 Everbright Securities Company Limited China Everbright Securities (HK) Limited 3.11 GF Securities Co., Ltd. GF Securities (Hong Kong) Brokerage Limited 4.06 Guodu Securities Co.,Ltd. Guodu Securities (Hong Kong) Limited 0.45 Guotai Jun'An Securities Co., Ltd Guotai Junan Securities (Hong Kong) Limited 5.05 These are the only two Guosen Securities Co.,Ltd. Guosen Securities (HK) Brokerage Company, Limited 3.95 foreign-owned Guoyuan Securities Company Limited Guoyuan Securities Brokerage (Hong Kong) Limited 1.09 brokerages with two- HAITONG Securities Company Limited Haitong International Securities Company Limited 4.58 way play potential for Ping An Securities Company Ltd. Ping An of China Securities (Hong Kong) Company Limited 1.20 the upcoming pilot Qilu Securities Co.,Ltd. Qilu International Securities Limited 2.33 Shenyin & Wanguo Securities Co.,Ltd. Shenyin Wanguo Securities (H.K.) Limited 4.18 Industrial Securities Co.,Ltd. Industrial Securities (Hong Kong) Brokerage Limited 1.62 Changjiang Securities Company Limited Changjiang Securities Brokerage (HK) Limited 1.78 China Merchants Securities Co., Ltd China Merchants Securities (HK) Co., Limited 4.34 China International Capital Co.,Ltd. China International Capital Corporation Hong Kong Securities Limited 0.83 China Galaxy Securities Co.,Ltd. China Galaxy International Securities (Hong Kong) Co., Limited 5.16 China Investment Securities Co., Ltd. China Investment Securities International Brokerage Limited 2.42 * Beijing Gao Hua Securities’ market share Goldman Sachs Gao Hua Securities Co., Ltd. Goldman Sachs (Asia) Securities Limited 0.24* UBS Securities Hong Kong Limited UBS Securities Co., Ltd. 0.35 Source: Z-Ben Advisors Eligible HKEx shares ChinaClear/HKSCC Investor eligibility: Quota into SSE: Quota into HKEx: Eligible SSE shares The current All Hang Seng Composite to establish direct Institutions and HNWIs RMB300bn (daily RMB250bn (daily SSE 180 Index, LargeCap and MidCap link for cross-border with RMB500k in their pilot details max RMB13bn) max RMB10.5bn) SSE 380 Index Index shares clearing trading accounts Z-Ben Advisors .
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