Pakistan PM says nation giving "Befitting Reply" to Indian strikes    Health Minister orders expansion of residency training programmes to strengthen medical workforce    Egypt steps up export reforms with focus on quality standards, market insights, and global expansion    Egypt's FRA warns against unlicensed financial investment schemes    Gaza faces humanitarian collapse amid escalating Israeli offensive, healthcare breakdown    CIB Egypt extends EGP 2.45bn bridge loan to SODIC for North Coast 'June' project    Al Ismaelia, Coventry University Cairo partner on urban development education    Egypt's net FX reserves rise to $48.144b in April – CBE    Egypt's EDA backs local vaccine industry    Eurozone services stagnate, manufacturing lifts growth    Oman, Algeria agree on $298m investment, energy deals    Cabinet hails WHO measles-free status as milestone in Egypt's health reforms    Egypt's Public Business Min., EHA chairman explore cooperation    Euronext supports EU defence financing with new measures    Egypt's business leader hails tax relief package as key to trust    Israel expands Gaza offensive, drawing international condemnation    Egyptian FM addresses Arab Women Organization Conference opening    Egypt's Sisi praises Bohra community's restoration efforts of Islamic sites    Egypt, Saudi Arabia deepen health sector cooperation with comprehensive MoU    On Sport to broadcast Pan Arab Golf Championship for Juniors and Ladies in Egypt    Golf Festival in Cairo to mark Arab Golf Federation's 50th anniversary    Germany among EU's priciest labour markets – official data    Cabinet approves establishment of national medical tourism council to boost healthcare sector    "5,000 Years of Civilizational Dialogue" theme for Korea-Egypt 30th anniversary event    Sudan conflict, bilateral ties dominate talks between Al-Sisi, Al-Burhan in Cairo    Cairo's Madinaty and Katameya Dunes Golf Courses set to host 2025 Pan Arab Golf Championship from May 7-10    Between Women Filmmakers' Caravan opens 5th round of Film Consultancy Programme for Arab filmmakers    Egypt's PM follows up on Julius Nyerere dam project in Tanzania    Ancient military commander's tomb unearthed in Ismailia    Egypt's FM inspects Julius Nyerere Dam project in Tanzania    Egypt's FM praises ties with Tanzania    Egypt to host global celebration for Grand Egyptian Museum opening on July 3    Ancient Egyptian royal tomb unearthed in Sohag    Egyptian Minister praises Nile Basin consultations, voices GERD concerns    Paris Olympic gold '24 medals hit record value    A minute of silence for Egyptian sports    Russia says it's in sync with US, China, Pakistan on Taliban    It's a bit frustrating to draw at home: Real Madrid keeper after Villarreal game    Shoukry reviews with Guterres Egypt's efforts to achieve SDGs, promote human rights    Sudan says countries must cooperate on vaccines    Johnson & Johnson: Second shot boosts antibodies and protection against COVID-19    Egypt to tax bloggers, YouTubers    Egypt's FM asserts importance of stability in Libya, holding elections as scheduled    We mustn't lose touch: Muller after Bayern win in Bundesliga    Egypt records 36 new deaths from Covid-19, highest since mid June    Egypt sells $3 bln US-dollar dominated eurobonds    Gamal Hanafy's ceramic exhibition at Gezira Arts Centre is a must go    Italian Institute Director Davide Scalmani presents activities of the Cairo Institute for ITALIANA.IT platform    







Thank you for reporting!
This image will be automatically disabled when it gets reported by several people.



Hong Kong Exchanges CEO: Shenzhen-Hong Kong stock connect 'imminent'
Published in Amwal Al Ghad on 11 - 08 - 2016

There's less than six months left of 2016 but there's still time yet to establish the Shenzhen-Hong Kong Stock Connect, Hong Kong Exchanges and Clearing (HKEx) chief executive Charles Li tells CNBC.
Calling the connect's launch "imminent," Li further told CNBC that he was upbeat about the link despite revenue from the existing Shanghai-Hong Kong Stock Connect program falling 38 percent on-year to 71 million Hong Kong dollars ($9.2 million) in the six months to June 30.
Hong Kong's Securities and Futures Commission and the China Securities Regulatory Commission launched the Shanghai-Hong Kong Connect in 2014. The link, hailed as a major step in China's efforts to open up its capital market, allows foreign investors to place buy or sell orders for Shanghai's A-share market through brokers in Hong Kong. Chinese investors, meanwhile, are be able to use mainland brokers to invest in Hong Kong's H-share market.
The Shenzhen-Hong Kong connect would open up mainland China's second-largest stock exchange in the same way.
Li said the link was vital to bringing more tradeable products to a wider marketplace in the future.
"Over time, we are hoping that we are able to bring more truly international products, international listings and international companies, or international risk management instruments, for Chinese investors to buy, because that's the last residual pool of capital in the world today that has yet globally deployed," Li said.
China's securities regulator recently set up a special working group tasked with launching the Shenzhen-Hong Kong Stock Connect scheme, Chinese financial magazine Caixin reported on Thursday.
This followed comments in March by Chinese premier Li Keqiang that the country would strive to launch the Shenzhen-Hong Kong stock connect this year.
In its half-yearly report, released on Wednesday, the HKEx reported a 27 percent on-year decline in net profit to 3 billion Hong Kong dollars, and said that average daily turnover almost halved in the period to HK$67.5 billion.
In a presentation to investors, the bourse attributed its weaker performance to bearish investor sentiment and subdued cash market trading activity globally.
"This year is going to be overall challenging almost for everybody," Li told CNBC.


Clic here to read the story from its source.