中泰国际

Zhongtai International Securities Limited

Shanghai-Hong Kong Stock Connect is a cross-boundary investment channel that connects the Shanghai Stock Exchange and the Hong Kong Stock Exchange. Under the program, investors in each market are able to trade shares on the other market using their local brokers and clearing houses.

With Northbound Trading, investors, through their Hong Kong brokers and a securities trading service company to be established by SEHK, will be able to place orders to trade eligible shares listed on SSE by routing orders to SSE.

With Southbound Trading, eligible investors, through Mainland securities firms and a securities trading service company to be established by SSE, will be able to place orders to trade eligible shares listed on SEHK by routing orders to SEHK

	Northbound Trading	Southbound Trading
Qualification	No restriction	Institutional investors or holders of personal account with no less than RMB500,000.
Investment Products	Constituents of SSE 180 Index and SSE 380 Index, and A shares with corresponding H shares listed on SEHK	Constituents of Hang Seng Composite LargeCap Index and Hang Seng Composite MidCap index, and H shares with corresponding A shares listed on SSE
Ineligible Products	Shanghai stocks not quoted in RMB, Shanghai stocks under risk alert	Hong Kong stocks not quoted in HKD, H shares with correspondent A shares tradable on Shenzhen Stock Exchange, H shares which have corresponding A shares put under "risk alert"
Investment Quota	Daily quota: RMB13 billion	Daily quota: RMB10.5 billion
Number of Tradable Stocks (As of 2016/08/31)	573	381
Variety	Various Products	Only a handful of Products
Rise and fall limits	No	Yes
Trading Hours	Opening call auction hours	Pre-opening hours
	09:15 - 09:25*	09:15 - 09:25*
	Continuous auction hours	Continuous trading hours
	09:30 - 11:30* 13:00 - 15:00*	Put warrant
	09:30 - 12:00 13:00 - 16:00	Rather Close market
		Closing Auction Session
		16:00 - 16:10
Stock Code	6 digits (Eg: Petrochina A Share code: 601857)	5 digits (Eg: Petrochina H share code: 00857)
Order Type	Limit orders only	Pre-opening session: At-auction limit orders only Continuous Trading Hours: enhanced limited orders only Closing Auction: At-auction limited orders only
Day Trading	Not Allowed	Allowed
Odd Lot	Selling only	Selling only, offers possibly inferior to market prices
Short Selling	Allowed	Not Allowed
Margin Financing	Allowed	Allowed
IPO Subscription	Not Allowed	Not Allowed
Lot Size	100 shares	Varies among stocks
Order Size Limit	1 million shares	3000 Lots
Minimum Spread	RMB0.01	Depends on stock price
Volatility Restriction	±10% against previous closing price or ±5% against previous closing price for stocks under risk warning	Under Volatility Control Mechanism (VCM), HSI & HSCEI constituent stocks will put into a cooling off period for 5 minutes if the stock price fluctuates more than 10% from the reference price from 5 minutes ago. Maximum of 1 trigger in morning and afternoon session.
Settlement Cycle	T for stocks; T+1 for funds	T+2 for stocks and funds
Shareholder Voting	Through CCASS’s existing voting functions	ChinaClear to collect and submit votes