Business / Markets

Launch of HK-Shanghai stock connection in air

(Xinhua) Updated: 2014-10-27 14:08

HONG KONG -- Launching date of stock-trading link between Hong Kong and Shanghai is still in the air, though preparation work is all set, Hong Kong Exchanges and Clearing Limited (HKEx) Chief Executive Charles Li said on Monday.

Speaking to the media, Li said the connection scheme, known as Shanghai-Hong Kong Stock Connect, has not yet received regulatory approval, noting a number of factors are to be taken into considerations by the authorities.

He refused to predict the launching date, but hoped it will soon be fixed.

Li said the scheme has a long-term strategic significance to both mainland and Hong Kong and is important for the capital markets of the two places, as well as the course of internationalization of RMB.

It is going to have an impact on the development of Hong Kong's prosperity in the next 10 to 20 years, he added.

When talking about the Occupy Central movement, which has lasted for almost a month, Li said although the financial market is stable at the moment, the sector is going to be affected if the movement continues.

Hong Kong stocks moved down 0.84 percent to close the Monday morning session.

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