Investors who often buy stocks should not be unfamiliar with the Shenzhen Stock Connect, Shanghai Stock Connect and other stock trading software, and the Shanghai-London Connect that I will introduce to you today is not well understood by many investors, so I will come to you today Introduce what Shanghai-London is and see how it is traded.
What is Shanghai Luntong
The Shanghai-London Stock Connect is the product of enhanced cooperation between the Chinese and British sides. It is a mechanism for interconnection between the Shanghai Stock Exchange and the London Stock Exchange. Qualified listed companies in the two places can issue depositary receipts (DRs) and list and trade in each other's markets. The Shanghai-London Stock Exchange is divided into eastbound and westbound, where eastbound (CDR) refers to the conversion of shares of companies listed on the London Stock Exchange to the Shanghai Stock Exchange for trading by A-share investors, and westbound (GDR) refers to the conversion of shares of listed companies on the Shanghai Stock Exchange to London Stock Exchange for foreign investors to trade. At present, the only stock participating in the Shanghai-London Stock Connect is Huatai Securities (601688).
Shanghai-London Stock Exchange Rules
1. Eastbound (CDR): Renminbi is used as the denomination currency, and the unit of valuation is "the price per CDR", and the minimum unit of the declared price is RMB 0.01; the declared quantity should be 100 or an integer multiple, and the maximum amount for a single declaration No more than 1 million copies. The part with a balance of less than 100 shares should be declared for one-off sale; CDR transactions are subject to price fluctuation limits, with a 10% increase or decrease ratio; T + 1 transaction method, that is, the CDR purchased by investors on the same day cannot be sold It is necessary to wait until the next trading day; companies listed on the London Stock Exchange are not allowed to directly raise funds in the domestic market by issuing CDRs.
2. Westbound (GDR): T + 0 trading method is adopted, that is, the stocks bought by investors on the same day can be sold on the same day; there is no limit of daily limit; A-share listed companies on the Shanghai Stock Exchange are allowed to raise funds directly in the UK market by issuing GDR; Conditions for domestic investors to participate in the Shanghai-London Stock Connect: Individual investors should meet the requirements of applying for permission to open the securities account and fund account in the 20 trading days before the asset day is not less than RMB 3 million. There are no serious records of bad faith, no domestic laws and business rules prohibiting or restricting their participation in securities transactions, and they have passed the comprehensive evaluation of member organizations.
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