HONG KONG’S stock exchange said Sunday it had reached a consensus with its counterparts in Shanghai and Shenzhen on trading by mainland investors in Hong Kong-listed companies with dual voting rights.

The agreement, which could potentially benefit companies such as smartphone maker Xiaomi Corp., relates to investments in the stock connect program which links exchanges on the mainland with the Hong Kong stock exchange.

“The three exchanges will promptly work on formulating relevant rules and will announce them to the market after completing necessary procedures,” the Hong Kong exchange said.

The new rules were expected to be implemented in the middle of next year, it added.

The stock connect program allows mainland investors their only direct means of trading offshore stocks, and international investors access to Chinese mainland companies.

The agreement comes five months after the Shanghai and Shenzhen stock exchanges caught investors and exchange officials off guard when they said they would not allow mainland investors to buy shares in Hong Kong-listed companies with different voting rights structures.

Xiaomi, the world’s fourth-largest smartphone maker, was the first company with a different voting rights structure to list in Hong Kong. (SD-Agencies)