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QINGDAO TODAY
在线翻译:
szdaily -> Markets -> 
Shanghai-London share listing project kicks off
    2019-06-18  08:53    Shenzhen Daily

FIRMS listed in Britain are able to sell shares in China starting yesterday with the launch of a long-awaited London-Shanghai Stock Connect project that U.K. Chancellor of the Exchequer Philip Hammond called a chance to deepen “global connectivity.”

Under the stock link program, Shanghai-listed firms can raise new funds via London’s stock market while U.K. firms can broaden their investor base by selling existing shares in Shanghai.

“Stock Connect is a ground-breaking initiative, which will deepen our global connectivity as we look outwards to new opportunities in Asia,” Hammond said as he launched the initiative’s first day of trading on the London Stock Exchange.

The project was intended to begin late last year with the December listing of Shanghai-listed brokerage Huatai Securities Co., backed by Alibaba Group Holding Ltd. But the listing was delayed at the last minute.

Huatai then effectively launched its London share sale earlier this month with the announcement of plans to raise money on the London exchange.

Huatai, one of China’s largest brokerages, made its London market debut yesterday, becoming the first company to trade via the London-Shanghai Stock Connect project.

Yesterday’s opening give investors in London the opportunity to trade global depositary receipts in Huatai.

The London-Shanghai Stock Connect project has taken four years to prepare. It’s beginning at a sensitive time, with Britain’s government in turmoil after Prime Minister Theresa May resigned over her failure to complete the U.K.’s divorce from the European Union.

A contest is under way to elect her successor as leader of the U.K.’s ruling Conservative Party, and the outcome of that race is set to have a profound impact on the direction of British trade policy with the EU and the rest of the world. Deepening trade links with Asia is a key U.K. goal as it leaves the EU. (SD-Agencies)

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