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Very successful Hong Kong-Shanghai Stock Connect launch - Li
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VERY SUCCESSFUL HONG KONG-SHANGHAI STOCK CONNECT LAUNCH - LI
International buyers snapped up Chinese stocks on Monday at the debut of an exchange link that allows Hong Kong and Shanghai investors to trade shares on each other's bourses, a major step towards opening China's tightly controlled capital markets. Hong Kong Exchanges and Clearing Chief Executive Officer Charles Li is very pleased with the successful launch.
SHOWS: HONG KONG, CHINA (NOVEMBER 17, 2014) (REUTERS - ACCESS ALL)
1. HONG KONG EXCHANGES AND CLEARING, CHIEF EXECUTIVE OFFICER, CHARLES LI, SAYING:
SLATE: How does it feel now that the Hong Kong-Shanghai stock connect program has launched?
LI: "Yeah, I think usually when you have something as big and as difficult, as challenging, as trying as this when it actually happens it is almost anti-climax you know. And you just want to make sure it is done properly and there is no hiccups and there were none so you know I am very very pleased."
SLATE: "So when is there going to be an expansion of stock quota as the next step?
LI: "If every day quota get hit and it take 20, 30 days before the overall quota is going to get exhausted. So clearly if this is what is going to happen then we are probably talking about a couple of weeks later we are going to have to re-evaluate it but if people are taking the time and also when you start to have enough buying initially it is all buying. The quota is a net quota, so later on when you have a lot of you know, stock that is already being purchased and then they are selling going on. The selling will be going against the quota, netting out of the quota. So you know when you build one side of the market to a sufficient large position and then there are people beginning to sell then the quota actually can accommodate a substantial amount of trading."
SLATE: Would you be expanding the scheme to include more shares? And is IPO on the agenda?
LI: "Yeah, I think right now 80 percent of the market share and 82 percent of ADT are already included so the pressure of getting that incrementa...
International buyers snapped up Chinese stocks on Monday at the debut of an exchange link that allows Hong Kong and Shanghai investors to trade shares on each other's bourses, a major step towards opening China's tightly controlled capital markets. Hong Kong Exchanges and Clearing Chief Executive Officer Charles Li is very pleased with the successful launch.
SHOWS: HONG KONG, CHINA (NOVEMBER 17, 2014) (REUTERS - ACCESS ALL)
1. HONG KONG EXCHANGES AND CLEARING, CHIEF EXECUTIVE OFFICER, CHARLES LI, SAYING:
SLATE: How does it feel now that the Hong Kong-Shanghai stock connect program has launched?
LI: "Yeah, I think usually when you have something as big and as difficult, as challenging, as trying as this when it actually happens it is almost anti-climax you know. And you just want to make sure it is done properly and there is no hiccups and there were none so you know I am very very pleased."
SLATE: "So when is there going to be an expansion of stock quota as the next step?
LI: "If every day quota get hit and it take 20, 30 days before the overall quota is going to get exhausted. So clearly if this is what is going to happen then we are probably talking about a couple of weeks later we are going to have to re-evaluate it but if people are taking the time and also when you start to have enough buying initially it is all buying. The quota is a net quota, so later on when you have a lot of you know, stock that is already being purchased and then they are selling going on. The selling will be going against the quota, netting out of the quota. So you know when you build one side of the market to a sufficient large position and then there are people beginning to sell then the quota actually can accommodate a substantial amount of trading."
SLATE: Would you be expanding the scheme to include more shares? And is IPO on the agenda?
LI: "Yeah, I think right now 80 percent of the market share and 82 percent of ADT are already included so the pressure of getting that incrementa...
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