{"id":79030,"date":"2018-05-21T07:07:01","date_gmt":"2018-05-21T07:07:01","guid":{"rendered":"http:\/\/www.bnreport.com\/london-shanghai-link-moves-closer-as-lse-pitches-program-details\/"},"modified":"2018-05-21T07:07:01","modified_gmt":"2018-05-21T07:07:01","slug":"london-shanghai-link-moves-closer-as-lse-pitches-program-details","status":"publish","type":"post","link":"https:\/\/www.bnreport.com\/en\/london-shanghai-link-moves-closer-as-lse-pitches-program-details\/","title":{"rendered":"London-Shanghai link moves closer as LSE pitches program details"},"content":{"rendered":"

By Benjamin Robertson and Viren Vaghela
<\/strong>
The long-awaited link between stock exchanges in London<\/a> and Shanghai is close to becoming a reality, according to a London Stock Exchange Group Plc presentation, another step in Chinas efforts to integrate with the international financial system. <\/p>\n

The London-Shanghai Stock Connect will start later this year, allowing companies from China<\/a> to sell global depository receipts in the UK and enabling London-traded firms to list similar securities in Shanghai, according to the LSE<\/a> presentation seen by Bloomberg News. The securities issued by Chinese companies will appear on what LSE calls the Shanghai Board. A spokesman for the UK exchange declined to comment. <\/p>\n

A link with London, which has been in the works since at least 2015, comes amid Chinas broader financial opening, which began in earnest with a stock connect to Hong Kong in 2014. The UK tie-up will provide another avenue for foreign investors to buy Chinese shares<\/a> and, unlike the Hong Kong connect, allow international businesses to list directly on an exchange in mainland China. <\/p>\n

\u201cThis is a real step in the integration of Chinas financial markets<\/a>,\u201d said Karine Hirn, partner at East Capital Asset Management in Hong Kong. \u201cWhats exciting about this project is that its Chinese money going into Western companies.\u201d <\/p>\n

Trading on the Shanghai Board will be in dollars, with the possibility of yuan and pounds. <\/p>\n

The Shanghai Boards trading hours will be 9 a.m. to 4:30 p.m. <\/p>\n

UK time Chinese companies wishing to list in London will need to already be on the Shanghai Stock Exchange, worth at least 20 billion yuan ($3.1 billion), and wont be able to issue more than 15 per cent of their total share capital in the UK Shanghai Board trading will be subject to English law. <\/p>\n

It will be the only venue outside China where investors can buy securities that are interchangeable with mainland-listed shares <\/p>\n

\u201cA London listing allows Chinas greatest companies to join a global peer group of the highest quality and gain unrivaled brand recognition,\u201d LSE said in the presentation. <\/p>\n

An agreement for some sort of exchange connection between London and Shanghai has been in the works since at least September 2015, when plans were disclosed during a visit to China by then-UK Chancellor of the Exchequer George Osborne. In November 2016, LSE and the Shanghai bourse agreed to \u201cdevelop rules and implementation arrangements.\u201d <\/p>\n

Peoples Bank of China Governor Yi Gang said in April that authorities were hoping to start the program this year. <\/p>\n

Chinese bourses have been forging closer relationships with their offshore counterparts in recent years, a financial adjunct to Beijings \u201cOne Belt, One Road\u201d infrastructure-building program, which aims to tie economies across Asia and Europe more closely to China. <\/p>\n

While the two stock-trading links \u2014 Shanghai and Shenzhen \u2014 with Hong Kong have garnered the most attention, Chinese institutions have also taken stakes in markets in Bangladesh and Pakistan<\/a>, and formed a joint venture with Deutsche Boerse AG in Frankfurt. <\/p>\n

<\/a><\/strong> <\/a><\/p>\n

Original Article<\/a><\/p>\n

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ET Markets<\/a><\/h5>\n

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By Benjamin Robertson and Viren Vaghela<\/p>\n

The long-awaited li..<\/p>\n","protected":false},"author":1,"featured_media":79031,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[202],"tags":[],"class_list":["post-79030","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-finance"],"yoast_head":"\nLondon-Shanghai link moves closer as LSE pitches program details - Business News Report<\/title>\n<meta name=\"description\" content=\"By Benjamin Robertson and Viren Vaghela The long-awaited li..\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.bnreport.com\/en\/london-shanghai-link-moves-closer-as-lse-pitches-program-details\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"London-Shanghai link moves closer as LSE pitches program details - 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