Chances are, today is the last time we see a real-time change in northbound funding.
On April 12, the exchange issued a notice that it was ready to adjust the information disclosure mechanism of Stock Connect, and the first stage was that the Hong Kong Stock Exchange would no longer disclose real-time trading information of Stock Connect, which was expected to be implemented in a month. May 12 is exactly one month long.
It is reported that HKEX has successfully completed the internship session on 27 April and will hold a pre-launch test on 11 May on the adjustment of item 1 (real-time turnover) and item 2 (daily quota balance) in relation to northbound trading.
Northbound funding, major changes!
Test this weekend
On 12 April 2024, the Shanghai and Shenzhen Stock Exchanges announced their intention to adjust the Stock Connect trading information disclosure mechanism simultaneously.
At that time, the exchange said that in order to reserve sufficient technical debugging and preparation time for the market, the adjustment will be carried out in two stages: in the first stage, the Hong Kong Stock Exchange will adjust the real-time disclosure of intraday trading information on the Shanghai and Shenzhen Stock Connect, which is expected to be implemented in one month; In the second phase, the Shanghai, Shenzhen and Hong Kong Stock Exchanges will simultaneously complete the disclosure adjustment of other transaction information, and it is expected that the first phase will be implemented three months after the completion of the first phase.
In other words, the first stage of adjustment is the intraday real-time disclosure of northbound funds, which was said at that time to be implemented in a month. A month after April 12, on May 12, the time was fast.
In addition, the Hong Kong Stock Exchange is also preparing to start relevant technical tests at the end of this week.
On 3 May, the Hong Kong Stock Exchange (HKEX) issued a notice on the Adjustment of the Information Disclosure Mechanism for Northbound and Southbound Transactions under Stock Connect – Pre-launch Testing.
Northbound funding, major changes!
According to the Notice, following the successful completion of the internship session on 27 April 2024, the Exchange will conduct a pre-launch test on 11 May 2024 (Saturday) on the adjustments to Item 1 (Real-time Turnover) and Item 2 (Daily Quota Balance) in relation to Northbound Trading in relation to Northbound Trading issued by the Exchange on 12 April 2024.
According to the notice, China Connect Exchange Participants (CCEPs) can choose whether or not to participate in the pre-launch test. CCEPs interested in participating in the pre-rollout test must complete their registration on Client Connect on or before 8 May 2024 (Wednesday). The detailed schedule of the pre-rollout test will be emailed to the registered CCEP on or before 9 May 2024 (Thursday).
Upon completion of the pre-launch test, the Exchange will confirm and announce the implementation arrangements for the relevant adjustments. The implementation arrangements involving the adjustments to the remaining items 3 to 7 will be announced separately.
It is learnt that in order to assist China Connect Exchange Participants (CCEPs) in validating their systems in an end-to-end test environment for Northbound real-time information disclosure adjustments, HKEX will arrange a non-mandatory end-to-end testing session from 16 April (Tuesday) to 10 May (Friday) (except public holidays and test system host maintenance days).
Real-time transaction amounts are no longer disclosed
According to the information released by the Shanghai and Shenzhen Stock Exchanges on April 12, the adjustments to the Shanghai and Shenzhen Stock Connect are mainly as follows:
First, the Hong Kong Stock Exchange has adjusted the real-time disclosure arrangement of transaction information, and no longer discloses the real-time buy transaction amount, sell transaction amount and total transaction amount of SSE Stock Connect; When the quota balance of SSE Stock Connect is greater than or equal to 30% on the day, "sufficient quota" will be displayed; When it is less than 30%, the quota balance will be announced in real time.
Second, the Shanghai and Shenzhen Stock Exchanges will adjust the after-hours disclosure arrangement to: disclose the total trading volume and total number of transactions of Stock Connect, the total trading volume of ETFs, the list of the top 10 actively traded securities and their total trading volume after the market closes every day, and publish the summary of the above data on a monthly and annual basis. On the 5th trading day of each quarter, the total number of shares held by investors in a single security at the end of the previous quarter will be announced.
Third, HKEX will make adaptive adjustments to information such as the number of HKSCC participants.
For Hong Kong Stock Connect:
First, the Shanghai and Shenzhen Stock Exchanges have adjusted the real-time disclosure arrangement of trading information, and when the quota balance of Hong Kong Stock Connect is greater than or equal to 30% on the same day, it will show "sufficient quota"; When it is less than 30%, the quota balance will be announced in real time.
Second, the Shanghai and Shenzhen Stock Exchanges will adjust the after-hours disclosure arrangement to: disclose the purchase transaction amount and number of transactions, the amount and number of sell transactions, the total transaction amount and total number of transactions, the total turnover of ETFs, the list of the top 10 actively traded securities of the day and their buying transaction amount, selling transaction amount and total transaction amount after the market closes every day, and publish the summary of the above data on a monthly and annual basis; Disclose the total number of shares held by Hong Kong Stock Connect investors for a single security after the market closes each day. The Hong Kong Stock Connect information disclosure arrangement remains unchanged.
It is reported that the arrangement of the Stock Connect trading information disclosure mechanism was originally intended to effectively reveal and remind investors of the use of trading quotas, but the frequency and content of its disclosure are different from the general practice of information disclosure in the A-share market, and are also different from the common practice in the international mainstream market. From the perspective of international practice, mainstream markets such as Europe and the United States do not disclose the transaction information of a specific category of investors in real time during the intraday, nor do they make differentiated arrangements for domestic investors and international investors in terms of transaction information disclosure mechanism.
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Northbound funding, major changes!
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