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Stock positions are settled at 6pm on the trade date. Payment is settled by 12 pm Shanghai time on the day after the trade date. HKSCC settles the payment with ChinaClear for the buy trade at 4 pm Shanghai time on the day after the trade date.

It allows mainland Chinese investors to purchase select Hong Kong and Chinese companies listed in Hong Kong, and lets foreigners buy China A shares listed on the mainland in a less restrictive manner than previously.

China Connect Securities traded on the SSE/SZSE are subject to a price limit based on their previous closing price, including a ±10% price limit for stocks under normal circumstances and a ±5% price limit for stocks that are under special treatment (i.e. ST and *ST stocks) under risk alert.

Shanghai and Shenzhen Connect is open to all SEHK Participants, SSE Members, SZSE Members, CCASS Participants, and ChinaClear Participants, subject to their meeting certain information technology capability, risk management and other requirements as may be specified by the relevant exchange and / or clearing house.

The stock connect allows qualified mainland China investors to access eligible Hong Kong shares (Southbound) as well as Hong Kong and overseas investors to trade eligible A shares (Northbound) subject to a certain amount of daily quota.

Under Stock Connect, investors can trade over 2,000 eligible stocks, but these only represent around half of the shares listed on the Shanghai and Shenzhen exchanges. QFII and RQFII provide access to a wider pool of shares as well as other onshore financial instruments, such as bonds.

Stock Connect is a Mutual Market Access programme through which investors in the Mainland China and Hong Kong can trade and settle shares listed on the other market via the stock exchanges and clearing houses in their home market.