Hong Kong: A-Shares: Shenzhen-Hong Kong Stock Connect launched


Clearstream Banking1 would like to inform customers that, effective

5 December 2016

Clearstream Banking will offer services facilitating the Shenzhen-Hong Kong Stock Connect program.

Customers will be able to settle receipt/delivery versus payment (RVP/DVP) and safekeep China A-shares via both the Shanghai-Hong Kong and Shenzhen-Hong Kong Stock Connect programs (Northbound).

Stock Connect will facilitate foreign investors’ access to China via the Hong Kong market and will make it possible for non-domestic investors to hold China A-shares without the need to fulfil qualified investor requirements.

Stock Connect is a further step towards the opening of the Chinese stock market for foreign investors and goes hand-in-hand with the Chinese government’s approach to establish the Renminbi (RMB) as an international currency and to liberalise its financial market.

The extension of our existing Stock Connect service to include the Shenzhen-Hong Kong Stock Connect Program is part of Clearstream Banking’s ongoing commitment to enhance its settlement services and to provide our international customers with access to RMB-denominated shares that are listed on both the Shanghai and Shenzhen Stock Exchanges (A-shares). This initiative further complements our existing access to Chinese B-shares that are listed on the mainland stock exchange.

Eligible Securities

Eligible shares under the Stock Connect Programs:

  • Constituent stocks of the SSE 180 and 380;
  • All dual-listed shares (SSE-SEHK A+H (68));
  • Constituent stocks of the SZSE Component and SZSE Small/Mid Cap Innovation with market capitalisation >RMB6 billion2;
  • All dual-listed shares (SZSE-SEHK A+H); and
  • Exceptions: Shares that are not traded in RMB; Shares under “risk alert”; IPOs.

Impact on customers

To safekeep Stock Connect China A-shares, customers must open a Special Segregated Account (SPSA). Clearstream Banking will support customers in the account opening process including the setting up of the SPSA account, acquiring the Investor ID and maintaining the SPSA eligible Executing Brokers.

For existing SPSA accounts, no further action is required in order to hold securities trades via the Shenzhen Stock Exchange.

The free of payment and against payment settlement instruction deadlines remain the same as per below:

Central European Summer Time (CET)



Receipts free of/against payment

10:55 SD

Deliveries free of/against payment

09:40 SD

Hong Kong Time (HKT)



Receipts free of/against payment

17:55 SD

Deliveries free of/against payment

16:40 SD

Further information

The Creation Link Guide – Hong Kong and related documentation will be updated accordingly.

For further information, customers may contact Clearstream Banking Client Services or their Relationship Officer.
1. Clearstream Banking refers collectively to Clearstream Banking S.A., registered office at 42, avenue John F. Kennedy, L-1855 Luxembourg, and registered with the Luxembourg Trade and Companies Register under number B-9248, and Clearstream Banking AG (for CBF customers using CreationOnline), registered office at 61, Mergenthalerallee, 65760 Eschborn, Germany and registered in Register B of the Amtsgericht Frankfurt am Main, Germany under number HRB 7500.
2. Subject to final regulatory approval, the periodic review of eligible stocks will be in line with half-yearly rebalancing of underlying indexes.