London opens stock market for a tickling from Chinese tentacles

London opens stock market for a tickling from Chinese tentacles

London opens stock market for a tickling from Chinese tentacles

The London-Shanghai Stock Connect will mean 260 eligible listed Chinese firms can offer shares in the United Kingdom, and UK-listed companies can sell their shares in Shanghai.

"The culmination of four years' work, Stock Connect will mean, for the first time, that global investors will be able to access China A-shares from outside of Greater China, and through worldwide trading and settlement practices", the UK Treasury explained.

In order to participate, Chinese companies must have a minimum market capitalization of Rmb20bn ($2.9 billion) to list on the London Stock Exchange. It will mean United Kingdom listed companies can be traded by more investors, providing investors with greater choice.

Huatai, one of China's largest brokerages, is expected to make its London market debut on June 17, becoming the first company to trade via the London-Shanghai Stock Connect project.

Despite Chinese stock markets being the world's worst performing a year ago, they are projected to have more than $17 trillion in assets under management by 2030.

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Britain's finance minister Philip Hammond was hosting China's Vice Premier Hu Chunhua and a delegation "to discuss multilateral and bilateral economic issues, financial services cooperation, and trade and investment", it added.

The Treasury said the deal is a vote of confidence in the strength of the United Kingdom market, adding: "Stock Connect is a ground-breaking initiative, which will deepen our global connectivity as we look outwards to new opportunities in Asia".

"Stock Connect is a groundbreaking initiative, which will deepen our global connectivity as we look outwards to new opportunities in Asia", Mr Hammond is expected to say at the launch, according to a statement from the Treasury.

The culmination of four years' work, Stock Connect will mean, for the first time, that global investors will be able to access China A-shares from outside of Greater China, and through worldwide trading and settlement practices.

The system involves the use of depositary receipts which will allow investors to buy a stake in a company listed in another country without exposure to currency or accountancy risks.

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