United Kingdom shares list in China in first for foreign firms

19 Juin, 2019, 09:27 | Auteur: Auguste Feret
  • Huatai is the first China-based company to offer shares in London in two years

British and Chinese securities regulators have given their backing to a scheme launched Monday that will open up cross-border investment by allowing companies listed in the United Kingdom and China to raise capital by selling shares on each other's stock exchanges.

Similar links had already been established between the Shanghai and Shenzhen exchanges with Hong Kong's.

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.

The London-Shanghai Stock Connect has taken four years to prepare.

The connect, a two-way depositary receipt mechanism that brings together two of the world's largest capital markets, brings together one of the world's largest domestic capital markets - the Shanghai Stock Exchange - with the world's leading global market, the London Stock Exchange.

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The scheme, which will launch today at a ceremony at the London Stock Exchange (LSE), is an arrangement between the LSE and Shanghai Stock Exchange (SSE) to encourage cross-border investments.

Under the newly-launched Connect scheme, Shanghai-listed companies can raise new funds via London's stock market while British companies can broaden their investor base by selling existing shares in Shanghai.

For the United Kingdom, it's an opportunity to demonstrate significant global trading ties at a time when the ongoing Brexit shambles is also rattling markets.

The Financial Conduct Authority and the China Securities Regulatory Commission said in a joint announcement that they will work together to regulate the so-called Shanghai-London Stock Connect to ensure its success. The UK government said the project will open up British firms to new investors.

Deepening trade links with Asia is a key United Kingdom goal as it leaves the European Union, and Hammond will celebrate the Stock Connect launch when he welcomes Vice Premier Hu Chunhua and a delegation from the Chinese government to London for talks on Monday. "We both believe in the positive contribution regulators can make in global capital markets, and the new co-operation we're announcing today will be an important contributor to the success of the scheme".

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