Connect Hub

The Connect programmes connect the world with China, and China and the world, via Hong Kong

/-/media/HKEX-Market/Mutual-Market/Connect-Hub/blog_bonnie_CEO_200x200.jpg

Bonnie Y Chan

Chief Executive Officer, HKEX

Overview

Launched in 2014, the Connect programmes facilitate the two-way flow of capital between China and the world.

Operating on a closed-loop system between exchanges in Shanghai, Shenzhen and Hong Kong, the Connect programmes provide an innovative, secure and efficient cross-border transaction model that integrates capital markets while maintaining the distinct regulatory framework of Mainland China and Hong Kong.

The Connect programmes have made China accessible for international investors, provided new diversification opportunities for Mainland China investors, and paved the way for Chinese assets to be included in key global benchmarks.

The Connect Story

Now 10 years old, HKEX’s Connect Story is one of innovation and partnership that is accelerating two-way mutual market access between China and the world.

2014: Shanghai-Hong Kong Stock Connect.

Shanghai-Hong Kong Stock Connect launched on 17 November 2014, providing mutual market access to investors in Hong Kong and Shanghai. Stock Connect alone has driven more than RMB180 trillion in two-way capital equity capital flows over the past decade.

Learn more about Stock Connect >

2016: Shenzhen-Hong Kong Stock Connect.

Shenzhen-Hong Kong Stock Connect links the Shenzhen and Hong Kong Stock Exchanges and allows mutual market access to investors in each market.

A total of 1,486 Shenzhen-listed A-shares are available through the channel. There are 549 Hong Kong stocks available in Southbound as at the end of 1Q 2024.

Learn more about Stock Connect>

2017: Bond Connect.

Bond Connect launched in 2017, allowing Mainland China and international investors to trade in each other’s bond markets through Hong Kong financial market infrastructure.

In 2023, Bond Connect Northbound trading volume reached close to RMB 10 trillion, with 822 overseas institutional registered by the end of the year.

Learn more about Bond Connect>

2022: Inclusion of ETFs in Stock Connect.

In July 2022, HKEX went live with the inclusion for the first time of ETFs in Stock Connect, 83 listed in Northbound, four listed in Southbound.

Since then, 91 eligible ETFs for Northbound and Southbound trading have been added to Stock Connect and ETF ADT reached RMB2.7 billion and HK$3.1 billion on Northbound and Southbound, respectively, in September 2024.

Learn more about ETFs in Stock Connect here>

2023: A landmark year for Connect.

Another year of groundbreaking enhancements, including the addition of up to 10 trading days, the inclusion of 1,000 more stocks for Northbound Connect, and the inclusion of international companies for Southbound Connect. Additionally, Swap Connect and the HKD-RMB Dual Counter programme were introduced to strengthen Hong Kong's position as a leading offshore RMB hub.

Connect Facts

RMB 130.2 bn

Northbound Stock Connect Average Daily Turnover (ADT), 1H 2024.

HK$37.5 bn

Southbound Stock Connect ADT, 1H 2024.

3,416

Eligible securities in Southbound and Northbound Stock Connect trading, end-June 2024.

HK$3.3 trn

Net cumulative buy via Southbound Stock Connect trading, end-June 2024.

RMB 2.1 trn

International investors’ China A shareholdings held via Stock Connect, end-June 2024.

822

Overseas international investors registered with Bond Connect, end-June 2024.

Connect Programmes

Stock Connect

Stock Connect connects Hong Kong, Shenzhen and Shanghai exchanges. Via Stock Connect, local and international investors may trade selected stocks listed in Shanghai and Shenzhen via Hong Kong, and vice versa.

Explore Stock Connect

Bond Connect

Bond Connect allows international and Mainland China fixed income investors to trade cross-border in their respective markets, facilitating two-way capital flows through Hong Kong.

Explore Bond Connect

Swap Connect

Swap Connect is the world’s first derivatives market access scheme allowing international investors to trade and clear onshore RMB interest rate swaps through Hong Kong.

Explore Swap Connect

Research, Features and Blogs

10 Years of Connect

Stock Connect Stories

Stock Connect, our flagship programme, has been connecting China and the world via Hong Kong since 2014. As we mark the 10-year anniversary of Stock Connect and celebrate 10 years of innovation and partnership, market participants, as well as regulators from Hong Kong and Mainland China, have joined us to share their views on the programme and how they see it developing.

Watch the series here

Contact

For further information about the Connect programmes, please write to us: info@hkex.com.hk