Shortly before Charles Li boarded a plane to Beijing, the head of Hong Kong’s stock exchange admitted that there had been some “disagreements” over the future of Stock Connect, the trading link between Hong Kong and mainland China’s equity markets.
At the heart of the dispute was a weekend announcement by the Shanghai and Shenzhen stock exchanges that domestic retail investors would be barred from buying companies that offer dual-class shares through Stock Connect, hitting shares in smartphone maker Xiaomi only a week after they started trading in Hong Kong.
The announcement also barred investors from buying “stapled” securities — which bind together two or more types of shares in one company — and foreign companies listed in Hong Kong.
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