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Jeddah - Yasmine El Tohamy - BEIJING: Dual-class shares, which have converted to primary listings in Hong Kong, can be included in the crossborder Stock Connect scheme, Shanghai and Shenzhen stock exchanges said on Saturday, potentially channeling fresh money into eligible stocks.
The Stock Connect is an investment channel that connects the Hong Kong, Shanghai, and Shenzhen stock exchanges.
In a statement, the bourses gave the example of Shanghai-based video platform Bilibili Inc., whose shares are listed in the US and Hong Kong.
After the company converted its secondary listing in Hong Kong to a primary listing on Oct. 3, its shares can be added to the southbound leg of the Connect scheme as soon as March, if they meet certain conditions, the bourses added.
A growing number of China’s dual-class companies, including e-commerce giant Alibaba Group and fast-food restaurant chain operator Yum China Holdings, also have applied to convert their secondary listings in Hong Kong to primary ones. The government and the Hong Kong stock exchange plan to set up a marketmaker system in the first half of 2023 to allow the Stock Connect transborder investment channel handle yuan-denominated shares in Hong Kong.
China has criticized the latest US decision to tighten export controls that would make it harder for China to obtain and manufacture advanced computing chips, calling it a violation of international economic and trade rules that will “isolate and backfire” on the US.
“Out of the need to maintain its sci-tech hegemony, the US abuses export control measures to maliciously block and suppress Chinese companies,” said Foreign Ministry spokeswoman Mao Ning.
“It will not only damage the legitimate rights and interests of Chinese companies, but also affect American companies’ interests,” she said. Mao also said that the US “weaponization and politicization” of science and technology as well as economic and trade issues will not stop China’s progress.
She was speaking after the US on Friday updated export controls that included adding certain advanced, high-performance computing chips and semiconductor manufacturing equipment to its list, as well as new license requirements for items that would be used in a supercomputer or for semiconductor development in China.
The US said that the export controls were added as part of ongoing efforts to protect US national security and foreign policy interests.
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