Hong Kong Securities Clearing Company Limited is a wholly-owned subsidiary of the Stock Exchange of Hong Kong. It is responsible for operating the central clearing and settlement system in Hong Kong and is a recognized clearing institution. Investors' shares are centrally deposited with the Hong Kong Securities Clearing Company Limited.
The shares held by Hong Kong Securities Clearing (Agency) Co., Ltd. are the total shares of H-share shareholders' accounts traded on the trading platform of Hong Kong Securities Clearing (Agency) Co., Ltd., and the rights and interests of these shares still belong to the investors themselves.
After Hong Kong Securities Clearing Co., Ltd. has opened RMB basic deposit account in domestic banks, it can open a special deposit account for RMB Shanghai and Shenzhen securities trading in accordance with the relevant provisions on the management of bank settlement accounts, which is specially used for the capital exchange of Shanghai Stock Connect and Shenzhen Stock Connect related businesses.
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If the Hong Kong Securities Clearing Company cannot remit the settlement funds of Shanghai Stock Connect and Shenzhen Stock Connect from Hong Kong due to natural disasters and other special reasons, it can remit RMB funds from domestic banks for fund settlement. The amount of funds to be included shall not exceed the scale of funds required for the settlement of Shanghai Stock Connect and Shenzhen Stock Connect on that day, and the financing period shall generally not exceed three days.
China Securities Depository and Clearing Corporation can also open a bank settlement account of Hong Kong Stock Connect (including Hong Kong Stock Connect under Shanghai-Hong Kong Stock Connect and Hong Kong Stock Connect under Shenzhen-Hong Kong Stock Connect) in a bank in Hong Kong according to relevant regulations, which is specially used for the related fund transactions of Hong Kong Stock Connect. China Securities Depository and Clearing Corporation or its branches may open a special deposit account for RMB-Hong Kong Stock Connect in domestic banks, which is specially used for the capital exchange of related businesses of Hong Kong Stock Connect.
Baidu Encyclopedia-The CSRC of the Central Bank supervises the capital exchanges between Shenzhen-Hong Kong Stock Connect and Shanghai-Hong Kong Stock Connect.
Baidu Encyclopedia-Hong Kong Securities Clearing Company Limited