The London-Shanghai Stock Connect will be launched by UK Chancellor Philip Hammond on Monday (17 June), allowing UK listed companies to sell shares in China.
The scheme, which was originally scheduled to begin in 2018, will enable companies from each country to raise capital in the other, the BBC reported. According to the Washington Post, this will be the first time that any foreign company will be able to list in mainland China and is the latest cross-border push by China to increase access to its financial system.
Launching Stock Connect at the London Stock Exchange, Chancellor Philip Hammond will say: “London is a global financial centre like no other, and today’s launch is a strong vote of confidence in the UK market.
“Stock Connect is a groundbreaking initiative, which will deepen our global connectivity as we look outwards to new opportunities in Asia.”