Shanghai Stock Exchange and Shenzhen Stock Exchange update Hong Kong Stock Connect risk disclosure provisions
The Zhitong Finance App learned that on November 6, the Shanghai Stock Exchange and the Shenzhen Stock Exchange respectively issued the “Essential Provisions for the Shanghai Stock Exchange Hong Kong Stock Connect Trading Risk Disclosure Statement (November 2026 Revision)” and the “Essential Provisions for the Shenzhen Stock Exchange Hong Kong Stock Connect Trading Risk Disclosure Statement (November 2026 Revision)”.
According to the “Shanghai Stock Exchange Shanghai-Hong Kong Stock Exchange Business Implementation Measures” and China Securities Registration and Settlement Co., Ltd. “Mainland and Hong Kong Stock Market Exchange Interconnection Mechanism Registration, Custody and Settlement Business Implementation Rules”, etc., the Shanghai Stock Exchange and China Securities Registration and Settlement Co., Ltd. revised the “Necessary Provisions of the Shanghai Stock Exchange Hong Kong Stock Exchange Trading Risk Disclosure Statement” to adjust the Hong Kong Stock Exchange's paperless securities market system from November 16, 2026. It is expected that the Hong Kong Stock Exchange will provide settlement services for half a day of trading days starting 2027 Risk alerts for situations such as distribution and half-day trading day settlement arrangements are now being issued (see attachment for details) and will take effect from November 16, 2026. The “Essential Provisions for the Shanghai Stock Exchange Hong Kong Stock Connect Trading Risk Disclosure Statement (2026 Revision)” (Shanghai Securities Development (2026) No. 62) issued on June 5, 2026 was also abolished.
According to the “Shenzhen Stock Exchange Shenzhen-Hong Kong Stock Exchange Business Implementation Measures”, China Securities Registration and Settlement Co., Ltd. “Mainland and Hong Kong Stock Exchange Interconnection Mechanism Registration, Custody and Settlement Business Implementation Rules”, etc., the Shenzhen Stock Exchange and China Securities Registration and Settlement Co., Ltd. revised the “Essential Provisions for the Shenzhen Stock Exchange Hong Kong Stock Connect Trading Risk Disclosure Statement” (hereinafter referred to as the “Essential Provisions”), which will take effect on November 16, 2026.
The original text is as follows:
Required Provisions of the Shanghai Stock Exchange Hong Kong Stock Connect Trading Risk Disclosure Statement (Revised in November 2026)
Various market participants:
According to the “Shanghai Stock Exchange Shanghai-Hong Kong Stock Exchange Business Implementation Measures” and China Securities Registration and Settlement Co., Ltd. “Mainland and Hong Kong Stock Market Exchange Interconnection Mechanism Registration, Custody and Settlement Business Implementation Rules”, etc., the Shanghai Stock Exchange and China Securities Registration and Settlement Co., Ltd. revised the “Necessary Provisions of the Shanghai Stock Exchange Hong Kong Stock Exchange Trading Risk Disclosure Statement” to adjust the Hong Kong Stock Exchange's paperless securities market system from November 16, 2026. It is expected that the Hong Kong Stock Exchange will provide settlement services for half a day of trading days starting 2027 Risk alerts for situations such as distribution and half-day trading day settlement arrangements are now being issued (see attachment for details) and will take effect from November 16, 2026. The “Essential Provisions for the Shanghai Stock Exchange Hong Kong Stock Connect Trading Risk Disclosure Statement (2026 Revision)” (Shanghai Securities Development (2026) No. 62) issued on June 5, 2026 was also abolished. The relevant matters are hereby notified as follows:
1. From the date of publication of this notice, securities companies shall post relevant rules in prominent places of business and publish them on their websites.
2. Securities companies shall promptly update the “Shanghai Stock Exchange Hong Kong Stock Connect Trading Risk Disclosure”.
3. For investors newly applying for permission to open Hong Kong Stock Connect trading rights, the securities company shall fully inform them of the relevant risks and require them to sign an entrustment agreement and risk disclosure statement containing the necessary provisions after the revision; for investors who have already opened the Hong Kong Stock Connect trading authority before this notice is issued, the securities company shall notify investors who have signed the corresponding risk disclosure statement according to the relevant revisions and keep notification records.
4. The official implementation period for the provision of settlement services on half-day trading days is based on the notice of Hong Kong Central Clearing Limited. Prior to official implementation, securities companies should remind investors to be aware that there will be no settlement during the half-day trading day.
We hereby inform you.
Shanghai Stock Exchange China Securities Registration and Settlement Co., Ltd.
November 6, 2026
Notice on Issuing the “Essential Provisions of the Shenzhen Stock Exchange Hong Kong Stock Connect Trading Risk Disclosure Statement (November 2026 Revision)”
Shenzhen Securities Association [2026] No. 432
Various market participants:
According to the “Shenzhen Stock Exchange Shenzhen-Hong Kong Stock Exchange Business Implementation Measures”, China Securities Registration and Settlement Co., Ltd. “Mainland and Hong Kong Stock Exchange Interconnection Mechanism Registration, Custody and Settlement Business Implementation Rules”, etc., the Shenzhen Stock Exchange and China Securities Registration and Settlement Co., Ltd. have revised the “Shenzhen Stock Exchange Hong Kong Stock Connect Trading Risk Disclosure Statement” (hereinafter referred to as the “Essential Provisions”), which will take effect on November 16, 2026, and the relevant matters are notified as follows:
1. According to institutional arrangements such as the implementation of the paperless securities market system in the Hong Kong stock market from November 16, 2026 and the proposed provision of half-day trading day settlement services from February 5, 2027, the risk disclosure in section 37 of the “Essential Provisions” relating to the distribution of Hong Kong Stock Connect securities and Article 15 half-day trading day settlement arrangements will be adjusted.
Among them, the relevant amendments to Article 15 of the “Essential Provisions” will not be implemented. They will take effect from the date Hong Kong Central Clearing Limited provides half-day trading day settlement services for the Hong Kong market. For the specific implementation period, all member units are requested to pay attention to Hong Kong Central Clearing Limited's notice without further notice.
2. Each member unit shall promptly update the “Shenzhen Stock Exchange Hong Kong Stock Connect Trading Risk Disclosure”. Investors applying for permission to open Hong Kong Stock Connect trading shall be required to sign a new version of the Risk Disclosure Statement on paper or electronically. Investors should be given sufficient and reasonable time to read before signing. If investors have not signed a new version of the Risk Disclosure Statement, members shall not accept their orders to purchase or purchase relevant securities.
3. Each member unit shall do a good job of risk disclosure through multiple channels and comprehensively, promptly and fully inform investors who have signed the old version of the risk disclosure document through SMS, phone calls, or transaction software login pop-ups, etc., and keep records.
4. Each member unit shall do a good job of educating investors through channels such as official websites, mobile terminals, investment education bases, and branches.
5. The “Shenzhen Stock Exchange Hong Kong Stock Connect Trading Risk Disclosure Statement (2026 Revision)” (Shenzhen Securities Commission (2026) No. 224) issued by Shenzhen Stock Exchange and China Securities Registration and Settlement Co., Ltd. on June 5, 2026 was abolished at the same time.
Shenzhen Stock Exchange China Securities Registration and Settlement Co., Ltd.
November 6, 2026
This article was selected from the Shanghai Stock Exchange and Shenzhen Stock Exchange. Zhitong Finance Editor: Chen Wenfang.