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BEIJING: Dual-class stocks, which have converted to main listings in Hong Kong, can be included in the cross-border Stock Connect program, the Shanghai and Shenzhen stock exchanges announced on Saturday, potentially funneling fresh money into stocks eligible.
The Stock Connect is an investment channel that connects the stock exchanges of Hong Kong, Shanghai and Shenzhen.
In a statement, the exchanges gave the example of the Shanghai-based video platform Bilibili Inc., whose shares are listed in the United States and Hong Kong.
After the company converted its secondary listing in Hong Kong to the primary listing on October 3, its shares can be added to the southern leg of the Connect program as early as March, if they meet certain conditions, the exchanges added.
A growing number of dual-class Chinese companies, including e-commerce giant Alibaba Group and operator of fast-food chain Yum China Holdings, have also asked to convert their secondary listings in Hong Kong to primary listings. The Hong Kong government and stock exchange plan to introduce a market maker system in the first half of 2023 to enable the Stock Connect cross-border investment channel to manage yuan-denominated stocks in Hong Kong.
China has criticized the latest US move to tighten export controls that would make it harder for China to obtain and manufacture advanced computer chips, calling it a violation of international economic and trade rules that will “isolate and will turn” against the United States.
“Out of necessity to maintain its science and technology hegemony, the United States is abusing export control measures to block and maliciously suppress Chinese companies,” said Mao Ning, spokesperson for the Foreign Ministry.
“It will not only harm the legitimate rights and interests of Chinese companies, but also affect the interests of American companies,” she said. Mao also said that the “weaponization and politicization” of science and technology by the United States as well as economic and trade problems will not stop China’s progress.
She was speaking after the United States updated export controls on Friday that included adding certain high-performance advanced computer chips and semiconductor manufacturing equipment to its list, as well as new requirements for license for items that would be used in a supercomputer or for the development of semiconductors in China.
The United States said the export controls were added as part of ongoing efforts to protect U.S. national security and foreign policy interests.