【摘 要】
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The Shanghai-London Stock Connect is a two-way depositary receipt mechanism that connects the Shanghai Stock Exchange （SSE） with the London Stock Exchange. Through the mechanism， London-listed corpora
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The Shanghai-London Stock Connect is a two-way depositary receipt mechanism that connects the Shanghai Stock Exchange （SSE） with the London Stock Exchange. Through the mechanism， London-listed corporations are able to issue global depositary receipts （GDRs） in Shanghai， and Shanghai-listed firms can issue GDRs in London. On June 17， 2019， the China Securities Regulatory Commission （CSRC） and Britain’s Financial Conduct Authority（FCA） made a joint announcement of their approval of the Shanghai and London stock exchanges’ proposal and the official launch of the Shanghai-London Stock Connect. It will enable Shanghai-listed companies to apply to be traded on the new Shanghai Segment of the London Stock Exchange’s Main Market， while companies with a premium listing in London will be able to apply to be traded on the Main Board of the SSE. A depositary receipt is a negotiable certificate issued by intermediaries（usually a bank， called depositary bank or trustee bank） representing shares in a foreign company or bonds traded on a local stock exchange. A Chinese depositary receipt is a certificate issued by a custodial bank that represents a pool of foreign equity traded on Chinese exchanges. GDR is a bank certificate issued in more than one country for shares in a foreign company.
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