No rush to open HK stock-trading accounts

Mainland investors have not been rushing to open bank accounts that will allow them to buy Hong Kong-listed stocks, the South China Morning Post reported. A pilot program announced on August 20 allows mainland investors to buy Hong Kong-listed stocks for the first time, but they have to do so through Bank of China (BOC) branches in Tianjin. However, BOC branches there have not been given final authorization to start signing up investors for the program. So far, customers can only register to apply to buy Hong Kong stocks. A manager with BOC's Tianjin headquarters said branches are still not allowed to let customers sign application forms to open stock trading accounts, in contrast to reports by mainland media that say hundreds of people had opened accounts and were ready to trade. Nevertheless, Hong Kong stocks rose 5.9% the day the program was announced, and the Hang Seng Index reached a new high of 23,577.73 yesterday.