Stock Connect quota for mainland investors hit for first time

The US$1.7 billion (RMB10.5 billion) quota for mainland Chinese investment via the Hong Kong-Shanghai Stock Connect program was finally exhausted for the first time Wednesday, The New York Times reported. The Hang Seng China Enterprises Index of Hong Kong-listed mainland companies was up 5.8% for the day, marking a four-year high. Total market turnover hit a record US$32.6 billion, surpassing a 2007 record to make Hong Kong “the highest market capitalization exchange in the world,” said Chow Chung Kong, chairman of the Hong Kong Exchanges and Clearing. Mainland fund managers said they were moving money to seek profits from the valuation gap between Shanghai and Hong Kong shares in the same companies.