Hong Kong Exchanges and Clearing Limited Chief Executive Charles Li speaks during a press conference on Shenzhen-Hong Kong Stock Connect at Stock Exchange in Hong Kong, Tuesday, Aug. 16, 2016. (AP Photo/Vincent Yu)
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China's approval of a long-awaited initiative to link stock exchanges in Hong Kong and the mainland city of Shenzhen, allowing foreign investors wider leeway to invest in Chinese shares, got a muted reception Wednesday.Hong Kong is Chinese territory but its financial system is open to foreign investors, while mainland markets are largely sealed off from global capital flows.The Shanghai-Hong Kong link has proven hugely popular with foreign investors, who bought the maximum number of shares allowed in its first few days.Under the new link, Hong Kong investors will be able to trade 880 stocks on the Shenzhen market, although 200 of those shares on the Nasdaq-style tech-heavy Chinext board will only be open to institutional professional investors at first.Mainland investors will be able to trade 417 Hong Kong small cap stocks through the Shenzhen exchange.
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