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PHOTO FILE: People are checking their cell phones as they are in front of the London Stock Exchange entrance in London, Britain. August 23, 2018. REUTERS / Peter Nicholls / Photo File
LONDON (Reuters) – British listed companies will be able to sell shares in China on Monday with the launch of a long-awaited project between London and Shanghai Stock Connect, which Finance Minister Philip Hammond has called for an opportunity to deepen. "global connectivity".
As part of the Connect program, companies listed in Shanghai can raise new funds through the London Stock Exchange, while UK companies can expand their investor base by selling existing shares in Shanghai.
The project was scheduled to start late last year with Huatai's listing on the Chinese brokerage in December, backed by Alibaba Group Holding Ltd., but the announcement was delayed at the last minute.
Huatai Securities Co Ltd then effectively launched Connect earlier this month with the announcement of a fund raising project on the London Stock Exchange (LSE).
Huatai, one of the largest brokerage firms in China, is expected to debut in the London market on June 17, becoming the first company to be traded via the London-Shanghai Stock Connect project.
From Monday, London investors will have the opportunity to exchange global certificates of deposit in Huatai.
Hammond, who is launching Stock Exchange's first trading day on the London Stock Exchange, is expected to say: "London is a global financial center unique in the world, and today's launch is a strong vote of confidence on the stock market. British market ".
"Stock Connect is an innovative initiative that will deepen our global connectivity as we look to new opportunities in Asia," he said, according to excerpts from his comments provided by the Ministry of Finance.
Reportage by Elizabeth Piper. Edited by Jane Merriman
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