China halts British stock link over political tensions: sources

British companies and banks involved in the scheme are watching closely how recently-elected Prime Minister Boris Johnson approaches relations with Beijing and what stance he takes on Hong Kong, which has been roiled by protests.

The China Securities Regulatory Commission and the Shanghai Stock Exchange did not respond to requests for comment. A spokesman for the London Stock Exchange and a spokesman for the UK's finance ministry declined to comment. Stock Connect, which began operating last year, was devised as a way of improving Britain's relationship with the world's second-biggest economy and was seen as a major step by China to open up its capital markets as well as linking them globally.Huatai Securities was the first Chinese company to use the scheme in May, with SDIC Power set to become the second in December with a listing of global depository receipts in London representing 10 per cent of its share capital.

Five sources told Reuters SDIC Power's deal was halted because of Beijing's suspension of Stock Connect.

Source: News Formal (newsformal.com)

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