| 摘 要： | THE Shanghai-Hong Kong Stock Connect Program is a strategic decision the Chinese government has taken to meet the needs of equity markets on the mainland and in Hong Kong Special Administrative Region.It represents an institutional innovation in the country’s capital market.During the first 25 trading days after the launch of the program on November 17,2014,more than RMB 71billion flowed into the mainland’s A-share market and RMB 9.5-plus billion into the Hong Kong market via the Stock Connect.Although the trade volume did not show explosive growth,it remained stable and orderly.It will take time for investors to warm to this scheme.In the long term,however,the Shanghai-Hong Kong Stock
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