Comparing Stock Connect with QFII/RQFII

The Shenzhen-Hong Kong Stock Connect, QFII and RQFII are channels through which international investors can invest in the Chinese Capital Market. Although they share many similarities, these three channels have differences as well. Below is a table illustrating some major differences between the three channels. 


Stock Connect



Eligible Investor

Shenzhen Connect: All investors will be eligible to trade shares listed on Main Board. At the initial stage, eligible investors for the ChiNext Market will be limited to institutional professional investors (IPI) as defined in the paragraph 15.2 of the Code of Conduct for Persons Licensed by or Registered with the SFC of Hong Kong.

Selected institutional investors

Selected institutional investors

Hong Kong Connect: Institutional investors, and Individual investors with a balance of at least 500,000 in their cash and securities accounts.


Transactions in RMB

Transactions in USD and other foreign currencies

Transactions in RMB


Applies to market as a whole

Allocated to each institutional  investor

Allocated to offshore regions

Eligible Products

Selected A-listed and H-listed Stocks

RMB denominated products approved by CSRC*

RMB denominated products approved by CSRC

Regulation of Funds

Funds must return to origin; No lock up period

Funds subject to lock up period and can stay in mainland afterwards

Funds subject to lock up period and can stay in mainland afterwards

Investors’ Rights

Subject to limitations**

No limitations

No limitations

*Stocks, bonds, warrants, funds, index futures fixed income products in interbank-market; primary market activities such as IPO, convertible bond issuance, additional shares issuance and seasoned equity offerings.

**Shares acquired as entitlements can only be sold if they are not one of the eligible stocks of the Stock Connect but are SZSE-listed and cannot be bought or sold using the Stock Connect scheme if they are not SZSE-listed.