港股通的交易门槛及流程是什么？

Core Viewpoint - The Hong Kong Stock Connect provides a regulated channel for mainland investors to participate in the trading of stocks listed on the Hong Kong Stock Exchange, adhering to the latest regulations revised in 2025 [1] Group 1: Eligibility and Application Process - Investors must ensure that their securities and funds account has an average asset of no less than 500,000 RMB over the previous 20 trading days, excluding funds and securities borrowed through margin trading [1] - Investors are required to have a risk tolerance that matches the risk level of trading through the Hong Kong Stock Connect and must not be subject to any legal restrictions on participation [1] - The process to open Hong Kong Stock Connect access includes submitting an application to a brokerage, completing a risk assessment, passing a knowledge test on trading rules, and signing a risk disclosure agreement [1] Group 2: Trading Mechanics and Regulations - Once access is granted, investors can trade Hong Kong stocks through their brokerage's trading system, following the trading days and hours of both the Shanghai and Shenzhen markets [2] - Transactions are conducted in Hong Kong dollars with settlement in Renminbi, and the clearing and settlement follow a T+2 system, meaning stocks bought on a trading day are settled two days later [2] - The range of stocks available for trading through the Hong Kong Stock Connect is determined by the Shanghai and Shenzhen exchanges, and not all Hong Kong-listed stocks are eligible [2] - Investors should be aware of the differences in tax and fee structures between Hong Kong stocks and mainland A-shares, as well as the impact of currency exchange rate fluctuations on trading costs and returns [2]