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The Hong Kong government is really disgusting. The liquidity of Hong Kong stocks is about to be drained.
For Stock Connect trades, the minimum charge is 0.3%.
Hong Kong stocks really are a case of self-inflicted damage.
If the transaction fees are lowered and settlement is pushed to T+1,
liquidity will improve by a large margin immediately.
Actually, the stocks in Stock Connect this round are effectively like a stock market crash.
I checked, and foreign capital also has to pay a 0.2% stamp duty on Hong Kong stocks.
This fee is probably higher by a whole order of magnitude than that of the US stock market.
US stock liquidity is good, and their lower fees also have something to do with it.
US stamp duty can even be offset against individual income tax and corporate tax—these are all incentive measures.
In the end, the roles of the two markets are different.