UK shares list in China, a first for foreign firms

Britain and China began selling shares in each others' companies on Monday under a landmark deal, Britain's Treasury announced, as London looks to remain a leading financial centre post Brexit.

The launch of the London-Shanghai Stock Connect marks "the first time that any foreign company will be able to list in mainland China", a statement said, as the UK seeks to extend close trading ties with the Asian powerhouse, despite strains caused by the fallout between Chinese telecoms giant Huawei and the US.

The announcement Monday was the "centrepiece" of the UK-China Economic and Financial Dialogue, the Treasury said.

Britain's finance minister Philip Hammond was hosting China's Vice Premier Hu Chunhua and a delegation "to discuss multilateral and bilateral economic issues, financial services cooperation, and trade and investment", it added.

Hammond said in the statement: "London is a global financial centre like no other, and today's launch is a strong vote of confidence in the UK market.

"Stock Connect is a ground-breaking initiative, which will deepen our global connectivity as we look outwards to new opportunities in Asia."