China

I have IBKR, Tiger Brokers, and moomoo accounts — all of which provide practical Hong Kong and Stock Connect access.

Short answer

For a foreign non-resident individual, China is very accessible — but through offshore routes, not a mainland brokerage account. The right answer for almost everyone: use a Hong Kong-connected broker (IBKR is the single best) to get H-shares, Stock Connect A-shares, and US ADRs from one account. No China visit required. Opening a true mainland A-share account is not practical for ordinary non-residents. US persons must check the OFAC NS-CMIC list before buying any major Chinese state-linked name.

Best practical route

Interactive Brokers — one account covers Hong Kong (H-shares, red chips, P-chips, Chinese tech), Shanghai-HK Stock Connect, Shenzhen-HK Stock Connect, and US ADRs. No mainland account needed, no visit, no Stock Connect-specific onboarding beyond standard account permissions.

Tiger Brokers and moomoo (Futu) are strong app-based alternatives for HK + ADR access. Both are Chinese-affiliated; their Singapore, US, and Australian entities continue serving foreign retail clients, but note the regulatory backdrop for their mainland China businesses. Stock Connect coverage varies by entity — confirm before relying on it.

For investors with existing relationships at BOOM, POEMS, Saxo, or FSMOne, China exposure is already accessible — no new broker required.

Broker options

Warnings

Mainland A-share accounts are not a practical route for non-residents. Eligibility is limited to: foreigners working in mainland China, foreign employees in A-share equity incentive plans, and permanent-residence holders (Chinese green card). CSRC’s 2018 opening specifically targeted those categories. Ordinary non-resident foreign individuals are not the intended audience. Major mainland brokers (CITIC Securities, CICC, Guotai Junan, Huatai Securities, China Merchants Securities, Haitong Securities, GF Securities, Shenwan Hongyuan) are oriented toward Chinese residents and qualified institutional foreign clients. Stock Connect via IBKR/BOOM/POEMS/Saxo covers 95%+ of practical A-share exposure without the friction.

B-shares (Shanghai B in USD, Shenzhen B in HKD) are a legacy foreign-currency share class. The market is thin and largely obsolete post-Stock Connect. Not a recommended route in 2026.

VIE/Cayman structures (US ADRs): Most major US-listed Chinese internet names — Alibaba pre-HK secondary, JD, PDD, Baidu, NIO — are Cayman holding companies with contractual rights to PRC operating company economics, not direct equity. China restricts foreign direct equity ownership in sectors like internet/media, which is why VIE structures exist. PRC government could invalidate VIE arrangements; this is a recurring market risk. For structurally-concerned investors, HK H-shares of PRC-incorporated companies are a more direct ownership path (e.g. Alibaba HK 9988 vs US BABA).

OFAC NS-CMIC sanctions (US persons): OFAC prohibits buying/selling securities of companies on the NS-CMIC list (Non-SDN Chinese Military-Industrial Complex Companies List), including funds and derivatives providing exposure. Historically affects Chinese telecoms, defense, and surveillance companies. US persons should check the current OFAC NS-CMIC list before establishing positions in major Chinese state-linked listings. See OFAC FAQ 861 for the sanctions framework.

What you can actually buy

Hong Kong (HKEX) — 2,000+ Chinese listings:

• Tech/platforms: Tencent (0700), Alibaba HK (9988), Meituan (3690), JD HK (9618), Xiaomi (1810), Kuaishou (1024), Bilibili HK (9626)
• EV/auto: BYD (1211), NIO HK (9866), Li Auto HK (2015), XPeng HK (9868), Geely (0175)
• Banks: ICBC (1398), CCB (0939), Bank of China (3988), Agricultural Bank (1288), HSBC (0005)
• Insurance: Ping An (2318), China Life (2628), China Pacific (2601), AIA (1299)
• Energy: PetroChina (0857), Sinopec (0386), CNOOC (0883), Yankuang Energy (1171)
• Telecom: China Mobile (0941), China Telecom (0728), China Unicom (0762)
• Property: Country Garden (2007), CK Asset (1113), Sun Hung Kai Properties (0016)
• Consumer: Nongfu Spring (9633), Anta Sports (2020), Li Ning (2331), Mengniu Dairy (2319)

A-shares via Stock Connect (Shanghai-HK and Shenzhen-HK Northbound):

Kweichow Moutai (600519), Wuliangye (000858), CATL (300750), BYD A (002594), Ping An A (601318), China Merchants Bank A (600036), Industrial Bank A (601166), China Vanke A (000002), Hikvision (002415), Foxconn Industrial Internet (601138), Jiangsu Hengrui Medicine (600276) — plus the full HKEX-maintained eligible list.

US ADRs: BABA, PDD, JD, BIDU, NTES, TCOM, NIO, LI, XPEV, TME, BILI, BEKE, YUMC — and many smaller names. Most are VIE/Cayman structures (see Warnings).

London GDRs: Some Chinese companies have GDRs on LSE via the Shanghai-London Stock Connect mechanism — Huatai Securities, China Pacific Insurance, SDIC Power, and others. Less retail-friendly and less liquid than HK or US listings. Worth knowing but not a primary route.

Singapore SDRs: Some Chinese/HK names available via Singapore depositary receipt programs depending on broker. Niche route.

Chinese government bonds (CGBs): Accessible to institutional foreign investors via Bond Connect. Retail access is more limited.

Tax, documentation & residency friction

• All offshore routes (IBKR, Tiger, moomoo, BOOM, POEMS, Saxo): No China visit required. Standard broker KYC applies.
• US ADRs via any US-market broker: No China visit.
• Mainland A-share account: Generally not practical for non-residents. For eligible categories (foreign workers, equity-incentive participants), in-person onboarding in mainland China is likely required.
• B-shares via mainland/HK brokers: Variable; market is niche regardless.
• Geopolitical and policy risk: China-exposed positions carry risks qualitatively different from most EM — US-China tech/trade tensions, Taiwan cross-strait situation, Hong Kong governance evolution, VIE structural overhang, periodic sector crackdowns (education, gaming, tech), and variable FDI treatment by sector. Size positions with these in mind, not just standard EM-allocation reasoning.

Offshore-listed alternatives

Hong Kong (primary offshore venue):

US ADRs:

Stock Connect A-share highlights:

Europe (the lone D-share):

Haier Smart Home is the only Chinese company with a direct ordinary-share listing on a European exchange: a “D-share” on Frankfurt’s China Europe International Exchange (CEINEX), trading in euros alongside its Shanghai A-shares (600690) and Hong Kong H-shares (6690). The D-share programme was meant to start a wave; none followed, leaving Haier the sole D-share.

The “direct listing” wording matters, because plenty of other mainland companies do trade in Europe — just not as ordinary shares. More than a dozen list GDRs (global depositary receipts) on Switzerland’s SIX under the China–Switzerland Stock Connect (GEM, Gotion High-Tech, Ningbo Shanshan, Lepu Medical and others since 2022), and a handful trade in London under the Shanghai–London link (Huatai, China Pacific Insurance, SDIC Power…). A GDR is a bank-issued receipt over A-shares held in custody, usually priced in USD — a genuine access route for a European investor, but a depositary wrapper, not the share itself. Haier’s D-share is the one case where the actual stock lists in Europe.

The quirk worth knowing: the D-share has long traded at a wide discount to the Hong Kong H-share despite identical economic and voting rights — a standing puzzle that says more about thin European demand for the line than about the company. For a European investor it’s the rare case of buying a mainland Chinese champion in euros, in-hours, without any Hong Kong or Stock Connect plumbing. (Thanks to reader Simon for the tip.)

The reverse view: how Mainland residents reach foreign markets

Everything above is the inbound question (a foreigner reaching China). For a Mainland China resident, the constraint runs the other way: capital controls mean you generally can’t open a foreign brokerage account or trade offshore stocks directly. The regulated channel for overseas investing is QDII — Qualified Domestic Institutional Investor — licensed funds that invest abroad on residents’ behalf, bought through domestic brokers and fund platforms.

• What you buy: QDII funds (mutual funds and QDII ETFs) giving exposure to the US, Hong Kong and global markets — not individual foreign shares. Managers include ChinaAMC, E Fund, Harvest, China Universal, Southern Asset Management, Bosera, Guotai, Huatai-PineBridge, GF Fund and Invesco Great Wall.
• Where you buy: the fund marketplaces of the big domestic brokers — CITIC Securities, CICC, Huatai, Guotai Haitong, China Merchants Securities, GF Securities and East Money (Tiantian Fund), among others — plus bank and third-party platforms (Ant/Alipay and the like). These brokers are Mainland-resident-only: a Chinese ID/residency is required, so they are not a route for foreign non-residents, and partial Hong Kong access through an affiliate doesn’t change that.
• The catch — quota: QDII is capped. SAFE (the State Administration of Foreign Exchange) allocates QDII quota to each manager, and when it is used up, funds suspend or ration subscriptions (often a small daily cap per investor). Popular US/global QDII funds routinely close to new money and can trade at a premium to NAV when demand outstrips quota — so access is real but rationed and timing-dependent.
• Other resident channels: Stock Connect Southbound lets Mainland residents buy eligible Hong Kong stocks directly (HK-listed names, though not the wider world), and the Mainland–Hong Kong Mutual Recognition of Funds scheme adds some cross-border fund access. Direct global stock-picking, though, is not on the menu.

Bottom line for a resident: foreign-market access exists but is fund-wrapped and quota-limited — you reach the US and the world through QDII products at a domestic broker, not by holding the shares yourself.

Verdict

China is the directory’s largest covered economy, and access is paradoxically easier than many smaller markets covered here — Hong Kong infrastructure plus Stock Connect plus US ADRs means multiple clean routes exist without touching mainland brokerage infrastructure. IBKR + HK + Stock Connect handles essentially all Chinese exposure needs for a foreign individual.

Access is not the hard part of China; the hard part is the structural and political risk you’re taking on. VIE structures, OFAC restrictions for US persons, geopolitical overhang, sector crackdowns: these are thesis-construction problems, not access problems. Investors comparing routes: HK H-shares are structurally cleanest, US ADRs often more liquid for tech names, Stock Connect reaches names without any offshore listing.

Sources & dates

Verified personally: I have active IBKR, Tiger Brokers, and moomoo accounts providing HK + ADR access; IBKR provides Stock Connect access. Accounts held as of verification date 23 May 2026.

Public sources checked:

• IBKR Shanghai-Hong Kong Stock Connect documentation and eligible-list maintenance
• SSE (Shanghai Stock Exchange) Stock Connect materials
• HKEX Stock Connect documentation (Shanghai-HK and Shenzhen-HK Northbound and Southbound)
• CSRC 2018 announcement on mainland A-share access for foreign workers in China
• BOOM Securities China Connect documentation
• Saxo China A-share via Stock Connect restrictions documentation (no day trading)
• POEMS Shanghai/Shenzhen-HK Stock Connect materials
• Fidelity international trading list (HK yes, mainland A-shares no)
• OFAC FAQ 861 — NS-CMIC sanctions framework for US persons