As a milestone in the history of China's capital market opening up, the operation of "Shanghai-Hong Kong Stock Connect Program" and the upcoming launch of"Shenzhen-Hong Kong Stock Connect Program" has profound influence on the develop-ment of China's capital market and reform, the internationalization of RMB and the development of Hong Kong Financial Center. It will promote to open the two-side capital markets and to achieve healthy development between mainland and Hong Kong. The result of the programs is to get a win-win situation in the two capital markets. However, they will lead to a series of risks at the same time, such as the differences between two trading systems and regulatory systems, the market volatility risk, the investment risk, the exchange rate risk, the risk of financial crisis, etc. In this regard, it is necessary to improve the market supervision mechanism, enhance investor risk awareness, prevent financial risks and exchange rate risks, and strengthen credit control.%作为中国资本市场对外开放史上的里程碑事件, "沪港通" 的运行以及即将推出的"深港通" 对中国资本市场及其改革、人民币国际化、香港金融中心的发展都有着深刻的影响, 会促进中国内地与香港资本市场的双向开放和健康发展, 两地资本市场能够实现双赢. 但同时也会引发一系列的风险, 比如两地交易制度和监管体制差异所带来的风险、市场波动风险、投资风险、汇率风险、金融危机传导风险等. 对此, 文章旨在挖掘现象背后隐藏的风险, 找出导致风险的本质原因, 并提出相应对策: 完善市场监管机制、提升投资者风险防范意识、防范资金风险、汇率风险、加强额度控制.
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