Hong Kong is about to usher major reform of the H shares in 24 years, and the China Securities Regulatory Commission (CSRC) will implement the pilot program of the "full circulation" of H shares. After Hong Kong closed on December 29, 2017 the Securities and Futures Commission (SFC) announced the launch of a pilot scheme on the issue of the full circulation of H shares. In the future, the SFC will follow the principle of being proactive, steady and step-by-step to push forward the plan in an orderly manner. Chinese brokers believe that the full circulation of H shares is a variation of the A share reform in 2005, which may have rekindled the two-years bull market pattern of A shares.