While the Bank of China (3988) said it is ready to start opening investment accounts at its Tianjin branch, through which individuals will be allowed to punt on Hong Kong-traded stocks, a Bejing-based spokesman for the bank told The Standard the investment program is "pending approval from authorities." The spokesman would not say when mainland investors could begin to channel their money to buy shares in Hong Kong. "The bank is ready. Once the approvals are gained, we could open accounts for interested investors," the spokesman said.

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He rejected suggestions that technical issues are causing the delay.

Mainland sources said the program could not be launched as planned because it was too much of a rush. Rumors suggested that applications would be approved within this week.

Thousands of mainland investors who flocked to BOC branches yesterday went away disappointed. It is likely the euphoria will dissipate once they realize that investment procedures are complicated, apart from that fact they are unable to open accounts as yet.

A Guangzhou entrepreneur surnamed Yu who flew to Tianjin on Friday said he had a hard time figuring out the process. "I visited three branches [in Tianjin] to learn how to do this, but still I am unable to understand even the basic things like charges," Yu said.

Another investor, who gave his name as Li and who came from Beijing, lamented: "It is not that easy for non- Tianjin residents to invest."

He said it would take up more time and money than was first imagined.

"With the limited knowledge we have on Hong Kong stocks, I believe there won't be too many people rushing in," Li told reporters in Tianjin.

Investors also complained that only a few bank staff were available to assist with inquiries. "There were only two to three staff," a potential investor said.

Last Monday, the State Administration of Foreign Exchange surprised the market by announcing a program allowing Chinese residents to invest in overseas stocks directly through the northern city of Tianjin, in a move aimed at channeling out excess liquidity in the economy.

Bank of China's Tianjin Binhai branch and its Hong Kong-based brokerage BOC International were designated as the sole gateway.

Meanwhile, other mainland brokerage firms are eager to join the pilot scheme. Guotai Junan Securities and Shenyin Wanguo Securities, the second- and third-largest brokerages by assets, are said to have applied for licenses, according to Reuters.

Industrial and Commercial Bank of China (1398) and China Construction Bank (0939) also expressed their eagerness to be designated as the second batch of lenders to join the program by offering services in Shanghai.