The long-awaited Shanghai-London Stock Connect is expected to launch on December 8, China Securities Journal reported Wednesday.

Securities brokers are working on business plan of the stock connect in preparation and all system tests are expected to be completed by early next month, the newspaper said.

The new stock connect program, which was jointly advanced by the governments of China and the UK in 2015, will allow London-listed companies to issue Chinese Depository Receipts in China, while Shanghai-listed companies will be able to issue Global Depositary Receipts on the London bourse.

More than 10 securities companies have passed the market maker system test, the newspaper said, adding that brokerages failed in the follow-up tests will be disqualified for market makers.

The China Securities Regulatory Commission last month issued trial rules on depositary receipt business in the Shanghai-London Stock Connect program after seeking public comment for more than a month.

The CSRC revised some items in the previous version, including the restricted redemption period for domestic companies issuing Global Depositary Receipts and the rights issue of overseas companies after their China Depositary Receipts offering.

Overseas firms issuing depository receipts in China should meet a minimum market value of 20 billion yuan, while individuals applying to take part in CDR trading should keep no less than 3 million yuan in their account on average daily, the Shanghai Stock Exchange earlier said in a document.

In a bid to further open up the capital market, the central government rolled out the Shanghai-Hong Kong Stock Connect in 2014 and the Shenzhen-Hong Kong Stock Connect in 2016 as well as a bond-connect program launched in Hong Kong in July last year.