HONG KONG (Bloomberg) - The aggregate investment quota for the Shanghai-Hong Kong stock connect program will be abolished when a similar equity link starts with the Shenzhen bourse, Ming Pao reported today, citing unidentified people.

A daily limit will stay and be increased, the Hong Kong newspaper reported. The Shenzhen-Hong Kong equity link will start soon and have the same rules, it said.

Turnover on Hong Kong Exchanges & Clearing Ltd.'s equity market surged to a record in April as Chinese investors poured money into the city through the program. The equity link with the Shanghai exchange started in November with a 550 billion yuan (S$108.5 billion) overall limit on the value of equities investors can hold, and also has daily caps.

Hong Kong stocks eligible for trading through the Shanghai link will be expanded to include members of the Hang Seng Composite Small Cap Index, Ming Pao said. Investors would be able buy more than 1,000 stocks through the Shenzhen-Hong Kong connect program, the newspaper said.

HKEx spokeswoman Lorraine Chan declined to comment. Hong Kong's Securities and Futures Commission spokesman Ernest Kong didn't immediately respond outside of business hours.