More potential bad news, in addition to delays in the through-train program, could hurt the Hong Kong stock market, and H-shares. The through-train program is a program to allow domestic retail investors in mainland China to purchase Hong Kong shares. Now, comes word in a state media report that the Chinese central government had asked mainland money managers in the Qualified Domestic Institutional Investor (QDII) program to limit exposure in Hong Kong to less than 30% of assets. The state media report also indicates that the central government may be considering imposing a hard ceiling on Hong Kong exposure. The QDII program enables some banks, fund managers and insurance companies to invest money on behalf of mainland investors in overseas markets. Totally, it is estimated that about US$11 billion has been invested through the QDII program and a total quota of US$42 billion has been approved.