BEIJING -- China's top securities regulator said Friday that securities investment funds will be allowed to invest in Hong Kong's stock market through the Shanghai-HK stock connect program.

Fund managers will be able to raise new funds for investment in the Hong Kong stock market as qualified domestic institutional investors.

Previously, mainland investors who wanted to buy Hong Kong-listed shares were limited to institutional investors, and individuals who hold more than 500,000 yuan ($81,437) in their securities and cash accounts.

"Allowing fund companies to participate in the Shanghai-HK stock connect program will be conducive to product and business innovations, as well as the steady progressing of the program," according to a statement by the China Securities Regulatory Commission, which was posted on its official Sina Weibo account.

The Shanghai-HK stock connect program, launched on Nov 17 last year, enables investors to trade eligible shares listed on the other's market. It has marked an important step in opening up the Chinese capital market and will enhance capital market connectivity between the Chinese mainland and Hong Kong.