The pilot program to connect the Shanghai and Hong Kong stock markets will be delayed until an unspecified date, Hong Kong Exchanges and Clearing Limited (HKEx) said in a statement Sunday.

There have been market expectations that the Shanghai-Hong Kong Stock Connect program would commence its operation in October, however, HKEx has not received the approval for the launch of the program, and there is no firm date for its implementation, according to the statement published on its website.

HKEx also said relevant parties are technically ready to implement the program, and further announcements will be made when there are any material developments on the timetable of the launch.

Li Xiaojia, the Hong Kong stock exchange's chief executive, also told a telephone news conference held Sunday that he is "not the one to push the button and whoever is will be considering a variety of factors," Reuters reported Sunday.

A Hong Kong-based newspaper reported over the weekend that the delay of the launch was due to the ongoing Occupy Central movement in Hong Kong.

Authorities believe it is not probable to push forward the mainland-Hong Kong economic cooperation programs after evaluating Hong Kong's current political and social environment, Hong Kong Commercial Daily reported Saturday, citing an unnamed source, who also said the program will not be launched in the rest of the month or November.

Mainland and Hong Kong officials have not announced a start date for the program. But previous media reports said it was scheduled to be launched on Monday.

A rehearsal for the launch of the stock connect scheme that had been scheduled to be held by Shanghai Stock Exchange on Saturday has also been canceled, the daily said.

Although there is no timetable for the program, experts reassured investors that the stock trading program cannot be delayed forever.

"There is no barrier for the launch of the program, and the State Council will decide the launch date," news portal people.cn reported Sunday, citing an unnamed industry insider familiar with the matter.

The Shanghai-Hong Kong Stock Connect scheme is a stock exchange connectivity mechanism jointly announced by China Securities Regulatory Commission and Hong Kong Securities and Futures Commission on April 10. Investors will be allowed to trade on each other's market.

The two authorities previously said preparation work is expected to last about six months before the program is formally launched.