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Shanghai-Hong Kong Stock Connect/Shenzhen-Hong Kong Stock Connect

Discern the chances of
Shanghai–HK Stock Connect/
Shenzhen–HK Stock Connect,
amass the potential wealth

Shanghai-Hong Kong Stock Connect and Shenzhen-Hong Kong Stock Connect are securities trading and clearing links programmes developed by Hong Kong Exchanges and Clearing Limited (“HKEx”), Shanghai Stock Exchange (“SSE”), Shenzhen Stock Exchange (“SZSE”) and China Securities Depository and Clearing Corporation Limited (“ChinaClear”), aiming to achieve a breakthrough in mutual market access between the Mainland and Hong Kong.

Under this programme, Hong Kong and overseas investors will be able to trade eligible SSE and SZSE securities through “Shanghai Northbound Trading” and “Shenzhen Northbound Trading” while Mainland investors will be able to trade eligible Hong Kong-listed securities through “Southbound Trading”.

The Bank provides Shanghai Northbound Trading and Shenzhen Northbound Trading services to its customers.


For existing securities trading customer would like to engage in Shanghai and Shenzhen Northbound Trading, please visit any of our branches to activate the services. Shanghai-Hong Kong Stock Connect and Shenzhen-Hong Kong Stock Connect are subject to relevant terms and conditions.


Securities Trading Brokerage Commission Waiver for Buy Transactions
Securities Trading Account Opening via Online Banking
Important Note:
• 
Investment involves risks. The prices of securities fluctuate, sometimes dramatically. The price of a security may move up or down, and may become valueless. It is as likely that losses will be incurred rather than profit made as a result of buying and selling securities.
• 
Any Northbound Trading under Shanghai-Hong Kong Stock Connect and Shenzhen-Hong Kong Stock Connect will not be covered by Hong Kong’s Investor Compensation Fund.
• 
The shares under Shanghai and Shenzhen Northbound Trading are denominated in RMB.  If your home currency is not RMB, you will be exposed to currency risk.
• 
Due to the difference in the market operation and trading mechanism between the Shanghai Stock Exchange (“SSE”), Shenzhen Stock Exchange (“SZSE”) and the Stock Exchange of Hong Kong (“SEHK”) as well as the specific features associated with the Shanghai-Hong Kong Stock Connect and Shenzhen-Hong Kong Stock Connect (e.g. Trading Days and Daily Quota, etc), please understand the associated risks before investing. 
• 
Stock trading via Shanghai and Shenzhen Northbound Trading may be restricted or suspended when the relevant Quotas are used up or the relevant stocks cease to be the Eligible Stock.
• 
Unlike securities trading in the SEHK, board lot and odd lot orders are both matched on the same platform in SSE and SZSE, and subject to the same share price.  As such, board lot orders may be matched with odd lot orders in the SSE or SZSE, and this may result in odd lot trades in case of partial execution.  In the extreme situation for sell orders where the quantity executed may be very little that the resulted transaction consideration may not be enough to cover the associated fees (e.g. brokerage commission), the customers still have to bear full payment of the associated fees.

Key facts about Shanghai Northbound Trading and Shenzhen Northbound Trading#

  Shanghai Northbound Trading Shenzhen Northbound Trading
Eligible customers Individual or corporate customers who have Securities Trading (Cash) Account and RMB Settlement Account maintained with our Bank
Eligible stocks
•  Constituent stocks of the SSE 180 Index
•  Constituent stocks of the SSE 380 Index
•  All SSE listed A shares with the corresponding H shares listed and traded on SEHK
•  Constituent stocks of SZSE Component Index and SZSE Small / Mid Cap Innovation Index with market capitalization of not less than RMB 6 billion(ChiNext Board is limited to institutional professional investors)
•  All SZSE listed A shares with the corresponding H shares listed and traded on SEHK
Note: Excluding stocks on risk alert board and stocks not traded in RMB
Trading Days Investors will only be allowed to trade via Shanghai Northbound Trading and Shenzhen Northbound Trading where both markets in Hong Kong and Mainland are open for trading, and banking services are available in both markets on the corresponding settlement day.
Trading Hours
•  Opening Call Auction
09:15 - 09:25
•  Continuous Auction
09:30 - 11:30
(Morning session)
13:00 - 15:00
(Afternoon session)
•  Opening Call Auction
09:15 - 09:25
•  Continuous Auction
09:30 - 11:30
(Morning session)
13:00 – 14:57
(Afternoon session)
•  Closing Call Auction
14:57 - 15:00
Remarks:
(1) 09:20 - 09:25: SSE will not accept order cancellation
09:20 - 09:25 & 14:57 - 15:00: SZSE will not accept order cancellation
(2) 09:10 - 09:15, 09:25 - 09:30 & 12:55 - 13:00: Orders and order cancellation can be accepted by SEHK but will not be processed by SSE & SZSE until market open
(3) Orders that are not executed during the Opening Call Auction session will automatically enter the Continuous Auction session
Order Type Only Limit Order
Board lot size 100 shares per lot
(Applicable to buy orders only. Odd lot holding can only be sold in one-go. Both buy and sell orders may match with odd lot orders and may result in odd lot trades)
Max order quantity 1 million shares
Tick size RMB0.01
(Note: Please also refer to the section “Price Limit” and “Dynamic Price Checking” for further details)
Order amendment Not allowed
(Customer can only cancel the respective order and place a new order after the order successfully cancelled)
Day Trade Not allowed. Customer can only place a sell instruction when they have sufficient and available relevant securities in their account
Covered Short Selling Allowed but not available in CCBA
Margin financing, stock borrowing & lending
Buy / Sell of ChiNext Board Shares
Non-trade Transfer Allowed but subject to certain conditions (e.g. succession; divorce; the dissolution, liquidation or winding-up of any company or corporation; donation to a charitable foundation or assisting in any enforcement in connection with proceedings or action taken by any court, prosecutor or law enforcement agency; and any other transfer as may be permitted by the relevant regulatory bodies)
IPO subscription Not allowed
Settlement cycle Stock Settlement: Trade day
Cash settlement: Trade day + 1
Settlement currency RMB
Daily Quota for Shanghai and Shenzhen Northbound Trading
(Calculated real-time during trading hours)

Remark: Please visit HKEx website (www.hkex.com.hk) for quota information.
RMB13 billion for each market
Daily Quota Balance = Daily Quota – Buy Orders + Sell Trades + Adjustments (e.g. Buy Order cancelled, Buy Order rejected by SSE / SZSE, Buy Order executed at a better price)
If Daily Quota balance ≤ 0:
- During Opening Call Auction Session: Reject new buy orders until quota balance becomes positive
- During Continuous Auction Session: Suspend buy order for the remaining of the day
- Buy order already input before suspension will not be affected
Protected by Investor Compensation Fund No

# Subject to change by the relevant regulators or authorities from time to time

 

Remarks:
For the fees and levies charged by relevant regulators or authorities in Shanghai and Shenzhen Northbound Trading (including but not limit to brokerage commission and / or other fees charged by the Bank), please refer to the latest Schedule of Service Fees for Securities Trading Service.

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Hotline 2903 8343 Visit Our Branches
Hotline 2903 8343 Visit Our Branches

Disclaimer
The above information maybe amended or changed due to the change of relevant rules, regulation, requirements in connection with the Shanghai-Hong Kong Stock Connect and Shenzhen-Hong Kong Stock Connect.  You are advised to observe the updates of such relevant rules, regulations and requirements from time to time.  Such information does not constitute advice to buy or sell, or an offer with respect to any securities. Nor does it constitute any prediction of likely future movements in prices of any securities. The above information has not been reviewed by the Securities and Futures Commission or any other regulatory authorities in Hong Kong.

Reference Source: HKEx (Shanghai-Hong Kong Stock Connect and Shenzhen – Hong Kong Stock Connect), Investor Education Centre (www.hkiec.hk)

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