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Popular Questions
  • Who are allowed to do Northbound trading?
All Hong Kong and overseas investors will be allowed to trade SSE Securities through Shanghai-Hong Kong Stock Connect (but subject to rules and regulations of the jurisdiction of the overseas investors).
  • How do I enter the online trading system
First, go to our corporate website (https://www.sinopacasia.com/), select HK stock or HK Fund, enter your account no. and online trading password to login . Account no.: Refer to your transaction account at SinoPac Securities (Asia). Password: Refer to your online trading password at SinoPac Securities (Asia).
  • What do I do if I forgot my password
Please contact Customer Service or your Relationship Manager to apply and send you a new password or apply on line(choose "Forget password").
  • How do I withdraw money from my account
You may withdraw money from your securities account in the following two ways: (1) Online withdrawal from online trading platform:Choose the "EZ Trade ASIA" under "Online Trading" ,then the "Cash Withdraw(出金申請)" under "Billing Info" field to instruct us to adjust your account balance.
Instructions:
*Time for Cash I/O is from 9:00 to 14:00(Holiday is not acceptable). For cancelation, please contact CSR (852) 2523-6685.
*Please make sure if your deposite/withdraw is success or not after 15:00.
For Telegraphic Transfer, please fill out the detail data.
*Withdraw from third party is not acceptable.
(2)Apply for cash withdrawal through written instructions:You can call your Relationship Manager or our Customer Service to arrange your cash withdrawal, you can also send us your instructions by fax. Withdrawals can be made on the same day if your instructions are received before 2 p.m. on working days (note). To receive an application form, please refer to the "Fund Withdrawal Request from".
Fax: (825)2586-8300/0080-1855985 (Note: Based on Hong Kong time and working days)
Account Opening
  • What products can I trade using my SinoPac Securities account
You can buy securities and initial public offerings or mutual funds.Please refer to the "Investment Product" for details.
  • What information should I prepare to open an account
If you are opening an individual/joint account, please refer to the "open account" for details. If you are opening a corporate account, please refer to the "open account" for details.
  • How do I receive an account opening application
You can ask for an "application form" by calling our Customer Service Hotline (852) 2586-8313 or by sending us a written request or through e-mail. Once we receive your instructions, we will send the account opening information to you within three working days (Hong Kong time).
  • How do I apply to open an account
You can open an account by coming to a SinoPac Securities (Asia) Limited and filling out and submitting an account opening application along with photocopies of related documents. Please refer to the "open account " for details.
  • Can I conduct margin trading
You must first open a margin trading account before starting margin trading.
  • How long will it take to open an account
Opening an account normally requires three working days (Hong Kong time). Your account must have sufficient funds or stocks before you can start trading.
Changing Account Information
  • How do I change my e-mail address/bank account no./telephone no.
Please fill out the "Notification of change in particulars of account opening information" Form, then send the original copy to Customer Service, SinoPac Securities (Asia) Ltd., 21st Floor, One Peking, 1 Peking Road, Tsim Sha Tsui, Kowloon, Hong Kong. Once we have received and verified your application, we will update the information on the following day.
  • How do I change my address
Please fill out the"Notification of change in particulars of account opening information"Form and provide proof of address change for the past three months (e.g. utility bills or credit card statements), then send the original copies to Customer Service, SinoPac Securities (Asia) Ltd., 21st Floor, One Peking, 1 Peking Road, Tsim Sha Tsui, Kowloon, Hong Kong. Once we have received and verified your application, we will update the information on the following day.
  • How do I change my authorized person
Please fill out the"Notification of change in particulars of account opening information"Form and provide photocopies of the authorized person’s ID card or passport, then send the original copies and related documents to Customer Service, SinoPac Securities (Asia) Ltd., 21st Floor, One Peking, 1 Peking Road, Tsim Sha Tsui, Kowloon, Hong Kong. Once we have received and verified your application, we will update the information on the following day.
  • How do I change my signature
Please fill out the Change of Signature Form, then send the original copy to Customer Service, SinoPac Securities (Asia) Ltd., 21st Floor, One Peking, 1 Peking Road, Tsim Sha Tsui, Kowloon, Hong Kong. Once we have received and verified your application, we will update the information on the following day.
  • Why haven’t I received my electronic statement
Please check to see if your e-mail address is correct and whether or not it has been categorized as junk e-mails; you can also call Customer Service to see if there are any return mail notices.
  • Can you not send me the Transaction Statement
No.You can choose to receive an electronic statement or a paper based statement. If you need to change the way you receive your statement, please call Customer Service.
Cash Withdrawals and Deposits
  • How do I withdraw money from my account
You may withdraw money from your securities account in the following two ways: (1) Online withdrawal from online trading platform:Choose the "EZ Trade ASIA" under "Online Trading" ,then the "Cash Withdraw(出金申請)" under "Billing Info" field to instruct us to adjust your account balance.
Instructions:
*Time for Cash I/O is from 9:00 to 14:00(Holiday is not acceptable). For cancelation, please contact CSR (852) 2523-6685.
*Please make sure if your deposite/withdraw is success or not after 15:00.
For Telegraphic Transfer, please fill out the detail data.
*Withdraw from third party is not acceptable.
(2)Apply for cash withdrawal through written instructions:You can call your Relationship Manager or our Customer Service to arrange your cash withdrawal, you can also send us your instructions by fax. Withdrawals can be made on the same day if your instructions are received before 2 p.m. on working days (note). To receive an application form, please refer to the "Fund Withdrawal Request from".
Fax: (825)2586-8300/0080-1855985 (Note: Based on Hong Kong time and working days)
  • Withdrawing for Hong Kong customers
You may withdraw money from your securities account in the following two ways:
  • Online withdrawal from online trading platform:Choose the「EZ Trade ASIA」under「Online Trading」,then the 「Cash Withdraw(出金申請) 」under「Billing Info」 field to instruct us to adjust your account balance.
  • Instructions:
    • Time for Cash I/O is from 9:00 to 14:00(Holiday is not acceptable). For cancelation, please contact CSR (852) 2523-6685.
    • Please make sure if your deposite/withdraw is success or not after 15:00.
    • For Telegraphic Transfer, please fill out the detail data.
    • Withdraw from third party is not acceptable.
  • Apply for cash withdrawal through written instructions:You can call your Relationship Manager or our Customer Service to arrange your cash withdrawal, you can also send us your instructions by fax. Withdrawals can be made on the same day if your instructions are received before 2 p.m. on working days (note). To receive an application form, please refer to the"Fund Withdrawal Request from". (825)2586-8300/0080-1855985 (Note: Based on Hong Kong time and working days)
  • When can I begin using the money I deposited for trading
Deposits made by cash and fund transfers will be updated into your account 2 hours after the deposit is made; checks must be cleared and deposit confirmed before being used for trading.
  • How do I deposit money into my account
You can make deposits into your account by using checks, cash, internal fund transfers, local remittances or wire transfers, payable to 永豐金證券(亞洲)有限公司 或 SinoPac Securities (Asia) Ltd. Once the deposit is made, please use the「Cash Deposit 」under「Settlement」to notify us of your deposit or fax the deposit receipt or remittance form to us.Please refer to the "Cash deposit / withdrawal instructions" for details.
  • Does the Settlement Account bear interest
Interest is accrued only for deposits exceeding HK$50,000 or US$10,000.
Hong Kong Stock Trading Related Questions
  • HK Stock Trading hours
Trading sessions: morning 09:30 ~ 12:00; afternoon 13:30 ~ 16:00.
Pre-opening session: 09:00 ~ 09:30.
Order input period: 09:00 ~ 09:15 can input, modify or cancel orders.
Pre-order matching period: 09:15 ~ 09:20 can only input new orders, cannot input, modify or cancel orders.
Order matching period: 09:20 ~ 09:28 auto matching, cannot input, modify or cancel orders.
Blocking period: 09:28 ~ 09:30 system is temporarily in suspense in order to enter the continuous trading session, cannot input, modify or cancel orders during this period.
Previous orders not completed after the 16:00 market closing will be automatically cancelled.
  • Hong Kong stock trading units
Trading units vary based upon each type of stock, with the smallest trading unit ranges from 50 shares to 100000 shares per stock. 「Board Lot」 and 「Block」 are terms for number of buy/sell shares. 「Board Lot」 refers to the basic number of shares for each transaction. The number of shares per Board Lot depends on each individual stock and is related to the stock price. Normally for stocks with high prices, the number of shares per Board Lot will be fewer. On the other hand, stocks with lower prices will have more shares per Board Lot. A 「Block」refers to one million shares.
  • Hong Kong stock volatility restrictions
There are no price fluctuation restrictions.
  • Stock price fluctuation unit
For stock price fluctuation unit rules, please refer to the HKEX website。
  • Commission and fees
Hong Kong Stock Market brokerage commission is negotiable, but the minimum commission for each transaction is HK$100.00. For other information.
  • How to participate in Hong Kong stock IPO
You must first ensure that you have a sufficient balance in your account, then contact your Relationship Manager to fill out a subscription form to participate in a Hong Kong stock IPO. The subscription fee is HK$100. If subscription is successful, then you need to pay additional fees of: broker’s commission 1%; SFC trading fee 0.004%; and stock exchange transaction fee 0.005%.
  • Buy/Sell stocks’ settlement time
Buy:T + 2 days. Sell:T + 2 days to customer’s Hong Kong account.
  • Can I sell the stocks that I bought the same day
Yes, you can.
  • I have already sold off my stocks, why can’t I access the proceeds
Stock settlement needs time of T + 2, the proceeds from the sale must be credited into your account before you can access it.
  • How do I deposit shares into my account
You can come to our branch site and deposit your shares into your securities account, or you can fill out a "Securities Settlement Instruction form" to transfer shares from your accounts at other brokerage houses or from your account at the Central Clearance House to your securities account with us.
  • How do I withdraw my stocks
Please fill out a Stock Withdrawal Form or "Securities Settlement Instruction form". You can withdraw the number of shares currently existing in your securities account or transfer them to your accounts at other brokerage houses or to your account at the Central Clearance House 中央結算所to your securities account with us.
US Stock Trading Related Questions
  • What is the trading hours of US stock market
The trading hours of NYSE and Nasdaq is from Monday to Friday (US transaction date):
21:30 HKT - 04:00 HKT (summer time)
22:30 HKT - 05:00 HKT (winter time)
  • What is the board lot size of US stocks
US stocks have no board lot size. You can trade a minimum of 1 share per order.
  • Is there any price limitation on US stocks orders
No.
  • What is the minimum price spread of US stocks
USD 0.01
  • Is there any fluctuation limitation on US stock
No.
  • What is the settlement cycle for US stocks trading
Trade day plus 3 US business days. (T+3)
  • What is the currency of US stock trading and settlement
US Dollars.
  • May I buy and sell the same US stocks on the same trading day
Yes. Once your buy order has been executed, you can place a sell order at any time.
  • Is there any fees and charges other than commission of US stock trading
A Sales Tax (0.00127%) will be charged. (Sell Trade Only)
  • I have already sold US stocks but I can’t place withdraw instruction. Why
The reason is US stocks is settled on trade day plus 3 US business days (T+3). You can give withdraw instruction on the day of T+3.
  • If I opened a securities account with SinoPac but didn’t apply US stocks trading service, how to apply
Please fill in FormW-8BEN, sign and mail back to us.
  • If I opened a US stocks securities account with Sinopac AND also want to apply US stocks internet trading service, how to apply
Please fill in "Additional Account Form"and select “Choose Internet trading facilities”, sign, and mail back to us. You can trade both Hong Kong stocks and US stocks via internet.
  • Can US citizens or residents open US stocks trading account with Sinopac (Asia)
No.
  • If I applied Hong Kong stocks EZTrade internet trading service and I would like to apply US stocks internet trading service, is it necessary to fill in “Additional Account Form” again
Not necessary. Log-in ID and password of ViewTrade is the same as the log-in ID and password of EZTrade. If you had EZTrade log-in ID and password, you can trade US stocks via ViewTrade after you filled in Form W-8BEN.
Futures Trading Related Questions
  • Commission and fees
Please refer to Global Futures.
  • What is “Initial Margin” & “Maintenance Margin”
“Initial Margin” is the amount to anticipate daily price risk to cover market price fluctuations. “Maintenance Margin” is the stipulated margin requirement after you opened a particular futures and options contract.
  • What is a margin call
A margin call on your Futures and Options Account is issued when the account value at market is lower than the maintenance margin requirement of all futures and options positions.
  • What should I do when I receive a margin call
You should at once pay the full amount of your margin call by way of cash deposit and/ or closing out an appropriate number of existing open positions.
  • If I fail to meet the margin call, what will happen
When you cannot meet the margin call requirement, your positions could be forced liquidate immediately without any further notice. SinoPac Futures (Asia) reserves the right to change its margin call and forced liquidation policy without prior notice.
  • How can I check the latest margin requirement
Please refer to Global Futues.
  • How can I check my account balance and position status
You can check your account balance and position status on the left hand side of “Account Info” window from internet futures trading system.
Online Trading System Login
  • How do I change my onling trading system password
Login to onling trading system, select "Account Management". The password must be at least 8-12 characters, and must be a combination of digits and letters, none of which can be used three consecutive times, signs are also not permissible.
  • What do I do if my password is locked
Please call Customer Service or contact your Relationship Manager. If this is the first time, we can help you unlock your password online.
  • What do I do if I forgot my password
Please contact Customer Service or your Relationship Manager to apply and send you a new password or apply on line (choose "Forget password").
  • How do I enter the online trading system
First, go to our corporate website, select HK stock or HK Fund, enter your account no. and online trading password to login.
  • How do I change the initial
If you are using the initial password* to login for the first time, the system will require you to change your password. For your account and password protection, we suggest that your online trading password be at least 8-12 characters long, and must be a combination of digits and letters, none of which can be used three consecutive times. Signs are also not permissible).
* The initial password is printed on the Password Letter. The online trading system will request you to change your password when you login for the first time using the initial password.
Online Trading System Settings
  • Why can’t I enter the online trading system after the revision of the website
This is because the pop-up blocker on your browser has blocked the activation of the online trading system. To activate the online trading system, just turn off the pop-up blocker and refresh the webpage.Please refer to the How do I close the Pop-up Blocker.
  • How do I apply for the online trading platform
Please fill out the "online service application form", then send the original copy to : Customer Service, SinoPac Securities (Asia) Ltd., 21st Floor, One Peking, 1 Peking Road, Tsim Sha Tsui, Kowloon, Hong Kong. Once we have received and verified your application, we will complete processing on the following day and mail out your login password. Once you have received the password, please follow the instructions to login to the online trading service.
  • Can I use the same account no. to login to two computers at the same time
No, you can not. The other computer will be logged out.
  • For transactions that were made through the online trading system, can I ask my Relationship Manager to inquire or cancel the transaction
Of course you can. All orders that were placed through the online trading system can be inquired or cancelled by a Relationship Manager.
  • For transaction made by my Relationship Manager, can I use the online trading system to inquire or cancel the transaction
No. Please call your Relationship Manager for assistance.
  • Why can I only see delayed quotations, how do I apply for real time quotation service
If you need real time quotations, please call Customer Service or apply with your Relationship Manager for pay-for-use service.
  • What do I do if the online trading system gets disconnected or unable to place any orders
If for whatever reason you cannot use the online trading system, in order to prevent your trading rights from being affected, please call your Relationship manager for inquires or to place an order.
  • After I have opened my online trading account, can I use other ways to place an order
Of course you can. You can place an order through your Relationship Manager.
  • Is using the online trading system safe
All users of the system must enter an effective account no. and password. All transaction information that passes through this website are Verisign 128-bit SSL encrypted. In addition, all of the Company’s open systems are protected by advanced firewalls to ensure the best security protection.
  • Do I need to pay a fee to use the online trading system
No.The Company provides customers with free access to the online trading system.
Client Investment Suitability Policy and Questionnaire
  • Is the client investment suitability policy suitable for me
If you are not a professional investor, then all your trading of un-listed market products (e.g. mutual funds, structured linked products, bonds, derivatives, fixed income products, etc.) must be subjected to management under the client investment suitability policy. If you are a professional investor, then your trading will not subjected to the client investment suitability policy.
  • How does the client investment suitability policy manage product trading
When you are conducting trading of un-listed market products such as mutual funds, structure linked products, bonds, derivatives, fixed income products, etc., we will provide or recommend you appropriate products that match your risk appetite level based on your investment characteristics and authorization. Without proper consent or authorization, providing products that exceeds your financial abilities or outside the preset suitable investment limits is prohibited.
Stocks that are publicly traded on the stock exchange are not subject to the client investment suitability policy.
If you have never completed and submitted the Client Investment Suitability Questionnaire to us before July 31, 2009, then starting August 1, 2009, your investment suitability classification will be assumed as Grade 1 – “Secure”. We will provide you with products that are suited for risk appetite level of Secure.
If you want to adjust your investment suitability classification, please re-fill the Client Investment Suitability Questionnaire and contact your Account Executive.
  • How can I get a copy of the Client Investment Suitability Questionnaire
You can download the Questionnaire by connect to our corporate website/Customer Service/Download page, then choose your account type (individual/joint account or corporate account) to download the appropriate Client Investment Suitability Questionnaire.
If you already have an online trading account with us,starting August 1, 2009,please connect to our corporate website and logon the “Fund Trade” online trading platform. After entering your account number and password, you can complete the Questionnaire online and immediately view your investment suitability classification results.
Or please contact your Account Executive for a copy of the Client Investment Suitability Questionnaire.
  • How do I fill out the Client Investment Suitability Questionnaire
Please tick the appropriate boxes for questions 1 ~ 10, then return the Questionnaire to your Account Executive or directly fax it to our Customer Services Department: (852)25868412, 0080-1855985 (for Taiwan use only). Once we receive your Questionnaire, your Account Executive will calculate your overall score to verify you investment suitability classification.
If you already have an online trading account with us, starting August 1, 2009, please connect to our corporate website and logon the “Fund Trade” online trading platform. After entering your account number and password, you can complete the Questionnaire online and immediately view your investment suitability classification results.
  • How can I know the results of my investment suitability classification
f your have already completed and submitted the Client Investment Suitability Questionnaire, to us, please contact your Account Executive or our Customer Services Hotline at (852)2523-6685 or e-mail us at ‘cs.asia@sinopac.com.’ We will sincerely be at your service.
If you already have on online trading account with us, please log on to our corporate website to view your investment suitability classification results.
  • What kinds of products by risk level can I buy
Please refer to the table below. As regard to the risk level details for each product, please contact your Account Executive. We will sincerely be at your service.
  • Secure:
    You can bear extremely low level of investment risks with a main concern of principal protection. You prefer receiving fixed annual interests; deposit products or products with stable returns may be suitable for your consideration.
    Risks Level of Investment Products: RR1
  • Cautious:
    You can bear low level of investment risks. With a concern of principal protection, you are willing to take limited risks to out perform deposits over the medium term. In addition to deposit or currency products, fixed income or balanced return products may be suitable for your consideration.
    Risks Level of Investment Products: RR1~RR2
  • Balanced:
    You can bear medium level of investment risks. You expect a balanced portfolio among principal protection, fixed interest and capital gain. You can bear a higher level of short-term market fluctuation, which may fall, below your original investment. A balanced allocated portfolio with various types of assets may be suitable for your consideration.
    Risks Level of Investment Products: RR1~RR3
  • Adventurous:
    You can bear high risks. To pursue over the short, medium and long term in returns, you accept that capital values can fluctuate and may fall substantially below your original investment. Growth investment portfolio may be suitable for your consideration. You are also suggested to adopt small regular instalments and preset stop-loss and limit selling price in order to achieve your goal.
    Risks Level of Investment Products: RR1~RR4
  • Speculative:
    You can tolerate extremely volatile market fluctuation and very high level of investment risks. You are looking for adventurous and speculative investment products. Aggressive investment portfolio, even leverage transactions. Even so, you are suggested to strictly execute stop-loss and limit selling price investment principles to achieve your goal.
    Risks Level of Investment Products: RR1~RR5
  • Can I change my investment suitability classification
If you want to change your investment suitability classification, please re-fill the Client Investment Suitability Questionnaire and contact your Account Executive.
If you already have an online trading account with us, please log on to our corporate website to complete the Questionnaire online and view your investment suitability classification results.
Account Closing
  • How do I close my account / What information do I need to prepare
account closing application", then send the original copy to Customer Service, SinoPac Securities (Asia) Ltd., 23/F, Two International Finance Center, 8 Finance Street, Central, Hong Kong. Once we have received and verified your application, we will complete processing on the following day.
Shanghai-Hong Kong Stock Connect Trading Related Questions
  • Who are allowed to do Northbound trading
All Hong Kong and overseas investors will be allowed to trade SSE Securities through Shanghai-Hong Kong Stock Connect (but subject to rules and regulations of the jurisdiction of the overseas investors).
  • Which kinds of stocks are eligible to be included in Northbound trading
  • Among the different types of SSE-listed securities, only A shares will be included in Shanghai-Hong Kong Stock Connect in the initial stage. Other product types such as B shares, Exchange Traded Funds (ETFs), bonds, and other securities will not be included.
  • In the initial phase, Hong Kong and overseas investors will be able to trade certain stocks listed on the SSE market (ie SSE Securities). These include all the constituent stocks from time to time of the SSE 180 Index and SSE 380 Index, and all the SSE-listed A shares that are not included as constituent stocks of the relevant indices but which have corresponding H shares listed on SEHK, except the following:
    (a) SSE-listed shares which are not traded in RMB; and
    (b) SSE-listed shares which are included in the “risk alert board”.
  • Thefull list of SSE Securitieswill be published on the HKEx website, which will be updated from time to time with advanced notice to the market.
  • Can Hong Kong and Overseas Investors participate in the Initial Public Offering of A shares?
Primary market activities, such as initial public offering, will not be supported.
  • How to control cross-boundary investment quota
Trading under Shanghai-Hong Kong Stock Connect will, initially, be subject to a maximum cross-boundary investment quota (ie Aggregate Quota), together with a Daily Quota.
  • Aggregate Quota:The Aggregate Quota caps the absolute amount of fund inflow into Mainland under Northbound and the absolute amount of fund outflow from the Mainland under Southbound. The Northbound Aggregate Quota is set at RMB300 billion. The Southbound Aggregate Quota is set at RMB250 billion. At the end of each trading day, SEHK will calculate the remaining balance of the Northbound Aggregate Quota: Aggregate Quota Balance = Aggregate Quota – Aggregate Buy Trades + Aggregate Sell Trades
    If Aggregate Quota Balance is less than Daily Quota, Northbound buying will be suspended on the next trading day. However, investors can continue to sellSSE Securities, which will then increase the Aggregate Quota Balance. SEHK will re-open Northbound buying once the Aggregate Quota Balance returns to theDaily Quota level or above.
  • Daily Quota:The Daily Quota limits the maximum net buy value of cross-boundary trades under Shanghai-Hong Kong Stock Connect each day. The Northbound Daily Quota is set at RMB13 billion, and the Southbound Daily Quota is set at RMB10.5 billion. SEHK monitors the usage of the Northbound Daily Quota on a real time basis. The Northbound Daily Quota Balance is updated each time when a Northbound order is received and executed: Daily Quota Balance = Daily Quota – Buy Orders + Sell Trades + Adjustments2

    Daily Quota will be refreshed and remain the same every day, subject to the balance of the Aggregate Quota. Unused Daily Quota will NOT be carried over to next day’s Daily Quota.

    Once the Northbound Daily Quota Balance drops to zero or is exceeded during a continuous auction session (Continuous Trading), no further buy orders will be accepted for the remainder of the day. Subject to the Aggregate Quota Balance, SEHK will resume the Northbound buying service on the following trading day. Once the Northbound Daily Quota Balance drops to zero or the Daily Quota is exceeded during the opening call session, new buy orders will be rejected. However, as order cancellation is common during opening call auction, the Northbound Daily Quota

    Balance may resume to a positive level before the end of the opening call auction. When that happens, SEHK will again accept Northbound buy orders.

    It should be noted that buy orders already accepted will not be affected by the Daily Quota being used up and will remain on the order book of SSE unless otherwise cancelled by the relevant Exchange Participants.
  • What is the trading hour arrangement
Northbound trading will follow SSE’s trading hours. However, SEHK will accept Northbound orders from Exchange Participants five minutes before the Mainland market session opens in the morning and in the afternoon.
  • SSE Trading Hours: Opening Call Auction 09:15-09:25, Continuous Auction (Morning) 09:30-11:30, Continuous Auction (Afternoon) 13:00-15:00
    Time for Exchange Participants to input Northbound orders: in the morning 09:10-11:30, in the afternoon12:55-15:00.
    09:20-09:25: SSE will not accept order cancellation;
    09:10-09:15; 09:25-09:30; 12:55-13:00: Orders and order cancellations can be accepted by SEHK but will not be processed by SSE until SSE’s market open;
    Orders that are not executed during the opening call auction session will automatically enter the continuous auction session.
  • What is the holiday arrangement
In the initial stage of operation of Shanghai-Hong Kong Stock Connect, investors will only be allowed to trade on the other market on days where both markets are open for trading, and banking services are available in both markets on the corresponding settlement days. This arrangement is essential in ensuring that investors and brokers will have the necessary banking support on the relevant settlement days when they will be required to make payments.
  • What is the severe Weather Conditions arrangement
In the initial stage, the trading arrangement for Northbound trading under severe weather conditions will be as follows:
  • If SSE is suspended due to bad weather, there will be no trading on the Northbound and Hong Kong investors and Exchange Participants will be informed by SEHK;
  • If typhoon signal no. 8 (or above) and/or black rainstorm warning is issued in Hong Kong before Hong Kong market opens, Northbound trading will not open.
    If the signal/warning is subsequently discontinued on the same day, arrangement for the resumption of Northbound trading will follow that for the SEHK market (Please refer to HKEX website.)
  • if typhoon no. 8 (or above) is issued in Hong Kong after Hong Kong market opens but before SSE market opens (between 9am and 9:15am), Northbound trading will not open; and
  • If typhoon signal no. 8 (or above) is issued in Hong Kong after SSE market has opened, arrangements will be made to ensure that there is sufficient time for Exchange Participants to cancel all outstanding orders remaining in SSE’s trading system before closing the Northbound trading. Details will be announced in due course.
  • What order types will be accepted
Exchange Participants can only input limit orders to trade SSE Securities through Shanghai-Hong Kong Stock Connect.
Exchange Participants should note that limit orders in SSE are different from the limit orders in SEHK. While SEHK limit orders can only be matched at the specified price, SSE limit orders can be matched at the specified or a better price. Any unfilled quantity after matching will remain in the queue of the specified price.
  • What is the stock code
The stock codes of A shares are six digits.
  • What is the odd lot
All SSE Securities are subject to the same trading board lot size, which is 100 shares (buy orders must be in board lot). Odd lot trading is only available for sell orders. It is common that a board lot buy order may be matched with different odd lot sell orders, resulting in odd lot trades. It should be noted that unlike Hong Kong, board lot and odd lot orders are both matched on the same platform on SSE, and subject to the same share price.
  • What are the maximum order size and the tick size
The maximum order size is 1 million shares and the tick size is uniformly set at RMB0.01.
  • How is the closing price setting
At SSE, the closing price is the weighted average of trading prices in the last minute before market close.
  • What is the price limit
For SSE Securities, there is a general price limit of ±10% (and ±5% for stocks under special treatment (ie ST and *ST stocks) in the risk alert board) based on previous closing price.
All orders input for SSE Securities must be at or within the price limit. Any orders with price beyond the price limit will be rejected by SSE. The upper and lower price limit will remain the same intra-day.
  • Is day trading allowed
In the A share market, shares purchased by investors cannot be sold before settlement, which means day trading is not allowed. Hong Kong and overseas investors as well as Exchange Participants trading SSE Securities through Shanghai-Hong Kong Stock Connect will have to follow the same rule.
  • What is the fees and levies arrangement
Hong Kong and overseas investors trading SSE Securities under Shanghai-Hong Kong Stock Connect will be subject to SSE’s Handling Fee and Securities Management Fee, together with ChinaClear’s “Transfer Fee”.
Investors should note that certain existing CCASS fees still apply, including stock settlement fee for settlement instructions and money settlement fee. Subject to SFC’s approval, HKSCC will also impose a “New CCASS Fee” on its CCASS Participants for providing depository and nominee services for their SSE Securities held in CCASS.
Details of the new fee will be announced later.
Besides, taxes imposed by the State Administration of Taxation (SAT), including stamp duty and dividend tax will also be applied to the Northbound trades and SSE Securities acquired through Shanghai-Hong Kong Stock Connect. Any additional tax imposed by the SAT, if applicable, will be subject to further clarification with the SAT.
Fees and levies related to Northbound trades under Shanghai-Hong Kong Stock Connect are as follows:
  • Handling Fee: 0.00696% of the consideration of a transaction per side, charged by SSE.
  • Securities Management Fee:0.00200% of the consideration of a transaction per side, ,charged by CSRC.
  • Transfer Fee: 0.06000% on face value per side, charged by ChinaClear
  • Stamp Duty 0.10000% of the consideration of a transaction on the seller, charged by SAT
All the above fees and levies will be collected from CCASS Participants’ designated bank accounts at day-end of T day.
  • Is short selling allowed for Northbound trading
Hong Kong and overseas investors are prohibited from naked short selling in SSE Securities. Currently, Mainland investors are only allowed to sell A shares which are available in their stock accounts at the end of the previous day.
  • Are block trades allowed for Northbound trading
For Northbound trading, block trade facility will not be available.
  • Are manual trades allowed for Northbound trading
For Northbound trading, there is no manual trade facility.
  • What is the currency for trading and settling
Currently, all SSE Securities are traded in RMB. Investors will therefore trade and settle SSE Securities in RMB.
  • Could SinoPac Securities (Asia) do Money Exchange for clients
Yes. We will provide FX service for our clients. Please contact with our customer service office.
  • Could I place order first if I have buying power but do not have RMB
Yes, but we will not do currency exchange for you automatically. You may be charged interest or bear exchange rate loss, so we suggest our clients can do FX before trading.
  • If I sell stocks when can I withdraw money
SSE Securities trades will follow the settlement cycle of the Shanghai securities market, where money will be settled on T+1.Our client can withdraw money on T+1 day or thereafter.
  • How could investors hold Securities in CCASS
As shares traded on SSE are issued in scripless form, physical deposit and withdrawal of SSE Securities into/from the CCASS Depository are not available.
Initially, only Broker and Custodian Participants can hold SSE Securities in CCASS.
Investor Participants will not be allowed to hold SSE Securities in their CCASS accounts in the initial stage. Investors’ holding in SSE Securities will be shown in Broker or Custodian’s record such as statement.
  • How could investors get Company Announcements on Corporate Actions
All approved corporate actions of SSE Securities will be announced by the issuers through the SSE website and four officially appointed newspapers (both the printed papers and their websites): the Shanghai Securities News, Securities Times, China Securities Journal and Securities Daily. HKSCC will also record all corporate actions relating to SSE Securities in CCASS and advise CCASS Participants of the details via the CCASS terminals as soon as practicable on the announcement date. Hong Kong and overseas investors can visit the SSE and newspaper websites for the latest listed company announcements.
Hong Kong and overseas investors can also visit HKEx website’s China Stock Markets Web for the company announcements of SSE Securities issued on the previous trading day.
Hong Kong and overseas investors trading SSE Securities through Shanghai-Hong Kong Stock Connect should note that SSE-listed issuers will continue to publish corporate documents in Chinese only as their current practice, and English translation will not be available.
  • What are the major risks of investing in Mainland A-share market via Shanghai-Hong Kong Stock Connect
  • Not protected by Investor Compensation Fund
    Investors should note that any Northbound or Southbound trading under Shanghai-Hong Kong Stock Connect will not be covered by Hong Kong’s Investor Compensation Fund.
  • Quotas used up
    When the respective aggregate quota balance for Northbound and Southbound trading is less than the daily quota, the corresponding buy orders will be suspended on the next trading day (sell orders will still be accepted) until the aggregate quota balance returns to the daily quota level.
    Once the daily quota is used up, acceptance of the corresponding buy orders will also be immediately suspended and no further buy orders will be accepted for the remainder of the day. Buy orders which have been accepted will not be affected by the using up of the daily quota, while sell orders will be continued to be accepted. Depending on the aggregate quota balance situation, buying services will be resumed on the following trading day.
  • Differences trading day
    As mentioned above, Shanghai-Hong Kong Stock Connect will only operate on days when both markets are open for trading and when banks in both markets are open on the corresponding settlement days. So it is possible that there are occasions when it is a normal trading day for the Mainland market but Hong Kong investors cannot carry out any A-share trading. Investors should take note of the days Shanghai-Hong Kong Stock Connect is open for business and decide according to their own risk tolerance capability whether or not to take on the risk of price fluctuations in A-shares during the time when Shanghai-Hong Kong Stock Connect is not trading.
  • Restrictions on selling imposed by front-end monitoring
    For investors who usually keep their A-shares outside of their brokers, if they want to sell certain A-shares they hold, they must transfer those A-shares to the respective accounts of their brokers before the market opens on the day of selling (T day). If they fail to meet this deadline, they will not be able to sell those A-shares on T day.
  • The recalling of eligible stocks
    When a stock is recalled from the scope of eligible stocks for trading via Shanghai-Hong Kong Stock Connect for above-mentioned reasons, the stock can only be sold but restricted from being bought. This may affect the investment portfolio or strategies of investors. Investors should therefore pay close attention to the list of eligible stocks as provided and renewed from time to time by SSE and SEHK.
  • Currency risks
    Hong Kong and overseas investor who holds a local currency other than RMB will be exposed to currency risk if he/she invests in a RMB product due to the need for the conversion of the local currency into RMB. During the conversion, you will also incur currency conversion costs. Even if the price of the RMB asset remains the same when you purchase it and when you redeem / sell it, you will still incur a loss when you convert the redemption / sale proceeds into local currency if RMB has depreciated.
    The above is only an overview of some of the risks related to Shanghai-Hong Kong Stock Connect.
  • Are Hong Kong and overseas investors required to pay stamp duty on their transactions in SSE Securities
According to the notice jointly issued by the Ministry of Finance (MOF), the State Administration of Taxation (SAT) and CSRC on 14 November 2014, Hong Kong and overseas investors are required to pay stamp duty arising from the sale and purchase of SSE Securities and the transfer of SSE Securities by way of succession and gift in accordance with existing Mainland taxation regulations.
  • Are Hong Kong and overseas investors required to pay taxes on cash dividend and/or bonus shares of SSE Securities
According to the notice jointly issued by MOF, SAT and CSRC on 14 November 2014, Hong Kong and overseas investors are required to pay tax on cash dividend and/or bonus shares of SSE Securities at a standard rate of 10%, which will be withheld and paid to the relevant tax authority by the respective listed companies. For those investors whose residing country has entered into a tax treaty with China which allows them enjoying a lower dividend tax rate, the investors may apply to the tax authority for a refund of the differences. The tax rate and the dividend rate will be available via the existing “Enquire Announcement Information” function.