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Through Shanghai-Hong Kong Stock Connect and Shenzhen-Hong Kong Stock Connect, Hong Kong and foreign investors can trade certain securities (A shares and exchange traded funds (“ETFs”)) listed on Shanghai Stock Exchange ("SSE") and Shenzhen Stock Exchange ("SZSE")("Northbound Trading") while mainland China investors can trade certain securities (shares and ETFs) listed on The Stock Exchange of Hong Kong Limited (“SEHK”) ("Southbound Trading").
The Northbound Investor ID Model is an investor ID regime that aims to identify orders at the customer level for better supervision and surveillance on the Northbound Trading.
Under this model, to trade Stock Connect Securities, customer has this registration done in advance. Therefore, we need your consent on our processing of your personal data, including your Broker-to-Client Assigned Number (“BCAN”) and Customer Identification Information (“CID”), before our disclosing and transferring the same to SEHK and for SEHK to transfer the same to SSE/SZSE for registration and validation.
For personal customer, the CID includes the following (which are subject to change from time to time):
- Full name
- ID issuing country / region
- ID type
- ID number
Mainland investors are not eligible to register for Stock Connect Northbound Trading service. If you (or the other account holder in case of joint account) or your authorized persons and/or agents with authority to give Northbound trading instructions with respect to China Connect Securities are a Mainland investor which includes an individual that possesses Mainland identity documents or is a PRC Citizen (as defined in the Stock Connect Terms) resident or domiciled in the PRC, your registration will be rejected without notice. If you have obtained one-way permit or an identity document as proof of permanent residence in a country or region outside Mainland China, please bring along your Hong Kong Identity Card, Macao SAR Resident Identity Card or passport to any of our branches to update our record.
As your CID needs to be registered and validated by SSE/SZSE, if your registration is rejected, all your outstanding buy orders pending for processing on next Northbound trading day will be cancelled automatically. You must check your order status and your consent status.
Registration shall be submitted to SEHK on the previous Northbound trading day (T-1 day) and validated by SSE/SZSE on the same day (T-1 day). Once SSE/SZSE accept the registration, customer will be eligible to buy and sell Stock Connect Securities on the next Northbound trading day (T day). Otherwise, customer will only be eligible to sell Stock Connect Securities.
The cutoff time for the Bank to receive online registration instruction is 13:00 on each Northbound trading day (please refer to website of HKEX for the trading calendar). Instruction received after cutoff time will be processed on next Northbound trading day.
Upon receipt of confirmation from SSE/SZSE on your CID registration, the Bank will notify you the status via SMS (only for personal account customers). You can also check your consent status on “Stock Connect Trading” page.
If the status is “Conditionally Buy and Sell”, it means your CID registration is pending for approval from SSE/SZSE. The Bank will conditionally accept your Stock Connect Securities buy order for next Northbound trading day. If SSE/SZSE reject your registration, all your outstanding buy orders pending for processing on next Northbound trading day will be cancelled automatically.
Not necessary. You are only required to provide your consent on processing of your personal data once. But please note that unless another joint account holder has also provided the consent on processing of personal data, otherwise, you cannot trade Stock Connect Securities via this joint securities account.
Simply go to "Stock Connect Trading" page under "Securities", then enter order details by selecting buy or sell, inputting the stock code, price and quantity.
After verifying the transaction details, then click "Confirm" button to continue.
Once the transaction is successful placed, you will receive a reference number, you may click "Order Status" to check the status of the transaction.
For Shanghai/Shenzhen ETFs orders, please place via Hang Seng Personal Banking mobile app/Hang Seng Invest Express mobile app.
No. Day trading is not allowed for Northbound Trading. Therefore, you can only sell on or after T+1 day.
No.
No. Likewise, you cannot use the funds from selling a Stock Connect Security to buy a new HK listed RMB denominated securities before its settlement.
Please click "My CNY Available Balance" button on the "Stock Connect Trading" page to enquire your CNY balance which is available for buying Stock Connect Securities. This CNY available balance does not include the floating cheque amount, unsettled funds from selling HK listed RMB denominated securities and unsettled funds from selling Stock Connect Securities.
You may select "Order Status" enquiry function to check the updated status of your Stock Connect Securities trading order.
Your order status information in the "Order Status" and "Cancel" pages will be refreshed at the pre-set time interval defined by the Bank from time to time (i.e. preset at 10 seconds under normal circumstances) when you press the "Update" button. In other words, the order status information in the said pages will not be refreshed if you press the "Update" button more than once within the determined time interval in these pages. Please note that the above system setup has no impact to the order execution.
You can also use our Instant Order Confirmation Service to get instant notification of your order execution results through SMS via your mobile phone number.
Besides, you may also call our Manned Securities Trading Hotlines to check the order status.
Here are the explanations of the order status of Stock Connect Securities trading order:
Order Status |
Situations |
|---|---|
Pending Dealing |
Your instruction to place a new securities order has been received by the Bank. Your order (either all or part of the order quantity) is still outstanding and pending for execution until your order expires or you request to cancel the order. |
Fully Executed |
Your order has been executed with your specified quantity of shares sold or purchased at your specified price or a price better than your specified price. |
Unexecuted |
At the end of the trading day, your order remains outstanding with none of your specified order quantity executed. Or your order is rejected by the market due to possible reasons including but not limited to following: Daily quota limit is exceeded Aggregate foreign holdings of 28% is exceeded The order price is out of price limit Stock Connect Security is suspended in SSE/SZSE Not an eligible Stock Connect Security Only sell order is allowed for this Stock Connect Security |
Fully Cancelled |
Your instruction to cancel the order has been accepted and the order has been successfully cancelled. |
Partial Executed |
At the end of the trading, your order can only be executed with part of your specified quantity of shares sold or purchased at your specified price. For order with large quantity over one million shares, we will split your order into separate orders with maximum order size accepted by the market. There are possibilities that some of the split orders are rejected by the market due to reasons given in 'Unexecuted' point. Consequently, part of your order will be executed. |
Pending |
Your order instruction is pending for the Bank's acceptance. This order status will only occur for order instructions placed to the Bank during the Bank's regular system maintenance time. |
Pending Cancellation |
You have requested to cancel an outstanding order. Your order cancellation instruction is pending for the Bank's acceptance and confirmation. You MUST check the "Order Status" to check if your cancellation request has been accepted by the Bank. If the order cancellation instruction is accepted, the status will become "Fully Cancelled". If your cancellation request is placed during the Bank's regular system maintenance time, you MUST check the email in the "Inbox Message" page in Hang Seng Personal e-Banking on the coming business day. (Note: Inbox Message will be sent to the customer when the order cancellation submitted during the system maintenance time has been accepted by the Bank). |
We will send you an email to your "Inbox Message" on any execution result for orders placed via Hang Seng Personal e-Banking. If you have enrolled to our Securities Instant Order Confirmation Service, the execution results will also be sent to your mobile phone in the form of a text message.
Integrated account securities customer* who already registered e-Banking and with a valid mobile phone number (either a Hong Kong or overseas mobile number) provided to the Bank, the Bank will notify you the execution result of your securities orders placed via the Bank by SMS. No charge and pre-registration are required for this arrangement.
You can also check the execution details in the "Order Status" by clicking the corresponding "Details" button of the order or call the Manned Securities Trading Hotlines to check the order status.
*Include those who have a monthly investment plan for stocks sub-account under the Integrated Account. If an overseas mobile number is provided, customers are reminded to check with their telecommunication vendor on the support to receive SMS from Hong Kong.
You have to pay third-party charges such as handling fee, securities management fee, transfer fee, stamp duty etc. as well as bank charges such as brokerage fee. For details, please refer to the Securities Services Charges Table.
The charges are collected in RMB. If there are insufficient funds in your RMB settlement account to settle the related fees and charges, the Bank shall have the right to collect such fees and charges in HKD from any of your HKD accounts.
All Stock Connect 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.
According to SEHK, investors have to sell all the odd lots in that Stock Connect Security in one go. Therefore, customers are required to check their securities account to obtain the odd lot quantities held in that Stock Connect Security before placing an odd lot sell order.
It should be noted that unlike Hong Kong, board lot orders and odd lot sell orders are both matched on the same platform on SSE ⁄ SZSE, and subject to the same share price.
For single order with large quantity over one million shares, since the market accepts order with maximum of one million shares only, we will split your order into separate orders with maximum order size accepted by the market. For example, your order quantity is 2,500,000 shares. The order will be split into 3 separate orders: two with 1,000,000 shares and one with 500,000 shares for execution in the market. These 3 executed orders will be consolidated as one transaction for fees and charges calculation.
Yes, the executed quantities of your buy order may involve odd lots.
Example (for illustration only):
You have placed an order to buy 200 shares of Shanghai A-share ABC and the limit price is RMB10.
Your buy order will be matched at your specified price or a price better than your specified price:
Scenario of order matching (till SSE market closes):
| Ask Price (RMB) | Matched Quantities |
|---|---|
| 9.99 | 10 |
| 10.00 | 120 |
Under the above situation, your order is finally partial executed with 130 shares, in which 30 shares are odd lots.
In order to better utilize the Northbound quota, SEHK sets a lower price limit for buy orders. According to SEHK, the prevailing prescribed percentage is 3%.
The order price input for buy order cannot be lower than the prescribed percentage of the following prices, otherwise, your buy order will be rejected by system:
1. Current best bid price; or
2. Last traded price in the absence of current bid price; or
3. Previous closing price in the absence of both current best bid and last traded price.
Customers should note that your buy order price is still limited by general price limit set by SSE/SZSE.
Example:
Assume that the previous closing price and the current best bid price of Shanghai A-share ABC are RMB10 and RMB9.2 respectively. Although you set your purchase price at a price of 3% of the current best bid price, that is RMB8.92, your buy order will be rejected by SSE. It is because when comparing with the previous closing price of RMB10, your purchase price RMB8.92 (-10.8%) has exceeded the general price limit set by SSE (-10%). In this case, the lower purchase price that you can set is RMB9.0 (-10%).
The trading and clearing services for Northbound Trading will continue, please refer to HKEX website and announcements for details. If HKEX decides to close the Hong Kong securities markets under exceptional situation but SSE/SZSE remains open, we may reject new order placement and only accept order cancellation until SSE ⁄ SZSE market closes.
We reserve the right to amend the above operation from time to time.
If we receive orders for Shanghai A-share/ETF trading, Shenzhen A-share/ETF trading and local stock traded in RMB online during our service maintenance time, we’ll process them on the next trading day in three separate jobs. For each process, we’ll validate the orders by the order placement time sequence, and add cash hold accordingly. If you have insufficient funds, we’ll reject your order. We’ll notify you the order status via Personal e-Banking’s 'Inbox Message', you must check it on the next trading day.
No. Shanghai-Hong Kong Stock Connect and Shenzhen–Hong Kong Stock Connect do not support IPO.
You can obtain the information at HKEX website (http://www.hkex.com.hk), such as Northbound Investor ID Model, Information Book for Investors, Frequently Asked Questions for Investors, list of eligible Stock Connect Securities, dissemination of quota balance, etc..
Due to system constraint, for an order executed with multiple prices, weighted average unit price will be calculated and shown on contract notes and statements. Supplementary pages will come with the contract note to show the detailed execution results. However, the fees and charges of this particular transaction will be calculated using each individual execution price and quantity.
Weighted Average Unit Price = the Total Executed Amount divided by the Total Executed Quantity
For example, you have placed an order to buy 19,500 shares at RMB15.00. The order is executed with 5 different prices:
| Execution # | Dealt Quantity | Dealt Price | Dealt Amount |
|---|---|---|---|
| 1 | 1,000 | 14.5 | 14,500 |
| 2 | 5,000 | 15 | 75,000 |
| 3 | 4,000 | 14.5 | 58,000 |
| 4 | 6,500 | 14.8 | 96,200 |
| 5 | 3,000 | 15 | 45,000 |
| Total | 19,500 | 288,700 |
Weighted Average Unit Price = 288,700⁄19,500 = 14.80512821 ≈ 14.8051
Since Stock Connect Securities are issued in scripless form, physical deposit and withdrawal of Stock Connect Securities into ⁄ from the CCASS Depository will not be available. Hong Kong and overseas investors can only hold Stock Connect Securities through their brokers ⁄ custodians.
Yes. Stock Connect Securities can be transferred to the same beneficiary on a free of payment basis through CCASS.
No. The Chinese name of Stock Connect Securities are only shown in traditional Chinese on contract note ⁄ monthly statement ⁄ notification. The information is provided by HKEX and for reference only.
The Bank will keep you informed of the corporate actions of Stock Connect Securities, in particular those that require you to take actions (not included shareholders meeting). You should note that the time for you to take actions for some types of corporate actions of Stock Connect Securities may be as short as one business day only.
Common types of corporate actions of Stock Connect Securities include but are not limited to cash dividend, bonus issues and voting etc.. The Bank will endeavor to collect and distribute cash dividends relating to Stock Connect Securities to CCASS Participants in a timely manner. Upon receipt of the dividend, the Bank will to the extent practicable arrange to distribute to you on the same day.
Besides, the bonus payment of Stock Connect Securities will be paid through CCASS in the late evening on the payment day, in case the bonus payment cannot be deposited on the same day, the Bank will deposit the bonus payment into your securities account by noon on the following trading day in Hong Kong.
Mainland investors shall not proactively buy any China Connect Securities through Northbound Trading under Stock Connect (including subscription for right issues). If you (or the other account holder in case of joint account) or your authorized persons and/or agents with authority to give Northbound trading instructions with respect to China Connect Securities are a Mainland investor which includes an individual that possesses Mainland identity documents, your instruction will be rejected without notice.
The Bank will send notification to customer, customer have to follow the instruction mentioned in the notification and reply to the Bank before deadline.
The Stock Connect Securities shareholding date will be set on the day before Hong Kong public holiday.
The Bank will credit the cash ⁄ scrip entitlements to you on the following trading day in Hong Kong.
Dividend Tax will be charged by SAT for Cash Dividend and Bonus Issue. It will be collected based on the tax rate determined by SAT from time to time.
Except specific charges, the other charges will be the same as the Renminbi Denominated Securities Listed on SEHK. For details, please refer to Securities Services Charges Table.
Attending the meetings in person or multiple proxies are not available in the mainland China market today. According to the existing mainland China market practice, Hong Kong and oversea investors being the beneficial owners of Stock Connect Securities will not be able to attend meetings as proxy in person, as opposed to what you can do in Hong Kong if they hold SEHK-listed shares.
All approved corporate actions on Stock Connect Securities will be announced by the issuers through the SSE ⁄ SZSE website and four officially appointed newspapers (both the printed paper and their websites): the Shanghai Securities News, Securities Times, China Securities Journal and Securities Daily. Hong Kong and overseas investors can visit the SSE ⁄ SZSE and newspaper websites for the latest announcements.
You can also visit HKEX website's China Stock Markets Web for the announcements of Stock Connect Securities issued on the previous trading day. Hong Kong and overseas investors trading Stock Connect Securities through Stock Connect should note that SSE-listed ⁄ SZSE-listed issuers publish documents in Chinese only as their current practice, and English translation are not available.
Important risk warnings
Investments involve 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.
Investors should note that investing in different Renminbi-denominated securities and products involves different risks (including but are not limited to currency risk, exchange rate risk, credit risk of issuer / counterparty, interest rate risk, liquidity risk (where appropriate)). The key risks of investing in securities via the Stock Connect Northbound Trading include:
Investors should read in detail the relevant risk disclosure statements before making any investment decision.