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Hk sxa china connect masthead

Capture investment opportunities in the Mainland China securities market

  • TRADE NOW TRADE NOW

    How to start trading

    Log onto Online Securities Trading platform now

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China Connect Securities Services

Powered by Refinitiv, our Online Securities Trading platform enables you to stay abreast of the securities market in Mainland China and get the most from investment opportunities.

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EXCLUSIVE OFFER FOR ALL SECURITIES CLIENTS

Enjoy $0 trade lodgement fee, custodial fee and account maintenance fee

The waiver on account maintenance fee will be valid until further notice.

The complete list of charges can be found in Service Charges Booklet, charges may be subject to change.

About China Connect

China Connect consists of two parts:

Northbound Trading Link (“Shanghai-Hong Kong Stock Connect” and “Shenzhen-Hong Kong Stock Connect”)

  • “Shanghai-Hong Kong Stock Connect” is a securities trading and clearing links programme jointly developed by Hong Kong Exchanges and Clearing Limited (“HKEx”), Shanghai Stock Exchange (“SSE”) and China Securities Depository and Clearing Corporation Limited (“ChinaClear”)
  • “Shenzhen-Hong Kong Stock Connect” is a similar programme jointly developed by HKEx, Shenzhen Stock Exchange (“SZSE”) and ChinaClear
  • Hong Kong and overseas investors will be able to trade eligible SSE/SZSE securities (“China Connect Securities”) directly

Southbound Trading Link

  • Eligible Mainland investors can trade eligible securities listed in Stock Exchange of Hong Kong Limited (“SEHK”) directly

Advantages of China Connect

Participate in the growth of fast emerging economy in Mainland China

Diversify your investment portfolio with shares of the Mainland China markets¹ without the need to open an account in Mainland China

Capture new investment opportunities in Renminbi

Enjoy exclusive securities and cash settlement on trade day

Eligible stocks and trading orders under Northbound Trades
Eligible securities to be included

The full list of eligible SSE and SZSE securities is published on the HKEx website and will be updated from time to time.

Not eligible for trading

X Any shares which are not traded in RMB
X Initial public offering
X Any shares which are included in the “risk alert board” or under delisting arrangement2 (buy trades are prohibited, only sell trades are allowed)
X ChiNext Board of SZSE which is limited to institutional professional investors6
X SSE STAR Market which is limited to institutional professional Investors6

Investment quota

The northbound daily quota is set at RMB52 billion for each of Shanghai-Hong Kong Stock Connect and Shenzhen-Hong Kong Stock Connect3

Board lot size

100 shares in buying order (buy orders must be in board lot, odd lot trading is only available for sell orders)4

Maximum order size

1 million shares

Price limit

A general price limit of +/-10%5 based on previous closing price
(all orders input must be at or within the price limit, otherwise, it will be rejected by SSE/SZSE)

Ticket size

RMB0.01 for ordinary share
RMB0.001 for ETF

Order types

Only allow limit order

The above information is sourced from the prevailing information provided by HKEx, and may be subject to amendment as the implementation of China Connect and issuance of the relevant regulations and rules progresses.

SSE and SZSE operation practices and transaction arrangements
Settlement currency

RMB

Trading hours

Clearing and settlement cycle

Securities settlement: Trade day
Cash settlement: Trade day + 1 day

Standard Chartered clients enjoy:
Securities settlement: Trade day
Cash settlement: Trade day (cash settlement will take place on trade day at 7p.m.)

Other market practices

Day trade is not allowed
Prohibited from naked short selling
SZSE ChiNext Market is only for Hong Kong and international institutional professional investors6
SSE: STAR Market which is limited to institutional professional Investors6

Trading Day

China Connect may be operated and China Connect Securities may be traded on days as announced by SEHK from time to time.

Trade-related services
Securities brokerage

• Online Banking: 0.2% (RMB45 minimum brokerage for each transaction)

• Designated Northbound Securities Trading Hotline: 0.3% (RMB135 minimum brokerage for each transaction)

Trade lodgement fee

Waived

Handling fee (charged by SSE/SZSE)

0.00487% of the consideration of a transaction per side (0.004% for ETF)

Securities management fee (charged by China Securities Regulatory Commission)

0.002% of the consideration of a transaction per side (Waived for ETF)

Transfer fee (charged by ChinaClear)

0.001% of the consideration of a transaction per side (Waived for ETF)

Transfer fee (charged by Hong Kong Securities Clearing Company Limited)

0.002% of the consideration of a transaction per side

Stamp duty (charged by SAT)

0.1% of the consideration of a transaction on the seller (Waived for ETF)

Capital gains tax and business tax (charged by SAT)

Waived

Note on fees and levies arrangement

• All the above fees and levies will be collected from CCASS Participants’ designated bank accounts at day-end of Trade Day.

• The Ministry of Finance and State Administration of Taxation (“SAT”) in China have provided a temporary exemption to Hong Kong and foreign investors from the capital gain tax and business tax in relation to gains derived from trading of eligible SSE securities via Shanghai-Hong Kong Stock Connect. There is a risk that investors in SSE securities may be subject to capital gains tax and/or business tax in the future once the temporary exemption is no longer in force. Investors should consider this risk when investing in SSE securities.

• China Withholding Income Tax on Dividends will be withheld by issuers of SSE securities and ChinaClear upon dividend payment.

• For 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 relevant tax authority for a refund of the differences.

• Please note that both stock and cash settlement of all China Connect Securities trading conducted through Standard Chartered will be settled on Trade Day.

The complete list of charges can be found in Service Charges Booklet, charges may be subject to change.
Stock settlement-related services
Stock transfer-in fee (Scripless)
  • Bank charges waived
  • HKD1 CCASS SI instruction input fee for stock transfer-in
Stock transfer-out fee (Scripless)
  • HKD5 per board lot, minimum HKD30
  • HKD1 CCASS SI instruction input fee
Note on fees and levies arrangement

• All the above fees and levies will be collected from CCASS Participants’ designated bank accounts at day-end of Trade Day.

• The Ministry of Finance and State Administration of Taxation (“SAT”) in China have provided a temporary exemption to Hong Kong and foreign investors from the capital gain tax and business tax in relation to gains derived from trading of eligible SSE securities via Shanghai-Hong Kong Stock Connect. There is a risk that investors in SSE securities may be subject to capital gains tax and/or business tax in the future once the temporary exemption is no longer in force. Investors should consider this risk when investing in SSE securities.

• China Withholding Income Tax on Dividends will be withheld by issuers of SSE securities and ChinaClear upon dividend payment.

• For 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 relevant tax authority for a refund of the differences.

• Please note that both stock and cash settlement of all China Connect Securities stock trading conducted through Standard Chartered will be settled on Trade Day.

The complete list of charges can be found in Service Charges Booklet, charges may be subject to change.
Nominee services and corporate actions
Collection of cash dividend

0.5% on dividend amount, minimum HKD30/RMB25, or dividend amount, whichever is lower

China withholding income tax on dividends (charged by SAT)

10% on dividend amount

Collection of scrip dividend

0.5% on value of cash equivalent, minimum HKD15/RMB12

Collection of bonus shares

HKD30/RMB25 per collection

Corporate action service fee (corporate actions include cash offer, right issue, conversion of warrants and take-over)

HKD5/RMB4.5 per board lot, minimum HKD30/RMB27

Handling charge for registration of covered warrant (charged by registrar)

HKD200 per transaction (non-refundable)

Note on fees and levies arrangement

• All the above fees and levies will be collected from CCASS Participants’ designated bank accounts at day-end of Trade Day.

• The Ministry of Finance and State Administration of Taxation (“SAT”) in China have provided a temporary exemption to Hong Kong and foreign investors from the capital gain tax and business tax in relation to gains derived from trading of eligible SSE securities via Shanghai-Hong Kong Stock Connect. There is a risk that investors in SSE securities may be subject to capital gains tax and/or business tax in the future once the temporary exemption is no longer in force. Investors should consider this risk when investing in SSE securities.

• China Withholding Income Tax on Dividends will be withheld by issuers of SSE securities and ChinaClear upon dividend payment.

• For 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 relevant tax authority for a refund of the differences.

• Please note that both stock and cash settlement of all China Connect Securities stock trading conducted through Standard Chartered will be settled on Trade Day.

The complete list of charges can be found in Service Charges Booklet, charges may be subject to change.
Account maintenance
Custodial fee

Waived

Account maintenance fee (semi-annual)

Waived

Note on fees and levies arrangement

• All the above fees and levies will be collected from CCASS Participants’ designated bank accounts at day-end of Trade Day.

• The Ministry of Finance and State Administration of Taxation (“SAT”) in China have provided a temporary exemption to Hong Kong and foreign investors from the capital gain tax and business tax in relation to gains derived from trading of eligible SSE securities via Shanghai-Hong Kong Stock Connect. There is a risk that investors in SSE securities may be subject to capital gains tax and/or business tax in the future once the temporary exemption is no longer in force. Investors should consider this risk when investing in SSE securities.

• China Withholding Income Tax on Dividends will be withheld by issuers of SSE securities and ChinaClear upon dividend payment.

• For 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 relevant tax authority for a refund of the differences.

• Please note that both stock and cash settlement of all China Connect Securities stock trading conducted through Standard Chartered will be settled on Trade Day.

The complete list of charges can be found in Service Charges Booklet, charges may be subject to change.

How to start trading

Before you can begin trading, please visit any of our branches to sign-up for China Connect Securities Services.

For new securities clients, click here to open a securities account now.

FAQs

  • SEHK monitors the usage of the Northbound Daily Quota on a real time basis. The calculation is as follow: Daily Quota Balance = Daily Quota – Buy Orders + Sell Trades + Adjustments^ The Daily Quota will be reset every day. Unused Daily Quota will NOT be carried over to the following day’s Daily Quota. When the Northbound Daily Quota Balance drops to zero or is exceeded during a continuous auction session (or closing call session for SZSE), no further buy orders will be accepted for the remainder of the day. SEHK will resume the Northbound buying service on the following trading day. When the Northbound Daily Quota Balance drops to zero or the Daily Quota is exceeded during the opening call auction session, new buy orders will be rejected. However, SEHK will again accept Northbound buy orders once the Northbound Daily Quota Balance resumes to a positive level before the end of the session. 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/SZSE unless otherwise cancelled by the relevant brokers. ^Daily Quota Balance will be increased when a) a buy order is cancelled; b) a buy order is rejected by the other exchange; or c) a buy order is executed at a better price.

  • Day trading is not allowed for Mainland market. Therefore, Hong Kong and overseas investors buying eligible SSE/SZSE securities on Trade Day can only sell the shares on or after Trade Day + 1 Day.

  • ‘Investors must ensure they have sufficient shares in their accounts opened with the selling broker when placing sell orders. If the shares are kept in an account opened with another SEHK Exchange Participants or a custodian, investors must first transfer the shares to the selling broker before the market opens on the day of selling (Trade Day) in order to sell their shares on Trade Day.

  • In such a case, investors are only allowed to place sell order for the delisted SSE/SZSE securities, and are prohibited from further buying such SSE/SZSE securities. Unless such China Connect Securities is subsequently removed from the “risk alert board”, and it is accepted as an SSE/SZSE security if it remains as a constituent stock of the relevant indices or if its corresponding H share continues to be listed and traded on the SEHK (as appropriate). Under the following cases, investors will only be allowed to sell China Connect Securities but restricted from further buying if: a.the China Connect Securities subsequently ceases to be a constituent stock of the relevant indices; and/or b.the China Connect Securities is subsequently under “risk alert”; and/or c.the corresponding H share of the SSE/SZSE security subsequently ceases to be traded on SEHK; and/or d.the SZSE China Connect Securities, based on any subsequent periodic review, have a market capitalisation of less than RMB6 billion.

  • ‘Currently, odd lot trading is only available for sell orders under Northbound Trading Link. Investor should note that all board lot and odd lot orders are both matched on the same platform on SSE/SZSE , and subject to the same share price. Hence, any Northbound buy trade executed may be matched with odd lot sell orders, resulting in odd lot trades.

  • Under Northbound Trading Link, investors are only allowed to trade on days where both markets are open for trading, and banking services are available in both markets on the corresponding settlement days. Examples:

    MAINLAND HONGKONG NORTHBOUND TRADING OPENS OR NOT?
    Day-1 Business Day Business Day Yes
    Day-2 Business Day Business Day No – HK Market closes on money settlement day (Day-3)
    Day-3 Business Day Public Holiday No- HK market closes on trading day
    Day-4 Public Holiday Business Day  No – Mainland market close

  • China Connect Securities traded on the SSE/SZSE are subject to a price limit based on their previous closing price, including a ±10% price limit for stocks under normal circumstances and a ±5% price limit for stocks that are under special treatment (i.e. ST and *ST stocks) under risk alert. Northbound trading follows the same rule. In addition, SEHK sets a lower price limit of 3% on buy orders of all Northbound Trades. Buy order for a Northbound Trades at a price below its current best bid price (and if no current best bid price is available, the latest trade price, and if that is not available, the previous closing price) by a certain percentage will be rejected by the China Stock Connect system. Such price limit does not apply during the Opening Call Auction session of SSE/SZSE.

  • 1.Trading arrangement under severe weather conditions on the Mainland – If SSE/SZSE is suspended due to bad weather, there will be no trading on the Northbound and Hong Kong investors and Securities Brokers will be informed by SEHK.

    2.Trading arrangement under severe weather conditions in Hong Kong

    SCENARIOS NORTHBOUND TRADING LINK ARRANGEMENT SHK ARRANGEMENT
    T8/Black rainstorm issued before HK market opens (i.e. before 9:00 a.m.) and discontinued after 12L00 Noon Not open Not open
    T8 issued between 9:00 a.m. and 9:15 a.m. Not open Trading terminates after Pre-opening Session
    Black rainstorm issued after HK market opens (i.e: 9:00 a.m/) Arrangement to be announced in due course Trading terminates in 15 minutes
    T8/Black rainstorm discontinued at or before 12:00 noon Trading continues as normal Trading continues as normal
    T8/Black rainstorm discontinued or before 12:00 noon Trading resumes after 2 hours Trading resumes after 2 hours
    T8/Black rainstorm discontinued after 12:00 noon Not open Not open

  • At the initial stage of Shenzhen Connect, investors eligible to trade shares that are listed on the ChiNext Board of SZSE under Northbound trading will be limited to institutional professional investors. Institutional Professional Investor, as defined under paragraph 15.2 of the Code of Conduct for Persons Licensed by or registered with the SFC, means a person falling under paragraphs (a) to (i) of the definition of “professional investors” in section 1 of Part 1 of Schedule 1 to the Securities and Futures Ordinance.

  • All customers’ holdings of China Connect Securities purchased via Northbound Trading Link will be kept at the Central Clearing and Settlement System (“CCASS”). Since SSE/SZSE securities are issued in scripless form, therefore, physical deposits and withdrawals of such securities through Standard Chartered Bank into/from the CCASS Depository will not be available. Investors can only hold eligible SSE/SZSE securities through their brokers/custodians. Their ownership of such is reflected in their brokers/custodians’ own records such as client statements. Please also be noted that Standard Chartered Bank will not provide custodial service for eligible SSE/SZSE securities which are transferred-in from securities brokerage firms in Mainland China.

  • Investors should note that the current Investor Compensation Fund will not cover any Northbound and Southbound Trading activities under Shanghai-Hong Kong and Shenzhen-Hong Kong Stock Connect (“China Connect”).

  • Under the current PRC rules, when an investor holds or controls up to 5% of the issued shares of an SSE/ SZSE -listed issuer, the investor is required to disclose his/her interest within three working days. Such an investor may not buy or sell the shares in the listed issuer within the three-day period. Besides, for such an investor, every time when there is an increase or decrease in his/her shareholding by 5%, he/she is required to make a disclosure within three working days. Note: The 5% change means the actual magnitude of the net change of its shareholding as a percentage of the total issued share capital of the company (e.g. an increase from 10% to 15% or decrease from 10% to 5%).

  • Click here to download

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EXCLUSIVE PRIVILEGES FOR INVESTMENT CLIENTS

Exclusive privileges for investment clients

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MARKET OUTLOOK H2 2024

Adapting to shifting winds

Remarks:

1. The full list of SSE/SZSE securities will be published on the HKEx website and will be updated from time to time.

2. According to the SSE/SZSE Listing Rules, any SSE/SZSE-listed company which is in the delisting process, or which operation is unstable due to financial or other reasons, to the extent that it is running the risk of being delisted or exposing investors’ interest to undue damage, the SSE/SZSE-listed company will be earmarked and traded on the “risk alert board”.

3. For more details about the mechanics of the investment quota, please visit HKEx’s official website.

4. Investor should note that all buy trades under Northbound Trading Link may be matched with different odd lot sell orders, resulting in odd lot trades.

5. For SSE/SZSE securities under special treatment in the risk alert board, the price limit will be +/- 5%.

6. Institutional professional investors as defined in the relevant Hong Kong rules and regulations.

Risk Disclosure Statement / Important Notes

Risk Disclosure Statement for Securities Services:

  • Investment involves risks. The prices of securities fluctuate, sometimes dramatically and the worst case may result in loss of your entire investment amount.
  • Past performance of any securities is no guide to its future performance. Investors should consider their own investment objectives, investment experience, financial situation, risk tolerance level and carefully read the Terms and Conditions of relevant Securities Services before making any investment decision.

For China Connect only:

  • Renminbi (“RMB”) exchange rate, like any other currency, is affected by a wide range of factors and is subject to fluctuations. Such fluctuations may result in gains and losses in the event that the client subsequently converts RMB to another currency (including Hong Kong dollars); and
  • RMB is currently not freely convertible and conversion of RMB through banks in Hong Kong is subject to restrictions specified by the Bank and regulatory requirements applicable from time to time. The actual conversion arrangement will depend on the restrictions prevailing at the relevant time.

Important Notes of SMS/Email Communications:

  • Client is responsible for charges that may be imposed by individual mobile network operator (including but not limited to roaming service charges).
  • You will not receive a personal call to inform you of your order status if you have enrolled for SMS/email order confirmation or placed your order through the online channel. Please use order status enquiry function to check the updated status of your order.
  • SMS order confirmation and price alert services require pre-registration and are subject to relevant Terms and Conditions.
  • Standard Chartered Bank (Hong Kong) Limited (the “Bank”) gives no warranty as to the timeliness or reliability of the SMS / email communications and shall have no liability in the event that the client fails to receive such communication.

Important Notes of Online Securities Trading and SC Equities:

  • The Bank will not be liable for any loss or damage to you as a result of making the Online Securities Trading Services available to you, unless the loss or damage is directly caused by our negligence or our wilful default.
  • For more details and the risks involved, please refer to the Securities Services Terms and Conditions or contact our branch staff.

Securities Terms and Conditions:

Notes

  • This website does not constitute any prediction of likely future price movements.
  • Investors should not make investment decisions based on this website alone.
  • This website has not been reviewed by the Securities and Futures Commission or any regulatory authority in Hong Kong.

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