Equity Securities
Equity securities, generally referred to as shares, comprise ordinary shares and preference shares. Most of the equity securities listed on HKEX are ordinary shares that account for most of the turnover of HKEX.
Ordinary shares and preferred shares are equity shares issued by the company to shareholders. Ordinary or common shareholders (i.e., holders of ordinary shares), being owners of the company, have voting rights and receive dividends at the discretion of the company. However, the payment of dividends is not mandatory even if a company records a profit in the year.
Preferred shareholders are entitled to a preferential distribution out of profits prior to any distribution to the ordinary shareholders. Preferred shareholders have no voting rights and receive fixed dividends (i.e., the dividend does not increase even if the company's profit increases).
ETFs
ETFs(Exchange Traded Funds) is a passively managed open-ended fund, unit trust fund or similar investment arrangement, listed and/or traded on HKEX. ETF consists of a basket of securities based on its investment objective and strategy, seeking to track or replicate the performance of a market index. Therefore, through ETF investment, investors are able to track the index trend. As with equity securities, investors may trade at any time during the opening hours of HKEX.
HK securities trading is conducted on Monday to Friday (excluding public holidays) at the following times:
Full Day Trading | Half Day Trading | ||
Pre-opening Session | Order Input Period | 09:00 - 09:15 | |
No-cancellation Period | 09:15 - 09:20 | ||
Random Matching Period | 09:20 - 09:28 | ||
Blocking Period | 09:28 - 09:30 | ||
Continuous Trading Session | Morning Session | 09:30 - 12:00 | |
Extended Morning Session | 12:00 - 13:00 | Not applicable | |
Afternoon Session | 13:00 - 16:00 | Not applicable | |
Closing Auction Session | Reference Price Fixing Period | 16:00 - 16:01 | 12:00 - 12:01 |
Order Input Period | 16:01 - 16:06 | 12:01 - 12:06 | |
No-cancellation Period | 16:06 - 16:08 | 12:06 - 12:08 | |
Random closing Period | 16:08 - 16:10 | 12:08 - 12:10 | |
* There is only Half Day Trading on the eves of Christmas, New Year and Lunar New Year.
HKEX also prepares a Holiday Calendar annually, which is available on the HKEX website.
Settlement Date | Two trading days after transaction date (T+2). |
Purchase Order | Clients must deposit sufficient funds before settlement date. Funds will be debited and stocks will be lodged on the settlement date. |
Selling Order | Stocks will be debited and funds will be credited on the settlement date. |
The HKEX implements enhance the Pre-Opening Session (POS) in securities market on 19 October 2020.
Applicable securities
The POS covers all equities (including depository receipts, investment companies, preference shares and stapled securities), funds (including Exchange Traded Funds (ETFs) and Real Estate Investment Trusts (REITs)) and leveraged and inverse products (L&I Products) (together the “POS Securities”).
Debt securities, structured products (including Derivative Warrants (DWs), Callable Bull/Bear Contracts (CBBCs) and Inline Warrants (IWs)), equity warrants and rights are not covered by the POS. Order and manual trade input on these non-POS Securities during the POS will be rejected. Trading of these securities, and acceptance of order and manual trade input, will start in the CTS instead.
POS trading hours and periods
The overall duration of the POS is from 9:00am – 9:30am. It consists of an Order Input Period, a No-cancellation Period, and Random Matching Period, and a Blocking Period.
Time | 09:00 – 09:15 | 09:15 – 09:20 | 09:20 – 09:22 | After matchmaking |
Session | Order Input Period (15 mins) | No-cancellation (5 mins) | Random Matching Period (0 – 2 mins) | Blocking Period (8 – 10 mins) |
Description | Price Limit: ±15% of previous closing price | Lowest ask & highest bid (Recorded at the end of Order Input Period) | Unfilled at-auction limit orders will be carried forward to CTS as limit orders | |
Order Type Allowed: At-auction Order & At-auction Limit Order | ||||
Actions Allowed: | ||||
| ✔ Input/Cancel/Amend | ✔ Input; ✘ Cancel/Amend | |||
Price limits
A two-stage price limit mechanism is applied to control the price of at-auction limit orders (i.e., at-auction orders and manual transactions are not subject to these price limits) which are input during the POS.
Applicable Period(s) | Time/Duration | Allowable Price Limits | |
Stage 1 | Order Input Period | 09:00 – 09:15 | Stage 1 Upper and Lower Price Limits are ± 15% from previous closing price respectively: · Buy orders: Previous Close - 15% ≤ Order Price ≤ Previous Close + 15%; · Sell Orders: Previous Close - 15% ≤ Order Price ≤ Previous Close + 15%. |
| Stage 2 | No-Cancellation Period and Random Matching Period | 09:15 –time of random matching | Stage 2 Upper Price Limit = the higher of the highest bid price and the lowest ask price recorded at the end of the Order Input Period at 9:15am.Stage 2 Lower Price Limit = the lower of the highest bid price and the lowest ask price recorded at the end of the Order Input Period at 9:15am: · Buy Order: Previous Close – 15% ≤ Order Price ≤ Stage 2 Upper Limit · Sell Order: Previous Close + 15% ≥ Order Price ≥ Stage 2 Lower Limit.
IEP will only be formed within the range of the highest bid price & lowest ask price recorded at the end of Order Input Period at 9:15am. |
Please note:
1.For stocks resuming from a trading suspension, the Stage 1 price limit check will not be applied for the first day of trading resumption only (no matter whether there is trade recorded on the day of trade resumption or not).
2.In HKEX's original plan, the 15% price limit against the POS reference price will not be applicable to securities including ETPs on their listing day.
For more information about POS, please refer to the HKEX website.
The HKEX implements the first phrase of Closing Auction Session (CAS) on 25 July 2016. During a closing auction, market participants interested in trading at the closing price may input buy and sell orders. Then their orders interact with each other to form a consensus closing price for each security and orders are executed at that price.
Applicable securities
CAS covers all equities (including depository receipts, investment companies, preference shares and stapled securities), funds (including Exchange Traded Funds (ETFs) and REITs) and leveraged and inverse products (L&I Products).
CAS trading hours and periods
CAS would last for about 8 to 10 minutes and consists of a Reference Price fixing period, an order input period, a no-cancellation period and a random closing period as follows:
Time (Full day trading) | 16:00 – 16:01 | 16:01 – 16:06 | 16:06 – 16:08 | 16:08 – 16:10 |
Time (Half Day Trading *) | 12:00 – 12:01 | 12:01 – 12:06 | 12:06 – 12:08 | 12:08 – 12:10 |
| Session | Reference Price Fixing Period (1 minute) | Order Input Period (5 minutes) | No Cancellation Period (2 minutes) | Random Closing Period (2 minutes) |
| Description | · Calculate & publish reference price · No Input, Cancel, Amend · Afternoon session orders with in price limit carried forward automatically | Price Limit： ± 5% of Reference Price | Within lowest ask & highest bid | |
Order Type Allowed: At-auction Order & At-auction Limit Order | ||||
Actions Allowed: | ||||
✔ Input/Cancel/Amend | ✔ Input; ✘ Cancel/Amend | |||
* There is only Half Day Trading on the eves of Christmas, New Year and Lunar New Year.
For more information about CAS, please refer to the HKEX website.
HKEX has adopted a dynamic price limit VCM model, which would trigger a cooling-off period in case of abrupt price volatility detected at the instrument level.
Applicable securities
For the securities market, the VCM covers all constituent stocks of Hang Seng Composite LargeCap, MidCap and SmallCap Indexes.
The list of the VCM securities and their triggering thresholds are published on the HKEX website. Any addition of constituent stocks to the indexes will also be added to the list of VCM securities on the effective date of the addition. Similarly, any deletion of constituent stocks from the indexes will also be removed from the list VCM securities on the effective date of the deletion.
Applicable period
VCM monitoring is applicable to Continuous Trading Session (CTS), excluding:
－the first 15 minutes of the morning and afternoon trading session;
－the last 20 minutes* of the afternoon trading session (or morning CTS on half-day trading day).
* Since a cooling-off period will last for 5 minutes, the monitoring will stop 20 minutes before end of the Afternoon Session.
Mechanism work
－The VCM is only applicable for board lot order input during the Continuous Trading Session (CTS), but not for any orders input during the Pre-opening Session (POS) and the CAS.
－During the CTS, the potential trade price of a VCM security will be continuously checked against a dynamic price limit of ±10%, ±15% and ±20% for Hang Seng Composite LargeCap, MidCap and SmallCap Indexes constituent stocks respectively based upon the reference price which is the last traded price 5 minutes ago.
－The VCM is triggered if a stock is ±10%, ±15% and ±20% away (for Hang Seng Composite LargeCap, MidCap and SmallCap Indexes constituent stocks respectively) from the last traded price 5-min ago; A 5-min cooling-off period will start.
- Normal trading and VCM monitoring will resume on the VCM-triggered instrument after the cooling-off period.
For more information about VCM, please refer to the HKEX website.
Note: Reference only. Please refer to the websites of exchanges to check the latest updates.
The most liquid, the most transparent and the biggest stock market
Most of the influential listed companies are in US stock market
Well supervision and fair market
T+0 trading and no limitation on price fluctuation
Staggered trading to scramble on it
No profits tax
New York Stock Exchange
The New York Stock Exchange (NYSE) is the oldest, largest and most famous stock exchange in the United States, with a history of more than 200 years. On June 1, 2006, NYSE announced that it would merge with Euronext (Euronext N. V.) to form NYSE Euronext. The NYSE market is more mature and the listing conditions are more stringent. Most of the top 500 companies with a long history are listed on NYSE, including General Electric, Exxon Mobil, Wal-Mart, Citi Group and Johnson & Johnson.
American Stock Exchange
The American Stock Exchange (AMEX), located near Wall Street in New York, is the third largest stock exchange in the United States. AMEX is the only exchange that can trade stocks, options and derivatives at the same time, and it is also the only exchange that focuses on small- to mid-cap companies that are easily ignored and provides these companies with a series of services to increase their attention.
In 1998, AMEX was acquired by the Nasdaq Stock Market, but this two stock markets are still operating independently.
The Nasdaq Stock Market
Established in 1971, the Nasdaq Stock Market (NASDAQ) is the largest electronic trading market in the United States and the first electronic trading market in the world. According to statistics, there are nearly 7000 companies listed on NASDAQ, and most of them are technology stocks, including Intel, Microsoft, Cisco and other high-tech companies. At present, more than half of the daily trading volume in the US stock market is completed in this market.
HK Time: (Summer) 21: 30-04: 00; (Winter) 22: 30-05: 00.
There is no board lot size for US Stocks. In each transaction, clients shall trade one share at least.
US stocks can be bought and then sold on the same trading day. Clients are able to place a selling order after the buying order is executed.
| Pre-opening Session | Order with price which is deviated from 'previous close' by 99% or more will be rejected by system. |
During Market Trading Session | Order instruction with deviated price may be rejected by relevant exchanges after market opened subject to exchanges' policy. Order with price which is deviated from 'previous close' by 99% or more will be rejected by system. |
Unlimited.
Trading orders in USA stock market are classified as: at-auction order, limit order, enhanced limit and special limit order.
| Settlement Date | Two trading days after transaction date (T+2). |
| Purchase Order | Clients must deposit sufficient funds before settlement date. Funds will be debited and stocks will be lodged on the settlement date. |
| Selling Order | Stocks will be debited and funds will be credited on the settlement date. |
Note: Reference only. Please refer to the websites of exchanges to check the latest updates.
| Stock Market | Trading Session (HK Time) |
| Australia | (Summer) 07: 00-13: 00; (Winter) 08: 00-14: 00 *Closing auction period: (summer) 13: 00-13: 15 *Closing auction period: (winter) 14: 00-14: 15 |
| Canada | (Summer) 21: 30-04: 00; (Winter) 22: 30-05: 00 |
| United Kingdom | (Summer) 15: 00-23: 30; (Winter) 16: 00-00: 30 *Closing auction period: (summer) 23: 30-23: 40 *Closing auction period: (winter) 00: 30-00: 40 |
| France | (Summer) 15: 00-23: 30; (Winter) 16: 00-00: 30 *Closing auction period: (summer) 23: 30-23: 35 *Closing auction period: (winter) 00: 30-00: 35 |
| Germany | (Summer) 15: 00-23: 30; (Winter) 16: 00-00: 30 *Closing auction period: (summer) 23: 30-23: 35 *Closing auction period: (winter) 00: 30-00: 35 |
| South Korea | 08:00- 14:20 *Closing auction period: 14: 20-14: 30 |
| Japan | 08:00- 10:30，11:30 - 14:00 |
| Singapore | 09:00- 12:00, 13:00 - 17:00 *Closing auction period: 17: 00-17: 16 |
| Malaysia | 09:00 - 12:30, 14:30 - 16:45 *Closing auction period: 16: 45-17: 00 |
| Chinese Taiwan | 09:00- 13:25 *Closing auction period: 13: 25-13: 30 |
1.Trading Session
HK time: 08:00 – 10:30, and 11:30 – 14:00.
2.Trading Unit
Japanese stock quantity unit for each lot is 100 shares.
3.T+0 Trading
Japanese stocks can be bought and then sold on the same trading day. Clients are able to place a selling order after the buying order is executed.
4.T+2 Settlement
Settlement of securities related to regular stock transactions in the exchange market is conducted on the second business day after the transaction date (T+2).
5.Tick Size
| Stock Price P (Yen) | Tick Size (Yen) | |
| TOPIX100 Constituents | Other Issues | |
| P≤1,000 | 0.1 | 1 |
| 1,000＜P≤3,000 | 0.5 | 1 |
| 3,000＜P≤5,000 | 1 | 5 |
| 5,000＜P≤10,000 | 1 | 10 |
| 10,000＜P≤30,000 | 5 | 10 |
| 30,000＜P≤50,000 | 10 | 50 |
| 50,000＜P≤100,000 | 10 | 100 |
| 100,000＜P≤300,000 | 50 | 100 |
| 300,000＜P≤500,000 | 100 | 500 |
| 500,000＜P≤1,000,000 | 100 | 1,000 |
| 1,000,000＜P≤3,000,000 | 500 | 1,000 |
| 3,000,000＜P≤5,000,000 | 1,000 | 5,000 |
| 5,000,000＜P≤10,000,000 | 1,000 | 10,000 |
| 10,000,000＜P≤30,000,000 | 5,000 | 10,000 |
| 30,000,000＜P≤50,000,000 | 10,000 | 50,000 |
| P＞50,000,000 | 10,000 | 100,000 |
Source of data: Tokyo Stock Exchange
6.Price Limits
| Base Price P (Yen) | Price Limits (Yen) |
| P＜100 | ±30 |
| 100≤P＜200 | ±50 |
| 200≤P＜500 | ±80 |
| 500≤P＜700 | ±100 |
| 700≤P＜1000 | ±150 |
| 1,000≤P＜1,500 | ±300 |
| 1,500≤P＜2,000 | ±400 |
| 2,000≤P＜3,000 | ±500 |
| 3,000≤P＜5,000 | ±700 |
| 5,000≤P＜7,000 | ±1,000 |
| 7,000≤P＜10,000 | ±1,500 |
| 10,000≤P＜15,000 | ±3,000 |
| 15,000≤P＜20,000 | ±4,000 |
| 20,000≤P＜30,000 | ±5,000 |
| 30,000≤P＜50,000 | ±7,000 |
| 50,000≤P＜70,000 | ±10,000 |
| 70,000≤P＜100,000 | ±15,000 |
| 100,000≤P＜150,000 | ±30,000 |
| 150,000≤P＜200,000 | ±40,000 |
| 200,000≤P＜300,000 | ±50,000 |
| 300,000≤P＜500,000 | ±70,000 |
| 500,000≤P＜700,000 | ±100,000 |
| 700,000≤P＜1,000,000 | ±150,000 |
| 1,000,000≤P＜1,500,000 | ±300,000 |
| 1,500,000≤P＜2,000,000 | ±400,000 |
| 2,000,000≤P＜3,000,000 | ±500,000 |
| 3,000,000≤P＜5,000,000 | ±700,000 |
| 5,000,000≤P＜7,000,000 | ±1,000,000 |
| 7,000,000≤P＜10,000,000 | ±1,500,000 |
| 10,000,000≤P＜15,000,000 | ±3,000,000 |
| 15,000,000≤P＜20,000,000 | ±4,000,000 |
| 20,000,000≤P＜30,000,000 | ±5,000,000 |
| 30,000,000≤P＜50,000,000 | ±7,000,000 |
| P≥50,000,000 | ±10,000,000 |
Source of Data: Tokyo Stock Exchange
7.Order Type
Basically, there are two types of orders available on the TSE equities market: limit orders and market orders.
8.Stock Quantity Limit of Each Order
Each order shall be not less than 1 lot and not more than 10,000 lots.
9.Related information and websites about Japanese stock market
Tokyo stock Exchange: https://www.jpx.co.jp/english/
1.Trading Session
HK Time:09:00 – 13:30.
Holiday Schedule of Taiwan Stock Exchange: https://www.twse.com.tw/en/trading/holiday.html
2.Trading Unit
Except for specified stocks, one lot includes 1,000 shares. Trading order quantity shall be a multiple of 1,000.
3.T + 1 Trading
Stocks cannot be bought and then sold on the same trading day. Clients can only place a selling order on the next trading day (T+1) or subsequent trading days after the buying order is executed.
4.T + 2 Settlement
Settlement of stocks bought and sold on the same day is conducted on the third trading day (T + 2).
5.Daily Price Fluctuation Limit
| Price Range | * Equity Product | Stock Warrant & company warrant | Convertible Bond & Corporate Bond with Warrant | ETF comprising only domestic securities, ETF comprising foreign securities, futures ETF, leveraged or inverse ETF, offshore ETF & REITs ETN comprising only domestic securities, ETN comprising foreign securities, leveraged or inverse ETN | Corporate Bond | Foreign Bond | Central Registered Government Bond | |
| 0.01 ≤ P < 5 | 0.01 | 0.01 | 0.05 | 0.01 | 0.05 | 0.01(** foreign currency) | 0.01 | |
| 5 ≤ P < 10 | 0.05 | |||||||
| 10 ≤ P < 50 | 0.05 | 0.10 | ||||||
| 50 ≤ P < 100 | 0.10 | 0.50 | ||||||
| 100 ≤ P < 150 | 0.50 | 1.00 | 0.05 | |||||
| 150 ≤ P < 500 | 1.00 | |||||||
| 500 ≤ P < 1000 | 1.00 | 5.00 | ||||||
| 1000 and above | 5.00 | 5.00 | ||||||
* Equity Products include stocks, certificate of entitlement to new shares, securities investment trust funds closed-end beneficiary certificate, depository receipt, foreign stocks, certificate of payment or document of title to new shares, and special shares with call warrants.
** Ticks for foreign bonds are determined by foreign currencies.
Source of data: Taiwan Stock Exchange
6.Price Limits
Daily price fluctuation shall not exceed ±10% of the last closing price.
7.Order Type
Limit order, Market order, Rest of day (ROD), Immediate or Cancel (IOC), and Fill or Kill (FOK) are available during the continuous trading sessions. However, investors could only place Limit ROD during call auction session.
8.Stock Quantity Limit of Each Order
Each order shall be not less than 1 lot and not more than 499 lots.
9.Related information and websites about Taiwan stock market
Taiwan Stock Exchange: https://www.twse.com.tw/en/
TSE Market Observation Post System (MOPS): https://emops.twse.com.tw/
Taiwan Securities and Futures Bureau: https://www.sfb.gov.tw/en/index.jsp
Taiwan market information system: https://mis.twse.com.tw/stock/index.jsp?lang=en_us&oddFlag=undefined
1.Trading Session
HK Time: (Summer) 15: 00-23: 30; (Winter) 16: 00-00: 30.
2.Trading Unit
As with US stocks, the basic unit for trading is one share instead of one lot.
3.T+0 Trading
Stocks can be bought and then sold on the same trading day. Clients may place a selling order immediately after the buying order is executed.
* As UK stocks are quoted in pence (1 pound = 100 pence), clients need to convert stock prices to pounds when placing an order.
4.T+3 Settlement
Settlement of stocks bought and sold on the same day is conducted on the fourth trading day (T + 3).
5.Price Limits
The order price shall not be more than or less than the market price by 20%, otherwise it will be rejected.
6.Related Information and Websites about UK Stock Market
London Stock Exchange: https://www.londonstockexchange.com/
Note: Reference only. Please refer to the websites of exchanges to check the latest updates.
Regulated Entities Under Victory Finance Group:
VICTORY SECURITIES (GLOBAL) LIMITED
Victory Securities (Global) Limited (CE No.: BRA946) is a licensed corporation of the Securities and Futures Commission of Hong Kong holding Type 1 ("Dealing in Securities") and Type 2 ("Dealing in Futures Contracts") licenses.
VICTORY ASSET MANAGEMENT LIMITED
Victory Asset Management Limited (CE No.: BOT221) is a licensed corporation of the Securities and Futures Commission of Hong Kong holding Type 4 ("Advising on Securities") and Type 9 ("Asset Management ") licenses.
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