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Capture securities trading opportunities in mainland China

Northbound Trading Link features

Trading A Shares under Northbound Trading Link is different from trading Hong Kong Shares, in terms of their market practices and transaction fees.

Eligible stocks and trading order under Northbound Trades and SEHK

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Comparison of general SSE, SZSE & SEHK operation practices and transaction arrangements

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Comparison of eligible stocks and trading orders under Northbound Trades and SEHK

A share through Northbound Trading Link
Hong Kong Stocks
Eligible securities to be included Shanghai-Hong Kong Stock Connect 
✓ Constituent stocks from SSE 180 Index
✓ Constituent stocks from SSE 380 Index
✓ A Shares listed on SSE which have corresponding H Shares traded on SEHK
Shenzhen-Hong Kong Stock Connect 
✓ Constituent stocks from SZSE Component & SZSE Small/Mid Cap Innovation Indexes with a market capitalisation of at least RMB6 billion
✓ A Shares listed on SZSE which have corresponding H Shares traded on SEHK
✓ All stocks listed on SEHK
✓ All structured products including the derivatives warrants and callable bull/bear contracts listed on SEHK
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 investors~
Not applicable
Investment quota Daily quota: RMB13 billion3 for each A Shares market No limit
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 Depends on the stocks
Maximum order size 1 million shares 3,000 board lots per transaction
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)
No limit
Ticket size Uniformly set at RMB0.01 Ranging from HKD0.001 to HKD5,
depending on the stock price
Order types Only allow limit order Allow enhanced limit order/CAS at-auction limit order, stop-loss order, market order and morning at-auction limit order

Comparison of general SSE, SZSE & SEHK operation practices and transaction arrangements

Shanghai/Shenzhen A Shares Market
Hong Kong Stock Market
Settlement currency RMB HKD, RMB, & USD
Trading hours Trading session Trading hours Trading session Trading hours
Opening call auction 09:15 – 09:25# Morning auction session 09:00 – 09:20
Continuous auction
(Morning)
09:30 – 11:30 Continuous trading
(Morning)
09:30 – 12:00
Continuous auction
(Afternoon)
13:00 – 14:57 Continuous trading
(Afternoon)
13:00 – 16:00
Closing call auction 14:57 – 15:00# Closing auction session 16:00 – 16:10^
Clearing and settlement cycle Securities settlement: Trade day
Cash settlement: Trade day + 1 day
Securities and cash settlement: Trade day + 2 days
Standard Chartered clients enjoy:

  • Securities settlement: Trade day
  • Cash settlement: Trade day (Cash settlement will take place on trade day at 11p.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 investors~
Individual investors are prohibited from naked short selling
Trading days Under Northbound Trading Link, investors are allowed to trade A Shares only when:

  • Both markets are open for trading (i.e. trading day for SEHK and SSE/SZSE); and
  • Banking services are available in both markets on the corresponding settlement days
All SEHK trading days

~ Institutional professional investors as defined in the relevant Hong Kong rules and regulations.
# SSE/SZSE will not accept order cancellation during 9:20 – 9:25 and 14:57 – 15:00.
^ Market closes randomly within 16:08 – 16:10.

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%.

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

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.

Risk Disclosure Statement

  • Investment involves risks. The prices of securities fluctuate, sometimes dramatically and may become valueless. Past performance of any securities is no guide to its future performance. Investors should consider their own investment objectives and risk tolerance level, and read the Terms and Conditions of relevant Securities Services before making any investment decision.
  • 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.

This webpage does not constitute any offer, invitation or recommendation to any person to enter into any transaction described therein or any similar transaction, nor does it constitute any prediction of likely future price movements. Investor(s) should not make investment decisions based on this webpage alone.This webpage has not been reviewed by the Securities and Futures Commission or any regulatory authority in Hong Kong.