Hong Kong (HKEX)

We have launched 3 new HK market order types:

  1. Market order
  2. Market on Open (MOO) order
  3. Market on Close (MOC) order
Market Order Market on Open (MOO) order Market on Close (MOC) order
An order placement with a defined quantity but no price. It will be traded at the best price currently available in the market. An order placement with a defined quantity but without a price. It is placed before the HK market is opened and will be executed at the opening price for that day. An order placement with a defined quantity but without a price. It is placed during the HK market trading session and will be executed at market closing price for the day.

These order types are now available on all POEMS platform!

What are the benefits and risks?

Benefits

  • Immediate execution of trade
  • Trades will be fully executed if there is sufficient volume in the market

Risks

  • Buy market orders may have too high a price and too low a price for sell market orders
  • Lack of control of price precision
  • Illiquid counters with large bid and ask spreads will have magnified risk
  • Risk of overtrading

When can I place a HK Advanced Order?

More specifically, advanced orders for the intended trading session can be placed on the day itself at the following timings:

Time for normal day trading (SGT)
Market order From 9.30am till 4pm
Market on Open From 9.05am till 9.20am
Market on Close From 9.35am to 4.08pm

More information about Market Order, MOO order and MOC order

On 19 June 2023, HKEX introduced the HKD-RMB Dual Counter Model (“Model”) to the secondary market for trading and settlement purposes.

The Model covers specific securities listed in both HKD and RMB counters only. All shares or units of the same securities (but in different trading counters), are generally of the same class, with the same holders’ rights and entitlements, and fully interchangeable between counters.

Such securities would be designated as the HKD-RMB Dual Counter Securities and will be published by HKEX from time to time, after the rollout of the Model.

There will not be any contra trading for these counters, should trades be done between the HKD counter and RMB counters (e.g. buy HKD counter, sell RMB counter or vice versa).

Please contact your Trading Representative to learn more.

List of Dual Counter Securities Available.

Securities under the two counters are of the same class, holdings of securities in the two counters can be transferred without change of beneficial ownership. Please contact your Trading Representative if you wish to transfer your holdings between the HKD-RMB dual counters.

An investor can distinguish between the two counters on POEMS by their stock codes. The general principle is that separate and unique stock codes are assigned to the HKD and RMB counters respectively.

For an equity, the stock code for the RMB counter will be a 5-digit number starting with an “8”, while a 5-digit number starting with a “0” would be assigned for the HKD counter.

The last four digits of the stock codes for the two counters will normally be the same, in line with the existing allocation arrangement.

HKD counter – 0XXXX
RMB counter – 8XXXX

Order Placement (Board lots)

Via

1) POEMS 2.0 or

2) Your designated Trading Representative

Odd lot Via your designated Trading Representative
Common order rejection messages Your orders may be rejected due to the following reasons:
  • 2043 Invalid order price – matching price of more than 10 current market bid/ask

More information on HKEX Securities Market Operations

More information on HKEX Trading Mechanism

  • Insufficient Qty – Insufficient shareholdings
  • 7073 Invalid price tick – Please refer to price spread table
  • 2036 Security halted/suspended – Stock suspended
  • 7077 Order Quantity exceeds Max Board Lots allowed – Maximum 3000 board lot shares per order size allow
  • 2054 Function not allowed in current trading state – order was placed in non-allowable time specifically between Pre-Open and RTH

 

Trading lot Not fixed
Price Quote1 20 minutes delayed.
To access live price quote, click on the counter.
Live price subscription available.
Exchange HKEx
Minimum bid size Share price (HKD) Minimum Bid Size (HKD)
0.01 – 0.25 0.001
> 0.25 – 0.50 0.005
> 0.50 – 10.00 0.01
> 10.00 – 20.00 0.02
> 20.00 – 100.00 0.05
> 100.00 – 200.00 0.10
> 200.00 – 500.00 0.20
> 500.00 – 1,000.00 0.50
> 1,000.00 – 2,000.00 1.00
> 2,000.00 – 5,000.00 2.00
> 5,000.00 – 9,995.00 5.00

For information on ETF bid size, kindly refer to this page.

The Volatility Control Mechanism (VCM) will be implemented by HKEx on 22 August 2016. Please click here to find out more.

  1. Limit order – order will be executed at order price or better.
  2. All orders are only valid for one trading day. Orders not done will be cancelled at the end of each trading day.
  3. Should the due date coincide with Singapore public holiday/s – The due date will follow the traded market’s due date.
Stamp Duty 0.13% (rounded up to the nearest dollar) with effect from 1 August 2021
0.1% (rounded up to the nearest dollar) with effect from 17 November 2023
CCASS fee 0.002% (Minimum HKD2.00, Maximum HKD100)
Transaction Levy 0.0027% (Rounded to the nearest cent)
FRC Transaction Levy 0.00015% (Rounded to the nearest cent, effective 1 January 2022)
Trading fee 0.00565%

Note: All fees and charges are subject to Goods & Services Tax (GST). Fees & charges may be subject to changes without prior notice. Please click here for custodian charges.

Italian financial transaction tax (“IFTT”) is applicable to buy trades on Hong Kong-listed Italian companies with market capitalization more than Euro 500 million. The applicable tax rate is either 0.1% or 0.2%, depending on the counter.

*Promotional details are available at https://www.poems.com.sg/cash-plus

Singapore/Hong Kong Time Pre-opening Session 09:00am – 09:15am
No-cancellation Period 09:15am – 9:20am
Random matching Period 09:20am – 09:22am
Morning Session 09:30am – 12:00pm
Closing Auction Session
(Only During Half Day Trading*)
12:00pm – 12:10PM
Afternoon Session 01:00pm – 04:00pm
Closing Auction session
(For Full DayTrading)
04:00pm – 04 :10pm

Note: To participate in pre-opening, orders have to be entered and received before 9:20 am.

Pre-opening orders will be matched between 09.20am – 09:22am.

  Full Day Trading Half Day Trading*
Reference Price Fixing Period 04.00pm – 04.01pm 12.00pm – 12.01pm
Order Input Period 04.01pm – 04.06pm  12.01pm – 12.06pm
No Cancellation Period 04.06pm – 04.08pm 12.06pm – 12.08pm
Random Closing Period 04.08pm – 04.10pm 12.08pm – 12.10pm

*Eves of Christmas, New Year and Lunar New Year
With effect from 8 October 2019, the list of securities covered by CAS expands to include all equities (including depositary receipts, investment companies, preference shares and stapled securities), as well as funds (including exchange traded funds (ETFs) and real estate investment trusts). For the list of CAS securities, please refer to the “CAS Eligible” indicator under the Full List of Securities available on HKEX website.

Settlement Date2 T+2 market days
Settlement Currency HKD or SGD
Order Amalgamation Yes (Conditions for Amalgamation, click here)
Contra Trading Yes
CPF settlement No

Note: For payment methods, please click here.

 

  1. Limit order – order will be executed at order price or better.
  2. All orders are only valid for one trading day. Orders not done will be cancelled at the end of each trading day.
  3. Should the due date coincide with Singapore public holiday/s – The due date will follow the traded market’s due date.

2024

Month Day Date Holidays Settlement Trading Day
January Monday 1 January New Year’s Day No No
February Friday 9 February Lunar New Year’s Eve No Partial
Monday 12 February Lunar New Year No No
Tuesday 13 February Lunar New Year No No
March Friday 29 March Good Friday No No
April Monday 1 April Easter Monday No No
Thursday 4 April Ching Ming Festival No No
May Wednesday 1 May Labour Day No No
Wednesday 15 May Buddha’s Birthday No No
June Monday 10 June Tuen Ng Festival No No
July Monday 1 July Sar Establishment Day No No
September Wednesday 18 September Day After Mid-autumn Fest No No
October Tuesday 1 October National Day (obs) No No
Friday 11 October Chung Yeung Festival No No
December Tuesday 24 December Christmas Eve Obs-halfday No Partial
Wednesday 25 December Christmas Day No No
Thursday 26 December Christmas Holiday (obs) No No
Tuesday 31 December New Years Eve-early Close No Partial

Note: Information is correct at time of posting

  HK
Scrip Charge S$1 per Transfer Form (Each Transfer Form can only hold up to 5 certificates)
Courier Fees (<20 certificates) S$21
Courier Fees (>20 certificates) S$1.05 per certificate
PSPL Handling Fees S$10.00 (Subjected to GST)

Rates may change from time to time at the discretion of Phillip Securities Pte Ltd.

There are other miscellaneous fees for physical scrips deposition. For more details, please send in your enquiry to talktoglobalmarkets@phillip.com.sg

You can pay by any of the following payment methods:

  • Cheque, payable to “PHILLIP SECURITIES PTE LTD” (please note that we will cease accepting cheque payments on 31 December 2022)
  • EPS (notify your assigned Trading Representative)
  • Debit from clients’ trading accounts if there are sufficient funds in their Phillip Financial, Cash Management or Investment account (clients must indicate their instructions in the “Remarks” column).

Note: We will not initiate share transfer before receiving payment from clients.

Contact us to Open an Account

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IMPORTANT INFORMATION

This material is provided by Phillip Capital Management (S) Ltd (“PCM”) for general information only and does not constitute a recommendation, an offer to sell, or a solicitation of any offer to invest in any of the exchange-traded fund (“ETF”) or the unit trust (“Products”) mentioned herein. It does not have any regard to your specific investment objectives, financial situation and any of your particular needs. You should read the Prospectus and the accompanying Product Highlights Sheet (“PHS”) for key features, key risks and other important information of the Products and obtain advice from a financial adviser (“FA“) pursuant to a separate engagement before making a commitment to invest in the Products. In the event that you choose not to obtain advice from a FA, you should assess whether the Products are suitable for you before proceeding to invest. A copy of the Prospectus and PHS are available from PCM, any of its Participating Dealers (“PDs“) for the ETF, or any of its authorised distributors for the unit trust managed by PCM.  

An ETF is not like a typical unit trust as the units of the ETF (the “Units“) are to be listed and traded like any share on the Singapore Exchange Securities Trading Limited (“SGX-ST”). Listing on the SGX-ST does not guarantee a liquid market for the Units which may be traded at prices above or below its NAV or may be suspended or delisted. Investors may buy or sell the Units on SGX-ST when it is listed. Investors cannot create or redeem Units directly with PCM and have no rights to request PCM to redeem or purchase their Units. Creation and redemption of Units are through PDs if investors are clients of the PDs, who have no obligation to agree to create or redeem Units on behalf of any investor and may impose terms and conditions in connection with such creation or redemption orders. Please refer to the Prospectus of the ETF for more details.  

Investments are subject to investment risks including the possible loss of the principal amount invested. The purchase of a unit in a fund is not the same as placing your money on deposit with a bank or deposit-taking company. There is no guarantee as to the amount of capital invested or return received. The value of the units and the income accruing to the units may fall or rise. Past performance is not necessarily indicative of the future or likely performance of the Products. There can be no assurance that investment objectives will be achieved.  

Where applicable, fund(s) may invest in financial derivatives and/or participate in securities lending and repurchase transactions for the purpose of hedging and/or efficient portfolio management, subject to the relevant regulatory requirements. PCM reserves the discretion to determine if currency exposure should be hedged actively, passively or not at all, in the best interest of the Products.  

The regular dividend distributions, out of either income and/or capital, are not guaranteed and subject to PCM’s discretion. Past payout yields and payments do not represent future payout yields and payments. Such dividend distributions will reduce the available capital for reinvestment and may result in an immediate decrease in the net asset value (“NAV”) of the Products. Please refer to <www.phillipfunds.com> for more information in relation to the dividend distributions.  

The information provided herein may be obtained or compiled from public and/or third party sources that PCM has no reason to believe are unreliable. Any opinion or view herein is an expression of belief of the individual author or the indicated source (as applicable) only. PCM makes no representation or warranty that such information is accurate, complete, verified or should be relied upon as such. The information does not constitute, and should not be used as a substitute for tax, legal or investment advice.  

The information herein are not for any person in any jurisdiction or country where such distribution or availability for use would contravene any applicable law or regulation or would subject PCM to any registration or licensing requirement in such jurisdiction or country. The Products is not offered to U.S. Persons. PhillipCapital Group of Companies, including PCM, their affiliates and/or their officers, directors and/or employees may own or have positions in the Products. Any member of the PhillipCapital Group of Companies may have acted upon or used the information, analyses and opinions herein before they have been published. 

This advertisement has not been reviewed by the Monetary Authority of Singapore.  

 

Phillip Capital Management (S) Ltd (Co. Reg. No. 199905233W)  
250 North Bridge Road #06-00, Raffles City Tower ,Singapore 179101 
Tel: (65) 6230 8133 Fax: (65) 65383066 www.phillipfunds.com