Trading Rules

 

Item      

Southbound Trading Link

(Hong Kong Connect investors trade Hong Kong Connect shares and sell Special Hong Kong Connect securities)

SZ Northbound Trading Link

(Shenzhen Connect investors trade Shenzhen Connect shares and sell Special Shenzhen Connect securities)

1 

Trading currency

Quoted in HKD and settled in RMB

Quoted and traded in RMB

2 

Tick size

Varied depending on the price levels of Hong Kong Connect shares and Special Hong Kong Connect securities

RMB 0.01

3 

Trading unit

Shares are traded in board lot whose size is at the discretion of the issuer.

Buy orders must be in a board lot of 100 shares or the multiple of 100 shares.

Orders to sell Shenzhen Connect shares and Special Shenzhen Connect securities with a remaining odd lot of less than 100 shares must be placed in one single order.

4 

Order types

Pre-opening session: At-auction limit orders (during the pre-order matching period (9:15am-9:20am), the system only accepts at-auction orders and Hong Kong Connect investors are not allowed to input orders)

Continuous trading session: enhanced limit orders (without All-or-Nothing Qualifier)

For securities to which the closing auction is applicable, during the closing auction session (excluding the reference price fixing period): at-auction limit orders (during the reference price fixing period (16:00pm-16:01pm for full day trading, or 12:00pm -12:01pm for half day trading)  of the closing auction session, the system does not accept orders)

Call auction session and continuous auction session: Limit orders only

5 

Pre-trade checking (i.e. shareholding checking)

SZSE Members perform pre-trade shareholding checking on Hong Kong Connect investors while SZSE Subsidiary performs pre-trade shareholding checking on Hong Kong Connect investors

SEHK Participants perform pre-trade shareholding checking on Shenzhen Connect investors while SEHK Subsidiary performs pre-trade shareholding checking on pre-trade shareholding checking on SEHK Participants

6 

Odd lots

Odd lots can only be sold, but not necessarily in one single order

Odd lots can only be sold and must be sold in one single order

7 

Trading platform system

 

Orders are routed onto SEHK via the technical platform of SZSE Subsidiary

Orders are routed onto SZSE via the technical platform of SEHK Subsidiary

8 

Designated trading

NA

NA

9 

Margin trading, short selling and non-trading transfer

The rules governing SZSE Members’ provision of margin trading and short selling services for trading under Hong Kong Connect shall be formulated by SZSE separately

Please see Article 13 of the agreement on trading under Shenzhen-Hong Kong Stock Connect for specific arrangements for margin trading, covered short selling and non-trading transfer.

10 

Naked short selling

Not allowed

Not allowed

11 

Trading conducted rather than through the AMS (grey market trading)

Not allowed, unless otherwise prescribed by the CSRC

Not allowed, unless otherwise prescribed by the CSRC

12 

Day (turnaround) trading

Hong Kong Connect shares purchased on a trading day can be sold on the same day before settlement once the execution is confirmed

Shenzhen Connect shares purchased cannot be sold before settlement

13 

Block trade

NA

Not allowed

14 

Trading fees

As per the fee schedule of SEHK

As per the A share fee schedule of SZSE

15 

Matching principle

Price priority and time priority

Price priority and time priority

16 

Max. order size

The maximum order size is 3,000 board lots or 99,999,999 shares (system upper limit)

The maximum order size is 1 million shares

17 

Order information required

Hong Kong Connect investors who place board lot orders to trade Hong Kong Connect shares or special Hong Kong Connect securities through their appointed SZSE Members should provide SZSE Subsidiary with the information including the security code, order type (at-auction limit order or enhanced limit order), buy or sell and the specified price in HKD and volume. For odd lot sell orders, investors should provide the security code, buy or sell (only sell) and the specified price in HKD and volume.

Orders forwarded by SZSE Subsidiary should include SZSE Members’ ID information.

Limit orders under Shenzhen Connect should include the information including the securities account number, broker code, security code, buy or sell, and the price in RMB and volume.

Orders forwarded by SEHK Subsidiary should include SEHK Participants’ ID information.

18 

Validity period of orders

Valid on the day of placement

Valid on the day of placement

19 

Cancellation of orders

Pre-opening session: 9:00am–9:15am

Continuous trading session: 9:30am–12:00am and 13:00pm–16:00pm. For securities to which the closing auction is applicable, the order input period of the closing auction session: 16:01pm–16:06pm for full day trading, or 12:01pm-12:06pm for half day trading

Order cancellation period: 12:30pm-13:00 pm

Cancellation of auction orders will not be accepted between 9:20am-9:25am and 14:57pm-15:00pm on each trading day. During other period of time when orders are accepted, unexecuted orders can be cancelled.

20 

Order modification

The Order price and volume cannot be modified

The Order price and volume cannot be modified

21 

Price limit

1、  10%;For securities to which the Volatility Control Mechanism (VCM) is applicable, during the cooling-off period after the VCM is triggered, order prices should be within±10% from the reference price of the VCM.

2、  For securities to which the closing auction is applicable, during the order input period of the closing auction session (i.e.  16:01pm–16:06pm for full day trading, or 12:01pm-12:06pm for half day trading), the price limit is set at ±5% from the reference price of the closing auction session; during the no cancellation period and random closing period (i.e. 16:06pm-market close or 12:06pm- market close ) of the closing auction session, the price limit is set at ±5% from the reference price of the closing auction session and the highest bid and the lowest ask of the order book at the end of the order input period.

Generally ±10% from the previous closing price