Direct Hong Kong (HK) Market Stock Trading	Related Links
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		FAQ

Trading in the Hong Kong (HK) Stocks - What you should know?

• Q1: Who is eligible for the HK Stock Trading?
• Q2: How do I open a HK Stock Trading account?
• Q3: What is the HKEx Market Data Transmission Agreement?
• Q4: What are the HK Market Brokerage Rates?

Account Related

• Q1: Are there any processing fees required to open a HK Stock trading account?
• Q2: Can I use my limtan Login ID and Password to access and trade in the HK Market?
• Q3: Can I make changes to my Login ID and Password?
• Q4: What should I do if I have forgotten my Login ID and/or Password?

Trading Related

• Q1: How do I place an order in the HK Market?
• Q2: What are the trading hours for the HK Stock Market?
• Q3: Can I change or cancel orders?
• Q4: Is the price data live?
• Q5: What are the lot sizes in the HK Market?
• Q6: Can I trade Odd Lot in the HK Market?
• Q7: What are the Order Types available?
• Q8: What is the validity period of my order(s)?
• Q9: How do I know my order has been filled?
• Q10: What is the minimum bid size for HK Market?
• Q11: Will I be able to amalgamate my HK trades?

Trading Settlement Related

• Q1: What is the Settlement Date for the HK Market?
• Q2: Is short selling allowed?
• Q3: How will I know how much is the settlement amount?
• Q4: What is the settlement currency for my purchases and sales?
• Q5: What if I want to change the settlement currency?
• Q6: How do I make payment for my purchases?
• Q7: When I sell, how do I receive my sales proceed?
• Q8: Can I use my CPF/SRS fund to settle the transaction?
• Q9: What will happen to my shares after I have made payment for it?
• Q10: Are there any charges for keeping my shares in the safe custody of LTS?
• Q11: How will I be billed for custody charges if I hold foreign shares in two separate accounts?
• Q12: Can I consolidate all my foreign shares into one account?
• Q13: How do I make payment for the custody charges?
• Q14: Can I transfer the HK shares in from other Broker(s) to my Online Trading account at Lim & Tan? Will there be any charges for shares transferred into LTS?
• Q15: Will there be any charges for shares transferred out from LTS?
• Q16: Can I contra my purchases?
• Q17: What will happen if I do not pay on time?
• Q18: Are there any Dividend Handling Fee for dividend received?
• Q19: How much is the Corporate Action charges?

Trading in the Hong Kong (HK) Stocks - What you should know?

Q1 Who is eligible for the HK stock trading?

Anyone who is above 21 years old and with no record of delinquency can open a limtan.com.sg Online Trading account. This account will allow you gain direct access to HK Stock Trading, subject to listed SIP qualifications and further permissioning and / or documentation. Please contact your Trading Representatives or Online Trading Helpdesk for more information on SIP qualifications.

Q2 How do I open a HK Stock Trading account?

You need to have a limtan.com.sg Online Trading account before you can trade in the HK Stock Market. If you do not have an Online Trading account, please visit Lim & Tan Securities or come by our various roadshow location islandwide. You may also call our Online Trading Helpdesk (Tel: +65 6799 8188) to obtain a set of forms. The forms can also be downloaded here.

Q3: What is the HKEx Market Data Transmission Agreement?

The HKEx Market Data Transmission Agreement will appear upon your first login to the HK Market.  As required by Hong Kong Stock Exchange, every Lim & Tan Securities client who wants to trade in the HK Stock Market must read and check on this agreement before obtaining access to the HK market data.

Q4: What are the HK Market Brokerage Rates?

HK Market Brokerage Rates

Commission	0.25%
Minimum Commission	HK$125
GST	Brokerage x prevailing GST % rate
Stamp Duty	HK$1.00 per HK$1,000
Transaction Levy Rate	0.003%
Trading Fee	0.005%

Account Related

Q1 Are there any processing fees required to open a HK Stock trading account?

There is no processing fee for opening an Online Trading account.

Q2:	Can I use my limtan Login ID and password to access and trade in the HK Market?

Yes. You can use the same login to your limtan.com.sg Online trading account to access and trade in the HK Market.

Q3:	Can I make changes to any of the Login ID and Password?

Yes. You are required to change the Login Password the first time you login to limtan.com.sg

Q4:	What should I do if I have forgotten my Login ID and/or Password?

If you have forgotten your Login ID and/or Password, please click here to reset.

Note:
Password Reactivation - Please select this option if you are able to remember your existing password but have exceeded the number of times allowed to enter your password. Our Customer Service Officer will contact you once your password has been reactivated.

Password Reissue - Please select this option if you are unable to remember your password. Your old password will be permanently disabled and the new password will be mailed to your mailing address in our records.

Trading Related

Q1:	How do I place an order in the HK Market?

You may login to our Online trading platform, click under ‘Market’ to access a drop down list to select the ‘HKSE’.

For your own convenience, you may wish to search for your desired HK counter, do a right click to add to any of your existing ‘Watchlist’.

Q2:	What are the trading hours for the HK market^?

(Source:Hong Kong Exchanges and Clearing Limited, http://www.hkex.com.hk/eng/index.htm) Trading is conducted on Monday to Friday (excluding public holidays) at the following time: Trading Hours Current Effective 5 March 2012 Auction Session          Pre-opening Session (a) 9:00 a.m. to 9:30 a.m. 9:00 a.m. to 9:30 a.m. Continuous Trading Session (b)          Morning Session 9:30 a.m. to 12:00 noon 9:30 a.m. to 12:00 noon      Extended Morning Session * 12:00 noon to 1:30 p.m. 12:00 noon to 1:00 p.m.      Afternoon Session 1:30 p.m. to 4:00 p.m. 1:00 p.m. to 4:00 p.m.

* Extended Morning Session is for the trading of Extended Trading Securities (ETS) which currently include iShares Korea (4362) and iShares Taiwan (4363).ETS are traded continuously between 10:00am to 4:00pm.

There is no Extended Morning Session and Afternoon Session on the eves of Christmas, New Year and Lunar New Year.  There will be no Extended Morning Session if there is no Morning Session.

There is no afternoon trading on the eves of Christmas, New Year and Lunar New Year.

(a) What is the Pre-opening Session?
The pre-opening session is introduced to determine a fair opening price.

During the pre-opening session, orders are accumulated over a certain period of time and matched at the pre-defined order matching period. Orders are matched in order type, price and time priority (at-auction orders carry a higher matching priority) at the final Indicative Equilibrium Price (IEP). 

The trading system only accepts at-auction orders and at-auction limit orders. The price of an order input into the trading system must not deviate nine times or more from the previous closing price or the nominal price (as the case may be), if available, or is one-ninth or less of that price. The maximum order size is 3,000 board lots per order.

Trading hours during the pre-opening session are as follows:

Order Input Period	9:00 am to 9:15 am
Pre-order Matching Period	9:15 am to 9:20 am
Order Matching Period	9:20 am to 9:28 am
Blocking Period	9:28 am to 9:30 am

During the order input period, only at-auction orders and at-auction limit orders are accepted. Orders are accumulated and updated in the trading system continuously and may be modified or cancelled.

During the pre-order matching period, only at-auction orders are accepted and modification or cancellation of orders in the system will not take place. It can avoid significant changes in IEP and adjust the IEP to a fair Market price.

During the order matching period, no input, modification and cancellation of orders are allowed in the trading system. The final IEP of a security is determined during this period. Orders will be matched in order type (at-auction order first), price and time priority at the final IEP. 

During the blocking period, orders cannot be routed into HKEx’s trading system by brokers until the start of the continuous trading session at 9:30 am.

(b) What is the Continuous Trading Session?
The continuous trading session covers periods from 9:30 am to 12:00 noon and 1:00 pm to 4:00 pm in each trading day. During the continuous trading session, the trading system will match orders input into the system in price priority based on the order they are received. An order entered into the system at an earlier time must be executed in full before an order at the same price entered at a later time can be executed.

During the continuous trading session, the system accepts Limit Orders, Enhanced Limit Orders and Special Limit Orders only, with an option for an All-or-Nothing Qualifier that confines the order to be either executed immediately in full or rejected, without being written into the central order book.

Further, the order price input into the trading system (i) must not deviate nine times or more from the nominal price, if available, or is one-ninth or less of that price and (ii) must follow the quotation rules unless the restriction is waived. In addition, the maximum order size is 3,000 board lots.

You may refer to “Trading Mechanism” of “Securities Trading Infrastructure” under the “Market Operations” section of the HKEx website for details.

Alternatively, please visit http://www.hkex.com.hk/eng/global/faq/securities%20Market.htm for more detail on HK Market Operations and Trading.

Securities Market is closed on Saturdays, Sundays and Public Holidays as specified below:

Date	Day	Holiday
3-Feb-11	Thursday	Lunar New Year's Day
4-Feb-11	Friday	The second day of the Lunar New Year
5-Apr-11	Tuesday	Ching Ming Festival
22-Apr-11	Friday	Good Friday
25-Apr-11	Monday	Easter Monday
2-May-11	Monday	The day following Labour Day
10-May-11	Tuesday	The Buddha's Birthday
6-Jun-11	Monday	Tuen Ng Festival
1-Jul-11	Friday	Hong Kong Special Administrative Region Establishment Day
13-Sep-11	Tuesday	The day following Chinese Mid-Autumn Festival
5-Oct-11	Wednesday	Chung Yeung Festival
26-Dec-11	Monday	The first weekday after Christmas Day
27-Dec-11	Tuesday	The second weekday after Christmas Day

Source: Hong Kong Exchanges and Clearing Limited, http://www.hkex.com.hk/eng/index.htm

Q3:	Can I change or cancel orders?

Yes you may change or cancel orders for quantities that have not been fulfilled yet. Please note that HKEx have restrictions on order modification or cancellation between 9:15 am to 9:30 am HK time. Any changes or cancellation made during this time will be processed when the market opens.

Q4:	Is the price data live?

Quotes are delayed by at least 20 minutes.

Q5:	What are the lot sizes in the HK Market?

HK securities are traded in board lots. The term "board lot" is commonly used in HK's securities Market to refer to a trading unit. The board lot size of a listed security in HK is determined by the issuer. You may check the board lot size of a security under “Lot Size” on the Place Order screen.

Q6:	Can I trade Odd Lot in the HK Market?

Odd lot trading is available in the HK Market and you may contact your Trading Representative to place order. Odd lot trading is however, not accepted by our Online Trading platform.

Q7:	What are the Order Types available?

Currently orders are At-Auction Limit Orders or Limit Orders.

At-Auction Limit Order is a limit order with a specific price. An at-auction limit order with a specified price at or more competitive than the final IEP (in case of buying, the specified price is equal to or higher than the final IEP, or in case of selling, the specified price is equal to or lower than the final IEP) may be matched at the final IEP subject to availability of eligible matching order on the opposite side. An at-auction limit order will be matched in price and time priority at the final IEP. No at-auction limit order will be matched at a price worse than the final IEP.

Any outstanding at-auction limit orders at the end of the Pre-opening Session will be carried forward to the Continuous Trading Session and treated as limit orders provided that the specified price of that at-auction limit order does not deviate 9 times or more from the nominal price. Such orders will be put in the price queue of the input price.

A Limit Order will allow matching only at the specified price. The sell order input price cannot be made at a price below the best bid price, if available whereas the buy order input price cannot be made at a price above the best ask price, if available. Any outstanding limit order will be put in the price queue of the input price.

Please not that for Limit orders in HKSE, a Buy price above the best Ask, or a Sell price below the best Bid, will result in a rejected order. You are advised to change your price accordingly.

Q8:	What is the validity period of my order(s)?

The validity of your order(s) is for one trading day. Order(s) will expire automatically at the end of each trading day.

Q9:	How do I know my order has been filled?

All partially/fully filled orders will automatically be updated under the status of your ‘Order Book’. At all times, please attempt to check the actual quantity filled under ‘Order Book’ – status.

Q10:	What is the minimum bid size for HK Market?

You are allowed to key in share price for an order of up to 24 bids from the last done price. The share prices minimum bid size is shown in the table below.

Price (HK$)	Minimum Bid Size (HK$)
Below $0.25	0.001
$0.250 to $0.495	0.005
$0.500 to $9.990	0.01
$10.00 to $19.98	0.02
$20.00 to $99.95	0.05
$100.00 to $199.90	0.1
$200.00 to $499.80	0.2
$500.00 & above	0.5

Q11:	Will I be able to amalgamate my HK trades?

There is an amalgamation of orders for HK shares for trade done on the same counter (buy/sell) and on the same trading day. All buy orders of the same stock fulfilled on the same day will be amalgamated into one contract. The same applies to all sales orders of the same stock fulfilled on the same day.

Trading Settlement Related

Q1:	What is the Settlement Date for the HK Market?

Shares purchase will be due for delivery on Transaction date + 2 Market days (T+2). All purchases must be settled by due date.

"T" denotes the Transaction Date. For e.g. If you purchase HK shares on Monday (T day), the due date for your contract is on Wednesday (T + 2). However, if the due date coincides with a Singapore public holiday, the due date is the subsequent Market day.

Q2:	Is short selling allowed?

Short selling is not allowed

Q3:	How will I know how much is the settlement amount?

You will receive a Contract Note from LTS.  You will also be able to find the information displayed at “Account Management” under “Outstanding Position”.

Q4:	What is the settlement currency for my purchases and sales?

The settlement currency for both purchases and sales is in S$ or HK$ only. The default settlement currency is in S$. However, you may select to settle in HK$ from the 'Settlement' drop down menu on the place order screen.

To see the indicative foreign exchange rate, please click on “Board Rate”.

Q5:	What if I want to change the settlement currency?

You are able to change the settlement currency by calling the Online Trading Helpdesk at +65 6799 8188 or your Trading Representative on trade date or by 10am on T+1.

Q6:	How do I make payment for my purchases?

Cash, Singapore dollar and Hong Kong dollar cheque for payment must reach LTS before 5pm (Singapore Time) latest by T+2.

For S$ settlement: GIRO/ EPS /Cheque /Cashier's Order.
Cash payment can only be made at our Cashier Counter
Opening hours: 8:30am to 5:45pm (Monday to Friday, excluding Public Holidays)

For HK$ settlement: Hong Kong Dollar cheque (drawn in Hong Kong)

Q7:	When I sell, how do I receive my sales proceed?

As your sales proceed is in S$, we will credit your bank account if you have opted for GIRO/ or EPS facility. Otherwise a cheque payment will be made in your name.

Q8:	Can I use my CPF/SRS fund to settle the transaction?

No. CPF/SRS fund cannot be used to settle the foreign transaction.

Q9:	What will happen to my shares after I have made payment for it?

The shares will be kept in our foreign custody by next working day after payment.

Q10:	Are there any charges for keeping my shares in the safe custody of LTS?

Yes. Monthly foreign custody fee is S$2 per counter, subject to a maximum of S$150 per quarter + GST.

For clients who conduct at least 6 trades in a quarter, the monthly fee of S$2.00 per counter will be waived in any month of that quarter. For clients who conduct at least 2 trades in a month, the monthly fee of S$2.00 per counter will be waived in that month.

Q11:	How will I be billed for custody charges if I hold foreign shares in two separate accounts

The custody charges will be levied on a per account basis. If you hold foreign shares in two separate accounts, you will be billed according to the shareholdings in each account.

Q12:	Can I consolidate all my foreign shares into one account?

Yes. Account holders may submit written instruction to our Operations department – Custody/Corporate Actions.

Q13:	How do I make payment for the custody charges?

You may pay by any of the following payment methods:

• Cash
• Cheque
• Electronic Payment of Shares (EPS)

Cash payment can only be made at our Cashier Counter
Opening hours: 8:30am to 5:45pm (Monday to Friday, excluding Public Holidays)

Q14:	Can I transfer the HK shares in from other Broker(s) to my Online Trading account at Lim & Tan? Will there be any charges for shares transferred into LTS?

Yes, transfer request is allowed. For transfer details, you may contact our Operations Dept-Settlement at 64370145/105.

There are no charges for shares transferred into LTS. However, there are transfer fees imposed by the delivering securities firm.

Q15:	Will there be any charges for shares transferred out from LTS?

Yes, there is a handling fee of S$10.70 with GST and transfer fee of S$32.10 with GST per stock. For more details, you may contact Operations department – settlement at 64370145/105.

Q16:	Can I contra my purchases?

Yes, contra is allowed for the HK Market. However, do note that the shares not bought through our Online Trading system must be custodised with Lim & Tan’s depository agent before you can sell.

Q17:	What will happen if I do not pay on time?

Unpaid shares after the due date will be force sold at the Company’s discretion.

Q18:	Are there any Dividend Handling Fee for dividend received?

Yes. Dividend Handling Fee will be charged. 

Dividend Amount	Dividend Charges
Below S$10	S$3.00+GST
S$10 to S$500	S$5.00+GST
Above S$500	1% subject to max. of S$100+GST

Q19:	How much is the Corporate Action charges?

Service charge on cash offer/ expiry of warrants/ rights application is S$10 per counter + GST.