1. Only eligible stocks can participate in the Closing Auction Session. Please refer to the HKEx website for eligible stocks list.
2. Auction matching ends randomly within the 2-minute period from 4:08pm to 4:10pm, randomly determined by the HKEx's system.
3. For half day trading, the Closing Auction Session will be from 12:00noon to 12:10noon.

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Expiry Date and Last Trading Date of Callable Bull/Bear Contracts (CBBC)
The expiry date of a CBBC is not the same as the last trading date. The last trading date of a CBBC is 1 trading day before the CBBC expiry date or the day that the CBBC is called by its issuer (if it is called before expiry date.)

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Volatility Control Mechanism

What is Volatility Control Mechanism (VCM)?
HKEX introduced the VCM on 22 Aug 2016. The VCM is triggered if abrupt price volatility is detected at an individual stock level. If a VCM is triggered, a 5-minute cool-off will ensue (except for circumstances laid out below), during which the VCM security can continue trading but will only be allowed to trade within a pre-defined price band. Please visit HKEX website for details.

What stocks are covered under the VCM?
VCM will only be applied to the constituent stocks of All Hang Seng Composite LargeCap, MidCap and SmallCap Indexes. Please visit HKEX website for the stock list.

How will VCM be triggered?
The monitoring period of VCM is applied to continuous trading sessions (CTS), except the first 15 minutes of the Morning and Afternoon CTS, and the last 20 minutes of the Afternoon CTS. The VCM is triggered if the price of a VCM in-scope security deviates by more than ±10%,±15%,±20% for Hang Seng Composite LargeCap, MidCap and SmallCap Indexes constituent stocks respectively away from the last traded price 5-min ago during the monitoring period. Once the relevant thresholds are reached, a 5-min cooling-off period will start. Multiple VCM triggers per trading session are allowed to better safeguard market integrity, i.e. there will be no maximum number of triggers imposed.

What can I do if VCM is triggered?
During the cooling-off period, trading is allowed within a pre-defined price band. Normal trading without restrictions will resume after the cooling-off period. You can check the start/end time of cooling-off period and the pre-defined price band in Personal Internet Banking, Stock Express, Mobile Banking and Easy Invest.

Will my order be rejected when VCM is triggered?
If the potential trade price of your relevant order (according to the respective order type, e.g. limit order, market order and stop loss order) placed by the broker to HKEx is outside the pre-defined price band during the cooling-off period, your order will be rejected and the order status will become 'unexecuted' or 'Dealing to be resumed on next trade day' (for order not yet expired).
For example, your market order with 1 day expiry will be rejected and 'unexecuted' when the potential trade price of the relevant order placed by broker with one try only (matched up to 10 best price queues and up to a maximum of 20 spreads from the prevailing nominal price) is outside the VCM pre-defined price band.
You are advised to check the latest order status via "Order Status Screen" and may consider setting up a new order, if necessary.

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Inline Warrants

Where can I check the upper/lower strike price of an Inline Warrant?
You may login to HSBC Personal Internet Banking-> My investments -> Market information to enquire upper/lower strike price of an Inline Warrant. (Or stock price quote in HK Stocks of StockExpress) Alternatively, you may also visit HKEx website stock price quote or respective issuer's website for detailed information of an inline warrant. Customer is reminded to read and understand product Key Facts Statement and product documents of the listed Product before investing.

Can I trade inline warrant at above HKD1.00?
Due to the pre-determined fixed maximum payment at expiry of HKD 1.00, an inline warrant should not be traded above HKD 1.00.? Investors will suffer a loss by buying an inline warrant above HKD 1.00

What will happen if my Inline Warrant order is executed above HKD 1.00?
The Exchange announced that any trades of inline warrants which are executed at the price above HK$1.00 shall not be recognized. Trades will be cancelled on T day, but those executed near 4 p.m. market close may be cancelled on the next trading day (T+1). The bank will notify you about the order cancellation at best effort. Order status of your order will be updated from "Fully Executed" or "Partially Executed" to "Unexecuted".
Please note if you buy an inline warrant above HKD 1.00 and then sell it below HKD 1.00 before settlement of the inline warrant. Your buy order will be cancelled by the Exchange but you need to buy back from the market to settle your sale order.

How can I place an inline warrant order?
You can place inline warrant order via HSBC Personal Internet Banking, Stock Express, Mobile Banking, Easy Invest, Manned/Automated Phonebanking and also branches (if applicable).

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Leveraged and Inverse Products

How can I place an order of Leveraged and Inverse Products?
You can place an order of Leveraged and Inverse Products via HSBC Personal Internet Banking, Stock Express, Mobile Banking and Easy Invest.

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Other Questions?

Is there a time limit on the sell order?
You can set a future date as the expiry date when you place an order. We will retry your order at the specified price from order date until expiry date.

Can I sell a stock I bought today?
Yes. You can sell the scrip receivables before settlement.

Can I place securities orders any time?
HSBC Internet Banking:
Yes, you can place orders via HSBC Internet Banking 24 hours a day, 7 days a week. Details are provided below.

• From 9:30am to 12:00noon and 1:00pm to 4:00pm on Hong Kong trading days, you can place a market order.
• You can place a Limit Price Order, Stop Loss Limit Order, Two-way Limit Order and Target Buy Sell Order at any time (except from Closing Auction Session (4:00pm-4:10pm)), and an At-auction limit order at any time (except from 9:22am to 4:01pm) on Hong Kong trading days.
  For the pre-opening session, any unfilled at-auction limit orders at HKEx will be converted to limit orders and carried forward to the Continuous Trading Session if it is within the price limit.
• You can place an At-auction order from 9:00am-9:22am and 4:01pm-4:10pm on Hong Kong trading days.

Not all my stocks are listed. Why?
This list only shows stocks that are available for trading through Internet banking service. For holdings(if any) of delisted securities, you may refer to 'Other Investment' or your investment services/Securities account statement.

Can I amend or cancel my order?
You can always amend or cancel your order in the order status enquiry screen. However, this will be subject to the status and type of your order. If your order has been executed, no amendment or cancellation will be allowed.

Are the shares trading instructions ("orders") placed via The Hongkong and Shanghai Banking Corporation Limited being processed by straight-through securities trading services?
All your orders placed via any of the available channels at The Hongkong and Shanghai Banking Corporation Limited will be processed by straight-through securities trading services, except under the following conditions where orders may be processed manually:

1. When you place market orders
2. Buying/Selling of odd lots
3. A single order with quantity exceeding 3000 board lots
4. Price per share is lower than HK$0.01
5. Your purchase price is higher than the market prevailing ask price/Your selling price is lower than the market prevailing bid price. In the case of Nasdaq-Amex Pilot Program securities, where your purchase price is higher than the last closing quoted in the US market / traded price quoted in the Hong Kong market or your selling price is lower than the last closing quoted in the US market / traded price quoted in the Hong Kong market.

Will my stock order not be submitted / delayed for execution in the exchange under pre-trade checking by the broker?
We may send your orders for listed securities to brokers for execution. They may perform pre-trade checking before submitting your orders to the relevant Exchange. Whenever the relevant broker determines that it is appropriate and in the interest of a fair and orderly market and comply with applicable local regulation/exchange trading rules/market requirements, without prior notice to you, the brokers may hold your orders or not execute your orders at all.

In situations where we need to contact you to confirm the order details, we will hold your order until clarification is obtained.

Please check your latest order status through the 'Order Status' enquiry after you have placed a new order, an amendment or a cancellation instruction. Order status will be 'unexecuted' or 'Dealing to be resumed on next trade day' if your orders are not executed.

How can I find out the status of the orders I placed last month?
Just select the dates (up to last seven calendar days) and transaction type you wish to review for Show History. You may also type the stock code for filtering the orders.

What happens if the limit order input price is higher for buy order (or lower for sell order) than the market price?
The Bank's broker may execute your order at a price closer to the market price, if the market conditions allow. The executed price(if happens) may be better than your specified input price subject to market conditions

What are the possible order statuses?

1. Fully Executed: all order quantity is executed upon the order expiry date.
2. Partially Executed: part of the order quantity is executed upon the order expiry date.
3. Unexecuted: order cannot be executed upon the order expiry date.
4. Fully Cancelled: request of order cancellation is accepted by broker (without partial executions).
5. Partial Cancelled: request of order cancellation is accepted by broker (with partial executions).
6. Pending Amendment: pending for broker's acceptance for the request of order amendment, no further amendment/cancellation is allowed.
7. Pending Cancellation: pending for broker's acceptance for the request of order cancellation, no further amendment/cancellation is allowed.
8. Pending Dealing: pending for order execution.
9. Pending Capture: orders received after business hours and pending for validity checking. For orders with "pending capture" status, customers must check whether such orders have been successfully captured by the Bank with a "pending dealing" status or rejected due to insufficient funds or other reasons before 9:30 am on the next business day.

How am I notified of my order status and execution results?
You can check your order status and execution result on the Order Status screen via HSBC Internet Banking. We will also send you an email of the execution result.

Alternatively, you may sign up for our free eAlerts investment order confirmation service at HSBC Internet Banking to receive your stock order execution result via SMS. For more details about eAlerts, please go to our Manage eAlerts.

Why am I unable to sell my purchased shares that are undergoing a stock Split/Consolidation corporate action via automated channels such as HSBC Internet Banking?
Since the purchased shares are not yet settled and cannot be converted into the temporary stock code used during the parallel trading period, you cannot place the sell order of the stock using the temporary code via automated channels before settlement of the purchased share (on T+2). For assistance on placing sell order, please contact our Phonebanking Hotline for assistance.

Why am I unable to sell my purchased shares that are undergoing a transfer of listing from the Growth Enterprise Market(GEM) to Main Board corporate action via automated channels such as HSBC Internet Banking?
Since the purchased shares are not yet settled and cannot be converted into the Main Board stock code after listing, you cannot place the sell order of the stock using the Main Board stock code via automated channels before settlement of the purchased share (on T+2). For assistance on placing sell order, please contact our Phonebanking Hotline for assistance.

What is the currency of Market Unit Price & Market Value?
The Market Unit Price & Market Value are in denomination currency of the stocks.

When will Stock Price Alert triggered?
Stock Price Alert will be triggered if Nominal Price of the selected HK stock reached the target price anytime in 9:20am to 4:10pm.

Risk disclosure:
Investment involves risk. You should carefully consider whether any investment products or services mentioned herein are appropriate for you in view of your investment experience, objectives, financial resources and relevant circumstances. The price of securities may move up or down. Losses may be incurred as well as profits made as a result of buying and selling securities.

For Renminbi (RMB) products:

• There may be exchange rate risks if you choose to convert RMB payments made on the securities to your home currency.
• RMB products may suffer significant losses in liquidating the underlying investments if such investments do not have an active secondary market and their prices have large bid / offer spreads.
• In general, RMB equity products are exposed to the usual kind of default risks that might be associated with equity products denominated in other currencies.