滬港通

滬港通是一項互聯互通機制,香港和國際投資者可以通過香港聯交所(以下簡稱“SEHK”)及其清算所交易並清算上海證券交易所(以下簡稱“SSE”)的上市股票。盈透作為SEHK會員,您可通過盈透快速穩定地訪問SSE並交易其上市產品。當前所有具備香港股票交易許可的盈透客戶均可通過滬港通交易SSE的證券。

 

通過滬港通交易的產品類型

SSE擁有不同類型的掛牌證券,但滬港通初始階段只能交易A(在中國證券交易所交易的大陸公司股票)。這包括所有上證180指數與上證380指數的成分股,以及雖不在相關指數成分股內但有股票同時在SSE以及SEHK上市的H股。

點擊此處查看產品列表和股票代碼:

 

在IB交易SSE證券的傭金

與交易港股的佣金相同,IB只向客戶收取交易額的0.08%作為佣金費用,每筆定單的最低佣金為15元人民幣。交易所要求的交易所費用、清算費用和印花稅將另行徵收。費率詳情于下方列出。您還可在我公司網站查看固定式傭金結構與階梯式傭金結構的對比情況。

交易所費用、清算費用以及印花稅

固定式和階梯式佣金結構對比

 

清算和結算週期

股票于當天結算(T),而SSE交易的現金結算于1日后進行(T+1)。請注意,外匯結算週期為(T+2)。因此,由於結算週期不同步,交易離岸人民幣的客戶應于股票交易的前一日(T-1)執行外匯交易,以避免不必要的利息。

 

SSE交易時段(香港時間)

交易時段

SSE交易時間

開盤集合競價

09:15 – 09:25

連續競價(上午)

09:30 – 11:30

連續競價(下午)

13:00 – 15:00

09:20 – 09:25:SSE不受理取消定單的請求

 

限價

SSE證券的限價範圍為在前一日收盤價的基礎上上下波動10%(特殊的股票可上下波動5%)。所有定單必須在限價範圍之內(包括限價)。價格上限和下限當日保持不變。

請注意,SEHK擬於滬港通初始階段將動態價格檢查定為3%(該數值可能偶爾會被調整) 

 

投資額度

滬港通設有跨境投資額度上限(即總額度)和每日額度。SSE的投資總額度為3000億元,每日額度為130億元。二者按“凈買入”來計算。據此,SSE賣盤額度無限制,客戶可隨意賣出其SSE股票。一旦每日額度在連續競價期間跌破0,交易所將不再接受任何買單。IB會在額度用盡時通知客戶。SEHK也將在其網站上發佈總額度和每日額度的余額。

 

定單限制

對於SSE股票而言,僅限價單(SSE限價單可以特定或更好的價格成交)可全天候自由下單。於此同時,所有SSE股票的每手交易單位統一為100股。買單的股票數量必須為每手交易單位的倍數;賣單則可接受零星股。不允許定單修改。如果您想修改定單,必須先取消定單,并在成功取消后重新下單。

 

其他應該注意的交易限制

a)       大陸的A股市場不能進行日內交易。因此,購買SSE證券的香港和海外投資者只能在T+1當天或之後賣出股票。

b)       SSE股票沒有大宗交易機制。

c)        滬港通初始階段,SSE股票不能進行賣空交易。

d)       滬港通初始階段,IB不提供保證金交易。

 

 

如果您對滬港通有更多疑問,請聯繫IB客戶服務獲取進一步的信息。

電話: +852-2156-7907 / +86(21)6086 8586

郵件: cnhelp@interactivebrokers.com


 

 

沪港通

沪港通是一项互联互通机制,香港和国际投资者可以通过香港联交所(以下简称“SEHK”)及其清算所交易并清算上海证券交易所(以下简称“SSE”)的上市股票。盈透作为SEHK会员,您可通过盈透快速稳定地访问SSE并交易其上市产品。 当前所有具备香港股票交易许可的盈透客户均可通过沪港通交易SSE的证券。

 

通过沪港通交易的产品类型

SSE拥有不同类型的挂牌证券,但沪港通初始阶段只能交易A 股(在中国证券交易所交易的大陆公司股票)。这包括所有上证180指数与上证380指数的成分股,以及虽不在相关指数成分股内但有股票同时在SSE以及SEHK上市的H股。

点击此处查看产品列表及股票代码

 

在IB交易SSE证券的佣金

与交易港股的佣金相同,IB只向客户收取交易额的0.08%作为佣金费用,每笔定单的最低佣金为15元人民币。交易所要求的交易所费用、清算费用以及印花税将另行征收。汇率详情于下方列出。您还可在我公司网站查看固定式佣金结构与阶梯式佣金结构的对比情况。

交易所费用 、清算费用以及印花税

固定式和阶梯式佣金结构对比

 

清算和结算周期

股票于当天结算(T),而SSE交易的现金结算于一日后进行(T+1)。 请注意,外汇结算周期为(T+2)。因此,由于结算周期不同步,交易离岸人民币的客户应于股票交易的前一日(T-1)执行外汇交易以避免不必要的利息。

 

SSE交易时段(香港时间)

交易时间

SSE交易时间

开盘集合竞价

09:15 – 09:25

连续竞价(上午)

09:30 – 11:30

连续竞价(下午)

13:00 – 15:00

 09:20 – 09:25:SSE不受理取消定单的请求

 

限价

SSE证券的限价范围为在前一日收盘价的基础上上下波动10%(特殊的股票可上下波动5%)。所有定单必须在限价范围之内(包括限价)。价格上限和下限当日保持不变。

请注意,SEHK拟于沪港通初始阶段将动态价格检查定为3%(该数值可能偶尔会被调整)

 

投资额度

沪港通设有跨境投资额度上限(即总额度)与每日额度。SSE的投资总额度为3000亿元,每日额度为130亿元。二者按“净买入”来计算。据此,SSE卖盘额度无限制,客户可随意卖出其SSE股票。一旦每日额度在连续竞价期间跌破0,交易所将不再接收任何买单。IB会在额度用尽时通知客户。SEHK也将在其网站发布总额度与每日额度的余额。

 

定单限制

对于SSE股票而言,仅限价单(SSE限价单可以特定或更好的价格成交)可全天候自由下单。与此同时,所有SSE股票的每手交易单位为100股。买单的股票数量必须为每手交易单位的倍数;卖单则可接收零星股。不允许定单修改。如果您想修改定单,必须先取消定单,并在成功取消后重新下单。

 

其他应该注意的交易限制

a)       大陆的A股市场不能进行日内交易。因此,购买SSE证券的香港和海外投资者只能在T+1当天或之后卖出股票。

b)       SSE股票没有大宗交易机制。

c)        沪港通初始阶段,SSE股票不能进行卖空交易。

d)       沪港通初始阶段,IB不提供保证金交易。

 

如果您对沪港通有更多疑问,请联系IB客户服务获取进一步的信息

电话: +852-2156-7907 / +86(21)6086 8586

邮件: cnhelp@interactivebrokers.com

Shanghai – Hong Kong Stock Connect

Shanghai – Hong Kong Stock Connect is a mutual market access program through which Hong Kong and international investors can trade shares listed on the Shanghai Stock Exchange (SSE) via the Stock Exchange of Hong Kong (SEHK) and their existing clearing house. As a member of SEHK, IB provides you with direct access to SSE and help you to trade with all listed products on the Shanghai Stock Exchange. All current IB clients with Hong Kong stock trading permissions will be eligible to trade SSE securities through Shanghai-Hong Kong Stock Connect.

 
Shanghai – Hong Kong Stock Connect Products
Among the different types of SSE-listed securities, only A shares (shares in mainland China-based companies that trade on Chinese stock exchange) will be included in the initial stage of the Shanghai-Hong Kong Stock Connect implementation. This includes all the constituent stocks of the SSE 180 Index, SSE 380 Index and all the SSE-listed A shares that are not included as constituent stocks of the relevant indices but have corresponding H shares listed on the SEHK.
Click here to see the product list and stock codes:
 
 
IB commission for trading SSE securities
Same as trading Hong Kong stocks, IB charges only 0.08% of trade value as a commission with a minimum CNH 15 per order. Exchange fees, clearing fees and stamp duty are required by the exchange and will be changed separately. The detailed fee rate can be find below. Comparison between fixed and tiered commission structures can also be found on our website.   
 
 
Clearing and settlement cycle
Stock settlement is within the same day (T) while cash settlement for SSE trades takes place one day later (T+1). Please be aware that the Forex settlement cycle is (T+2). Therefore, due to the unsynchronized settlement cycle, clients who exchange CNH themselves should execute the Forex trade one day prior to the stock trade (T-1) to avoid the extra day’s interest payment.
 
 
Trading hours for SSE (Hong Kong Time)

Trading Session
SSE Trading Hours
Opening Call Auction
09:15 – 09:25
Continuous Auction (Morning)
09:30 – 11:30
Continuous Auction (Afternoon)
13:00 – 15:00

09:20 – 09:25: SSE will not accept order cancellation

 
Trading price limit
For SSE securities, there is a general price limit of +/-10% (+/-5% for stocks under special treatment) based on the previous day closing price. All orders must be at or within the price limit. The upper and lower price limit will remain the same intra-day.
Please also note that during the initial phase of the launch, SEHK intends to set the dynamic price checking at 3% (the percentage maybe adjusted periodically).
 
 
Investment quota
Shanghai - Hong Kong Stock Connect is subject to a maximum cross-boundary investment quota (i.e. Aggregate Quota) and a daily Quota. The Aggregate Quota and Daily Quota through SSE is set at RMB 300 billion and RMB 13 billion respectively. Both the Aggregate Quota and Daily Quota are applied on a “net buy” basis. Under this principle, customers are allowed to sell their SSE securities regardless of the quota balance. Once the Daily Quota drops to zero or is exceeded during a continuous auction session, NO further buy orders will be accepted. IB will inform clients once the quota limitation is reached. SEHK will also publish the remaining balance of the Aggregate Quota and Daily Quota on the website.
 
 
Order limitation
For SSE securities, only limit orders (SSE limit orders can be matched at the specified or better price) will be accepted throughout the day. Meanwhile, all SSE securities are subject to the same trading board size, which is 100 shares. Buy orders must be multiples of a board lot; odd lot trading is only available for sell orders. Order amendment is NOT allowed. If you want to amend the order, you must cancel the order first and place a new order after the previous one is successfully cancelled.
 
 
Other trading limitations 
a)      Day trading is not allowed for the Mainland A shares market. Therefore HK and overseas investors buying SSE securities on day-T can only sell the shares on or after T+1.
b)      For SSE Securities, block trade facility will not be available.
c)       For SSE Securities, shorting is not allowed during the initial phase of the launch.
d)      IB will not be facilitating margin trading during the initial phase of the launch.
 
 
If you have any questions regarding Shanghai – Hong Kong Stock Connect, please contact IB customer service for further information. 
Tel: +852-2156-7907 / +86(21)6086 8586
Email: cnhelp@interactivebrokers.com

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IPO Considerations

An Initial Public Offering, or IPO, is defined as the first sale of stock by a company to the public. As IB generally does not operate as an underwriter or selling agent of IPO shares, the first opportunity customers have to transact in such shares does not take place until the issue begins trading in the secondary market.  Outlined below are key issues which customers should consider when transacting in shares on their first day of listing:

 

1. Margin

As IPOs are inherently subject to a high degree of uncertainty as to price and liquidity once secondary market trading begins, each new issue is subject to a review to determine whether initial and maintenance margin requirements above the minimum which is required by regulation is warranted. Current margin information is made available through the "Check Margin" feature on the trading platform. Customers should also note that IB reserves the right to change margin on an intraday basis and without advance notice when warranted.

 

2. Order Entry

IB monitors for upcoming IPOs and makes every effort to provide customers the ability to enter orders in advance of the day at which trading begins in the secondary market.  In certain circumstances, either IB and/or the exchange may impose restrictions on the type of orders which may be accepted as well as the time in force conditions associated with such orders.  It should also be noted that orders not direct-routed to the primary exchange may be subject to special auction handling and therefore may receive a different opening print from that of the primary exchange.  In addition, as the price at which the issue trades once available in the secondary market may differ significantly from the IPO price, customers are strongly encouraged to use limit orders when.

 

3. Short Availability

Customers should assume that IPO issues will not be available for shorting immediately upon trading in the secondary market. This limitation is a function of regulations which require the broker to locate and make a good faith determination that shares are available to borrow at settlement coupled with the likelihood that such shares will not be available (due to underwriter lending restrictions and the fact that secondary market transactions have not yet settled).  

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