In order to enter the securities market, investors need to have a necessary understanding of the account opening procedures, order placing channels, order placing forms, transaction costs and trading time in the Hong Kong market.
I. Opening a securities account
When an investor opens an account in a securities company, he must fill in the account opening form and sign a customer contract. The Code of Conduct for Registrants of the Securities and Futures Commission sets out the requirements for customer contracts (requiring the designation of risk disclosure statements).
As the client contract is a legal document binding on investors, investors must confirm that all information is true before signing the client contract. In case of doubt, investors should seek legal advice.
In order to protect their own interests, investors should personally go to the office of the securities company to open an account. Before trading securities, investors should know the channels and forms of placing orders, the calculation of commissions, and the collection methods of interest and other fees.
Second, the ordering channel
Generally speaking, investors can place orders with exchange participants (such as securities companies) by telephone or internet, or they can place orders in the office of securities companies in person. Investors need to specify the name (or code), quantity and price of the securities to be bought and sold when placing an order. In the whole transaction process, investors will receive two notices, namely acceptance and liquidation.
After AMS/3 is fully implemented, investors can place orders with exchange participants in person or by telephone, and they can also choose any of the following "investor contact market channels".
(1) AMS/3 channel: directly supported by HKEx, investors can place orders through the online facilities of the Stock Exchange.
(2) Private Line Network System (PNS): ORS channel connecting HKEx is provided by PNS supplier; ORS can send investors' buying and selling instructions to the market through exchange participants. Investors can use the channels provided by PNS suppliers, that is, through the Internet, mobile phones and other electronic channels to place orders;
⑶ Broker-only channel: namely, the broker's own system (BSS) provided by individual exchange participants. Investors can place orders on the Internet or mobile phones through channels provided by exchange participants.
Third, the order form
When placing an order, investors can choose from three forms: market price, price limit and stop loss. The details are as follows:
1, market price: the customer instructs the broker to buy and sell at the current market transaction price (market price). Buy at the first sight and sell at the first sight. Trading at the market price cannot guarantee that the business entrusted by the customer will be concluded at the same price, and the transaction price may fluctuate with the market situation.
2. Limit order: Limit the highest or lowest price of investors' transactions. When buying securities, investors must clearly indicate to the staff of the securities company the highest purchase price they are willing to buy. If an investor wants to sell securities, he must issue a minimum selling price to the securities company. The securities company can only sell securities for him if the stock price is equal to or higher than the minimum selling price. However, when placing an order at the limit plate, the customer needs to clearly indicate the validity period. On the day of placing an order, if it is not executed at the closing time, the limit order will be automatically cancelled, which is called "today's order". If the customer chooses "no order", the broker will list for the customer every day until the sale is completed at the instruction price.
3. Stop loss: After investing in stocks, if investors are afraid that the stock price will be unfavorable to them, they can set a stop loss order in advance on the same day to ensure profitability. The main function of stop-loss disk is to limit the loss of investors. If the price of securities held by investors falls, and the decline continues
Then, investors can sell securities when the stock price falls to a predetermined price to limit losses.
Fourth, transaction costs.
Investors need to pay commission (0.25%), exchange fee (0.0 12%), government fee (0. 1%), board-to-board fee and other fees (HK$ 2.5 each).
1. commission: both parties to the transaction shall pay commissions to the entrusted securities company (or bank) respectively. The level of commission is determined by investors and securities companies, but the HKEx has a minimum brokerage commission. The commission charged by a securities company for each transaction should not be less than 0.25% of the transaction amount, and the minimum fee for each transaction ranges from HK$ 50 to HK$ 65,438+050, depending on the specific regulations of each securities company.
2. Transaction fee: The unilateral transaction fee charged by HKEx is 0.005% of the transaction amount, and the share of transaction fee levied by CSRC is 0.005%. In March, 20001,the Financial Secretary announced that the transaction levy would increase by 0.002%, and this part of the transaction levy would be allocated to the new compensation fund until the fund increased to HK$ 654.38 billion.
The HKEx collects trading system usage fees from exchange participants, and buyers and sellers need to pay 0.50 yuan for each transaction. Whether exchange participants will charge this fee to customers is decided jointly by exchange participants and customers.
3. Government expenses: In March of 200 1 year, the ad valorem stamp duty rate payable by both parties for each share transaction was reduced from 0. 1 125% of the transaction amount to 0. 1%.
4. Transfer fee
Transfer paper Stamp Duty: No matter how many shares are sold, transfer paper Stamp Duty must be paid to the government according to each new transfer paper HK$ 5 yuan, and the registered shareholder (i.e. the first-hand seller) is responsible for the payment.
Transfer fees: No matter how many shares are sold, listed companies will charge new shares of transfer fees at a price of HK$ 2.5 per share, which will be paid by the buyer.
5. Trading hours in the stock market
1. The trading hours of the stock market (Monday to Friday) are as follows: the trading hours of the Hong Kong Stock Exchange have been adjusted several times, and the current trading hours are: pre-market trading hours: 9: 00 am to 9: 30 am trading hours: 09: 30 am to12: 00 noon break time:12: 00 am. There is no afternoon trading on Christmas Eve, New Year's Eve or Lunar New Year's Eve.
2. The Hong Kong Exchanges and Clearing Limited has implemented the closing bidding transaction on Monday, May 26th, 2008; The closing time of the normal trading day of the securities market is extended 10 minutes to 16: 10. At the same time, the closing time of stock index futures and options contracts was extended from 16: 15 to 16:30 (except the last trading day of each month). As for the half-day market (for example, 65438+February 24th, 65438+February 3rd1or the day before the first day of the first lunar month), the trading time of the securities market is extended from 12: 30 to 12: 40, and the closing time of stock index futures and options contracts is also changed from/kloc-0.
3. On March 23rd, 2009, Hong Kong stocks cancelled the closing bidding mechanism.
4. In order to consolidate its position as an international financial center, Hong Kong Exchanges and Clearing Limited will extend the trading hours of the stock market in two stages. From March 7, 20 1 1, the trading hours of the Hong Kong stock market are divided into 9: 30 am to 4: 00 pm, and the afternoon is divided into midday closing hours from 12 to 1: 30, which is extended from 4 hours to 5 hours every day; From March 20 12, the lunch break will be shortened by 30 minutes, and the lunch break will be from noon to next afternoon 1 hour, and the trading period will be extended to 5.5 hours per day.