Investment > Securities Services > Local Securities Services > Details of Special Order Types and Handling Logic

Investment involves risks and prices of securities may go up or down and may even become valueless. Investors should read the relevant Risk Disclosure Statement before making any investment decision.

Experience more flexibility in your investment by using our two special order types - All-in-One Order and Win-Win Order.

All-in-One Order

All-in-One Order allows you to place a purchase order and a sale order of same security in one go. Once the purchase order is FULLY executed before the market closes on the specified expiry date, ALL the shares/untis bought will be processed automatically according to your preset selling instruction.

You can place your preset selling instruction and experience flexibility in securities trading without focusing on changes on securities price.

All-in-One Order involves 2 order instructions:(1)

(1) Limit Purchase Order Purchase price cannot be lower than 50% of current ask price.
(2) Limit Sale Order or
Stop Loss Order		 Limit Sale Order
Selling price cannot be higher than 1 time of current bid price.
Stop Loss Order
Customers are required to preset the selling price range i.e. Stop Loss Price and Lowest Selling Price:
Stop loss price is defined within 11 spreads and 50 spreads away from current nominal price.
Lowest selling price can be lower than or equal to stop loss price but it cannot be lower than HK$0.01.
Note: Quantity and expiry date of the purchase order and sale order must be the same. Upon receipt of your instruction, a purchase order reference number will be given to you up-front.


Example on How to Process the All-in-One Order

Assume a customer would like to buy 3,000 shares of Stock A at HK$14 and sell at HK$14.50. The order will be expired on 7 August 2009.

When the purchase order is FULLY executed before the market closes on the specified expiry date (i.e., successfully bought 3,000 shares of Stock A on or before 7 August 2009), the system will process the selling instruction automatically and generate a related sale order (i.e., sell 3,000 shares of Stock A at HK$14.50).

For a multiple day order, regardless of the final execution result, the order will be lapsed and cancelled at the close of market on the expiry day or at the time your cancellation request is duly handled, whichever is the earlier. If the purchase order is FULLY executed before the market closes on the specified expiry date and the related sale order is a Stop Loss Order, once the Stop Loss Order is triggered and sent to the market, this order will be lapsed and cancelled after the market close and will NOT be carried forward to the next trading day. If you have enrolled for the instant order confirmation service, the related sale order reference number once generated will be sent via text message to your mobile phone.

Win-Win Order

Win-Win Order is a sale instruction which allows you to sell the securities through a pair of Limit Sale Order and Stop Loss Order. The order will be processed automatically at either of the order types according to changes on nominal price.

You can place preset selling instruction according to prevailing market conditions.

A Win-Win Order involves 2 order instructions:(1)

(1) Limit Sale Order Selling price cannot be higher than 1 time of current bid price.
(2) Stop Loss Order Customers are required to preset the selling price range i.e. Stop Loss Price and Lowest Selling Price:
Stop loss price is defined within 11 spreads and 50 spreads away from current nominal price.
Stop loss price must be 25 spreads lower than selling price.
Lowest selling price can be lower than or equal to stop loss price but it cannot be lower than HK$0.01.
Note: Upon receipt of your instruction, a sale order reference number will be given to you which is the primary reference number you will use regardless of whether the securities are sold at normal limit order type and / or stop loss order type.


Example on How to Process the Win-Win Order

The system will firstly derive:
Mid-Point(2) : to determine whether to create a Limit Sale Order or Stop Loss Order in the first place, mid-point is calculated by the average of the price which is 8 spreads lower than the Limit Selling Price and the Stop Loss Price. i.e. Mid-Point = [(Limit Selling Price - 8 spreads) +Stop Loss Price] / 2
Trigger Point(2) : system will monitor the nominal price against the trigger points to change to either a normal Limit Sale Order or a Stop Loss Order. The trigger points are (i) 10 spreads below the Limit Selling Price and (ii) 4 spreads above the Stop Loss Price.


If the nominal price is above the trigger point of the normal Limit Sale Order, a normal Limit Sale Order will be created. If the nominal price changes and hits the trigger point of the Stop Loss Order, the normal Limit Sale Order will be cancelled automatically and a Stop Loss Order will be triggered.

For a multiple day order, regardless of the final execution result, the order will be lapsed and cancelled at the close of market on the expiry day or at the time your cancellation request is duly handled, whichever is the earlier.

Assume a customer want to sell 200 shares of Stock A at HK$130, stop loss price is HK$120.10 and lowest selling price is HK$108. An order will be expired on 7 August 2009. Nominal Price is HK$125.

i.e.
Limit Selling Price = HK$130
Stop Loss Price = HK$120.10
Lowest Selling Price = HK$108
Mid-Point = [(Limit Selling Price - 8 spreads) + Stop Loss Price] / 2
  = (HK$129.20 + HK$120.10) / 2
  = HK$124.65
Trigger Point (i) = Limit Selling Price - 10 spreads
  = HK$129
                        (ii) = Stop Loss Price + 4 spreads
  = HK$120.50


Since Nominal Price (HK$125) is greater than the Mid-Point (HK$124.65), a Limit Sell Order is generated when the Win-Win Order is placed.



Common Handling for Special Orders
Amendment is not provided. For All-In-One Order, regardless of whether the purchase instruction or the sale instruction is pending for execution, you cannot amend the order. You can cancel the order and place a new order once the cancellation is duly handled.
Orders are not applicable to pre-opening session and will be processed in the continuous trading session.
Orders have to be processed automatically by the system. We do not accept special order placement with exceptions which require manual handling, including but not limited to odd lots, prices below HK$0.01, quantities over 3,000 lots, estimated settlement amount that cannot cover the charges, and orders on securities that do not have a previous closing price etc.

Wide Choice of Trading Channels
Hang Seng Personal e-Banking(3)
Automated Securities Trading Hotline(3)
Manned Securities Trading Hotline(4)
Designated branches(4)

Note:
(1) The Bank reserves the right to change the spreads without prior notice.
All-In-One Order involves 2 instructions, one purchase order and one sale order, both the purchase and sale orders are subject to the brokerage fee (0.25% of transaction amount, minimum HK$100) and the transaction charges charged by third parties such as Transaction Levy, Stamp Duty and Trading Fee, etc.
(2) The Bank reserves the right to change the mechanism without prior notice.
(3) You will not receive personal call to confirm your order placed through these channels. Please use "Order Status" enquiry function to check the updated status of your order.
(4) For all purchase/sale orders placed via the Manned Securities Trading Hotline or at our branches, no phone order confirmation will be conducted for wholly unexecuted orders (i.e. excluding fully executed and partially executed orders) after market closes or the order expiry date. For any "Good Till Date" Order, the Bank will endeavour to notify customers by personal phone call promptly once the order is executed (i.e. partially or fully executed). No extra phone calls will be given for the unexecuted portion of the order after the order expiry date.

The Bank will try its best to process your order but it might NOT be performed due to fluctuation in stock price, insufficient market liquidity, system failure and any event beyond the control of the Bank. The order may be FULLY EXECUTED, PARTIALLY EXECUTED or EVEN UNEXECUTED. The executed price of Stop Loss Order may also be BETTER, EQUAL TO OR WORSE THAN your specified Stop Loss Price but not lower than your Lowest Selling Price.

Important Note:
Customers shall read in detail and understand the special features and the handling procedures content of Special Order Types before using the Special Order service.