Investment involves risk (including the possibility of loss of the capital invested). The prices of securities fluctuate, sometimes dramatically. The price of a security may move up or down, and may become valueless. It is as likely that losses will be incurred rather than profit made as a result of buying and selling securities. Prices of investment products may go up as well as down and may even become valueless. Past performance information presented is not indicative of future performance. Investors should not only base on this material alone to make any investment decision, but should read in detail the offering documents and the relevant risk disclosure statements.

Terms and Conditions for Subscription of Relevant Investment Products to Enjoy Brokerage Fee Coupon Rewards (the "Offer"):

  1. The promotion period of the Offer is from 1 August 2026 to 30 September 2026, both dates inclusive (the "Promotion Period"). The Promotion Period consists of two stages:
    1. Stage 1: 1 August 2026 to 31 August 2026, both dates inclusive;
    2. Stage 2: 1 September 2026 to 30 September 2026, both dates inclusive.
  2. The Offer is only applicable to selected securities customers ("Eligible Customers") who:
    1. has existing sole-named Securities Account(s) under integrated accounts ("Eligible Securities Account(s)") of Hang Seng Bank Limited (the "Bank") during the Promotion Period; and
    2. conducted subscription of "Relevant Investment Products" (as defined in clause 3) to reach the "Designated Investment Amount" (as defined in clause 4) during the Promotion Period; and
  3. "Relevant Investment Products" refer to:
    1. The subscription of investment funds distributed by the Bank via any integrated accounts through general subscription, normal switching, Advanced Switching Service*, and/or Investment Financing Service (under the account number suffix of 388) (but not applicable to fund subscription through Hang Seng Monthly Investment Plan for Funds, fund subscriptions via SimplyFund Account (under the account number suffix of 384), fund units with no subscription fees, money market funds, or other funds/ fund transactions as specified by the Bank from time to time); and/or
    2. The purchase of secondary market bonds via any integrated accounts; and/or
    3. The subscription of Structured Products via any integrated accounts. "Structured Products" includes Structured Notes and Equity-Linked Investments (ELI) but excludes Capital Protected Investment Deposit and MaxiInterest Investment Deposit.
  4. Eligible Customers who subscribe for Relevant Investment Products via any channel of the Bank during any stage of the Promotion Period and accumulate the "Designated Investment Amount "below can receive the following brokerage fee coupons (the "Coupon") in electronic form ( the "Rewards"). Each Eligible Customer can receive the Rewards a maximum of once per stage.
    Designated Investment Amount (HKD or equivalent) Rewards
    HKD100,000 to less than HKD200,000 2 x brokerage fee coupons worth HKD 100 each (HKD200 in total)
    HKD200,000 to less than HKD500,000 4 x brokerage fee coupons worth HKD 100 each (HKD400 in total)
    HKD500,000 or above 10 x brokerage fee coupons worth HKD 100 each (HKD1,000 in total)
  5. About the "Designated Investment Amount": The Designated Investment Amount of Relevant Investment Products will be calculated in Hong Kong dollar. Only the value of completed transactions in the account of Eligible Customer will be counted in determining the Designated Investment Amount, while the value of any cancelled or unsuccessful transactions will be excluded. If Eligible Customers hold more than one account, the cumulative investment amount of the Relevant Investment Product(s) will be combined. Any Relevant Investment Products subscribed through a closed account will not be counted in the Designated Investment Amount. If the Relevant Investment Products invested during the Promotion Period are denominated in currency other than Hong Kong dollar, the Designated Investment Amount within the Promotion Period will be calculated by converting it into Hong Kong dollar based on the exchange rate as determined by the Bank on the last dealing day of each stage.
  6. Any investment application made after the cut-off time of the Relevant Investment Products on the last dealing day of each stage of promotion period will not be regarded as investment application made during the Promotion Period and will not be counted towards the Designated Investment Amount within the Promotion Period. All such applications will be handled on the next dealing day. Please note that the cut-off time for different investment products through different channels may vary. Eligible Customers are advised to check the cut-off time for the Relevant Investment Products with our staff.
  7. No person other than the Eligible Customer and the Bank (which includes its successors and assigns) will have any right under the Contracts (Rights of Third Parties) Ordinance to enforce or enjoy the benefit of any of the provision of these Terms and Conditions.
  8. These Terms and Conditions are governed by and will be construed in accordance with the laws of the Hong Kong Special Administrative Region.
  9. These Terms and Conditions are subject to prevailing regulatory requirements.
  10. The Bank reserves the right to suspend, amend or terminate this Offer and to amend these Terms and Conditions at any time without prior notice. The decision of the Bank on all matters relating to this Offer (including but not limited to the eligibility of the customers to use the brokerage fee coupon(s) based on the Bank's record) shall be final and binding on all parties concerned. In case of any reason the Bank is unable to provide the brokerage fee coupon(s), the Bank reserves the right to substitute the brokerage fee coupon(s) with other gift(s)/offer(s) having approximately the same value as the brokerage fee at any time without prior notice. The nature of the substitute gift(s)/offer(s) may differ from that of the brokerage fee coupon(s).
  11. In case of any discrepancy between the English and the Chinese versions of these Terms and Conditions, the English version shall prevail.

* For details of Advanced Switching Service, please refer to Hang Seng Bank website> Investments> Fund SuperMart or contact our staff.


Brokerage fee coupon fulfillment and notification

  1. The Bank will credit the Rewards in two stages to the Eligible Customer via the Hang Seng Invest Express mobile app ("Invest Express"):
    1. For Eligible Customers who fulfill the eligibility criteria for the Rewards in Stage 1 (1 August 2026 to 31 August 2026), the relevant Rewards will be credited to the Eligible Customers on or before 30 September 2026.
    2. For Eligible Customers who fulfill the eligibility criteria for the Rewards in Stage 2 (1 September 2026 to 30 September 2026), the relevant Rewards will be credited to the Eligible Customers on or before 31 October 2026.
    3. At the time of the Rewards crediting, Eligible Customers must still hold a valid Integrated Account and Eligible Securities Account(s) with the Bank. If an Eligible Customer does not hold an Eligible Securities Account, the Bank reserves the right not to credit the Rewards or request the customer to open Eligible Securities Account within a designated period for crediting the Rewards. If a customer cancels the relevant account prior to the crediting of the Rewards, entitlement to the Rewards will be forfeited.
  2. The Offer is not applicable to securities customers who hold only a joint-named Securities Account(s) under integrated accounts or who hold Share Margin Service account only, Commercial customers, Private Banking customers and any party who enjoys special privileges and offers. The Offer cannot be used in conjunction with other offers for the same product(s) or service(s) of the Bank. The offer of the higher value will be awarded.
  3. The Offer is calculated on a "per-Eligible Customer basis".
  4. On the crediting day, a notification titled "Exclusive gift" stating the number of cards credited will be sent to the Eligible Customer. The alert will be delivered via Hang Seng Invest Express mobile app push notification, email or SMS.
  5. Coupon usage period runs from the date you receive the Coupon up to 31 December 2026 (the "Coupon Usage Period"). During the Coupon Usage Period, the system will automatically apply the Coupon to Eligible Securities Transactions (as defined in clause 27).

How to use the brokerage fee coupon?

  1. The brokerage fee coupon obtained will be applicable at customer level. Each brokerage fee coupon will automatically be used to reduce the brokerage fee in the next executed Eligible Securities Transaction(s) via Invest Express during the Coupon Usage Period. This Offer is provided on a per customer basis, and the brokerage fee reduction is applied upfront (and not in the form of rebate).
  2. In respect of each Eligible Securities Transaction, the actual brokerage fee payable will be calculated by deducting the face value of the relevant brokerage fee coupon from the original brokerage fee (which is the standard brokerage fee minus any brokerage fee deduction amount (if any) entitled for other securities offers). Brokerage fee excludes any custody fee, securities deposit charges, nominee services fee and any third party transaction charges such as transaction levy, stamp duty and trading fee, handling fee, securities management fee, transfer fee, capital gain tax, SEC fee and financial transaction tax etc.
  3. The face value of the brokerage fee coupon is denominated in Hong Kong dollars. Where the settlement currency of an Eligible Securities Transaction is not denominated in Hong Kong dollars, the Bank will convert the coupon value to the settlement currency of such transaction based on the exchange rate determined by the Bank as prevailing at the relevant time for the purpose of the brokerage fee reduction.
  4. If a buy or sell order placed on HK stocks is partially or fully executed in more than one transaction within a single trading day, for the purpose of determining which brokerage fee coupon (if available) to be used for that order as a whole, the Bank will count all the transactions for the same order after the relevant stock market closes on that day to calculate the total amount of original brokerage fee for that order.
  5. If a buy or sell order placed on HK stocks or US stocks is executed via trades across multiple days, trades on different days will be regarded as trades for different orders for the purpose of determining which brokerage fee coupon (if available) to be used.
  6. Each Eligible Securities Transaction can only use one brokerage fee coupon. Each brokerage fee coupon can be used once and not redeemable for cash or credit to bank account. For a brokerage fee coupon used in a transaction, any unused amount of a brokerage fee coupon will be forfeited and will not be refunded.
  7. The brokerage fee coupon obtained from an Eligible Securities Transaction cannot be used in the same transaction.
  8. For an Eligible Securities Transaction, where the Eligible Customers are holding more than one brokerage fee coupons, the Bank will automatically select the Coupon which is closest to the amount of brokerage fee payable and has a lower amount.

    Illustrative example I (for reference only)

    Assuming a customer purchased 500 shares at a price of HKD100 per share for Stock X through Invest Express, then the total transaction amount is HKD50,000 and the standard brokerage fee (i.e. 0.25% of the transaction amount) is HKD125.

    Scenario More than one brokerage fee coupons available for this customer Original brokerage fee brokerage fee coupon automatically selected for use in this transaction Net brokerage fee payable (i.e. after deduction of the brokerage fee coupon face value)
    1 Coupon A – $125
    Coupon B – $100    		 $125 Coupon A – $125 $0
    2 Coupon C – $200
    Coupon D – $150    		 $125 Coupon D – $150# $0
    3 Coupon E – $150
    Coupon F – $100    		 $125 Coupon F – $100 Customer to pay $25

    # The unused amount of $25 will be forfeited and will not be refunded.

  9. For Existing Securities Customers who are eligible for SimplyStock, they can join this campaign. The Coupon will be applied automatically to Eligible Securities Transaction after the HKD300,000 transaction amount (or its equivalent in RMB or USD) in a calendar month via Invest Express in the Coupon Usage Period.
  10. "HK stocks" refer to Hong Kong dollar and Renminbi-denominated stocks listed on The Stock Exchange of Hong Kong Limited. "Stock Connect Securities" refer to A-shares/Exchange Traded Funds (ETFs) listed on the Shanghai Stock Exchange and/or Shenzhen Stock Exchange and eligible for Shanghai-Hong Kong Stock Connect Northbound Trading/Shenzhen-Hong Kong Stock Connect Northbound Trading. "US stocks" refer to Common Stocks (excluding warrants), Exchange Traded Funds (ETFs) and American Depository Receipts (ADRs) traded on New York Stock Exchange (NYSE), Nasdaq Global Market (NASDAQ), NYSE Amex Equities Market (AMEX), NYSE ARCA and Chicago Board Options Exchange (CBOE).
  11. "Eligible Securities Transaction" means a buy or sell transaction of HK stocks, US stocks or Stock Connect Securities conducted in Eligible Securities Account(s) via Invest Express executed during the Coupon Usage Period, but excludes locally traded overseas stocks, any listed securities settled by non-Hong Kong dollar or Renminbi (except US stocks), i-Shares, Exchange Fund Notes, Hong Kong International Airport retail bonds, Government of HKSAR retail bonds/ iBonds/ Silver Bonds/ Government Green Bonds, shares subscriptions of Hang Seng Monthly Investment Plans for Stocks and initial public offering (IPO).
  12. Invest Express is not intended for distribution, download or use by any person in any jurisdiction, country or region where the distribution, download or use of this material is restricted and would not be permitted by law or regulation. If customer is outside of Hong Kong, the Bank may not be authorised to offer or provide customer with the products and services (including "Scratch Rewards") available through Invest Express in the country or region customer is located or resident in.
  13. This Offer is reduction of brokerage fee for Eligible Securities Transaction(s).

Risk Disclosure of Investment Funds

  • Investors should note that all investments involve risks (including the possibility of loss of the capital invested), prices or value of investment fund units may go up as well as down and past performance information presented is not indicative of future performance. Investors should read carefully and understand the relevant offering documents of the investment funds (including the fund details and full text of the risk factors stated therein) and the Notice to Customers for Fund Investing before making any investment decision. Investment funds are investment products and some may involve derivatives. Investors should carefully consider their own circumstances whether an investment is suitable for them in view of their own investment objectives, investment experience, preferred investment tenor, financial situation, risk tolerance abilities, tax implications and other needs, etc., and should understand the nature, terms and risks of the investment products. Investors should obtain independent professional advice if they have concerns about their investment.

Risk Disclosure of Equity Linked Investments ("ELIs")

  • Equity Linked Investments ("ELIs") involve derivatives. You should not only base on this material alone to make any investment decisions. The investment decision is yours and you should not invest in ELIs unless the intermediary who sells it to you has explained to you that the product is suitable for you having regard to your financial situation, investment experience and investment objectives.
  • ELIs are considered as a complex product and you should exercise caution in relation to ELIs. The market value of the ELIs may fluctuate and you may sustain a total loss of their investment. You should therefore ensure that you read and understand the nature of the ELIs and the relevant offering documents of the ELIs (including the full text of the risk factors therein) and, where necessary, seek independent professional advice, before making any investment decisions.
  • Liquidity risk - ELIs are designed to be held to its maturity. You may not be able to sell your investment in the ELIs before maturity. If you try to sell the ELIs before maturity, the amount you receive may be substantially less than the investment amount.
  • Credit risk of the ELI issuer - ELIs constitute general unsecured and unsubordinated contractual obligations of the issuer. When you buy ELIs, you will be relying on the creditworthiness of the ELI issuer and of no other person. You have no rights under the terms and conditions of ELIs against any issuer of any linked stock. If the relevant ELI issuer becomes insolvent or default on its obligations under the ELIs, in the worst case scenario, you could lose substantial part or all of the capital invested. ELIs may be terminated early by the Issuer.
  • Some ELIs are partially capital protected at maturity provided that you hold the ELIs until maturity and the ELIs are not otherwise early terminated.
  • Investing in ELIs is not the same as investing in the linked reference asset(s) directly.
  • Not covered by the Investor Compensation Fund - ELIs are not traded on any markets operated by Hong Kong Exchanges and Clearing Limited or any other stock exchanges. There may not be an active or liquid secondary market.
  • The above is not an exhaustive list of risk factors. For details, please refer to the offering documents.

Risk Disclosure of Structured Notes

  • Structured notes involve derivatives. You should not only base on this material alone to make any investment decisions. The investment decision is yours and you should not invest in the product unless the intermediary who sells it to you has explained to you that the product is suitable for you having regard to your financial situation, investment experience and investment objectives and you fully understand and are willing to assume the risks associated with it.
  • Structured notes are considered as a complex product and you should exercise caution in relation to Structured note. The market value of the structured notes may fluctuate and investors may sustain a total loss of their investment. You should therefore ensure that you read and understand the nature of structured notes and the relevant offering documents of the structured notes (including the full text of the risk factors therein) and, where necessary, seek independent professional advice, before making any investment decisions.
  • Credit risk of the Issuer - structured notes constitute general unsecured and unsubordinated contractual obligations of the Issuer. When you buy structured notes, you will be relying on the creditworthiness of the Issuer and of no other person. You have no rights under the terms and conditions of the structured notes against any issuer of any linked underlying(s). If the Issuer becomes insolvent or default on its obligations under the product, in the worst case scenario, you could lose substantial part or all of the capital invested. The structured notes may be terminated early by the issuer.
  • Some structured notes are 100% capital protected at maturity provided that it is not otherwise early terminated by the Issuer.
  • Investing in structured notes are not the same as investing in the linked reference asset(s) directly.
  • The structured notes are not normal time deposits, and they are not protected by the Deposit Protection Scheme in Hong Kong.
  • Not covered by the Investor Compensation Fund – structured notes are not traded on any markets operated by Hong Kong Exchanges and Clearing Limited or any other stock exchanges. There may not be an active or liquid secondary market.
  • The above is not an exhaustive list of risk factors. For details, please refer to the offering documents.

Risk Disclosure of Bonds

  • Bonds are investment products. The investment decision is yours but you should not invest in a bond unless the intermediary who sells it to you has explained to you that the bond is suitable to you having regard to your financial situation, investment experience and investment objectives. Your intermediary is under a duty to assure that you understand the nature and risks of this product, and that you have sufficient net worth to be able to assume the risks and bear the potential losses of trading in this product.
  • Bonds are not deposits and should not be treated as substitute for conventional time deposits.
  • Bonds are not a protected deposit and is not protected by the Deposit Protection Scheme in Hong Kong.
  • Investors who purchase bonds are exposed to the credit risk of the issuer and guarantor (if any) of the bonds. There is no assurance of protection against a default by the issuer/guarantor in respect of the repayment obligations. In the worst case scenario, any failure by the issuer and the guarantor (if any) to perform their respective obligations under the bonds when due may result in a total loss of all of your investment.
  • Renminbi (RMB) is not a freely convertible currency. As such, investors trading bonds denominated in RMB are subject to additional risks (such as currency risk).
  • The above is not an exhaustive list of risk factors. Please refer to the section on "Risk Factors" in the relevant "Bond Trading Services" Factsheet to understand other risk factors applicable to bonds.
  • The information displayed does not constitute nor is it intended to be construed as any professional advice, offer, solicitation or recommendation to deal in Bonds. Investors should be aware that all investments involve risks (including the possibility of loss of the capital invested). The prices of Bonds may go up as well as down and past performance is not indicative of future performance. Investors should not only base on this information alone to make investment decisions, and should carefully consider whether an investment is suitable for them in view of their own investment objectives, investment experience, investment tenor, financial situation, risk tolerance abilities, tax implications and other needs, etc., and should read the relevant product offering documents and terms and conditions (including the full text of the risk factors therein) in detail before making any investment decisions. Investors should obtain independent professional advice if they have concerns about their investment.
  • No guarantee, representation, warranty or undertaking, express or implied, is made as to the fairness, accuracy, timeliness, completeness or correctness of any general financial and market information, news services and market analysis, projections and/or opinions ("Market Information") provided above and the basis upon which any such Market Information have been made, and no liability or responsibility is accepted by the Bank in relation to the use of or reliance on any such Market Information whatsoever provided in the information.
  • Investors must make their own assessment of the relevance, accuracy and adequacy of the information provided and make such independent research/investigations as they may consider necessary or appropriate for the purpose of such assessment. The Bank does not make any representation or recommendation or assessment as to whether or not any of the investment(s) mentioned are suitable or applicable to any persons and thus shall not be held responsible in this regard.

Risk of investing in securities via Stock Connect Northbound Trading

Investors should note that investing in different Renminbi-denominated securities and products involves different risks (including but are not limited to currency risk, exchange rate risk, credit risk of issuer / counterparty, interest rate risk, liquidity risk (where appropriate)). The key risks of investing in securities via the Stock Connect Northbound Trading include:

  • Once the respective quota is used up, trading will be affected or will be suspended.
  • Stock Connect Northbound Trading will only operate on days when both markets are open for trading. Investors should take note of the days the Stock Connect Northbound Trading is open for business and decide according to their own risk tolerance whether or not to take on the risk of price fluctuations in securities during the time when Stock Connect Northbound Trading is not trading.
  • When a security is recalled from the scope of eligible securities for trading via Stock Connect Northbound Trading, that security can only be sold but NOT bought.
  • Investors will be exposed to currency risk if conversion of the local currency into RMB is required.

Risk of investing in foreign securities

  • Foreign securities carry additional risks not generally associated with securities in the domestic market. The value or income (if any) of foreign securities may be more volatile and could be adversely affected by changes in many factors. Client assets received or held by the licensed or registered person outside Hong Kong are subject to the applicable laws and regulations of the relevant overseas jurisdiction which may be different from the Securities and Futures Ordinance (Cap.571) and the rules made thereunder. Consequently, such client assets may not enjoy the same protection as that conferred on client assets received or held in Hong Kong.

Risk of investing in Exchange Traded Fund ("ETF")

  • Investors should note that ETF is different from a typical unit trust and many factors will affect its performance. In general, the market price per ETF unit may be significantly higher or lower than its net asset value per unit due to market demand and supply, liquidity, and scale of trading spread in the secondary market and will fluctuate during the trading day. ETF is different from stocks, investors should read the offering documents of the relevant ETF and understand the features and risks of ETF etc.

RMB Currency Risk

  • Renminbi ("RMB") is subject to exchange rate risk. Fluctuation in the exchange rate of RMB may result in losses in the event that the customer subsequently converts RMB into another currency (including Hong Kong Dollars). Exchange controls imposed by the relevant authorities may also adversely affect the applicable exchange rate. RMB is currently not freely convertible and conversion of RMB may be subject to certain policy, regulatory requirements and/or restrictions (which are subject to changes from time to time without notice). The actual conversion arrangement will depend on the policy, regulatory requirements and/or restrictions prevailing at the relevant time.

Foreign Exchange Risk

  • Foreign Exchange involves exchange rate risk. Fluctuations in the exchange rate of a foreign currency may result in gains or losses in the event that the customer converts HKD to foreign currency or vice versa.