Important Risk Warnings
Investors should note that investment involves risks. 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.

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 A-shares of Stock Connect Northbound Trading include:
  • Transactions under the Northbound or Southbound Trading of Shanghai-Hong Kong Stock Connect / Shenzhen-Hong Kong Stock Connect will not be covered by the Investor Compensation Fund in Hong Kong.
  • 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 and when banks in both markets are open on the corresponding settlement days. 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 some stocks are recalled from the scope of eligible stocks for trading via Stock Connect Northbound Trading, the stocks can only be sold but NOT bought.
  • Investors will be exposed to currency risk if conversion of the local currency into RMB is required.

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.

Investors should not only base on this material alone to make any investment decision, but should read in detail the relevant risk disclosure statements.

    I. General Terms and Conditions

  1. Unless otherwise specified, the offers mentioned in these Terms and Conditions cannot be used in conjunction with other securities service offers of Hang Seng Bank Limited ("the Bank").
  2. In case of any discrepancy between the English and the Chinese versions of these Terms and Conditions, the English version shall prevail.
  3. The offers are not applicable to Commercial customers, Private Banking customers, staff of the Bank and any party who enjoys special privileges and offers.
  4. No person other than the relevant securities customers 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.
  5. These Terms and Conditions are governed by and will be construed in accordance with the laws of the Hong Kong Special Administrative Region.
  6. These Terms and Conditions are subject to prevailing regulatory requirements (where applicable).
  7. The Bank reserves the right to suspend, amend or terminate the offers below and to amend these Terms and Conditions at any time without prior notice. The decision of the Bank on all matters relating to the offers below shall be final and binding on all parties concerned.

  8. Applicable to new securities customers (Section II)

    II. $0 brokerage fee on HK Stocks or Stock Connect Securities buy/sell trades for 3 months

  9. The promotion period of the offers mentioned in this section II is from 1 July 2022 to 30 September 2022 ("Promotion Period").
  10. These offers are applicable to customers who successfully open securities accounts (personal/ joint) under Integrated Accounts of the Bank during the Promotion Period ("New Securities Accounts"), and all of the account holders of the New Securities Account must not hold any securities account (personal/ joint) with the Bank within a period of 6 months preceding the account opening date ("New Securities Customers"). If a New Securities Customer opens more than one New Securities Account during the Promotion Period, only New Securities Account with the earliest account opening date will be eligible for the offers below. The Bank reserves the right of final discretion on which New Securities Account can enjoy the offers.
  11. The trading period of this offer is not less than 3 calendar months, that is till the last calendar day of the 3rd month after the New Securities Account is opened ("Trading Period"), as stipulated below:
    Account Opening Date Trading Period
    1 July 2022 –31 July 2022 Account opening date – 31 October 2022
    1 August 2022 – 31 August 2022 Account opening date – 30 November 2022
    1 September 2022 –30 September 2022 Account opening date – 31 December 2022
  12. Brokerage fee waiver is only applicable to the buy/sell transactions of HK stocks and/or Stock Connect Securities (as defined on point 12), which are conducted by the New Securities Customers via the Bank’s digital trading channels (including Hang Seng Invest Express mobile app (“Invest Express”), Hang Seng Personal e-Banking and Hang Seng Personal Banking Mobile App) and using the New Securities Account during the Trading Period ("Eligible Securities Transaction(s)"). Each New Securities Account can enjoy $0 brokerage fee for Eligible Securities Transactions up to the designated aggregate transaction amount within Trading Period as set out below (“Designated Aggregate Transaction Amount”), which is determined based on the type of integrated account maintained with the Bank. There is no minimum amount for each Eligible Securities Transaction.
    New Securities Customer’s Integrated Account Type Designated Aggregate Transaction Amount
    Signature HKD 5,000,000 equivalents
    Prestige Banking HKD 2,000,000 equivalents
    Preferred Banking or other Integrated Accounts HKD 500,000 equivalents
    1. In respect of the Eligible Securities Transactions, any transaction amount in excess of the Designated Aggregate Transaction Amount will not be eligible to this brokerage fee waiver offer.
    2. In determining whether the Designated Aggregate Transaction Amount is reached:
      1. Eligible Securities Transaction(s) of HK stocks will be taken prior to those for Stock Connect Securities (irrespective of their amount or trade dates).
      2. The transaction amount of an Eligible Securities Transaction excludes any brokerage fee, 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 and capital gain tax, etc.
      3. The transaction amount of Eligible Securities Transaction(s) of Stock Connect Securities will be converted to HKD at the exchange rate determined by the Bank as prevailing on 30 December 2022.
    Illustrative Example (for reference only):
    Scenario: The account opening date of New Securities Account is 11 August 2022 and the New Securities Customer maintains Preferred Banking Account with the Bank.
    Transaction Date Transaction Amount (HKD equivalent) Standard Brokerage Fee (as defined on point 14) Aggregate Transaction Amount (HKD equivalent) Eligible for $0 Brokerage Fee Offer
    15 August 2022 Buy HKD400,000 HKD1,000 HKD400,000 Yes
    23 September 2022 Sell HKD200,000 HKD500 HKD600,000 Partial only, the offer only applies to the first HKD100,000 transaction amount which brings the aggregate transaction amount to the maximum of HKD500,000.
    28 October 2022 Sell HKD20,000 HKD100 HKD620,000 No
  13. “HK stocks” refer to Hong Kong dollar-denominated stocks listed on The Stock Exchange of Hong Kong Limited. “Stock Connect Securities” refer to eligible stocks for Shanghai-Hong Kong Stock Connect Northbound Trading/ Shenzhen-Hong Kong Stock Connect Northbound Trading.
  14. Eligible Securities Transactions exclude locally traded overseas stocks, any listed securities settled by non-Hong Kong dollar (except Stock Connect securities), i-Shares, Exchange Fund Notes, Hong Kong Link retail bonds, Government of HKSAR retail bonds / ibonds, buy/sell transactions of Hang Seng Monthly Investment Plans for Stocks and shares subscriptions of Initial Public Offering (IPO).
  15. The offer is calculated on a per account basis. Customers are required to pay all the standard brokerage fees (i.e. 0.25% of the transaction amount, minimum HKD100 / RMB85 per transaction) ("Standard Brokerage Fee") first in respect of all Eligible Securities Transactions. The brokerage fee reduction amount that customers are entitled to ("Reduction Amount") will then be deposited by the Bank into the HKD/RMB settlement account of the New Securities Account on or before 28 February 2023. The calculation of Reduction Amount for Eligible Securities Transactions will be based on the actual brokerage fee paid for each Eligible Securities Transaction (i.e. Standard Brokerage Fee minus any brokerage fee reduction amount entitled for other securities offers during the Trading Period (if any)). The actual brokerage fee paid 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 and capital gain tax, etc. Customers should still maintain the New Securities Account and the HKD and/or RMB settlement account when the Reduction Amount is credited.
  16. This brokerage fee offer is a reduction of brokerage fee for securities transactions.

  17. Applicable to existing and new securities customers (Sections III, IV and V)

    III. Up to HKD10,000 cash reward for depositing HK stocks

  18. Deposit period of HK stocks (as defined on point 19) ("Deposit Period"):
    • New Securities customers (as defined on point 9): from New Securities Account opening date to 31 October 2022
    • Existing Securities customers (customers holding securities accounts other than the New Securities Customers): from 1 July 2022 to 30 September 2022
    The account opening date on the Bank’s record shall be final and conclusive.
  19. During the Deposit Period, New/Existing Securities Customers who successfully deposit HK stocks via Central Clearing and Settlement System (CCASS) or by physical scrip to New/Existing Securities Account, can receive HKD400 cash reward for every accumulated market value equivalent to HKD300,000 or above deposited to the same New/Existing Securities Account. The offer is calculated on a per account basis. Each New/Existing Securities Account is entitled to receive a cash reward of up to a maximum amount as set out below:
      Cash Reward (based on the integrated account type)
    Signature Prestige Banking Preferred Banking or other Integrated Accounts
    New Securities Customers HKD10,000 HKD6,000 HKD3,600
    Existing Securities Customers HKD3,600
    The calculation of accumulated market value for the HK stocks which are deposited to the New/Existing Securities Account is based on the closing price of 31 October 2022 and excludes transfer between securities accounts within the Bank. Any deposited HK stocks during the Deposit Period with accumulated market value (as calculated and based on the closing price of 31 October 2022) which fall short of HKD300,000 or any part of the accumulated market value in excess of HKD300,000 which falls short of its multiple, will not be eligible to this offer. The amount of cash reward entitled is fixed at HKD400 or its multiple, depending on the accumulated market value of HK stocks deposited.
  20. If the New/Existing Securities Customers withdraw any securities by physical scrip or via CCASS on or before 30 November 2022 from the New/Existing Securities Account to other accounts (regardless of the securities account of the Bank or of other banks), the New/Existing Securities Account will not be eligible to the cash reward.
  21. “HK stocks” refer to Hong Kong dollar-denominated stocks listed on The Stock Exchange of Hong Kong Limited. This offer is not applicable to locally traded overseas stocks, any listed securities settled by non-Hong Kong dollars, i-Shares, Exchange Fund Notes, Hong Kong Link retail bonds, Government of HKSAR retail bonds/ibonds and the value of such securities deposited would not be counted towards the accumulated market value of the deposited HK stocks.
  22. The Bank will credit the cash reward to the HKD settlement account of the New/Existing Securities Account on or before 28 February 2023 and customer should still maintain the New/Existing Securities Account and its HKD settlement account by then.

  23. IV. US Stocks Trading Offers – brokerage fee waiver on the first 30 US stocks buy or sell trades

  24. The promotion period of the offer mentioned in this section IV is from 1 July 2022 to 30 September 2022 (“Promotion Period”).
  25. This offer is only applicable to the customers who successfully activate the US Securities Trading Service available at Invest Express using the securities accounts under the Bank’s Integrated Accounts during the Promotion Period (“Eligible New US Securities Service Account”). To activate the US Securities Trading Service, all of the account holders of the relevant securities accounts (i) must submit the W-8BEN Form or Substitute Form W-8BEN (via Invest Express) to the Bank and the form is successfully processed as valid by the Bank subsequently; and (ii) have to provide the relevant acknowledgement and confirmation as required in Invest Express, including acceptance of the “Agreement for United States ("US") Market Information Display Services”. The US Securities Service Activation Date will be the day on which both (i) and (ii) are met with (“Service Activation Date”). This offer is not applicable to a) Customers or securities accounts which had activated the US Securities Trading Service on or before 30 June 2022; or b) Customers or securities accounts with any US stocks transaction successfully executed via Invest Express on or before 30 June 2022.
  26. The trading period of this offer is not less than 3 calendar months, that is till the last calendar day of the 3rd month after the Service Activation Date ("US Securities Trading Period"), as stipulated below:
    Service Activation Date US Securities Trading Period
    1 July 2022 – 31 July 2022 Service Activation Date – 31 October 2022
    1 August 2022 – 31 August 2022 Service Activation Date – 30 November 2022
    1 September 2022 – 30 September 2022 Service Activation Date – 31 December 2022
  27. Brokerage fee waiver for the first 30 trades: Brokerage fee waiver is only applicable to the first 30 trades of buy or sell transactions of US stocks (as defined on point 25) which are conducted by the securities customers via Invest Express and using the Eligible New US Securities Service Account during the US Securities Trading Period ("Eligible US Securities Transaction(s)"). The first 30 trades will be counted according to the sequence of trade dates. If there are more than one securities transactions for US stocks on the same trade date, the sequence will be determined based on the transaction amount, the highest one will be taken. “Transaction amount” excludes any brokerage fee, custody fee, securities deposit charges, nominee services fee and any third party transaction charges such as transaction levy, stamp duty and trading fee, SEC fee, financial transaction tax etc.
  28. “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) and NYSE ARCA.
  29. The offer is calculated on a per account basis. Customers are required to pay all the standard brokerage fees (i.e. US$0.015 per share with minimum US$15 per transaction) ("Standard Brokerage Fee") first in respect of all Eligible US Securities Transactions. The brokerage fee reduction amount that customers are entitled to ("Reduction Amount") will be converted into HKD at the exchange rate determined by the Bank as prevailing on 30 Decmeber 2022 (thus the Reduction Amount in may be more or less than the actual brokerage fee paid for all Eligible US Securities Transaction due to this conversion) and then be deposited by the Bank into the HKD settlement account of the Eligible New US Securities Service Account on or before 28 February 2023. The calculation of Reduction Amount for Eligible US Securities Transactions will be based on the actual brokerage fee paid for each Eligible US Securities Transaction (i.e. Standard Brokerage Fee minus any brokerage fee reduction amount entitled for other securities offers during the US Securities Trading Period (if any)). The actual brokerage fee paid excludes any custody fee, securities deposit charges, nominee services fee and any third party transaction charges including but not limited to SEC fee, financial transaction tax etc. Customers should still maintain the Eligible New US Securities Service Account and the HKD settlement account when the Reduction Amount is credited.
  30. This brokerage fee offer is a reduction of brokerage fee for securities transactions.

  31. V. Specific Terms and Conditions for the offer of handling fee waiver of IPO subscription on HK stocks

  32. The promotion period of the offer mentioned in this section V is from 1 January 2022 to 31 December 2022 (“Promotion Period”).
  33. This offer is only applicable to IPO on HK Stocks (as defined on point 19).
  34. Unless otherwise specified, the IPO handling fee waiver cannot be used in conjunction with other securities services’ offers regarding IPO handling fee of the Bank.
  35. Securities customers of the Bank who have authorized the Bank to subscribe for IPO shares by using the Bank’s securities account with yellow form or through IPO financing via digital channels (including Invest Express and Hang Seng Personal e-Banking) and the subscription amount has been successfully deducted on the payment date (i.e. the application deadline of the individual IPO and which must be within the Promotion Period), can enjoy IPO handling fee waiver (normally charged at HKD100 per application, and excludes the loan interest of IPO financing application by all-in-fee or any other IPO loan application). The offer is not applicable to any IPO settled in non-Hong Kong Dollars. While the IPO handling fee is waived upfront, the Bank’s securities customers still have to pay 1% brokerage fee and any third party transaction charges such as Transaction Levy, Stamp Duty and Trading Fee, etc. for the relevant IPO subscriptions.


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