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 not only base on this material alone to make any investment decision, but should read in detail in 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.

Applicable to new securities customers (Section II, III & IV)

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

  1. The promotion period of the offers mentioned in this section II is from 1 January 2022 to 31 March 2023 ("Promotion Period").
  2. 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.
  3. 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 January 2023 – 31 January 2023

    Account opening date – 30 April 2023

    1 February 2023 – 28 February 2023

    Account opening date – 31 May 2023

    1 March 2023 – 31 March 2023

    Account opening date – 30 June 2023

  1. 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 online trading channels (including Hang Seng Invest Express mobile app (“Invest Express”), Hang Seng Personal e-Banking and Hang Seng Personal Mobile App) and using the New Securities Account during the Trading Period ("Eligible Securities Transaction(s)"). There is no limit on the number of Eligible Securities Transaction(s) which can enjoy these offers and no minimum amount for each Eligible Securities Transaction.
  2. “HK stocks” refer to Hong Kong dollar-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.
  3. 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).
  4. 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 31 August 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.
  5. This brokerage fee offer is a reduction of brokerage fee for securities transactions.

III. Up to HKD8,000 cash reward on HK Stocks or Stock Connect Securities buy/sell trades

  1. New Securities Customer (as defined on point 9) can enjoy an extra 3 months’ Cash Reward Period (“Cash Reward Period”) after the Trading Period as mentioned on point 10. Details as below:

    Account Opening Date

    Cash Reward Period

    1 January 2023 – 31 January 2023

    1 May 2023 – 31 July 2023

    1 February 2023 – 28 February 2023

    1 June 2023 – 31 August 2023

    1 March 2023 – 31 March 2023

    1 July 2023 – 30 September 2023

  1. his offer is applicable to buy/sell transactions of HK stocks and/or Stock Connect Securities (each as defined on point 12) which are conducted by the New Securities Customers via the Bank’s online trading channels (including Invest Express, Hang Seng Personal e-Banking and Hang Seng Personal Mobile App) and using the New Securities Account during the Cash Reward Period ("Eligible Securities Transaction(s)"). The amount of cash reward is fixed at HKD100 for each Eligible Securities Transaction, irrespective of the transaction amount. This offer is calculated on a per account basis. Each New Securities Account may receive a cash reward of up to HKD8,000.
  2. Eligible Securities Transactions for this offer 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).
  3. The Bank will credit the cash reward to the HKD settlement account of the New Securities Account on or before 30 November 2023 and customer should still maintain the New Securities Account and its HKD settlement account by then.

IV. Account Opening Reward for Preferred Banking

  1. New Securities Customer (as defined on point 9) who opens a Securities Account under his/her new Preferred Banking Account during the promotion period from 1 January 2023 to 31 March 2023 is entitled to USD25 cash reward. Terms and Conditions applies. For details, please contact our branch staff or visit hangseng.com/prfpromo.

Applicable to existing and new securities customers (Sections V,VI, VII and VIII)

V. Up to HKD12,000 cash reward for depositing HK stocks

  1. Deposit period of HK stocks (as defined on point 24) ("Deposit Period"):
    • New Securities Customer (as defined on point 9): from New Securities Account opening date to 30 April 2023
    • Existing Securities Customer (customers holding securities accounts other than the New Securities Customers): from 1 January 2023 to 31 March 2023

    The account opening date on the Bank’s record shall be final and conclusive.

  2. 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

    HKD12,000

    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 28 April 2023 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 28 April 2023) 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.
  3. If the New/Existing Securities Customers withdraw any securities by physical scrip or via CCASS on or before 31 May 2023 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.
  4. “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.
  5. The Bank will credit the cash reward to the HKD settlement account of the New/Existing Securities Account on or before 31 August 2023 and customer should still maintain the New/Existing Securities Account and its HKD settlement account by then.

VI. Unlimited $0 brokerage fee on US Stocks buy/sell trades for 3 months

  1. The promotion period of the offer mentioned in this section VI is from 1 January 2022 to 31 March 2023 (“Promotion Period”).
  2. 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 31 December 2022; or b) Customers or securities accounts with any US stocks transaction successfully executed via Invest Express on or before 31 December 2022.
  3. 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 January 2023 – 31 January 2023

    Service Activation Date – 30 April 2023

    1 February 2023 – 28 February 2022

    Service Activation Date – 31 May 2023

    1 March 2023 – 31 March 2022

    Service Activation Date – 30 June 2023

  4. Brokerage fee waiver is only applicable to buy or sell transactions of US stocks (as defined on point 30) 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)").
  5. “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.
  6. 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 deposited by the Bank into the USD settlement account of the Eligible New US Securities Service Account on or before 31 August 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 USD settlement account when the Reduction Amount is credited.
  7. This brokerage fee offer is a reduction of brokerage fee for securities transactions.

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

  1. The promotion period of the offer mentioned in this section VII is from 1 January 2023 to 31 March 2023 (“Promotion Period”).
  2. This offer is only applicable to IPO on HK Stocks. “HK stocks” refer to Hong Kong dollar-denominated stocks listed on The Stock Exchange of Hong Kong Limited. This offer is not applicable to any IPO settled in non-Hong Kong Dollars, 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.
  3. 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.
  4. 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). 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.

 

VIII. Up to HKD600 handling fee waiver for Monthly Investment Plan for Stocks

  1. The promotion period of the offer mentioned in this section VII is from 1 January 2023 to 31 March 2023 (“Promotion Period”).
  2. Customers who set up a new Hang Seng Monthly Investment Plan for Stocks ("Eligible Stock Plan") through Hang Seng Personal e-Banking by using Monthly Investment Plan for Stocks Account (“Eligible Account”), but excluding amendment to any existing Hang Seng Monthly Investment Plan for Stocks, and meet the following requirements, can enjoy stock handling fee waiver for the first year of up to a maximum of HKD600 (“Eligible Customers”). Only one Eligible Stock Plan will be entitled to this offer for each Eligible Account:
    1. Have not set up and/or cancelled any Monthly Investment Plan for the same stock via the same Eligible Account within a period of 3 months preceding the set up date of the relevant Eligible Stock Plan, and
    2. Successfully pay the required monthly investment amount by direct debit on the designated payment date for 12 consecutive calendar months starting from the plan set-up month of the relevant Eligible Stock Plan
  3. The offer is calculated on a per account basis. If Eligible Customer terminates the Eligible Stock Plan or is unable to make any contribution within 12 consecutive calendar months after paying (and including) the first monthly investment amount for any reason, this offer will be forfeited. Eligible Customer will not be eligible for this offer again even if he/ she sets up another Monthly Investment Plan for the same stock via the same Eligible Account after such termination.
  4. Eligible Customer is required to pay stock handling fee (stock handling fee is equivalent to 0.25% of the monthly investment amount for the Monthly Investment Plan for Stocks, minimum HKD50) with regard to the Eligible Stock Plan first. In respect of an Eligible Account, the stock handling fee reduction amount entitled ("Reduction Amount") will be the lower of (i) HKD600 or (ii) the total amount of stock handling fee actually paid for the first 12 consecutive calendar months of all Eligible Stock Plan(s). The Reduction Amount will then be deposited by the Bank into the HKD settlement account of the Eligible Account by 30 June 2024. In respect of an Eligible Account, where the Reduction Amount in respect of Eligible Stock Plan(s) set up during this 6-month period reaches the maximum of HKD600, no fee waiver can be enjoyed for other Eligible Stock Plan(s) set up during the rest of the Promotion Period.

Applicable to existing securities customers (Section IX)

IX. Specific Terms and Conditions for $0 brokerage fee offer for BUY trades of Exchange Traded Fund(s) (“ETF(s)”):

  1. The promotion period of the offer mentioned in this section IX is from 1 January 2023 to 31 March 2023 (“Promotion Period”).
  2. Securities customers who have successfully executed buy transactions of ETFs in HKD or RMB (see details in point 43 below) via any of the online trading channels of the Bank (including Invest Express, Hang Seng Personal e-Banking and Hang Seng Personal mobile app) during the Promotion Period (“Eligible Securities Transaction(s)”), can enjoy $0 brokerage fee offer.
  3. ETFs which are eligible for the offer refer to (i) ETFs listed on The Stock of Exchange of Hong Kong Limited with trading currency being HKD or RMB (that is, excluding ETFs buy transactions in USD); and (ii) ETFs listed on the Shanghai Stock Exchange (SSE) and/or Shenzhen Stock Exchange (SZSE) which are eligible for Shanghai-Hong Kong Stock Connect Northbound Trading/Shenzhen-Hong Kong Stock Connect Northbound Trading. Eligible Securities Transactions exclude all Leverage and Inverse Products (“L&I Products”) or ETFs settled by non-HKD / non-RMB, purchase transactions of Hang Seng Monthly Investment Plans for Stocks and share subscriptions of Initial Public Offering (IPO). Please note that SSE and SZSE listed ETFs trading cannot be conducted via Hang Seng Personal e-Banking.
  4. The offer is calculated on a per account basis. Customers are required to pay all the standard brokerage fees of online trading channels (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 (“Reduction Amount”) will be deposited by the Bank to the HKD / RMB settlement account of the relevant securities account on or before 31 May 2023. Calculation of the Reduction Amount for each Eligible Securities Transaction will be based on the actual brokerage fee paid for such Eligible Securities Transaction (i.e. Standard Brokerage Fee minus any brokerage fee reduction amount entitled for other securities offers during the Promotion 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 relevant securities account and the HKD/RMB settlement account when the Reduction Amount is credited.
  5. This brokerage fee offer is a reduction of brokerage fee for securities transactions.

To borrow or not to borrow? Borrow only if you can repay!

Important Risk Warnings

Risk Disclosure 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 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 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 Disclosure 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 Disclosure of Exchange Traded Fund ("ETF") investment

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.