Security
Equity securities, commonly referred to as stocks, include common stock and preferred stock. The majority of equity securities listed on the Exchange are ordinary shares and account for the majority of the Exchange’s trading volume.
Common stock and preferred stock are shares issued by a company to shareholders. Ordinary shareholders, as shareholders of the company, have the right to vote and can receive dividends according to the company’s agreed dividends. However, even if a company makes a profit that year, it may not necessarily declare a dividend.
Preferred shareholders are entitled to receive the agreed dividends in preference to ordinary shareholders. Preferred shareholders do not have voting rights, but they can receive a fixed dividend (but the dividend will not be increased due to an increase in the company’s earnings). In the unfortunate event that the company is wound up, the preferred shareholders will receive a distribution of the property before the common shareholders and after the creditors. Shareholders of Dividend Preferred Shares may receive dividends as profits permit. For shareholders of accumulated preference shares, if there is no interest payable in that year, the dividends payable by the holders will be accumulated until the company is interest-payable, which will be paid in a lump sum.
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Exchange Traded Products (ETPs) Exchange Traded Products (ETPs) include Exchange Traded Funds (ETFs) and Leveraged and Inverse Products (L&I Products). ）。 These products allow investors to gain exposure to different markets and build a variety of portfolios. ETFs have become one of the fastest-growing investment products in the world.
Since the launch of the first ETF in 1999, Hong Kong has been a popular ETF market for issuers, liquidity providers and investors, and today it has become one of Asia’s leading ETFs hubs.
As Asia’s ETF hub, Hong Kong has a wide range of ETFs and a highly liquid market.
Through cutting-edge financial technology, we are committed to providing a high-quality trading environment.
The HKD-RMB Dual Counter model only covers securities listed in the HKD and RMB counters. Securities are traded in counters of different currencies but generally belong to the same class, have the same rights and interests of holders, and are fully fungible between counters. The initial launch of the Dual Counter Market Making Programme will support HKD-RMB Dual Counter trading to provide liquidity and minimise price differences between the two counters.
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Derivative warrant investors have the right to buy or sell the underlying asset at a predetermined price within a specified period. Derivative warrants can be bought or sold in the cash market of the Hong Kong Stock Exchange before expiry. At maturity, derivative warrants are generally settled in cash and do not involve a physical sale or purchase of the underlying asset. Derivative warrants are associated with a wide range of underlying assets, including stocks, stock indices, currencies, commodities or baskets of securities. The issuer of derivative warrants is an independent third party that has no relationship with the issuer of the underlying asset, which is generally an investment bank. Derivative warrants traded in Hong Kong usually have a validity period ranging from six months to two years, and each derivative warrant listed in Hong Kong has its own specified expiration date.
CBBCs are structured products that track the performance of the underlying asset without having to pay the full amount of the actual asset purchased. CBBCs are divided into bull and bear contracts and have a fixed expiration date, so investors can choose to buy bull or bear contracts with or without being bullish or bearish on the underlying asset. CBBCs are issued by third parties, usually investment banks, and have no connection to HKEX and underlying assets.
CBBCs are issued with a condition: if the price of the underlying asset reaches a level specified in the listing document (known as the “call price“) during the life of the CBBC, the issuer will immediately call the CBBC. If the call price of the underlying asset is reached before the expiry of the CBBC, the CBBC will expiry early and the trading will be terminated immediately. It will no longer be valid on the original expiry date of the listing document.
CBBCs are issued with a maturity of 3 months to 5 years and will only be settled in cash. CBBCs are traded on the cash market of the Hong Kong Stock Exchange.
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A REIT is a type of collective investment scheme that seeks to provide investors with regular income by concentrating on income-generating real estate projects in Hong Kong and/or overseas, such as real estate projects such as shopping malls, office buildings, hotels and serviced apartments.
REITs can provide investors with regular income. Most, if not all, of the REIT’s net income after tax is paid to investors on a regular basis in the form of dividends. According to the current SFC requirements, a REIT must have a dividend payout ratio of at least 90%. In addition, investors should note that the amount available for distribution by a REIT will be adjusted according to the profit or loss arising from the revaluation or resale of the real estate projects held by the REIT.
The SFC is the principal regulator of REITs, and all REITs must be authorized by the SFC before they can be listed on the securities market. SFC-authorised REIT funds are subject to the SFC’s Code on Real Estate Investment Trusts and the relevant listing rules issued by the Exchange.
As REITs authorised to trade in Hong Kong must be listed on the Stock Exchange, investors can buy and sell REIT units on the stock exchange in the same way as stocks. However, the price of the Units may be at a premium or discount to the Net Asset Value.
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Depositary receipts are securities issued by a depositary that represent the underlying shares of a company deposited with the depositary or its designated custodian. Investors (holders of depositary receipts) can purchase depositary receipts in accordance with the terms of the depositary agreement. The depositary acts as a bridge between the holders of the depositary receipts and the issuers.
Depositary receipts are issued to investors in the target market (host market) and are traded, cleared and settled in the currency of the host market in accordance with the procedures of the host market. Depending on the ratio of the depositary receipts, a depositary receipt will represent a certain number of underlying shares (or a part of a single share). The depositary will convert the dividends into the currency of the host market and pay them to the holders of the depositary receipts after deducting their fees. The depositary is also responsible for communicating other interests and corporate communications of the issuer to the holders of the depositary receipts and communicating the instructions of the holders of the depositary receipts to the issuer. The respective rights and obligations of the issuer, the depositary and the holders of the depositary receipts are set out in the depositary agreement.
“HDRs” is an informal term that refers to depositary receipts (DR) schemes listed on the Stock Exchange.
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Odd lots mainly come from the following situations:
1. Distribution of bonus shares
2. Substitution of dividends with shares
3. Rights issue
Fourth, the joint stock
5. Share exchange or
6. Change the trading unit, etc
In addition, the first-hand stock price of large blue chips often exceeds tens of thousands of yuan, or even more than 100,000 yuan, which is difficult for retail investors to participate. In view of this, we provide our clients with absolute convenience in odd lot trading, and they can trade any part of the lot at the time of market opening. Investors who do not invest enough to buy one lot can buy odd shares to lock in the price and reduce costs by using the average purchase method. Most of the index constituents have stable businesses, coupled with regular dividends, which are ideal for long-term investment and retirement income.
Through cutting-edge financial technology, we are committed to providing a high-quality trading environment.
The U.S. stock market is the world’s largest financial market, accounting for one-third of the world’s market capitalization, with more than 10,000 listed companies and a market value of about $20 trillion.
In order to attract overseas investors, foreigners who invest in U.S. stocks are exempt from profits tax as long as they meet the reporting regime, but there is no such relief for dividends paid by corporations. Therefore, whether on the New York Stock Exchange or the Nasdaq, overseas investors will be more favorable than domestic investors to invest in U.S. stocks.
There are many reasons to invest in U.S. stocks, including:
There are many types of shares
In addition to well-known multinational companies listed in the United States, there are also enterprises from different industries or regions as the core to raise funds. There are more than 10,000 listed companies in the United States, providing a wide range of short-term, medium-term and long-term investors to choose from.
Strict regulations and regulations
The U.S. is one of the most mature financial markets, and in addition to its large trading volume, high liquidity, and wide variety, the U.S. stock market has developed over the years, so it is more sophisticated in terms of regulations and regulations than other developing markets, and will be more stringent in protecting independent investors.
Trading time advantage
The U.S. stock market has longer trading hours from 9:30 a.m. to 4 p.m. EST, which is 10:30 p.m. to 5 a.m. Hong Kong time, because the U.S. has daylight saving time, so the summer trading hours are an hour earlier than the winter, from 9:30 p.m. to 4 a.m. Hong Kong time. The time for trading U.S. stocks is not during office hours, so investors can have more time to participate. U.S. brokerages now also offer pre-market and after-hours trading, so it is not necessary to operate US stocks at night.
High liquidity and large trading volume
Due to the large trading volume of the US stock market and the extremely high liquidity of some individual shares, the stock prices of US-listed companies are not easily manipulated and influenced by individual participants. Its trading volume reflects the supply and demand in the market, as well as its actual value.
High transparency
Companies listed in the U.S. are required to announce their results quarterly, so that investors can obtain more information about the company, and it is easier to understand their operations and financial status, thereby reducing investment risks.
Foreigners do not have to pay taxes on U.S. stocks
Foreign investors investing in U.S. stocks are exempt from profits tax as long as they meet the reporting requirements, but there is no such relief for dividends paid by corporations.
Through cutting-edge financial technology, we are committed to providing a high-quality trading environment.
Advantages of Exchange Traded Funds (ETFs).
More flexible trading options
Unlike traditional mutual funds, ETFs change in price like stocks and allow you to trade them in the form of financing, short selling, or trading options, giving you more flexibility that traditional mutual funds don’t.
Increase the diversity of your portfolio
Investing in ETFs is like investing in multiple securities at the same time, so you can diversify your portfolio and reduce risk.
Lower costs
The cost of buying ETFs is usually lower than buying a mutual fund. ETFs on the First Stock Exchange have zero commissions.
Global investment
Some ETFs track markets in different regions or even different countries, making investing in ETFs a great choice for investing in U.S. stocks and overseas markets.
vitrification
ETFs are designed to mimic the composition of an index and track it, so you can see exactly what your investment assets are doing.
Effective tax savings
Don’t let taxes influence your investment decisions. ETFs track an index, making it slower to change its profit and loss, thus reducing your capital gains tax.
Through cutting-edge financial technology, we are committed to providing a high-quality trading environment.
Benefits of pre-market and after-hours extended hours trading
More trading opportunities
Participate in markets such as forex and indices during rare off-hours hours
Extended U.S. stock trading hours
Including popular US stocks such as Tesla, Nvidia and Amazon
Reduce the risk of holding a position
Hedge existing positions with pre-market and after-hours and weekend trading
Avoid the risk of gaps
Pre-market and post-market extended hours trading can avoid the risk of gaps due to sharp fluctuations in market prices after the market closes
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Completely different from the exchange market, the over-the-counter ( OTC) market has no fixed venue, no required membership, no strict and controllable system of rules, no prescribed trading products and restrictions, and is mainly one-on-one transactions conducted by counterparties through private negotiations.
The more influential OTC markets in the world include the OTC Stock Exchange Bulletin List (OTCBB) and Pink Sheets in the United States, the Alternative Investment Market (AIM) in the United Kingdom, the Front-Bank Market (CMF) in France, and the New Market in Paris. South Korea’s storefront market and China’s interbank bond market, etc.
The U.S. has a large OTC market, and the number of securities traded in these markets accounts for about three-quarters of the nation’s securities trading volume.
Through cutting-edge financial technology, we are committed to providing a high-quality trading environment.
Short selling, one of the bearish tools, is the reverse mode of general stock trading: investors borrow goods and sell first and then “buy”, so that the market can fall and make a profit.
The essence of short selling is the underlying stock transaction, and investors do not need to worry about other common problems of bearish market derivatives such as expiration date, strike price, etc.
Through cutting-edge financial technology, we are committed to providing a high-quality trading environment.
The Northbound Scheme provides all Hong Kong and overseas institutional and individual investors with direct access to the China A-share market. Previously, foreign investment in the market was limited to foreign institutional investors who were eligible for the Qualified Foreign Institutional Investor (QFII) and RMB Qualified Foreign Institutional Investor (QFII) schemes.
Clients can currently trade the following A shares listed on the Shanghai Stock Exchange:
– Constituent stocks of the SSE 180 Index;
– Constituent stocks of the SSE 380 Index and A shares listed on the SSE that are not constituent stocks of the above indices but have H shares listed and traded on the Stock Exchange of Hong Kong Limited (the “SEHK”), excluding all SSE stocks quoted in a foreign RMB and all SSE stocks subject to risk alert.
– Stocks listed on the STAR Market for institutional professional investors only (Gao Yu does not offer trading on the STAR Market for the time being).
Northbound trading is currently limited to secondary market trading. As a result, Hong Kong and overseas investors are not able to participate in initial public offerings (IPOs) on the SSE. The full list of eligible SSE Securities is available on the HKEX website.
Through cutting-edge financial technology, we are committed to providing a high-quality trading environment.
The Northbound Scheme provides all Hong Kong and overseas institutional and individual investors with direct access to the China A-share market. Previously, foreign investment in the market was limited to foreign institutional investors who were eligible for the Qualified Foreign Institutional Investor (QFII) and RMB Qualified Foreign Institutional Investor (QFII) schemes.
Clients can currently trade the following A shares listed on the Shenzhen Stock Exchange:
– Constituent stocks of SZSE Component Index
– A constituent stock of the SZSE Small & Mid Cap Innovation Index with a market capitalization of at least RMB6 billion
– All A shares listed on the SZSE but with H shares listed and traded on the SEHK at the same time, excluding A shares quoted and traded in a non-RMB manner and all A shares subject to risk alert or delisting arrangements
– and stocks listed on GEM for trading by institutional professional investors only (Koyu does not offer GEM trading at the moment).
Northbound trading is currently limited to secondary market trading. As a result, Hong Kong and overseas investors are unable to participate in initial public offerings (IPOs) on the Shenzhen Stock Exchange. The full list of eligible SSE Securities is available on the HKEX website.
Through cutting-edge financial technology, we are committed to providing a high-quality trading environment.
We support stock market data from major exchanges and providers. Clients have access to clear and standardized industries across multiple markets to support multiple orders and quote books across markets.
Through cutting-edge financial technology, we are committed to providing a high-quality trading environment.
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Through cutting-edge financial technology, we are committed to providing a high-quality trading environment.