What types of orders can I submit ?
You can submit At Auction limit order and Enhanced limit order through our Internet/ mobile stock trading system.
a. At Auction limit order:
An at-auction limit order is an order with a specified price. An at-auction limit order with a specified price at or more competitive than the final IEP (in case of buying, the specified price is equal to or higher than the final IEP, or in case of selling, the specified price is equal to or lower than the final IEP) may be matched at the final IEP. Any unfilled at-auction limit orders will be converted into limit orders and carried forward to the Continuous Trading Session provided that the specified price of that at-auction limit order does not deviate 9 times or more from the nominal price.
The order input period for At-Auction Limit orders is 9:00 a.m. - 9:22a.m.
Any At-Auction Limit order input during 9:23a.m. - 4:00p.m. will be subject to rejection.
b. Enhanced limit order:
An enhanced limit order will allow matching of up to ten price queues at a time. The ask order price can be input at nine spreads lower than the current bid price, or the bid order price can be input at nine spreads higher than the current ask price.
Any unfilled quantity after matching will be stored in the System as a normal limit order at the input order price.
Note: IEP (Indicative Equilibrium Price) is the price at which the maximum number of shares can be traded if matching occurs at that time
Eligible A-shares under Shanghai and Shenzhen Connect
Limit order can be executed at the specified price or a better price. Orders that are not executed during “Opening Call Auction Session” will automatically enter “Continuous Auction Session”. Besides, SEHK will put in place a dynamic price checking for buy orders, buy orders with input prices lower than the current best bid 3% (or last traded price in the absence of current best bid, or previous closing price in the absence of both current best bid and last traded price) 3% during initial phase of Shanghai-Hong Kong Stock Connect.
When can I submit my instruction(s)?
- You can submit your instruction(s) 24 hours a day. All placed, updated or cancelled trade orders will be sent to SEHK's Automatic Order Matching and Execution System (AMS) according to its trading hours as follows"
a. At Auction Limit Order:
- New Order Instruction:
New At Auction Limit Order instructions will be sent to SEHK's Automatic Order Matching and Execution System (AMS) on a valid trading day (Monday to Friday excluding public holidays) during the "Order Input Period" of Pre-opening Session from 9:00 am to 9:22 am.
- Order Update:
Any update of At Auction Limit Order will be sent to the AMS on a valid trading day (Monday to Friday excluding public holidays) during the "Order Input Period" of Pre-opening Session from 9:00 am to 9:15 am, the "Continuous Trading Session" from 9:30 am to 12:00 noon; 1:00 pm to 4:00 pm.
- Order Cancellation:
Any cancellation of At Auction Limit Order will be sent to the AMS on a valid trading day (Monday to Friday excluding public holidays) during the "Order Input Period" of Pre-opening Session from 9:00 am to 9:15 am, the "Continuous Trading Session" from 9:30 am to 12:00 noon; 12:30 pm to 4:00 pm.
b. Enhanced Limit Order:
- New Order Instruction and Update:
Any placing or updates of Enhanced Limit Orders will be sent to the AMS on a valid trading day (Monday to Friday excluding public holidays) during "Continuous Trading Session" from 9:30 am to 12:00 noon and 1:00 pm to 4:00 pm.
- Order Cancellation:
Any cancellation of Enhanced Limit Order will be sent to the AMS on a valid trading day (Monday to Friday excluding public holidays) during the "Continuous Trading Session" from 9:30 am to 12:00 noon; 12:30 pm to 4:00 pm.
- All new order instructions placed or updated after trading hours will be treated as an order instruction of the following trading day.
- After market closed, only "At Auction Limit Order" type can be used for new order input until around 7:00am of next trading day.
- If the designated order expiry date is a non-trading day (Saturday, Sunday, Public Holiday, or deemed as a non-trading day due to Typhoon-Attack, Black-Rainstorm or other issues), the order expiry date shall not be postponed and the order shall be cancelled automatically on that particular day.
Eligible A-shares under Shanghai and Shenzhen Connect
New Limit Order will be sent to SEHK on a valid northbound trading day (Monday to Friday (except on public holiday)) during the “Opening Call Auction Session” (9:10 am to 9:25 am), “Continuous Auction Session” (9:30 am to 11:30 am; 1:00 pm to 3:00 pm) and “Closing Call Auction” (only apply to Shenzhen market, 2:57p.m. to 3:00p.m.).
How long will my instruction(s) stay alive?
Unless you cancel your instruction(s), your order will be valid until the end of each trading day. All unexecuted transaction instruction will automatically be cancelled after market closed.
"Good-Till-Date" Instruction (For Local securities)
Clients who wish to place buy or sell order of the same stock, at the same price and for the same quantity every day, could extend the validity of their order instruction to the specified "Good Till Date". Currently, the validity of order instruction could be up to 10 trading days. The order will be delivered to the market once submitted and will be effective until the closing of the market on "Good Till Date". If the order is executed (no matter fully or partially executed) or rejected before "Good Till Date", the un-executed quantity will be cancelled automatically after market close on the execution / rejection date.
How can I check, amend or cancel my placed order(s)?
When your order instruction is received by our Internet/ mobile stock trading system, you can check your placed order in your 'Order Journal' on the webpage/ mobile device. On the other hand, you can update (For Local securities)/cancel your placed order by the following procedures:
- Select your order row in the 'Order Journal'
- Click the icon "M - Modify" or "X -- Cancel" in the action column, the 'Modify Order' or 'Cancel Order' frame will appear.
- Increase/decrease the price or the quantity in the 'Modify Order' frame (the new quantity must not be greater than the original quantity if the price does not change. If it is a PEX order, new quantity must include executed quantity). When you click 'Confirm', your order modification instruction will be submitted.
- Cancel your placed order in the 'Cancel Order' frame. When you click 'Confirm', your order cancellation instruction will be submitted.
How do I know your bank has received my placed order(s)?
You can instantaneously observe the real time updated order status under 'Order Journal'.
How will I be notified of trade orders execution?
You will receive an email/SMS as confirmation of your trade order. In addition, you can check in the 'E-Message' function once your order is executed. Your order's status in the 'Order Journal' and your 'Portfolio' will also be automatically updated real time.
Can I execute "day trade" transaction(s) through your Internet/ mobile stock trading system?
Yes for Local securities. You can execute 'Day Trade' transaction(s) through our Internet/ mobile stock trading system.
What other methods can I use to place my trade order other than the Internet/ mobile device?
We offer you two other trading methods apart from Internet/ mobile stock trading:
(I) By visiting our Head Office or any one of our branches to place orders in writing over-the-counter.
(II) By calling Head Office or any one of our branches to place verbal orders by telephone.
If I input my order via the Internet/ mobile device, can I amend/cancel the order over-the-counter or by telephone?
Can I place/amend my order(s) via e-mail?
No. We do not accept any order placement, updating or cancellation via email.
What statements will I receive for order placed through Internet/ mobile stock trading ?
You will receive:
(I) Bought/Sold Confirmation:
Bought/Sold confirmation will be sent to you the day after the trading day by mail/ electronic format.
(II) Monthly Statement:
All accounts in which transactions have taken place during the month or a stock balance is maintained at the end of the month will receive a monthly statement by mail.
Under what circumstanceswill my order(s) not be entertained in Internet/ Mobile Stock Trading services ?
(a) The cash balance / stock balance of the designated account is insufficient
(b) Odd lot transaction (Odd lot of sell transaction is acceptable for eligible A-shares under Shanghai and Shenzhen Connect)
(c) The price of the relevant stock you ordering is below $0.01
(d) Transaction amount exceeds $3,000,000 (HKD equivalent)
(e) The lot number of your order exceeds 3000 (10,000 lot for eligible A-shares under Shanghai and Shenzhen Connect)
(f) Selling physical stock.
(g) The desired price of your buying (selling) order is 99 spreads above (below) the market price, but the order will be submitted to SEHK within 24 spreads
(h) Orders are not accepted by Auto Matching System of SEHK.
Information contained herein has been obtained from sources believed to be reliable. Shanghai Commercial Bank Ltd. has not verified and does not warrant or represent that such information is accurate or complete and it should not be relied upon as such. Shanghai Commercial Bank Ltd. accepts no liability for any loss or damage arising from any inaccuracies or omission or otherwise by reliance on any such information.