Mainland China Hotline:400-1200-311 (Securities) 400-1200-366 (Futures)
HK Hotline : +852 2235-7789 Email :

Can I subscribe for SZSE Securities initial public offering (“IPO”)??

No, Northbound trading investors cannot participate in SZSE’s IPO activities.



What is the settlement arrangement for Northbound Trading?

Until special banking arrangements are established, investors will only be allowed to trade on the other market on days where Hong Kong and Mainland markets are both open for trading, and banking services are available in both Hong Kong and Mainland markets on the corresponding settlement days. This arrangement is essential in ensuring that investors and brokers will have the necessary banking support on the relevant settlement days when they will be required to make payments.

If a Northbound trading day is a half trading day in the Hong Kong market, Northbound trading will continue until respective SZSE market is closed. Please refer to the HKEX website for the Northbound trading calendar for Shenzhen Connect Northbound trading.

Detailed arrangement is available on the HKEx website


What is the trading arrangement for Northbound Trading?

Trading Arrangement

Shenzhen Connect

Trading Currency

Use RMB for trading and settlement

Order Type

Limit order

Price Limit

price limit of ±10% (and ±5% for
stocks under special treatment (i.e. ST and *ST stocks) under risk alert) based on previous closing price.

Trading Board Lot Size


Maximum Order Size

1 million shares

Tick Size

RMB 0.01

Stock Settlement Day

T day

Money Settlement Day

T+1 day

Turnaround Trading

Not allowed

Block Trades

Not allowed

Margin Trading


Initial Public Offering Subscription

Not allowed



What is the charge for trading and settling SZSE Securities?


Under Shenzhen Connect, Hong Kong and overseas investors will be subject to the following fees and levies imposed by SZSE, China Securities Depository and Clearing Corporation (“ChinaClear”), Hong Kong Securities Clearing Company Limited (“HKSCC”_) or the relevant Mainland authority when they trade and settle SZSE Securities:

China Shenzhen A shares (Shenzhen-Hong Kong Stock Connect) (RMB)



Charged by

Brokerage Fee


Min. RMB 50.00

Handling Fee

0.00487% of the consideration of a transaction per side


Securities Management Fee

0.002% of the consideration of a transaction per side

China Securities Regulatory Commission (“CSRC”)

Transfer Fee

Charged by ChinaClear Shenzhen
0.002% of the consideration of a transaction per side

Charged by HKSCC
0.002% of the consideration of a transaction per side


Stamp Duty

0.1% of the consideration of a transaction on the seller

State Administration of Taxation (“SAT”)

Dividend tax***



***Dividend tax will be withheld by securities issuers and ChinaClear upon dividend payment.




Will the investment made under Shenzhen Connect be protected by Hong Kong’s Investor Compensation Fund?

Current Investor Compensation Fund will not cover any Northbound/Southbound activities.


How can investors obtain the latest issuers announcements of SZSE?

All approved corporate actions of SZSE securities are announced by issuers through the SSE website or the SZSE website, as the case may be, and officially appointed newspapers (both the printed papers and their websites): the Shanghai Securities News, Securities Times, China Securities Journal, Securities Daily and Investors are reminded that issuers listed on the ChiNext market are required to publish certain corporate announcements on their corporate websites and the officially appointed websites only.
Hong Kong and overseas investors can also visit HKEX website’s China Stock Markets Web for the company announcements of Shenzhen Connect securities issued on the previous trading day.

Hong Kong and overseas investors trading securities through Shenzhen Connect should note that SZSE listed issuers are required to publish corporate documents in Chinese only, and English translation will not be available.