Risk Disclosures
Risk Disclosure Statement of Securities Investment:
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 securities via Stock Connect Northbound Trading include:
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 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.
Investors should not only base on this material alone to make any investment decision, but should read in detail the relevant risk disclosure statements.
Risk Disclosure Statement of Investment Funds:
Investors should note that all investments involve risks (including the possibility of loss of the capital invested), prices or value of investment fund units may go up as well as down and past performance information presented is not indicative of future performance. Investors should read carefully and understand the relevant offering documents of the investment funds (including the fund details and full text of the risk factors stated therein) and the Notice to Customers for Fund Investing before making any investment decision. Investment funds are investment products and some may involve derivatives. Investors should carefully consider their own circumstances whether an investment is suitable for them in view of their own investment objectives, investment experience, preferred investment tenor, financial situation, risk tolerance abilities, tax implications and other needs, etc., and should understand the nature, terms and risks of the investment products. Investors should obtain independent professional advice if they have concerns about their investment.
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.
Important notes and disclaimer
These promotion materials have not been reviewed by the Securities and Futures Commission in Hong Kong ("SFC"). The information contained herein is not intended to provide professional investment or other advice. It is not intended to form the basis of any investment decision. You should not make any investment decision based solely on the information and services provided herein. Before making any investment decision, you should take into account your own circumstances including but not limited to your financial situation, investment experience and investment objectives, and should understand the nature, terms and risks of the relevant investment product. You should obtain appropriate professional advice where necessary.
These promotion materials are not intended to provide or be regarded as legal or taxation advice, or investment recommendations.
If you are in doubt of the marketing and promotional activities and materials of the Bank, please call customer service enquiry hotline for authentication.
Risk Disclosure Statement of Securities Investment:
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 securities via 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. 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 Renminbi 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 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.
Investors should not only base on this material alone to make any investment decision, but should read in detail the relevant risk disclosure statements.
Risk Disclosure Statement of Investment Funds:
Investors should note that all investments involve risks (including the possibility of loss of the capital invested), prices or value of investment fund units may go up as well as down and past performance information presented is not indicative of future performance. Investors should read carefully and understand the relevant offering documents of the investment funds (including the fund details and full text of the risk factors stated therein) and the Notice to Customers for Fund Investing before making any investment decision. Investment funds are investment products and some may involve derivatives. Investors should carefully consider their own circumstances whether an investment is suitable for them in view of their own investment objectives, investment experience, preferred investment tenor, financial situation, risk tolerance abilities, tax implications and other needs, etc., and should understand the nature, terms and risks of the investment products. Investors should obtain independent professional advice if they have concerns about their investment.
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.
Important notes and disclaimer
These promotion materials have not been reviewed by the Securities and Futures Commission in Hong Kong ("SFC"). The information contained herein is not intended to provide professional investment or other advice. It is not intended to form the basis of any investment decision. You should not make any investment decision based solely on the information and services provided herein. Before making any investment decision, you should take into account your own circumstances including but not limited to your financial situation, investment experience and investment objectives, and should understand the nature, terms and risks of the relevant investment product. You should obtain appropriate professional advice where necessary.
These promotion materials are not intended to provide or be regarded as legal or taxation advice, or investment recommendations.
If you are in doubt of the marketing and promotional activities and materials of the Bank, please call customer service enquiry hotline for authentication.
Terms and Conditions:
- The promotion period is from 29 May to 31 December 2026, both dates inclusive (“Promotion Period”). The Promotion Period is separated into 2 phases: Phase 1 from 29 May to 31 August 2026 (“Phase 1”), Phase 2 from 1 September to 31 December 2026 (“Phase 2”).
- These offers are only applicable to: (i) (a) buy trades of Hong Kong stocks , Stock Connect Securities and/or US Stocks (please refer to point (3) below for definition) (“Eligible Securities Transaction(s)”); and (b) investment fund subscriptions (excluding funds as mentioned in point (10) below) (“Eligible Investment Funds Transaction(s)”) (both Eligible Securities Transaction(s) and Eligible Investment Funds Transaction(s) are collectively referred to as “Eligible Investment Transaction(s)”), (ii) which are successfully executed via Hang Seng Business e-Banking and/or Mobile App by existing Commercial Banking customers, using their securities accounts and/or investment funds account with the Bank reaching the designated accumulated transaction amount during the Promotion Period (“Eligible Customers”). The Bank will determine the eligibility of the customers who can enjoy these offers based on the record held by the Bank. In case of any disputes, the Bank’s record shall be final and conclusive. The Eligible Customers can enjoy the discounted fee and/or refund which is calculated based on the accumulated transaction amount, as listed below:
Phase 1 (29 May to 31 August 2026):
Securities
Discounted Securities (HK stocks & A-shares) Brokerage Fee
Remark: First HK$3M transaction amount is not eligible for the discounted Securities Brokerage FeeTie Accumulated Securities Transaction Amount (HK$ or equivalent) Securities Brokerage Fee 1 HK$3 million above to HK$5 million 0.18% 2 HK$5 million above to HK$10 million 0.15% 3 HK$10 million above 0.08%
Investment Funds (“IF”)
Refund of IF Subscription Fee
Remark: First HK$1M transaction amount is not eligible for the IF Subscription Fee refundTier Accumulated IF Transaction Amount (HK$ or equivalent) IF Subscription Fee Refund 1 HK$1 million above to HK$3 million 10% 2 HK$3 million above to HK$5 million 20% 3 HK$5 million above 40%
Phase 2 (1 September to December 2026):
Securities
Discounted Securities (HK stocks & A-shares) Brokerage Fee
Remark: First HK$3M transaction amount is not eligible for the discounted Securities Brokerage FeeTie Accumulated Securities Transaction Amount (HK$ or equivalent) Securities Brokerage Fee 1 HK$3 million above to HK$5 million 0.18% 2 HK$5 million above to HK$10 million 0.15% 3 HK$10 million above 0.08%
Investment Funds (“IF”)
Refund of IF Subscription Fee
Remark: First HK$1M transaction amount is not eligible for the IF Subscription Fee refundTier Accumulated IF Transaction Amount (HK$ or equivalent) IF Subscription Fee Refund 1 HK$1 million above to HK$3 million 10% 2 HK$3 million above to HK$5 million 20% 3 HK$5 million above 40%
Customers who are eligible for both Phase 1 and Phase 2 offers will receive an additional HK$1,000 cash refund.
Illustrative Examples (for Phase 1) are provided as follows (for reference only):
+Remark: First HK$3M accumulated transaction amount is not eligible for the discounted Securities Brokerage FeeTransaction Type Securities Accumulated Transaction Amount HK$4 million Offer Eligible Amount HK$1 million+ Tier Tier 1 Applicable Offer(s) 0.18%
^Remark: First HK$1M transaction amount is not eligible for the IF Subscription Fee refundTransaction Type Investment Funds Accumulated Transaction Amount HK$4 million Offer Eligible Amount HK$3 million^ Tier Tier 2 Applicable Offer(s) For Eligible Amount
(first HK$2 million i.e. from HK$1 million to HK$3 million): 10%
For Eligible Amount
(remaining HK$1 million i.e. from HK$3 million to HK$4 million): 20% - “HK stocks” refer to Hong Kong dollar and Renminbi-denominated securities listed on The Stock Exchange of Hong Kong Limited, including stocks, Exchange Traded Funds (ETF), warrants, Real Estate Investment Trust (REIT) and RMB bond issued by The Ministry of Finance of the People's Republic of China. “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. “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), NYSE ARCA and Chicago Board Options Exchange (CBOE).
- Eligible Securities Transactions exclude locally traded overseas stocks, any listed securities not settled by Hong Kong dollar or Renminbi (except US stocks), i-Shares, Exchange Fund Notes, Toll Revenue Bond, Hong Kong International Airport bonds, infrastructure bond, Government of HKSAR bonds/ iBonds/ Silver Bonds/ Government Green Bonds, buy/sell transactions of Hang Seng Monthly Investment Plans for Stocks and shares subscriptions of Initial Public Offering (IPO).
- Customers are required to pay the standard brokerage fees first (for details of brokerage fee including the minimum amount, please go to “Service Charges” of “Business” in the website www.hangseng.com) in respect of all Eligible Securities Transactions. The brokerage fee refund amount for Eligible Securities Transactions that customers are entitled to (“Refund Amount”) will then be deposited by the Bank into the HKD settlement accounts of the relevant securities accounts within 4 months after the end of each phase of the Promotion Period. In respect of Eligible Securities Transactions which are not settled by HKD, the actual brokerage fee paid will be converted to HKD based on the exchange rate determined by the Bank on the last business day of each phase of the Promotion Period, in order to calculate the Refund Amount. 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, trading fee, handling fee, securities management fee, transfer fee, capital gain tax, SEC fee etc. Customers should still maintain relevant securities accounts and the HKD settlement accounts should still be valid when the Refund Amount is credited. Please note that if the HKD settlement account is frozen or terminated at the time the Refund Amount is credited, the customer is not entitled to enjoy this offer.
- The brokerage fee offer is a reduction of brokerage fee for securities transactions.
- Eligible Investment Fund Customers are required to pay the relevant fund subscription fee upfront for their fund subscriptions made during the Promotion Period. The fund subscription fee refund amount that the Eligible Investment Fund Customers are entitled to will be deposited into the Eligible Investment Fund Customers’ settlement accounts in Hong Kong dollars (“HKD”) maintained with the Bank (in the form of a cash refund) within 4 months after the end of each phase of the Promotion Period. At the time of depositing the relevant fund subscription fee refund amount, the Eligible Investment Fund customers should still be holding the relevant investment fund account and a valid settlement account in HKD. Please note that if the HKD settlement account is frozen or terminated at the time the relevant fund subscription fee refund is credited, the customer is not entitled to enjoy this offer.
- If the subscribed fund is denominated in a currency other than Hong Kong Dollar (“HKD”), the Bank will convert the relevant fund subscription amount into HKD based on the exchange rate determined by the Bank on the last business day of each phase of the Promotion Period, in order to calculate the refund fund subscription fee amount to which the Eligible Investment Fund Customer is entitled (i.e. the refund fund subscription fee amount entitled to by the Eligible Investment Fund Customer will not be calculated based on the actual non-HKD fund subscription fee paid by the customer).
- Fund subscription applications which are received after the cut-off time of the relevant funds on the last business day of the Promotion Period will not be considered as eligible subscription applications. Such subscription applications will be processed on the next dealing day. Please note that different cut-off times may apply for subscription applications for different funds and/or subscription applications for the same fund through different channels. Customers are advised to contact the Bank’s staff to enquire about the cut-off time for the relevant subscription applications.
- Eligible Investment Funds Transaction does not include investment fund subscriptions made pursuant to any Hang Seng Monthly Investment Plan for Funds, fund units with no subscription fees, money market funds, or other funds/ fund transactions as specified by the Bank from time to time).
- Eligible Investment Funds Transactions include investment fund subscriptions executed via the Advanced Switching Service.
- This offer cannot be used in conjunction with other fund subscription fee offers or other offers for the same product(s) or service(s) of the Bank.
- The additional HK$1,000 cash refund that the customers are entitled to will be deposited into the customers’ settlement accounts in Hong Kong dollars (“HKD”) maintained with the Bank within 4 months after the end of the Promotion Period (i.e. end of Phase 2). At the time of depositing the HK$1,000 cash refund, the customers should still be holding the relevant securities and/or investment fund account and a valid settlement account in HKD. Please note that if the HKD settlement account is frozen or terminated at the time the relevant cash refund is credited, the customer is not entitled to enjoy this offer.
- Only the transaction amount of the executed transactions will be counted in determining the accumulated transaction amount of the Eligible Investment Transaction(s), while the transaction amount of any cancelled or unsuccessful transactions will be excluded.
- Where the base currency of the relevant securities or investment funds subscribed during the Promotion Period is not HKD, the Bank will convert the relevant non-HKD transaction amount into HKD based on the exchange rate determined by the Bank on the last business day of each phase of the Promotion Period, in order to calculate the accumulated transaction amount of each phase of the Promotion Period.
- These offers are calculated on a “per-customer basis”. That is, all Eligible Investment Transaction(s) under the relevant standalone investment account(s) and / or investment account(s) under the Integrated Business Solutions Account(s) of the same Commercial Banking customer will be taken for the calculation of its accumulated transaction amount of such transaction(s).
- Unless otherwise specified, these offers cannot be used in conjunction with other offers of the Bank.
- These offers are not applicable to Corporate Wealth Management customers, whose securities account(s) and /or investment funds account(s) enjoy preferential offers.
- These offers are not applicable to securities account(s) and/or investment funds account(s) that are currently enjoying the $0 Brokerage Fee for buy and sell trades of Stocks and/or “0% Fund Subscription Fee for investment funds offer(s) (“Welcome Offer(s)”). After the end of the relevant Applicable Offer Period of the Welcome Offer(s), these offers will apply to such related securities account(s) and/or investment funds account(s) and this promotion will apply to the corresponding Eligible Investment Transaction.
- These offers are not applicable to retail customers, Private Banking customers, staff of the Bank and any party who enjoys special privileges and offers.
- These offers are provided by the Bank subject to these terms and conditions. The Bank reserves the right to suspend, vary or discontinue these offers and amend these terms and conditions at any time without prior notice. The decision of the Bank on all matters relating to these offers shall be final and binding on all parties concerned.
- In case of any discrepancy between the English and the Chinese versions of these terms and conditions, the English version shall prevail.
- No person other than the Customer 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.
- These terms and conditions are governed by and will be construed in accordance with the laws of Hong Kong Special Administrative Region.
- These terms and conditions are subject to prevailing regulatory requirements (where applicable).
Applicable to Securities Transactions:
Applicable to Investment Funds Transactions:
Applicable to All Transactions: