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 the relevant risk disclosure statements.

A. 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 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.

B. Definitions

  1. Securities trading channels of the Bank include online securities trading channels (including Hang Seng Invest Express mobile app (Invest Express), Hang Seng Personal e-Banking and Hang Seng Personal mobile app)*, Automated Securities Trading Hotlines, Manned Securities Trading Hotlines and designated branches. (*(a) SSE and SZSE listed ETFs trading cannot be conducted via Hang Seng Personal e-Banking. (b) US stocks trading can only be conducted via the US Securities Trading Service available at Invest Express. To activate the US Securities Trading Service, all of the account holders of the relevant securities accounts have to satisfy these requirements: (i) all of them are non-US and non-Canada persons, not a resident of US nor Canada, and not a citizen of Korea with residential or correspondence address in Korea; and (ii) all of them are able to provide a valid identification document such as permanent Hong Kong Identity Card or passport; and (iii) all of them 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 (iv) all of them 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".)
  2. "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).
  3. "HK stocks" refer to Hong Kong dollar-denominated stocks listed on The Stock Exchange of Hong Kong Limited.
  4. "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.
  5. "Eligible Securities Transactions" exclude locally traded overseas stocks, any listed securities settled by non-Hong Kong dollar (except Stock Connect Securities and US stocks), i-Shares, Exchange Fund Notes, Hong Kong International Airport retail bonds, Government of HKSAR retail bonds / iBonds, shares subscriptions of Hang Seng Monthly Investment Plans for Stocks and Initial Public Offering (IPO).

C. Specific Terms and Conditions

Applicable to new and existing securities customers (Sub-Section I)

I. Terms and Conditions for Lifetime US Stocks Brokerage Fee Half Price Offer ("Lifetime US Stocks Brokerage Half Price Offer")

  1. The promotion period of the offer mentioned in this sub-section I is from 26 May 2025 to 31 December 2026, both dates inclusive ("Promotion Period II")
  2. Lifetime US Stocks Brokerage Half Price Offer is applicable to personal customers of the Bank who fulfill the criteria stated below during Promotion Period II ("New US Securities Customers").
    1. Successfully activate the US Securities Trading Service using the securities accounts under the sole-named Integrated Accounts (excluding Share Margin Accounts) maintained with the Bank (subject to the requirements set out in clause 8 under "B. Definitions" section above) during Promotion Period II; and
    2. Submit the W-8BEN Form or Substitute Form W-8BEN for the first time (i.e. have NOT submitted any W-8BEN Form or Substitute Form W-8BEN with the Bank on or before 25 May 2025.)
  3. New US ecurities Customers can enjoy half-price brokerage fee offer of USD0.0075 per share and minimum USD7.5 per transaction (based on prevailing standard brokerage fee applicable from time to time, subject to change if standard brokerage fee is adjusted) upfront (instead of in the form of rebate) for having successfully executed buy/sell transactions of US stocks (as defined in clause 9 under "B. Definitions" section above) via Hang Seng Invest Express Mobile App ("Eligible US Stock Transactions"). The actual brokerage fee of each Eligible US Stocks Transaction will be rounded up to cent, count as 1 cent for less than 1 cent. This offer is provided on a per customer basis and can be enjoyed so long as the New US Securities Customer maintains (a) a valid securities account under the sole-named Integrated Account (excluding Share Margin Account) and (b) a valid W-8BEN record with the Bank. In case of any disputes, the Bank’s record shall be final and conclusive.
  4. This offer can be enjoyed by New US Securities Customers who are eligible for SimplyStock in respect of Eligible US Stocks Transaction(s) after the first HKD300,000 transaction amount in a calendar month covered by the SimplyStock monthly fee is exceeded.
  5. This offer can be enjoyed by New US Securities Customers who are eligible for SmarTrader Rewards in respect of Eligible US Stocks Transaction(s) of customers at all Trading Levels of SmarTrader Rewards. This offer may be displayed as USD0.008 per share on the SmarTrader Rewards online channels pages due to the display limitation of digits after the decimal point, actual brokerage fee discount calculation will not be affected i.e. calculated based on USD0.0075 per share (based on prevailing standard brokerage fee applicable from time to time, subject to change if standard brokerage fee is adjusted).
  6. Brokerage fee 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, capital gain tax and SEC Fee, etc.
  7. The Lifetime US Stocks Brokerage Half Price Offer is a reduction of brokerage fee for US securities transactions.

Applicable to existing US securities customers (Sub-Section II)

II. Terms and Conditions for US Stocks Brokerage Fee Half Price Offer ("US Stocks Brokerage Offer")

  1. The promotion period of this US Stocks Brokerage Offer is from 1 January 2026 to 31 July 2027, both dates inclusive ("Promotion Period IV").
  2. Existing US securities customers of the Bank who have successfully executed buy/sell transactions of US Stocks (as defined in clause 9 under "B. Definitions" section above) via Hang Seng Invest Express Mobile App during the Promotion Period III ("Eligible US Stocks Transaction(s)"), can enjoy half price brokerage fee offer of USD0.0075 per share and minimum USD7.5 per transaction (based on prevailing standard brokerage fee applicable from time to time, subject to change if standard brokerage fee is adjusted) upfront (instead of in the form of rebate). The actual brokerage fee of each Eligible US Stocks Transaction will be rounded up to cent, count as 1 cent for less than 1 cent.
  3. US Stocks Brokerage Offer can be enjoyed by existing US securities customers who are eligible for SimplyStock in respect of Eligible US Stocks Transaction(s) after the first HKD300,000 transaction amount in a calendar month covered by the SimplyStock monthly fee is exceeded.
  4. US Stocks Brokerage Offer can be enjoyed by existing US securities customers who are eligible for SmarTrader Rewards in respect of Eligible US Stocks Transaction(s) of customers at all Trading Levels of SmarTrader Rewards. US Stocks Brokerage Offer may be displayed as USD0.008 per share on the SmarTrader Rewards online channels pages due to the display limitation of digits after the decimal point, actual brokerage fee discount calculation will not be affected i.e. calculated based on USD0.0075 per share (based on prevailing standard brokerage fee applicable from time to time, subject to change if standard brokerage fee is adjusted).
  5. Brokerage fee 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, capital gain tax and SEC Fee, etc.
  6. This US Stocks Brokerage Offer is a reduction of brokerage fee for securities transactions.

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. 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.


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.