Services Fees & Charges

Securities Trading Service

Our mobile trading platform enables our clients to trade all stocks listed on the Hong Kong Stock Exchange, including Warrants, CBBCs, Exchange Listed Funds (ETF) and inflation-linked retail bond (iBond), as well as China Stock Connect (Shanghai Connect & Shenzhen Connect), along with U.S. securities.

HK Stock Exchange Trading Hours (Monday to Friday, excluding public holidays)

Full Day Trading

Half Day Trading

Pre-opening Session

9:00 a.m. - 9:30 a.m.

9:00 a.m. - 9:30 a.m.

Morning Session

9:30 a.m. - 12:00 noon

9:30 a.m. - 12:00 noon

Extended Morning Session

12:00 noon - 1:00 p.m.

Not applicable

Afternoon Session

1:00 p.m. - 4:00 p.m.

Not applicable

Closing Auction Session

4:00 p.m. to a random
closing between 4:08
p.m. and 4:10 p.m.

12:00 noon to a random
closing between 12:08
p.m. and 12:10 p.m.

Note: There is no Extended Morning Session and Afternoon Session on Christmas Eves, New Year and Lunar New Year. There will be no Extended Morning Session if there is no Morning Session. The Hong Kong stock market closes on public holidays.

US Stock Exchange Trading Hours

Full Day Trading

Half Day Trading

US (EST)

9:30 a.m. - 4:00 p.m.

1:00 p.m. - 5:00 p.m.

HK Time (DST)

9:30 p.m. - 4:00 a.m.

1:00 a.m. – 5:00 a.m.

HK Time (WT)

10:30 p.m. - 5:00 a.m.

2:00 a.m. – 6:00 a.m.

Note: It is mandatory for clients to complete the W8-BEN Form before engaging in the dealing of U.S. stocks.
The denominated currency for the settlement of U.S. stocks is U.S. dollars.
Buy or Sell Trades are to be settled by the third Trade Day (T+2 day)
The minimum trading unit for U.S. stocks is 1 share.
No deposit or withdrawal of U.S. stock in physical form (Physical Script).
We do not accept client instruction on trading and depositing U.S. stocks that are classified as “Publicly Traded Partnerships shares” (“PTP”) , “Over-the-counter” (“OTC”) securities or “Virtual Asset Exchange Traded Funds” (“VA ETFs”).

CHINA STOCK CONNECT (SSE/SZSE) NORTHBOUND Trading Services

SSE/SZSE Trading Hours

Time for EP to input Northbound orders

Opening Call Auction

9:15 a.m. - 9:25 a.m.

9:10 a.m.-11:30 a.m.

Continuous Auction (Morning)

9:30 a.m. - 11:30 a.m.

9:10 a.m.-11:30 a.m.

Continuous Auction (Afternoon)

1:00 p.m. - 2:57 p.m.

12:55 p.m.-3:00 p.m.

Closing Call Auction

2:57 p.m.-3:00 p.m.

12:55 p.m.-3:00 p.m.


Thru a dedicated gateway to the Hong Kong Exchange, our client can access to the Northbound Trading of any eligible A-Shares under the China Stock Connect (Shanghai Connect “SSE” and Shenzhen Connect “SZSE”), including:

The SSE180 Index Constituent Shares

The SSE380 Index Constituent Shares

A+H Shares that are concurrently listed on the HKEX and SSE

The SZSE Component Index Constituent Shares and constituent shares of the SZSE Small/Mid Cap Innovation Index with a market capitalization of not less than RMB 6 billion

A+H Shares that are concurrently listed on the HKEX and SZSE

Click here for the latest List of Eligible CHINA CONNECT (SSE/SZE) Stock on the HKEX website

Note:

Amongst the various stocks listed in the Shanghai Stock Exchange (“SSE”) /Shenzhen Stock Exchange (“SZSE”), only A-Shares are included under the CHINA STOCK CONNECT. Other product categories such as B-Shares, Exchange Traded Funds (“ETF”), Bond and other securities are not included.

The daily limit for transaction turnover of CHINA STOCK CONNECT is restricted by a daily aggregate quota, which is monitored by the Hong Kong Stock Exchange, Shanghai Stock Exchange and Shenzhen Stock Exchange respectively.

Trade order price limit is generally subjected to a ±10% restriction, in reference to the closing price of the previous day, the lower price limit of a buy order must be within 3% of the spot price (5% for ST or *ST shares which are listed on the Risk Alert Board of the SSE).

Transaction funds are settled by T+1 day, while stocks are settled on T day.

No reversal transactions (Day Trading). Shares of a particular stock bought on the day is not allowed to be sold the same day.

Each Lot size is 100 shares.

Only Limit Order is accepted. Trade order amendment is conducted by cancelling the original trade order following the placing of a new trade order.

Trade transactions of China Stock Connect is settled by RMB.

Only Institutional Professional Investors (“ISI”) is eligible for the trading of ChiNext Stock.

Northbound trading will only be open when both the HK and Mainland stock markets are Trade Day and when fund settlement services are available on both market on trade Settlement Day (that is T+1).

IPO Margin Financing

IPO new shares subscription through our nominee is available for our clients to apply via our mobile trading APP or by contacting our Customer Service Team. Allotted shares are deposited into the client’s individual securities trading account with us on the allotment day, available for client’s disposal on the new stock’s first trading day. Alternatively, clients can also sell their allotted new shares via the IPO Pre-market (“Grey Market”) by calling our Customer Service Hotline during the IPO Pre-market trading hours.

Further, clients also have the option for Margin IPO Subscription to maximize individual capability which may enhance their chance of allotment.

Services Fees & Charges

   
Click here
 

FUTURES SERVICE CHARGES TABLE (HONG KONG FUTURES)

   
Click here
 

FUTURES SERVICE CHARGES TABLE (Global FUTURES)

   
Click here
 

SECURITIES SERVICE CHARGES TABLE (US STOCK)

   
Click here
 

SECURITIES SERVICE CHARGES TABLE (HK STOCK)

   
Click here
 

SECURITIES SERVICE CHARGES TABLE (SSE / SZSE China Connect A Shares)

   
Click here
 

BONDS AND UNIT TRUST SERVICE CHARGES TABLE

Deposit and Withdrawal

Securities Account - Fund Deposit

By “Well Link Bank(Macau)”

Customers who have opened a Well Link Bank account can deposit funds into their Well Link Securities account through  the "WLS" fund deposit function in the Well Link Bank mobile APP. Under normal circumstances, the whole deposit  process should take around five minutes.


By other banks transfer

Deposit can be made to the below bank accounts of Well Link Securities Limited  (the “Company”) via bank counters, automated teller machine or online banking  by bank transfer or telegraphic transfer. Cheques deposited must be crossed  and payable to: “Well Link Securities Limited”.


After client made deposit, please return to Well Link Securities mobile APP  and initiate a remittance notification in "Deposit Funds" module to  notify Well Link Securities to check the payment or via email to cs@wlsec.com  or via WHATSAPP to (852) 97991894 or scan the QR code at the bottom of Well  Link Securities official website and send it to the corporate WeChat. and call  the Customer Service Hotline at +852 3150 7728 (Hong Kong) ; +86 755 8206 0899  (Mainland China) ; +853 8796 5888 (Macau) or your A.E. to notify the Company  to register for account entry.


Our company only accept clients depositing funds in their own name and will not accept unidentified cash deposit or any third-party deposits. Please indicate the client’s full name  and the relevant Well Link securities trading account number.


Bank Information:

Deposit to Well Link Bank(Macau)

(Macau)Well Link Bank(HKD):

800003790102

(RMB):

800003821113

(USD):

800003818114

SWIFT: BESCMOMX

Bank Name: Banco Well Link S.A.

Bank Address: Finance and IT Center Of Macao, Floor 1C, Avenida Doutor        Mario Soares NO. 320, Macau

Deposit to Hong Kong Banks

The Faster Payment System (FPS):HKD

FPS identification code: 106229693

Receiving bank: DBS BANK (HONK KONG) LIMITED

Account name: WELL LINK SECURITIES LIMITED - CLIENT ACCOUNT

港元入金      

The Faster Payment System (FPS):CNY

FPS identification code: 105903041

Receiving bank: DBS BANK (HONK KONG) LIMITED

Account name: WELL LINK SECURITIES LIMITED - CLIENT ACCOUNT

人民币入金      

DBS Bank (HKD) :

016-478-783284154

DBS Bank (RMB) :

016-478-788662580

DBS Bank (USD) :

016-478-780263717

NOTE:  

From Monday to Friday, all instruction received after 4pm will be      processed on the next business day  

It takes two working days for check deposit to be processed, clients      please make arrangements in advance.  

For all other deposit channels not prescribed above, the Company reserves      the right to reject clients’ deposit and the fund will only be deposited      into clients’ accounts upon the provision of valid proof of that deposit      and approval by the Company. To avoid delay in fund deposit, clients are      strongly advised to follow the relevant instructions on proper deposit      procedures. If in doubt, please contact customer service department.  

Securities Account - Fund Withdrawal

For fund withdrawal, clients can issue withdrawal instructions through Well  Link Securities’ mobile APP or call the Customer Service Department +852 3150  7728 (Hong Kong) ; +86 755 8206 0899 (Mainland China) ; +853 8796 5888 (Macau)  during office hours, or submit the "Withdrawal Instruction Form"  ((Subject to client account signature verification) email to cs@wlsec.com. The  Company will by settlement rules execute client’s withdrawal instruction upon  verification and carry out the fund transfer to client’s designated bank  account. NOTE: No Third-party payee’s bank account will be accepted for fund  transfer.


 

NOTE: From Monday to Friday, all instruction received after 2 pm will be      processed on the next business day.  

For telegraphic transfer to banks in mainland, a telegraphic transfer fee      will be charged by the Company, in conjunction with bank’s handling fee      and the risk of delay that maybe caused by telegraphic transfer, which of      all are borne by the client.  

Please note that the settlement date may vary from different trading      markets. If in doubt, please contact the Customer Service      Department.  

Margin Ratio

Click here
   

Margin Ratio List – Hong Kong Stock。

       
Click here
   

Margin Ratio List – US Stock。

Frequently Asked Questions

How to open an account with Well Link Securities?

Clients may open an account with us through the following channels:


1. Online Account Opening via WLSEC website/mobile APP:
Clients may fill in an online application, then:

Arrange for witnessing of signature and certification of documentation OR

Transfer an initial deposit of not less than HK$10,000 from a bank account in the client's name via a licensed bank in Hong Kong (Designated Bank Account) to Well Link Securities' designated bank account.


2. Online Account Opening via WECHAT hyperlink:
View the Official WECHAT Accounts of Well Link Securities and follow the hyperlink on Account Opening Instructions, then:

Arrange for witnessing of signature and certification of documentation OR

Transfer an initial deposit of not less than HK$10,000 from a bank account in the client's name via a licensed bank in Hong Kong (Designated Bank Account) to Well Link Securities' designated bank account.


3. In Person To be served by our Customer Service Manager

Unit 13-15, 11/F., China Merchants Tower, Shun Tak Centre, 168-200 Connaught Road Central, Hong Kong


For further assistance on account opening, please contact +852 3150 7728 (Hong Kong) ; +86 755 8206 0899 (Mainland China) ; +853 8796 5888 (Macau).

What documents do I need to provide for Account Opening?

1. For HK ID holders:

Hong Kong Identity Card,

A valid address proof issued not less than three months prior to the account opening date (e.g. Utility bills, Phone bills or bank loan/credit card statements),

Bank account statement
e.g. bank statement, ATM Card with the client’s name and account number


2. For Mainland Clients:

Identity card;

Hong Kong and Macau Entry Permit or PRC Passport,

A stay permit known as “arrival slip” issued by the Hong Kong Immigration Department on entry (not required if not immigrated to Hong Kong),

A valid address proof issued not less than three months prior to the account opening date, including the applicant’s name, address, date and company letterhead (not required if the client’s actual address is the same address shown on ID),

Bank account statement
e.g. bank statements, ATM Card with the client’s name and account number


3. For Other ID Holders:

Identity Card and relevant proof of identity,

A valid address proof issued not less than three months prior to the account opening date (e.g. Utility bills, Phone bills or bank loan/credit card statements),

A stay permit known as “arrival slip” issued by the Hong Kong Immigration Department on entry (not required if not immigrated to Hong Kong),

Bank account statement
e.g. bank statements, ATM Card with the client’s name and account number

How long does it take to complete the Account Opening?

When all required documents are received, we can complete the account opening very quickly, approximately three business days. Customers can trade by logging in our mobile application or by contacting our customer services staff(Log in details for mobile trading will be sent to you through email if it opened by offline witness).

How can I deposit my shares to Well Link Securities?

  • 1.Deposit from other Banks or Securities Brokers

    You may submit the "Stock Transfer Notification" via the Well Link Securities mobile APP, by clicking on the homepage [My] > [Securities Services] > [Stock Transfer]. For illustration < Click here >

    Alternatively, you may download the Securities Settlement Instruction form here. Then return the completed and signed form to us through:

    Customer Service E-mail:cs@wlsec.com or

    WhatsApp:+852 9799 1894

    Our specialists will contact you to facilitate the process.

    (Note: if the transferee is not identical to the transferor, a duly stamped instrument of transfer with a bought and sold notes must be provided.)


    For HK Stock - our Settlement Information:

    Well Link Securities Participant Code:B01814

    Contact Person: Settlement Department

    Phone Number:+852 3150 7808 / 3150 7622

    For US Stock - our Settlement Information:

    Receiving DTC Participant/Clearing Broke:Velox Clearing LLC

    DTC No.:3856

    Receiver Account Name/Number:Zinvest Global Limited – Other Client / 88ZG0130

    Contact Person: Settlement Department

    Phone Number:+852 3852 2183

    (NOTE: Clients who transfer U.S. Stock positions should provide the latest client account statement issued by the counterparty broker for proof of ultimate beneficiary ownership of their shares position.)


  • 2.Deposit from CCASS

    You may download the Securities Investor Settlement Instruction form here. Then return the completed and signed form to us through:

    Customer Service E-mail:cs@wlsec.com or

    WhatsApp:+852 9799 1894

    Our specialists will contact you to facilitate the process.

How do I do margin financing?

We provide a flexible margin policy and approval process to enable clients to capture the investment opportunity at the right time. In order to margin finance stock purchases, clients must first open a margin account with us. Each stock has a pre-set margin ratio (leverage ratio). For more details on the margin ratio of each stock, please refer here

Note that the margin ratio table is for reference only. We have the right to adjust the margin ratio for different clients. Furthermore, the margin ratio may also be adjusted based on situation with the market and company. If there is insufficient margin balance in the client’s margin account, the Company may require the client to increase deposit or force liquidate the stocks in the account. Depending on market situation, the Company reserve the right to force liquidate the stocks without prior notice to the client. Clients are advised to read the terms and conditions in the risk disclosure section under the Client Agreement.

How do I subscribe in an IPO?

Clients may subscribe an IPO through our online platform or call our customer service hotline +852 3150 7728 (Hong Kong) ; +86 755 8206 0899 (Mainland China) ; +853 8796 5888 (Macau) to place a subscription instruction.

How does Well Link Securities handle Client Deposits?

In accordance to the Securities and Futures (Client Money) Rules established under Section 148 and Section 149 of the Securities and Futures Ordinance, Licensed Corporations must place client deposits and securities in a designated trust account. Well Link Securities strictly oblige to the relevant rules and all client deposits and securities are placed with a trust account in a licensed bank.

Is Well Link Securities free to use Client Assets?

Well Link Securities, as an Exchange Participant of The Stock Exchange of Hong Kong Ltd, since 2005 and 2009 respectively, has been licensed under the Securities and Futures Commission to carry on Type 1 and 2 (Dealing in Securities and Futures) regulated activities. Under strict regulations from the Hong Kong Securities and Futures Commission, it is an offence for Well Link Securities to misappropriate client assets under clear authorized is provided by the client.

What is Investor Compensation Fund?

As an international finance center, the Hong Kong government has always strengthen investor protection measures. Targeting potential losses faced by investors as a result of offenses committed by the financial institutions, the Securities and Futures Ordinance has established an Investor Compensation Fund since 1st April 2003, an independent company responsible for receiving, assessing and determining claims against the Investor Compensation Fund, making payments to claimants and pursuing recoveries against defaulting licensed intermediaries or authorized financial institutions. The compensation limit is $500,000 per investor for trading in securities and futures contracts, respectively.

(For more information on the Investor Compensation Fund, you may visit www.hkicc.org.hk)

Futures Trading Notice Board

Terms of Service, Risk Disclosure Statement and Disclaimer for Futures Trading

Risk Disclosure and Disclaimer

Futures is a financial contract in which buyers and sellers promise to buy or sell a certain related asset, such as stocks, market indices, currencies or commodities, at a predetermined price on a specified date in the future. Investors can buy and sell various futures contracts of relevant assets on the Hong Kong Stock Exchange. They only need to pay a part of the total contract value as a deposit to buy or sell futures contracts. This leverage feature can magnify investors' returns and losses. When the trend of the price of the relevant asset is contrary to the investor's opinion, the risk of being called for margin (“margin call”) may be faced due to a drop in the margin level, and the loss may exceed the margin deposited. Futures contracts are generally settled in cash, and our company does not provide physical delivery of relevant assets.

The risk of loss in trading futures contracts or options can be substantial. In some cases, your losses may exceed the initial margin deposit amount. Even if you may have set contingent instructions, such as "stop loss" or "limit price" instructions, it still may not be able to avoid losses. Market conditions may make it impossible to execute such instructions. You may be required to deposit additional margin at short notice. If the required margin amount is not satisfied within the specified time, your open positions may be liquidated. However, you remain responsible for any resulting shortfall in your account. Therefore, you should research and understand futures contracts and options before trading, and carefully consider whether such trading is suitable for you based on your own financial situation and investment goals. If you trade options, you should familiarize yourself with the rules and procedures, as well as your rights and responsibilities in relation to the exercise and expiration of option contracts.

Therefore, before you trade futures contracts or options, you must have a thorough understanding of the contract terms and trading rules of the relevant products, and you should refer to the relevant information published on the website of the Hong Kong Stock Exchange, and/or consult your professional advisors, as well as carefully consider whether this type of transaction is suitable for you according to your own financial situation and investment objectives.

Last Trading Day and Settlement Day for Futures Contracts

For the Last trading day/expiration date and Settlement date and holiday schedule of Hong Kong futures, please refer to the website of the Hong Kong Exchange:

https://www.hkex.com.hk/Services/Trading/Derivatives/Overview/Trading-Calendar-and-Holiday-Schedule?sc_lang=en

Given the spot month Hang Seng Index Futures contracts stop trading at 4:00 p.m. on the settlement day, when would the system's Hang Seng Index Futures "Main Link" be switched to the next contract month?

The contract month for the Hang Seng Index Futures "Main Link" takes into account of the market data received from the Exchange, by evaluating the number of open contracts and the trading volume of the relevant futures market before determining which contract month would be linked for the next trading session. The calculation (Open Interest Quantity x 0.9 + Market Volume x 0.1) takes place after the market closes and customers only need to reconnect to the APP’s market date to reflect the update.

Futures Products and Contracts available for trading

Future Contracts available for trading

At present, the company provides Hang Seng Index Futures, Hang Seng China Enterprises Index Futures, Mini-Hang Seng Index Futures, Mini-Hang Seng China Enterprises Index Futures and Hang Seng Technology Index Futures for clients to trade.

Hang Seng Index (HSI) Futures Contract Specifications

CONTRACT MULTIPLIER
HKD 50 PER INDEX POINT
CONTRACT MONTHS
Short-dated Futures:Spot Month, the next calendar month and the next two calendar quarter months
Long-dated Futures::Following five December months
MIN. FLUCTUATION
1 index point
PRE-MARKET OPENING PERIOD
08:45 - 09:15 and 12:30 - 13:00
TRADING HOURS
09:15 - 12:00, 13:00 - 16:30 and 17:15 - 03:00 (HKT)
TRADING HOURS ON LAST TRADING DAY
09:15 - 12:00 and 13:00 - 16:00 (HKT)
SETTLEMENT METHOD
Cash
FINAL SETTLEMENT PRICE
Average of quotations of the Hang Seng Index taken at five minute intervals during the Last Trading Day

H-Shares Index (HHI) Futures Contract Specifications

CONTRACT MULTIPLIER
HKD 50 PER INDEX POINT
CONTRACT MONTHS
Short-dated Futures:Spot Month, the next calendar month and the next two calendar quarter months
Long-dated Futures:Following five December months
MIN. FLUCTUATION
1 index point
PRE-MARKET OPENING PERIOD
08:45 - 09:15 and 12:30 - 13:00 (HKT)
TRADING HOURS
09:15 - 12:00, 13:00 - 16:30 and 17:15 - 03:00 (HKT)
TRADING HOURS ON LAST TRADING DAY
09:15 - 12:00 and 13:00 - 16:00 (HKT)
SETTLEMENT METHOD
Cash
FINAL SETTLEMENT PRICE
Average of quotations of HSCEI taken at five minute intervals during the Last Trading Day

Mini Hang Seng Index (MHI) Futures Contract Specifications

CONTRACT MULTIPLIER
HKD 50 PER INDEX POINT
CONTRACT MONTHS
Spot Month, the next calendar month, and the next two calendar quarter months
MIN. FLUCTUATION
1 index point
TRADING HOURS
09:15 - 12:00, 13:00 - 16:30 and 17:15 - 03:00 (HKT)
TRADING HOURS ON LAST TRADING DAY
09:15 - 12:00 and 13:00 - 16:00 (HKT)
SETTLEMENT METHOD
Cash
FINAL SETTLEMENT PRICE
Average of quotations of HSCEI taken at five minute intervals during the Last Trading Day

Mini H-Shares Index (MHI) Futures Contract Specifications

CONTRACT MULTIPLIER
HKD 10 PER INDEX POINT
CONTRACT MONTHS
Spot Month, the next calendar month, and the next two calendar quarter months
MIN. FLUCTUATION
1 index point
PRE-MARKET OPENING PERIOD
08:45 - 09:15 and 12:30 - 13:00 (HKT)
TRADING HOURS
09:15 - 12:00, 13:00 - 16:30 and 17:15 - 03:00 (HKT)
TRADING HOURS ON LAST TRADING DAY
09:15 - 12:00 and 13:00 - 16:00 (HKT)
SETTLEMENT METHOD
Cash
FINAL SETTLEMENT PRICE
Average of quotations of HSCEI taken at five minute intervals during the Last Trading Day

Hang Seng Tech Index (HTI) Futures Contract Specifications

CONTRACT MULTIPLIER
HKD 10 PER INDEX POINT
CONTRACT MONTHS
Spot Month, the next calendar month, and the next two calendar quarter months
MIN. FLUCTUATION
1 index point
PRE-MARKET OPENING PERIOD
08:45 - 09:15 and 12:30 - 13:00 (HKT)
TRADING HOURS
09:15 - 12:00, 13:00 - 16:30 and 17:15 - 03:00 (HKT)
TRADING HOURS ON LAST TRADING DAY
09:15 - 12:00 and 13:00 - 16:00 (HKT)
SETTLEMENT METHOD
Cash
FINAL SETTLEMENT PRICE
Average of quotations of HSCEI taken at five minute intervals during the Last Trading Day

Other Information:

Futures Product Product Symbol Exchange Exchange Min. Price Fluctuation Contract Size
Hang Seng Index Futures HSI HKEX 1 tick = HKD50 HKD 50 x Index
H-Shares Index Futures HHI HKEX 1 tick = HKD50 HKD 50 x Index
Mini Hang Seng Index Futures MHI HKEX 1 tick = HKD10 HKD 10 x Index
Mini H-Shares Index Futures MCH HKEX 1 tick = HKD10 HKD 10 x Index
Hang Seng Tech Index Futures HTI HKEX 1 tick = HKD50 HKD 50 x Index
Contract Month Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec
Symbol F G H J K M N Q U V X Z

Examples:

I.The contract symbol of the November 2022 Mini-Hang Seng Index futures contract is MHIX2.

II.The contract symbol of the December 2022 Mini H-Shares Index futures contract is MCHZ2.

III.The contract symbol of the January 2023 the Hang Seng Tech Index Futures contract is HTIF3.

Futures Trading Account and Fund Management

Opening a Futures Trading Account

Currently only supports existing clients with Securities Trading Account to further open a Futures Trading Account.

This can be done via the trading APP by clicking the upper sub menu【Futures】under the main bottom menu【Trade】.

The time it takes to open a Futures Trading Account

In general, 2-3 working days upon application received.

Fund Deposit into Futures Trading Account

The trading APP supports inter-transfer of fund between Securities Trading Account and Futures Trading Account.

This can be done via the Trading APP by clicking 【My】>【SEC-FUT TFR】, for fund transfer between Securities Trading Account and Futures Trading Account. There is no limit on the transferal amount and it general takes 30 minutes to complete.

【NOTICE】

If there is any outstanding balance in the receiving account, the system will automatically offset any outstanding amount with any funds transferred into the receiving account first, meaning any fund deposited will go towards the settlement of any existing debt accumulated in the receiving account with upmost priority. Clients should pay attention to this account offset arrangement before transferring funds between their securities and futures trading accounts so as not to affect their funding and trading management.

证期转账

Fund Withdrawal Out of Futures Trading Account

The trading APP supports inter-transfer of fund between Securities Trading Account and Futures Trading Account.

This can be done via the Trading APP by clicking 【My】>【SEC-FUT TFR】, for fund transfer between Securities Trading Account and Futures Trading Account. There is no limit on the transferal amount and it general takes 30 minutes to complete.

【NOTICE】

If there is any outstanding balance in the receiving account, the system will automatically offset any outstanding amount with any funds transferred into the receiving account first, meaning any fund deposited will go towards the settlement of any existing debt accumulated in the receiving account with upmost priority. Clients should pay attention to this account offset arrangement before transferring funds between their securities and futures trading accounts so as not to affect their funding and trading management.

卖出

Reviewing Futures Trading Account Statement Online

Client can use the【Trade Related】function under the【Main Menu】to review their Futures Trading Account Statement online.

账单查询

Futures Trading Account Statement can be viewed online and sent via email. Accounts Statements are encrypted and protected by a password. Client will need to enter the last 6 digits of their Identification document registered during their account opening (ID card/passport for individual clients, business registration/company registration certificate for corporate clients). Enter directly if less than 6 digits, parentheses should be left out. As follow:

Example 1 : For HKID / Passport: A123456(7)
Enter:234567
Example 2 : For Macau ID: 1234567(8)
Enter:345678
Example 3 : For PRC ID: 123456194901017890
Enter:017890
Example 4: For Company Business Registration / Certificate of Incorporation :12345
Enter:12345

【NOTICE】

Trade transactions executed during the Day Session (T) will be reflected on the daily account statement for that trade day, whereas trade executed during the After-Hours Trading (AHT) Session (T+1) will reflect on the daily account statement for the next trade day.

Market Data Subscription for Futures Trading

Market Data Subscription for Futures Trading and application time

Client can click【MarketPlace】function under the main menu【My】 to subscribe market data for futures trading. The subscription fee will be deducted from the Futures Trading Account, please ensure there is sufficient funding in the relevant account.
行情商城

Before subscribing Market Data for Futures Trading, client shall be aware their subscribed market data will become effective on the next business day. Please “Logout” of the APP and re-login to effect the subscribed market data. Once the subscription order had been accepted with subscription fee deducted from the account, no refund, change or cancelling. Please operate with caution.

【NOTICE】

The trading APP or trading system does not provide any market data for futures trading if clients do not subscribe for futures market data, as such any futures account information that may rely on futures market data to display correctly will not be accurately reflected, which may even effect the normal course of futures trading. Client must acknowledge the relevant risks and take full responsibility for any losses that may be caused by the lack of futures market data before engaging in any futures dealing. If clients decide to conduct futures trading before having successfully subscribed to futures market data, please be fully aware of the associated risks.

Futures Trading Time Schedule

Hang Seng Index Series Futures Trading Time Schedule

期貨交易時間

【NOTICE】

The market closing time for trading expiring contract month futures on the last trade day is 4:00 p.m.

Rules and Limitations of trading Futures via APP

Device Information Collection

When clients first login the Futures trading function of the APP, they need to agree to the APP collecting their device information so as to meet regulatory requirements.

【NOTICE】

Client will not be able to login their Futures trading account if they do not authorize the APP to collect their device information by selecting【Cancel】and re-selecting manually is mandatory if they wish to re-login their Futures trading account.

提示 交易登录

Authorization on Push Notification via APP

Upon logging in the first time, the client is required to configure the authorization settings for Push Notification in order to receive system messages, including but not limited to trade order status notifications, such as the success or fail of order placement and order cancellation.

【NOTICE】

Client not receiving system messages in time due to them not authorizing the APP for collecting information from their device by selecting 【Cancel】shall be fully responsible for any loss that may cause as a result. After selecting 【Cancel】, client may still be able to configure the permission settings for APP push notifications via the setting menu on their mobile device.

行情断开 悬浮窗

Futures Trading Interface

I. Holding:Display the type and number of Futures Contract(s) held
II. Queue:Display Futures trade order(s) on queue
III. Order:Display Futures trade order status, including the contract name, order price, number of contract(s), time record, valid order type and order feedback.
IV. Executed:Display executed trade order(s).
訂單訊息

Order Placement

On the lower menu, client can first click【Trade】then【Futures】on the upper lower menu to access【My Contract】then click【Add】 before placing trade orders by entering the price and the number of contract.

【NOTICE】

Click the “T+1” tick box when placing order will extend the validity of the trade order onto the After-Hour Trading (AHT) Session.

查询持仓
交易界面简介

Modifying or Cancelling Trade Orders

Client can first click【Queue】under the【Trade】menu,then click on the order on queue to modify or cancel.
改单撤单

Limit Order and Order Price Type

I. Limit Order
>> Limit Order is a trade order with a price limit. Clients can enter a BUY order or a SELL order with a price according to the specifications and rules of trading that particular futures contract.
>> If a client places a Limit Order in the Pre-Opening Allocation Period during the Morning Session or the Afternoon Session, the system will default the order as an Auction Limit Order and engage in Order Matching during the Open Allocation Session, any unmatched Auction Limit Order(s) will be automatically converted back to a Limit Order when the Continuous Trading Session begins.
>> Futures Products available for trading: Hang Seng Index Futures (HSI), Hang Seng China Enterprises Index Futures (HHI), Mini-Hang Seng Index Futures (MHI), Mini-Hang Seng China Enterprises Index Futures (MCH) and Hang Seng Technology Index Futures (HTI)

II Bid/Ask Price
Set the order price at the level one Bid/Ask price for matching, if the order is partially filled, the remaining unfilled order quantity will remain in queue as Limit Order.

III. Nominal Price
Set the order price at the nominal price, if the order is partially filled, the remaining unfilled order quantity will remain in queue as Limit Order.

IV. Queue Price
Set the order price at the best price queue, if the order is partially filled, the remaining unfilled order quantity will remain in queue as Limit Order.

V. Transcend Price
After the trade order price is entered (regardless of which of the above price type have been selected), the Transcend Price feature may be used to add extra tick(s) onto the trade order price to increase the likelihood of order matching especially given volatile market situations. Clients may pre-set the number of tick(s) under【Main Menu】> 【Trade Settings】> 【Transend Ticks】and the default number of tick is 1.

账单查询
Example:
Nov HSI Futures Contract(+ 【Transcend Price】10 ticks)
Nominal Price: 16,791
Bid Price: 16,786
Ask Price: 16,791

Bid/Ask Offering Price + Transcend Price 10 ticks: Bid 16,801 / Ask 16,776
Nominal Price + Transcend Price 10 ticks: Bid 16,801 / Ask 16,781
Queue Price + Transcend Price 10 ticks: Bid 16,796 / Ask 16,781

Order Validity

I.Order Valid for the current trading session
By default, pending orders are valid until market close of the current trading session, and all unfilled orders are automatically voided after the market closes.

【NOTICE】

Unless ”GTC” or “T+1” are selected (Refer to screenshot below)。

订单有效期
II.Good Till Cancel(GTC)Order
Unfilled orders with GTC selected are valid until such time when order is filled or manually canceled, otherwise the validity period of the GTC order will remain until the Futures contract of that trade order expires.
After the market closes on the last trading day, Well Link Securities Limited has the right to cancel clients’ GTC orders of the current (spot) month contract that have not been executed or have not been voluntarily canceled.

【NOTICE】

Clients who choose to place GTC orders must pay attention to the latest order status of their trade orders from time to time. Well Link Securities Limited will not guarantee the validity period of GTC orders.

長期有效

Futures Products available for trading during After-Hours Trading (AHT) session

Including: Hang Seng Index Futures (HSI), Hang Seng China Enterprises Index Futures (HHI), Mini-Hang Seng Index Futures (MHI), Mini-Hang Seng China Enterprises Index Futures (MCH) and Hang Seng Technology Index Futures (HTI)
(Reference Materials)

https://www.hkex.com.hk/Services/Trading/Derivatives/Overview/Trading-Mechanism/After-Hours-Trading?sc_lang=en


Orders placed during Day Trading session (also known as "T session") versus After-Hours Trading session (also known as "Night session" or "T+1 session")

The After-Hours Trading session is from 5:15 p.m. to 3:00 a.m. of the next day, which is classified as T+1 session. Transactions during this session will be reflected in the Daily Account Statement of the next day. Example:All trade transactions from 17:15 on October 27, 2022 to 03:00 on October 28, 2022 will be attributed to transactions on October 28, 2022.

I. Unfilled orders placed during the Day Trading session are valid until the current trading session closes by default, and all unfilled orders automatically become invalid after the market closes (16:30).
II. Unfilled order placed during the Day Trading session with [T+1] selected, and the validity period of the order will be extended to the After-Hours Trading session ([T+1]).
III. Orders placed during the After-Hours Trading session【T+1】are defaulted to the current session, and there is no need to select [T+1]. Please be aware.
IV. Regardless of whether [T+1] is selected or not, unfilled orders placed during the After-Hours Trading session will be stay valid until the current trading session closes (03:00 am) by default, and all unfilled orders will automatically become invalid after the market closes.

【Last Trade Day】Trade Order Rules(Applicable to Hong Kong Hang Seng Futures)

If clients still have pending orders or unfilled orders when the market closes at 4:00 p.m. on the [Last Trading Day] of the futures contract, it will automatically become invalid after the market closed.

Order Price Limit

The order price limit is the upper and lower limits (within 5%) of the order price in accordance with the rules of the Hong Kong Stock Exchange.

For details, please refer to the exchange website:

https://www.hkex.com.hk/-/media/HKEX-Market/Services/Trading/Derivatives/Overview/Trading-Mechanism/After-Hours-Futures-Trading/Example-on-Determining-the-Price-Limit-in-AHFT-Session_c.pdf


Order Quantity (Futures Contract) Pre-set Limit

I. The maximum number of Open Hang Seng Index Series Futures contracts held at any one time is 1,000.
II. The maximum number of order quantities (futures contracts) for a single order is limited to 100.

Trade Notifications

Clients can review their daily trade transaction records in the【Executed Orders】of the【Trade】menu of the APP, relevant trade confirmation notifications will also be sent to the clients’ registered email address.

Account Transactions Statement

Trade transactions conducted during the Day Trading session (T) will be displayed in the daily statement of that day, while trade transactions conducted during the After-Hours Trading session (T+1) will be displayed in the daily statement of the next trading day, deliver by email to the client's registered email address.

Volatility Control Mechanism (VCM) (Applicable to the Hang Seng Index Series Futures)

The VCM is only applicable to the two closest contract months (total of 10 contracts) among Hang Seng Index Futures (HSI), Mini-Hang Seng Index Futures (MHI), Hang Seng China Enterprises Index Futures (HHI), Mini-Hang Seng China Enterprises Index Futures (MCH) and Hang Seng Technology Index Futures (HTI).
If the price of an Exchange contract within the VCM deviates by more than ±5% from the last traded price 5 minutes ago (VCM reference price), a 5-minute cooling-off period will begin.
During the cooling-off period, buying and selling are allowed within price limits. After the cooling-off period, normal trading will resume.

For details, please refer to the exchange website:

https://www.hkex.com.hk/-/media/HKEX-Market/Services/Trading/Derivatives/Trading-Mechanism/Volatility-Control-Mechanism-(VCM)/Trading-Mechanism-for-VCM-141020221.pdf

Intraday Closeout vs Cross-Sessions Closeout

Intraday Closeout

A futures contract position this is opened and closed during the After-Hour Trading session of the previous day (T+1) or closed during the immediately following Day Trading session (T), or a futures contract position opened and closed within the same trading session, shall be deemed as Intraday Closeout.

Example:
I. A client bought a Hang Seng Index futures contract on 24th October 2022 (T+1) session and closed position by selling the contract on 25th October 2022 (T) session, will be regarded as Intraday Closeout.
II. A client sold a Hang Seng Index futures contract on 25th October 2022 (T) session and closed position by buying back the contract on 25th October 2022 (T) session, will be regarded as Intraday Closeout.

Cross-Session Closeout(Also known as “Overnight” closeout)

A futures contract position that is opened during the Day Trading session (T) and closed during the After-Hour Trading session (T+1), or closed on the following day and beyond, will be deemed as Cross-Sessions Closeout.

Example:
I. A client bought a Hang Seng Index futures contract on 24th October 2022 (T) session and closed position by selling the contract on 24th October 2022 (T+1) session, will be regarded as Cross-Sessions Closeout.
II. A client bought a Hang Seng Index futures contract on 24th October 2022 (T+1) session and closed position by selling the contract on 25th October 2022 (T+1) session, will be regarded as Cross-Sessions Closeout.
III. A client sold a Hang Seng Index futures contract on 24th October 2022 (T) and closed position by buying back the contract on 25th October 2022 (T) session, will be regarded as Cross-Sessions Closeout.

【NOTICE】

The brokerage commission for Cross-Sessions Closeout is different from Intraday Closeout. For details, please refer to the FUTURES SERVICE CHARGES TABLE (HONG KONG FUTURES) on www.wlsec.com.

Margin Requirements on Futures Contracts

Futures Margin (Open Position) Requirements (also known as “Initial Margin”)

Before opening a new position, the client must first make the necessary initial deposit as Initial Margin, for which the required amount may be adjusted from time to time according to the Exchange’s requirements, otherwise opening a new position is prohibited (except for clients whom have been approved as “Established Client”). The buying power available within the clients’ futures trading account must meet the above-mentioned requirements when opening a new position, those clients whom are on margin call are not allowed to open new position.

Maintenance Margin Requirements

Futures Margin Requirements is divided into "Initial Margin" and "Maintenance Margin", whereas the Maintenance Margin is 80% of the Initial Margin. The amount required for the Initial Margin will be adjusted from time to time according to the requirements of the Exchange, at least adjusting monthly, and it will also be adjusted upward in response to market fluctuations or prior to local long holidays. Before clients open a new position, their futures trading account must have sufficient Initial Margin deposited, while after opening a new position must have sufficient Maintenance Margin in place. All futures margin security deposits must be in cash.

Margin Requirements for Unilateral and Spread Futures Contracts of the Hang Seng Index Series Futures

I. Margin for Unilateral Futures Contract
For details, please refer to the Exchange website:

https://www.hkex.com.hk/Services/Clearing/Listed-Derivatives/Risk-Management/Margin/Margin-Tables/HKCC?sc_lang=en

II. Margin for Spread Futures Contracts
Spread Futures Contract trading is a single futures contract of the same category or the same trading product in different contract months, trading in opposite directions simultaneously.

【NOTICE】

At present, Well Link Securities Limited’s margin policy for each pair of the Spread Futures Contracts traded by any client will be treated as two independent (Unilateral) futures contracts in terms of margin security deposits requirements.

【NOTICE】

At time of volatile market conditions, the margin security deposits required from the client may be raised to a level higher than the Exchange's Initial Margin requirement, which in turn triggers a margin call. As such, the client may be called for margin and demanded for additional fund deposits in a short period of time, in order to maintain the Initial Margin level of their positions. If the additional margin requirement is not satisfied within the specified time, the client may be forced to close the position at a loss, and all losses arising therefrom, including any amount owed after closing the position, must be borne by the customer.

Futures Margin Call and Forced Liquidation

Margin Call Notifications【Total Initial Margin/Total Net Asset Value】and Force Liquidation

When the net position value or asset valuey of the client’s futures account falls below the Maintenance Margin level, the client will be called for margin security deposits, and the request for margin will usually be triggered according to the risk ratio of the client’s position. When the client is being called for margin, the client should quickly replenish their margin level to the Initial Margin level, or implement adequate risk management in a timely manner by closing their open position(s). Unless the margin call requirement is satisfied, the client will not be allowed for fund withdrawal from their account or opening new positions.

I. When the【Initial Margin】ratio in the client's futures account falls to 80% or below, a margin call notification will be issued, and the client should make the necessary margin deposit as soon as possible or voluntarily close the position until the net asset value returns to the【Initial Margin】requirement level above.

II. When the【Initial Margin】ratio in the client’s futures account falls to 60% or below, further margin call notification will be issued, and the client should immediately make the necessary margin deposit or voluntarily close the position until the net asset value returns to the【Initial Margin】requirement level above.

III. When the【Initial Margin】ratio in the client's futures account falls to 50% or below, forced liquidation may be executed at any time without prior notice or warning until the net position value or asset value of the client’s futures account returns to the【Initial Margin】requirement level.


If the client fails to make the margin call amount within the specified time limit, Well Link Securities Limited has the right to exercise risk management protocol by forcefully closing the position for the client (“force liquidation”) after the specified time limit, without further notice.

I. If the client’s futures trading account is called for margin securities deposits during the Day Trading session (T), the client must ensure the latest margin call amount in full is available within their futures trading account by 04:00 p.m. on that day.
II. If the client’s futures trading account is called for margin securities deposits during the After-Hour Trading session (T+1), the client must ensure the latest margin call amount in full is available within their futures trading account by 09:00 a.m. in the morning of the next trading day.。

Futures Position Closeout and Settlement Mechanism

By default, futures contract positions will be closed according to the principle of【First Open, First Close】, where the earliest opened futures contract position is closed first, in that order of priority.

Close Position Fund Settlement

Hong Kong HSI Index series Futures are settled on T+1

I. Clients closed their position during Day Trading session (T) may apply for fund withdrawal of their margin deposit on the same day, whereas the remaining surplus funds (if any) available in their futures trading account may be further withdrawn on the next trading day at the earliest.

II. Clients closed their position during the After-Hour Trading session (T+1) may apply for fund withdrawal on the next trading day at the earliest.


Last Trading Day Settlement

I. If the client holds a cash-settled futures contract and that contract has not been closed at the end of the Last Trading Day, such contract will be settled in cash according to the contract rules of the Exchange.

II. The settlement amount will be deposited into the client's futures trading account before the commencement of the afternoon trading session of the next trading day following the last Settlement day.


For details of the Last Settlement Date, please refer to the Exchange website:

https://www.hkex.com.hk/Services/Trading/Derivatives/Overview/Trading-Calendar-and-Holiday-Schedule?sc_lang=en


Open Futures Contracts Offset(1 vs 5)

If the client holds a pair of opposite open contracts of the two series, Well Link Securities Limited will NOT automatically close out such position for the client UNLESS an explicit instruction has been given by the client. Refer to the procedures below.
According to the rules of the Clearing House, the long and short positions of the following four types of Exchange futures contracts may be offset. If clients deem necessary to offset such position, client’s request may be made by calling the Customer Service Department of Well Link Securities Limited to place Closeout instruction before 4:15 p.m. during the Day Trading session (T), whereby such instructions will be executed after the After-Hour Trading session (T+1) session.

I. Simultaneously holding 1 long (short) position in Hang Seng Index futures contract and 5 short (long) positions in Mini Hang Seng Index futures contracts;

II. Simultaneously holding 1 long (short) position in H-Shares Index futures contracts and 5 short (long) positions in Mini H-Shares Index futures contracts.

【NOTICE】

Well Link Securities Limited (“WLSL”) does NOT provide any services in relation to the【physical delivery】of futures contracts settlement, clients is required to voluntarily close their positions on or before the Last Trading Day. Otherwise, WLSL has the right to forcibly close such position for the client without prior notice, and any resulting losses, including costs, fees and expenses, et cetera will be borne by the client.