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Channels for Securities Services Trading

Local Securities U.S. Stock Trading Overseas Securities Margin Trading SMIP
Online Yes Yes Yes Yes
Mobile Yes Yes Yes
Express Stock Order Placement Hotline* Yes Yes
Manned Phonebanking** Yes Yes Yes Yes
Branches** Yes Yes Yes

*For HSBC Premier and HSBC Advance customers only.

** Local securities and margin trading: HSBC Premier customers only
    U.S Stock Trading: HSBC Premier and Advance customers only

Manage your investments whenever and wherever you want with 24-hour, easy-to-use investment services through HSBC Internet Banking and HSBC Mobile Banking. Alternatively, you can monitor your investment portfolio, place orders, check your order status, access up-to-the-minute share prices and market information, and request statements by calling your designated investment Phonebanking services hotline.


Phonebanking Hours:

Monday - Friday Saturday
Trading Securities+ 8 am - 4:10 pm N.A.
Statement request 8 am - 6 pm 8 am - 1 pm

+Orders placed on Saturday or after 4:10 pm on Monday to Friday will be treated as orders for the following trading day.

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Local Securities Service Charges+

The RMB charges shown are applicable to RMB denominated stock and nominee service & corporate actions involving RMB.

Service Item Rate Minimum Charge
Buying and selling securities (including equity linked instruments)
Brokerage fee
  • trading through HSBC Internet Banking / HSBC Mobile Banking / automated investment phonebanking / Express Stock Order Placement Hotline
0.25% of transaction amount HKD100/RMB100
  • trading through manned phonebanking and branch*
0.4% of transaction amount for HSBC Premier customers HKD100/RMB100
Stamp duty (collected for HKSAR Government) 0.1% of transaction amount** (rounded up to the nearest dollar) --
Transaction levy (collected for the Securities & Futures Commission of Hong Kong) 0.0027% of transaction amount** --
Investor compensation levy (collected for the Securities & Futures Commission of Hong Kong) 0.002% of transaction amount (suspended by the Securities & Futures Commission of Hong Kong from 19 Dec 05) --
HKEx trading fee (collected for the Stock Exchange of Hong Kong Ltd.) 0.005% of transaction amount** --
Deposit transaction charge (for purchase transaction only) HKD5/RMB5 per board lot (maximum charge:HKD200/RMB200)

Waived if the same stocks are purchased and then sold on the same trading day or the subsequent trading day (T or T+1)***
HKD30/RMB30
Italian Financial Transaction Tax (IFTT) - for purchase of eligible Italian companies with market capitalization of more than Euro 500m and listed in Hong Kong, effective from 1 March 2013 (Collected for Italian Government) 0.1% on the net settlement amount for trades settled on 6 Sep 2016 and thereafter
(Tax deduction from the intraday netting permitted based on the weighted average purchase price and the net purchase share quantity executed on the same day)
--
Italian Financial Transaction Tax (IFTT) - for purchase and sale of eligible Italian derivatives (including warrants/CBBCs) listed in Hong Kong, effective from 1 September 2013 (Collected for Italian Government) €0.125 for each transaction amounted €0 - €2,500;
€0.25 for each transaction amounted €2,500 - €5,000;
€0.50 for each transaction amounted €5,000 - €10,000;
€2.5 for each transaction amounted €10,000 - €50,000;
€5 for each transaction amounted €50,000 - €100,000;
€25 for each transaction amounted €100,000 - €500,000;
€50 for each transaction amounted €500,000 - €1,000,000;
€100 for each transaction amounted higher than €1,000,000

Notes:
1. No intraday netting permitted for Italian derivatives
2. Prevailing euro exchange rate at ECB (European Central Bank) will be referred to determine the corresponding tax tier as the HK listed Italian derivatives are denominated in HKD
3. Tax will be deducted from customer's HKD account on settlement date at the Bank's prevailing exchange rate.
--
* Applicable to HSBC Premier customers only.
**Stamp Duty, Transaction levy and HKEx Trading Fee, will be collected in RMB or HKD equivalent (according to official exchange rate ) for RMB denominated stock as determined by the bank.
***If there is more than one purchase transaction executed on a trading day (T) and/or the next following trading day (T+1), the sale transaction will first be matched with all purchase transactions executed on T based on their size, starting from the one with the largest quantity of purchased shares. After that, any unmatched sale shares will be matched with purchase transactions executed on T+1 based on their size, starting from the one with the largest quantity of purchased shares. Remaining shares of matched purchase transactions (if any) and/or unmatched purchase transactions (if any) are still subject to the deposit transaction charge with a minimum of HKD30/RMB30 for each purchase transaction.
Receipt and delivery
Receipt and delivery through Central Clearing and Settlement System (CCASS)
  • Receipt
Waived --
  • Delivery
HKD5/RMB5 per board lot HKD30/RMB30 per stock per transaction
Physical scrip deposit and withdrawal
  • Deposit
Scrip fee:
HKD2.5 per board lot
--
Transfer deed stamp duty
(if applicable):
HKD5 for each transfer deed
--
  • Withdrawal (in self-name)
Transaction charge:
HKD5 per board lot
HKD30 per stock per transaction
Scrip fee:
HKD2.5 per board lot
--
Transfer deed stamp duty
(if applicable):
HKD5 for each transfer deed
--
Receipt and delivery involving change of beneficial ownership
  • Stamp duty(collected by HKSAR government)
0.1% of transaction amount**, or the single rate of 0.2% of transaction value** for both parities (rounded up to the nearest dollar) --
Safe Custody Service
HSBC Premier, HSBC Premier Junior Pack, HSBC Advance and Personal Integrated Account HKD25 monthly for each customer account which has a securities transaction record(s) or securities holding in the 1 month period on or before the 1st of the following month.

The fee is due and payable on or before the 20th of the following month on a day determined by the Bank from time to time. If that day falls on the 1st of the month and is not a business day, the fee may be collected on the business day which immediately precedes that day, subject to the decision of the Bank. The fee is payable upon closure of accounts where the account is closed before the above payment dates.
--
General securities accounts HKD30 monthly for each customer account which has a securities transaction record(s) or securities holding in the 1 month period on or before the 1st of the following month.

The fee is due and payable on or before the 20th of the following month on a day determined by the Bank from time to time. If that day falls on the 1st day of the month and is not a business day, the fee may be collected on the business day which immediately precedes that day, subject to the decision of the Bank. The fee is payable upon close of accounts where the account is closed before the above payment dates.
--
Nominee service and corporate actions^
Collection of cash and scrip dividend 0.5% of dividend amount (maximum charge: HKD2,500/RMB2,500) HKD30/RMB30
Collection of bonus issue HKD5/RMB5 per board lot(maximum charge: HKD200/RMB200) HKD30/RMB30
Exercise rights HKD5/RMB5 per board lot on received stocks resulting from exercising the right (maximum charge: HKD200/RMB200) HKD30/RMB30
Warrant conversion HKD50/RMB50 per transaction plus --
HKD5/RMB5 per board lot on received stocks resulting from warrant conversion(maximum charge: HKD200/RMB200) HKD30/RMB30
Shares
consolidation/splitting
HKD5/RMB5 per board lot on received stocks resulting from shares consolidation/splitting(maximum charge: HKD200/RMB200) HKD30/RMB30
Cash offers and other corporate actions with cash consideration 0.5% on each cash consideration(maximum charge: HKD2,500/RMB2,500) HKD30/RMB30
Equity linked instruments at maturity
  • Receipt of cash
0.2% of cash received(maximum charge: HKD300) --
  • Receipt of stock
HKD5 per board lot(maximum charge: HKD200) HKD30
Stamp duty (collected for HKSAR Government):0.1% of transaction amount**(rounded up to the nearest dollar) --
Handling charge for dividend claims HKD300 per claim by our nominee company per distribution+ HKD300
0.5% on cash dividend HKD30

+Applicable to HSBC Premier, HSBC Advance and Personal Integrated Account customers and general securities account customers with account number ended with '381'.

^The charge applied is according to the transaction currency of the corporate action. For transaction currency other than HKD or RMB,   HKD charge or equivalent at the Bank's prevailing exchange rate will be applied.

For non-HKD payment such as cash dividend, when respective currency account is not available/provided for the corporate action at the time of the payment, payment will be paid in Hong Kong Dollar equivalent at the Bank's prevailing exchange rate to customer's default HKD account after charge deduction.

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Local Securities Online Market Information Service and Charges

For market news, you may go to Market Information. For real-time stock quotes on local stock markets and more comprehensive market information, please log on to HSBC Internet Banking which offers Market Live, our fee-based service for stock traders.

Using genuine streaming technology, Market Live provides you with detailed, real-time stock market information delivered to your computer automatically, including: Hong Kong stock prices (with complete information in a Teletext screen format), futures and indices, regional indices and news. Market Live also provides fundamental data of all listed companies such as 5-year annual reports, financial ratios, and charts. You can even set up your own investment portfolio and monitor the performance.

Service Item Rate Minimum Charge
Local Securities Online Market Information Service Charges
Online real- time price quote Free quote entitlement per month
Premier customers: 1,000 quotes#
Non Premier customers: 500 quotes

An additional 200 quotes will be awarded in the following month for every HKD50,000 local securities turnover

Cost per additional quote HKD0.1 per quote##
--
Market Live service### HKD380 per month

Monthly fee waiver
One month fee waiver for every HKD1 million local securities turnover####
--
Investment order confirmation and IPO update eAlerts Free of charge --
# HSBC Premier customers can enjoy 1,000 free quotes for any particular month if they maintain their HSBC Premier account until the last day of that month.
## The fee is due and payable on or before the fifth working day of the following month and is payable upon closure of accounts where the account is closed before the payment date. All unused quotes will be carried forward up to a maximum of 99,999 quotes with no expiry date.
### Subscription to Market Live will be effective instantly and the first monthly fee will be debited from the customer's designated charge account within the two business days following the subscription day. This fee will be calculated on a pro-rata basis based on the number of days since and including the day of subscription versus the number of calendar days in that month. Subsequent monthly fees will be charged in advance on or before the fifth working day of each month.
#### The monthly fee waiver does not apply to the fee for the first month of Market Live subscription. A waiver of monthly fee will be awarded for every HKD1 million local securities turnover accumulated since Market Live subscription. Transactions to be included in the calculation of total turnover must be conducted through The Hongkong and Shanghai Banking Corporation Limited in Hong Kong and may be effected via any channel. Customers can enjoy monthly fee waivers for a maximum of six consecutive months only. For example, if a customer accumulates a turnover of HKD10 million in January, he/she earns six monthly fee waivers to be enjoyed from February to July inclusive. The HKD4 million in excess of the HKD6 million will neither be counted nor carried forward to the next month. Since a customer may only enjoy a maximum of six consecutive monthly fee waivers, even if he/she accumulates a turnover of HKD2 million in February, only HKD1 million would be counted towards the fee waiver such that he/she enjoys fee-free Market Live for the six months from March to August. The other HKD1 million will neither qualify for a fee waiver nor carried forward to the next month.

There may be other fees, charges, levies, tax and interest that apply to certain securities or particular security trading services provided by the Bank that are introduced and/or charged by the relevant service providers, government or regulatory bodies. The Customer is fully responsible for such fees, charges, levies, tax and interest. Please make enquiry with the Bank for details. All charges are available upon request and are subject to revision without notice.

The Bank does not provide investment advice. Investment involves risk. The price of stocks may move up or down. Losses may be incurred as well as profits made as a result of buying and selling stocks. Full details of the terms and conditions of the above services are available on request.

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Stock Alerts Service

Customers can enjoy the free stock alerts service to manage stock portfolio anytime, anywhere. Pre-set your own target level for up to 20 stocks or indexes* and receive an SMS or Push Notification via mobile device** when the target price is met to timely grasp opportunities.

Service Item Rate Minimum Charge
Stock / Index alert service
Receive alert via Push Notification for iPhone and iPod Touch Free of charge until further notice --
Receive alert via SMS Free of charge until further notice --

* Stocks and indexes include all Hong Kong stocks as well as HSI/HSCEI.

** Stock alerts service is provided to customers with investment account and registered with Personal Internet Banking and eAlert service. Push notification service is only available to iOS or Android OS device.

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For trading in Overseas markets, please refer to Overseas Securities Services.

Investment Risk Disclosures

1.Risk of Securities Trading
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.
2.Risk of Trading Futures and Options
The risk of loss in trading futures contracts or options is substantial. In some circumstances, you may sustain losses in excess of your initial margin funds. Placing contingent orders, such as "stop-loss" or "stop-limit" orders, will not necessarily avoid loss. Market conditions may make it impossible to execute such orders. You may be called upon at short notice to deposit additional margin funds. If the required funds are not provided within the prescribed time, your position may be liquidated. You will remain liable for any resulting deficit in your account. You should therefore study and understand futures contracts and options before you trade and carefully consider whether such trading is suitable in the light of your own financial position and investment objectives. If you trade options you should inform yourself of exercise and expiration procedures and your rights and obligations upon exercise or expiry.
3.Risk of Trading Growth Enterprise Market Stocks
Growth Enterprise Market (GEM) stocks involve a high investment risk. In particular, companies may list on GEM with neither a track record of profitability nor any obligation to forecast future profitability. GEM stocks may be very volatile and illiquid.

You should make the decision to invest only after due and careful consideration. The greater risk profile and other characteristics of GEM mean that it is a market more suited to professional and other sophisticated investors.

Current information on GEM stocks may only be found on the internet website operated by The Stock Exchange of Hong Kong Limited. GEM Companies are usually not required to issue paid announcements in gazetted newspapers.

You should seek independent professional advice if you are uncertain of or have not understood any aspect of this risk disclosure statement or the nature and risks involved in trading of GEM stocks.
4.Risks of Client Assets Received or held outside Hong Kong
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.
5.Risk of Providing an Authority to repledge your Securities Collateral etc.
There is risk if you provide the licensed or registered person with an authority that allows it to apply your securities or securities collateral pursuant to a securities borrowing and lending agreement, repledge your securities collateral for financial accommodation or deposit your securities collateral as collateral for the discharge and satisfaction of its settlement obligations and liabilities.

If your securities or securities collateral are received or held by the licensed or registered person in Hong Kong, the above arrangement is allowed only if you consent in writing. Moreover, unless you are a professional investor, your authority must specify the period for which it is current and be limited to not more than 12 months. If you are a professional investor, these restrictions do not apply.

Additionally, your authority may be deemed to be renewed (i.e. without your written consent) if the licensed or registered person issues you a reminder at least 14 days prior to the expiry of the authority, and you do not object to such deemed renewal before the expiry date of your then existing authority.

You are not required by any law to sign these authorities. But an authority may be required by licensed or registered persons, for example, to facilitate margin lending to you or to allow your securities or securities collateral to be lent to or deposited as collateral with third parties. The licensed or registered person should explain to you the purposes for which one of these authorities is to be used.

If you sign one of these authorities and your securities or securities collateral are lent to or deposited with third parties, those third parties will have a lien or charge on your securities or securities collateral. Although the licensed or registered person is responsible to you for securities or securities collateral lent or deposited under your authority, a default by it could result in the loss of your securities or securities collateral.

A cash account not involving securities borrowing and lending is available from most licensed or registered persons. If you do not require margin facilities or do not wish your securities or securities collateral to be lent or pledged, do not sign the above authorities and ask to open this type of cash account.
6.Risk of providing an authority to hold mail or to direct mail to third parties
If you provide the licensed or registered person with an authority to hold mail or to direct mail to third parties, it is important for you to promptly collect in person all contract notes and statements of your account and review them in detail to ensure that any anomalies or mistakes can be detected in a timely fashion.
7.Risk of Margin Trading
The risk of loss in financing a transaction by deposit of collateral is significant. You may sustain losses in excess of your cash and any other assets deposited as collateral with the licensed or registered person. Market conditions may make it impossible to execute contingent orders, such as "stop-loss" or "stop-limit" orders. You may be called upon at short notice to make additional margin deposits or interest payments. If the required margin deposits or interest payments are not made within the prescribed time, your collateral may be liquidated without your consent. Moreover, you will remain liable for any resulting deficit in your account and interest charged on your account. You should therefore carefully consider whether such a financing arrangement is suitable in light of your own financial position and investment objectives.
8.Risk of Trading Nasdaq-Amex Securities at The Stock Exchange of Hong Kong Limited
The securities under the Nasdaq-Amex Pilot Program ("PP") are aimed at sophisticated investors. You should consult the licensed or registered person and become familiarised with the PP before trading in the PP securities. You should be aware that the PP securities are not regulated as a primary or secondary listing on the Main Board or the Growth Enterprise Market of The Stock Exchange of Hong Kong Limited.
9.Additional Risk Disclosure for Futures and Options Trading
This brief statement does not disclose all of the risks and other significant aspects of trading in futures and options. In light of the risks, you should undertake such transactions only if you understand the nature of the contracts (and contractual relationships) into which you are entering and the extent of your exposure to risk. Trading in futures and options is not suitable for many members of the public. You should carefully consider whether trading is appropriate for you in light of your experience, objectives, financial resources and other relevant circumstances.
9.1Futures
(i) Effect of "Leverage" or "Gearing"
Transactions in futures carry a high degree of risk. The amount of initial margin is small relative to the value of the futures contract so that transactions are "leveraged" or "geared". A relatively small market movement will have a proportionately larger impact on the funds you have deposited or will have to deposit: this may work against you as well as for you. You may sustain a total loss of initial margin funds and any additional funds deposited with the firm to maintain your position. If the market moves against your position or margin levels are increased, you may be called upon to pay substantial additional funds on short notice to maintain your position. If you fail to comply with a request for additional funds within the time prescribed, your position may be liquidated at a loss and you will be liable for any resulting deficit.
(ii) Risk-reducing orders or strategies
The placing of certain orders (e.g. "stop-loss" orders, or "stop-limit" orders) which are intended to limit losses to certain amounts may not be effective because market conditions may make it impossible to execute such orders. Strategies using combinations of positions, such as "spread" and "straddle" positions may be as risky as taking simple "long" or "short" positions.
9.2Options
(i) Variable degree of risk
Transactions in options carry a high degree of risk. Purchasers and sellers of options should familiarise themselves with the type of option (i.e. put or call) which they contemplate trading and the associated risks. You should calculate the extent to which the value of the options must increase for your position to become profitable, taking into account the premium and all transaction costs.

The purchaser of options may offset or exercise the options or allow the options to expire. The exercise of an option results either in a cash settlement or in the purchaser acquiring or delivering the underlying interest. If the option is on a futures contract, the purchaser will acquire a futures position with associated liabilities for margin (see the section on Futures above). If the purchased options expire worthless, you will suffer a total loss of your investment which will consist of the option premium plus transaction costs. If you are contemplating purchasing deep-out-of-the-money options, you should be aware that the chance of such options becoming profitable ordinarily is remote.

Selling ("writing" or "granting") an option generally entails considerably greater risk than purchasing options. Although the premium received by the seller is fixed, the seller may sustain a loss well in excess of that amount. The seller will be liable for additional margin to maintain the position if the market moves unfavourably.

The seller will also be exposed to the risk of the purchaser exercising the option and the seller will be obligated to either settle the option in cash or to acquire or deliver the underlying interest. If the option is on a futures contract, the seller will acquire a position in a futures contract with associated liabilities for margin (see the section on Futures above). If the option is "covered" by the seller holding a corresponding position in the underlying interest or a futures contract or another option, the risk may be reduced. If the option is not covered, the risk of loss can be unlimited.

Certain exchanges in some jurisdictions permit deferred payment of the option premium, exposing the purchaser to liability for margin payments not exceeding the amount of the premium. The purchaser is still subject to the risk of losing the premium and transaction costs. When the option is exercised or expires, the purchaser is responsible for any unpaid premium outstanding at that time.
10.Additional Risks common to Futures and Options
10.1Terms and conditions of contracts
You should ask the firm with which you deal about the terms and conditions of the specific futures or options which you are trading and associated obligations (e.g. the circumstances under which you may become obliged to make or take delivery of the underlying interest of a futures contract and, in respect of options, expiration dates and restrictions on the time for exercise). Under certain circumstances the specifications of outstanding contracts (including the exercise price of an option) may be modified by the exchange or clearing house to reflect changes in the underlying interest.
10.2Suspension or restriction of trading and pricing relationships
Market conditions (e.g. illiquidity) and/or the operation of the rules of certain markets (e.g. the suspension of trading in any contract or contract month because of price limits or "circuit breakers") may increase the risk of loss by making it difficult or impossible to effect transactions or liquidate/offset positions. If you have sold options, this may increase the risk of loss.

Further, normal pricing relationships between the underlying interest and the futures, and the underlying interest and the option may not exist. This can occur when, for example, the futures contract underlying the option is subject to price limits while the option is not. The absence of an underlying reference price may make it difficult to judge "fair value".
10.3Deposited cash and property
You should familiarise yourself with the protections given to money or other property you deposit for domestic and foreign transactions, particularly in the event of a firm insolvency or bankruptcy. The extent to which you may recover your money or property may be governed by specific legislation or local rules. In some jurisdictions, property which had been specifically identifiable as your own will be pro-rated in the same manner as cash for purposes of distribution in the event of a shortfall.
10.4Commission and other charges
Before you begin to trade, you should obtain a clear explanation of all commission, fees and other charges for which you will be liable. These charges will affect your net profit (if any) or increase your loss.
10.5Transactions in other jurisdictions
Transactions on markets in other jurisdictions, including markets formally linked to a domestic market, may expose you to additional risk. Such markets may be subject to regulation which may offer different or diminished investor protection. Before you trade you should enquire about any rules relevant to your particular transactions. Your local regulatory authority will be unable to compel the enforcement of the rules of regulatory authorities or markets in other jurisdictions where your transactions have been effected. You should ask the firm with which you deal for details about the types of redress available in both your home jurisdiction and other relevant jurisdictions before you start to trade.
10.6Currency risks
The profit or loss in transactions in foreign currency-denominated contracts (whether they are traded in your own or another jurisdiction) will be affected by fluctuations in currency rates where there is a need to convert from the currency denomination of the contract to another currency.
10.7Trading facilities
Electronic trading facilities are supported by computer-based component systems for the order-routing, execution, matching, registration or clearing of trades. As with all facilities and systems, they are vulnerable to temporary disruption or failure. Your ability to recover certain losses may be subject to limits on liability imposed by the system provider, the market, the clearing house and/or participant firms. Such limits may vary: you should ask the firm with which you deal for details in this respect.
10.8Electronic trading
Trading on an electronic trading system may differ from trading on other electronic trading systems. If you undertake transactions on an electronic trading system, you will be exposed to risks associated with the system including the failure of hardware and software. The result of any system failure may be that your order is either not executed according to your instructions or is not executed at all.
10.9Off-exchange transactions
In some jurisdictions, and only then in restricted circumstances, firms are permitted to effect off-exchange transactions. The firm with which you deal may be acting as your counterparty to the transaction. It may be difficult or impossible to liquidate an existing position, to assess the value, to determine a fair price or to assess the exposure to risk. For these reasons, these transactions may involve increased risks. Off-exchange transactions may be less regulated or subject to a separate regulatory regime. Before you undertake such transactions, you should familiarise yourself with applicable rules and attendant risks.
11.Risk of Trading Warrants and Callable Bull/Bear Contracts
Warrants and Callable Bull/Bear Contracts (CBBCs) are structured products which involve derivatives.

You rely on the creditworthiness of the issuer of warrants and/or CCBCs. Subject to both the actual and perceived measures of the credit worthiness of its issuer and, there is no assurance of protection against a default by its issuer in respect of its payment obligations. Upon insolvency of the issuer, you may get nothing back and the potential maximum loss could be 100% of the investment amount and no return may be received.

You are warned that the prices of warrants and CBBCs may fall in value as rapidly as it may rise and holders may sustain a total loss of their investment. CBBCs have a mandatory call feature and may therefore be subject to early termination, upon which (i) investors in category N CBBCs will lose all of their investments in the CBBCs; and (ii) the residual value of category R CBBCs may be zero.

Before you purchase any warrants and/or CBBCs, you should ensure you understand the nature of warrants and/or CBBCs and carefully study the full details and risk factors set out in the relevant listing documents and, where necessary, seek professional advice before you invest in any of these products. You should also ensure that you fully understand the potential risks and rewards and independently determine that they are appropriate for you given your objectives, experience, financial and operational resources and other relevant circumstances. You should note that The Hongkong and Shanghai Banking Corporation Limited acting through its appointed liquidity provider may be the only market participant in HSBC-issued warrants and CBBCs.

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