Stock Paper Trading Rules

1. Paper trading is available for four markets: Hong Kong, the US, Shanghai-Shenzhen, and Japan. Access Papertrade to easily open virtual accounts for these markets, starting with an initial balance of HK$1 million, US$1 million, CN￥1 million, or JP￥20 million.

2. In paper trading, the types of products you can trade vary by market. The Hong Kong market offers stocks, warrants, CBBCs, and other securities listed on the Hong Kong Stock Exchange. The US market allows trading in stocks, stock options, and index options, while only stock trading is available in the Shanghai-Shenzhen and Japan markets.

3. The trading hours for each market are as follows: 

1. Hong Kong from 9:30 AM to 12:00 PM and 1:00 PM to 4:00 PM (Hong Kong Time)
2. United States from 9:30 AM to 4:00 PM (Eastern Standard Time)
3. Shanghai-Shenzhen from 9:30 AM to 11:30 AM and 1:00 PM to 3:00 PM (Hong Kong Time)
4. Japan from 9:00 AM to 11:30 AM and 12:30 PM to 3:00 PM (Japan Standard Time)

4. The corporate actions supported in each market for paper trading are outlined below.

5. Paper trading adopts the rules of order matching. The highest bid (best bid) and the lowest ask (best ask) are the best prices for matching. A buy order at a price higher than the best bid or a sell order at a price lower than the best ask satisfies the matching conditions and will be automatically queued for execution.

6. The paper trading system is not necessarily consistent with the real stock market. In case of any inconsistency, data in the paper trading system shall prevail.

7. If you hold stocks of a listed company that is delisted for any reason, you may no longer trade the stocks in the following trading days, and the system will return the virtual funds to your virtual account at the last closing price.

8. Fees in the paper trading system are charged by reference to the real market. If there is a slight inconsistency, fees in the paper trading system shall prevail.

●  Hong Kong stock market:

Commission: transaction amount * 0.03%, minimum HK$3/order;

Platform Fee: HK$15/order;

Trading Tariff: HK$0.5/order;

Settlement Fee: transaction amount * 0.002%, minimum HK$2, and maximum HK$100;

Stamp Duty: transaction amount * 0.1%, minimum HK$1;

Trading Fee: transaction amount * 0.005%, minimum HK$0.01;

Transaction Levy: transaction amount * 0.0027%, minimum HK$0.01;

● US stock market:

Commission: US$0.0049/share, minimum US$0.99/order;

Platform Fee: US$0.005/share, minimum US$1/order;

Settlement Fee: transaction shares * US$0.003;

Regulatory Fee: transaction amount * US$0.000008, minimum US$0.01/order;

Trading Activity Fee: US$0.000166/Share, min US$0.01/trade, max US$8.30/trade (sells only);

● Shanghai-Shenzhen market:

Commission: transaction amount * 0.03%, minimum CN￥3/order;

Platform Fee: CN￥15/order;

Handling Fee: transaction amount * 0.00487%, minimum CN￥0.01/order;

Securities Management Fee: transaction amount * 0.002%, minimum CN￥0.01/order;

Transfer Fee (CSDC): transaction amount * 0.002%, minimum CN￥0.01/order;

Transfer fee (HKSCC): transaction amount * 0.002%, minimum CN￥0.01/order;

Stamp Duty (sells only): transaction amount * 0.1%;

Portfolio Fee: number of shares held * 0.008%/365.

● Japan stock market:

9. If you buy a CBBC and its call price is reached, causing it to be called, its residual value will become zero. This also applies if a warrant expires.

10. Trading fees are deducted in the paper trading system. They do not involve any real expenses. The paper trading system is available at no cost.