Monday to Friday, Pre-opening Session: 9:30am -10:00am
Continuous Trading Session: 10:00am -12:30 pm，2:30pm -4:00pm.
Excluding Saturday, Sunday and public holiday.

Pre-opening Session: Only At-Auction Limit Order and At-Auction Order could be accepted
9:30-9:45 Order Input Period （Can be entered, modified or canceled）
9:45-9:50 Pre-order Matching Period (Only at-auction orders can be entered. Orders cannot be modified or canceled）
9:50-9:58 Order Matching Period（Orders will be matched in order type, price and time priority at the final IEP. Unmatched at-auction orders will be cancelled after order matching.）
9:58-10:00 Blocking Period

Hong Kong Securities can be traded on a T+ 0 principle. Stock Exchange Participants are required to settle with the Central Clearing and Settlement System (CCASS) all transactions concluded or through AMS/3 before 3:45 p.m. on the second Settlement Day following T-day (the transaction day). This day is known as T+2. Before that participants cannot withdraw or transfer their fund and stocks.

You need to pay for commission, transaction levy, trading fee, stamp duty, CCASS handling charge.

Once you received your account number, password and you have funded your account, you can start your stock trading right the way.

The currency that you buy the Hong Kong Securities is also the currency for the settlement. To avoid any interest, please make sure you have sufficient funds in your account.

You can place an order either on our online trading platform or by calling our customer service agents.

During the Pre-opening Session, the system accepts at-auction and at-auction limit orders only. During the Continuous Trading Session, the system accepts limit, enhanced limit and special limit orders only, with an option for an "All-or-Nothing Qualifier" that confines the order to be either executed immediately in full or rejected, without being written into the central order book.

A limit order will allow matching only at the specified price. The sell order input price cannot be made at a price below the best bid price, if available whereas the buy order input price cannot be made at a price above the best ask price, if available. Any outstanding limit order will be put in the price queue of the input price.

An enhanced limit order will allow matching of up to 5 price queues (i.e. the best price queue and up to the 5th queue at 4 spreads away) at a time provided that the traded price is not worse than the input price. The sell order input price cannot be made at a price of 5 spreads (or more) below the current bid price whereas the buy order input price cannot be made at a price of 5 spreads (or more) above the current ask price. Any outstanding enhanced limit order will be treated as a limit order and put in the price queue of the input price

A special limit order will allow matching of up to 5 price queues (i.e. the best price queue and up to the 5th queue at 4 spreads away) at a time provided that the traded price is not worse than the input price. A special limit order has no restriction on the input price as long as the order input price is at or below the best bid price for a sell order or at or above the best ask price for a buy order. Any outstanding special limit order will be cancelled and will not be stored in the AMS/3.

An at-auction limit order is an order with a specified price. An at-auction limit order with a specified price at or more competitive than the final IEP (in case of buying, the specified price is equal to or higher than the final IEP, or in case of selling, the specified price is equal to or lower than the final IEP) may be matched at the final IEP subject to availability of eligible matching order on the opposite side. An at-auction limit order will be matched in price and time priority at the final IEP. No at-auction limit order will be matched at a price worse than the final IEP. Any outstanding at-auction limit orders at the end of the Pre-opening Session will be carried forward to the Continuous Trading Session and treated as limit orders provided that the specified price of that at-auction limit order does not deviate 9 times or more from the nominal price. Such orders will be put in the price queue of the input price.

An at-auction order is an order with no specified price and is entered into the AMS/3 for execution at the final Indicative Equilibrium Price (IEP). It enjoys a higher order matching priority than an at-auction limit order and will be matched in time priority at the final IEP. Any outstanding at-auction orders after the end of the Pre-opening Session will be cancelled before the commencement of the Continuous Trading Session.

An IEP is calculated during the Pre-opening Session and serves as the market opening price for the corresponding security. An IEP will only be calculated if the highest bid price of the buy at-auction limit orders is equal to or higher than the lowest ask price of the sell at-auction limit orders. If more than one price satisfies this criterion, the IEP shall be calculated according to the following rules:

• the IEP shall be one of the bid prices or ask prices which falls within the range of the highest bid price of the buy at-auction limit orders and the lowest ask price of the sell at-auction limit orders (inclusive of both prices) at which the aggregate size of the trades to be concluded based on the methodology specified in the Rules of the Exchange is maximised;
• if more than one price satisfies this rule , the IEP will be the price at which the normal order imbalance is the lowest. For these purposes, normal order imbalance is defined as the difference between the aggregate size of the buy at-auction orders and the buy at-auction limit orders with bid prices at or better than certain price and the aggregate size of the sell at-auction orders and the sell at-auction limit orders with ask prices at or better than the same price;
• if more than one price satisfies this rule, the IEP will be the price closest to the previous closing price. If two prices are equidistant from the previous closing price, the IEP will be the higher of the two prices. However, if the previous closing price is not available, the IEP shall be the highest of these prices.

If no IEP is calculated, no order will be matched during the order matching period of the Pre-opening Session. This can occur when there are only at-auction orders on both sides, or only at-auction limit orders on one side and at-auction orders on the other side, or at-auction limit orders on both sides but the highest bid price of the buy at-auction limit orders is lower than the lowest ask price of the sell at-auction limit orders.
IEV is the number of shares that can be matched at the IEP.

Clients can make At-Auction Limit Order before 9:45am and At-Auction Order before 9:50am. Other orders will not be accepted by the stock exchange.

Short selling will not initially be allowed during the Pre-opening Session. It will be subject to market response and further review.

Yes, clients need to maintain sufficient fund for trading; otherwise, the order will be rejected.

Yes, the associated amount will be deducted from your account for the transaction.

The trading range is the market bid/ask trading price plus or minus 24 units.

The maximum order size for automatch stocks is 3,000 board lots.

Trading Limit is: cash balance + Stock value (market price) + cash movement – Today Bought. If the trading amount exceeds the trading limit, that order will be rejected and will not be executed.

No, all order must be limit orders.

You cannot issue "Good Till Cancel" order.

If the order is placed within the stock exchange operation hours, unless being rejected the stock exchange; otherwise the order will still be valid for the same day.

- The amount in your account is not sufficient enough for the stock buy or the deposit required.
- The amount of stock is less than the amount you want to sell
- You order is being rejected by the stock exchange

Yes, you can sell and then buy back the same stock from KVB Kunlun Securities.

An odd lot trade is a trade with the quantity of shares less than one board lot. When we receive the odd lot trading order, we’ll send that to the AM/3 of the Hong Kong stock exchange. Since AMS/3 has a separate mechanism to deal with the automatching for odd lot trades, it may take a longer processing time.

KVB Kunlun does not allow short sell.

You can call us to place your order.

Hardware:
- Intel Pentium 3 or above
- RAM not less than 512MB
- 20GB Hard Disk
Software：
- Microsoft Windows 2000, XP or Vista
- Internet Explorer 5.5 or above
- Java Runtime Environment 1.5 or above
- Adobe Reader
- Monitor resolution 1024 x 768 or above

1.  Please browse the "Hong Kong Securities Login Page" from the welcome letter that you have already received.
2.  Input your "Account Number" and "Password" , then you can login and have full access to your account information.

For security reason, the system will alert clients to change the password. You cannot place an order until you have changed the password.

In case you lost your password, please contact our customer service agents immediately for the retrieval of password.

System overload would slow down the connection speed provided by your internet service provider. To avoid any missing alert or confusion in communication, KVB Kunlun suggests you to closely monitor your trading status.

You can call the local office or contact Hong Kong customer service agents +852 28283588.