Stock Options

The List of Stock Option Classes Available for Trading

a) Stock Option Classes with Contract Size More Than One Underlying Board Lot Shares

Effective Date: 23 February 2024

No.	SEHK Code	Underlying Stock Name	HKATS Code	Contract Size (shares)	Number of Board Lots	Tier No.*	Position Limit ## (Effective from 1 April 2024)	Approved by FSC Taiwan
1	16	Sun Hung Kai Properties Limited	SHK	1,000	2	1	50,000	✓
2	20	SenseTime Group Inc.	SET	20,000	20	1	50,000
3	175	Geely Automobile Holdings Ltd.	GAH	5,000	5	1	50,000	✓
4	268	Kingdee International Software Group Co., Ltd.	KDS	2,000	2	2	50,000
5	285	BYD Electronic International Company Limited	BYE	1,000	2	1	50,000
6	288	WH Group Ltd.	WHG	2,500	5	2	50,000
7	688	China Overseas Land & Investment Limited	COL	2,000	4	1	50,000	✓
8	788	China Tower Corporation Limited	XTW	10,000	5	3	50,000
9	823	Link Real Estate Investment Trust	LNK	1,000	10	1	50,000
10	868	Xinyi Glass Holdings Limited	GHL	2,000	2	2	50,000
11	881	Zhongsheng Group Holdings Limited	ZSH	1,000	2	1	50,000
12	981	Semiconductor Manufacturing International Corp.	SMC	2,500	5	1	100,000
13	1024	Kuaishou Technology	KST	500	5	1	250,000
14	1099	Sinopharm Group Co. Ltd.	SNP	800	2	2	50,000
15	1113	CK Asset Holdings Limited	CKP	1,000	2	1	50,000
16	1177	Sino Biopharmaceutical Ltd.	SBO	5,000	5	2	50,000
17	1288	Agricultural Bank of China Limited	XAB	10,000	10	1	50,000	✓
18	1299	AIA Group Limited	AIA	1,000	5	1	200,000	✓
19	1336	New China Life Insurance Co. Ltd.	NCL	1,000	10	2	50,000	✓
20	1339	The People's Insurance Company (Group) of China Limited	PIN	5,000	5	2	50,000
21	1359	China Cinda Asset Management Co., Ltd	CDA	5,000	5	3	50,000
22	1658	Postal Savings Bank of China Co. Ltd.	XPB	5,000	5	2	50,000
23	1801	Innovent Biologics, Inc.	INB	1,000	2	1	50,000
24	1810	XiaoMi Corporation	MIU	1,000	5	2	250,000
25	1816	CGN Power Co., Ltd	CGN	10,000	10	2	50,000
26	1833	Ping An Healthcare and Technology Co., Ltd.	PHT	500	5	3	50,000
27	1876	Budweiser Brewing Company APAC Limited	BUD	1,000	10	2	50,000
28	1918	Sunac China Holdings Ltd.	SUN	2,000	2	3	250,000
29	1919	COSCO Shipping Holdings Company Limited	COS	2,500	5	2	50,000
30	1988	China Minsheng Banking Corporation Limited	MSB	2,500	5	3	50,000	✓
31	2007	Country Garden Holdings Co. Ltd.	COG	5,000	5	3	250,000
32	2015	Li Auto Inc.	LAU	200	2	1	250,000
33	2018	AAC Technologies Holdings Inc.	AAC	1,000	2	2	50,000	✓
34	2202	China Vanke Co. Ltd.	VNK	1,000	10	3	100,000
35	2238	Guangzhou Automobile Group Co. Ltd.	GAC	4,000	2	2	50,000
36	2313	Shenzhou International Group Holdings Ltd.	SHZ	500	5	1	50,000
37	2382	Sunny Optical Technology (Group) Co. Ltd.	SNO	1,000	10	1	50,000
38	2601	China Pacific Insurance (Group) Co., Ltd.	CPI	1,000	5	2	50,000	✓
39	2822	CSOP FTSE China A50 ETF	CSA	5,000	25	1	50,000	✓
40	2823	iShares FTSE A50 China Index ETF	A50	5,000	50	1	50,000	✓
41	2828	Hang Seng China Enterprises Index ETF	HCF	1,000	5	1	250,000
42	3188	ChinaAMC CSI 300 Index ETF	AMC	2,000	10	1	50,000	✓
43	3333	China Evergrande Group	EVG	2,000	2	3	250,000
44	3690	Meituan	MET	500	5	1	250,000
45	3888	Kingsoft Corporation Ltd.	KSO	1,000	5	1	50,000	✓
46	3993	China Molybdenum Company Limited	MOL	9,000	3	1	50,000
47	6030	CITIC Securities Co. Ltd.	CTS	1,000	2	2	50,000	✓
48	6060	ZhongAn Online P & C Insurance Company Limited	ZAO	1,000	10	2	50,000
49	6618	JD Health International Inc.	JDH	500	10	2	50,000
50	6837	Haitong Securities Co., Ltd.	HAI	2,000	5	2	50,000
51	9618	JD.com, Inc.	JDC	500	10	1	150,000
52	9626	Bilibili Inc.	BLI	60	3	3	250,000
53	9633	Nongfu Spring Company Ltd.	NFU	1,000	5	1	50,000
54	9868	XPeng Inc.	PEN	200	2	2	250,000
55	9888	Baidu, Inc.	BIU	150	3	2	250,000
56	9898	Weibo Corporation	WEB	100	5	2	50,000
57	9961	Trip.com Group Ltd.	TRP	150	3	1	50,000
58	9988	Alibaba Group Holding Ltd.	ALB	500	5	1	250,000
59	9999	NetEase, Inc.	NTE	500	5	1	50,000

b) Stock Option Classes with Contract Size Equal to One Underlying Board Lot Shares

Effective Date: 23 February 2024

No.	SEHK Code	Underlying Stock Name	HKATS Code	Contract Size (shares)	Tier No.*	Position Limit ## (Effective from 1 April 2024)	Approved by FSC Taiwan⁺
1	1	CK Hutchison Holdings Ltd.	CKH	500	2	50,000	✓
2	2	CLP Holdings Limited	CLP	500	1	50,000
3	3	The Hong Kong and China Gas Company Limited	HKG	1,000	3	100,000
4	4	The Wharf (Holdings) Limited	WHL	1,000	2	50,000
5	5	HSBC Holdings Plc.	HKB	400	2	250,000	✓
6	6	Power Assets Holdings Limited	HEH	500	2	50,000	✓
7	11	Hang Seng Bank Limited	HSB	100	2	100,000	✓
8	12	Henderson Land Development Company Limited	HLD	1,000	2	50,000
9	17	New World Development Company Limited	NWD	1,000	2	50,000	✓
10	19	Swire Pacific Limited 'A'	SWA	500	1	50,000	✓
11	23	The Bank of East Asia, Limited	BEA	200	3	50,000
12	27	Galaxy Entertainment Group Limited	GLX	1,000	1	50,000	✓
13	66	MTR Corporation Limited	MTR	500	2	50,000
14	135	Kunlun Energy Co. Ltd.	KLE	2,000	2	50,000
15	151	Want Want China Holdings Ltd.	WWC	1,000	3	50,000
16	241	Alibaba Health Information Technology Ltd.	ALH	2,000	3	100,000
17	267	CITIC Limited	CIT	1,000	3	50,000	✓
18	293	Cathay Pacific Airways Limited	CPA	1,000	3	50,000
19	358	Jiangxi Copper Company Limited	JXC	1,000	2	50,000	✓
20	386	China Petroleum & Chemical Corporation	CPC	2,000	3	250,000	✓
21	388	Hong Kong Exchanges and Clearing Limited	HEX	100	1	250,000	✓
22	390	China Railway Group Limited	CRG	1,000	3	100,000
23	489	Dongfeng Motor Group Co. Ltd.	DFM	2,000	3	50,000
24	669	Techtronic Industries Co. Ltd.	TIC	500	1	50,000
25	700	Tencent Holdings Limited	TCH	100	1	250,000	✓
26	728	China Telecom Corporation Limited	CTC	2,000	3	200,000	✓
27	753	Air China Ltd.	AIR	2,000	2	50,000
28	762	China Unicom (Hong Kong) Limited	CHU	2,000	2	100,000	✓
29	857	PetroChina Company Limited	PEC	2,000	2	250,000	✓
30	883	CNOOC Limited	CNC	1,000	2	250,000	✓
31	902	Huaneng Power International, Inc.	HNP	2,000	3	100,000
32	914	Anhui Conch Cement Company Limited	ACC	500	2	100,000	✓
33	939	China Construction Bank Corporation	XCC	1,000	3	250,000	✓
34	941	China Mobile Limited	CHT	500	1	250,000	✓
35	968	Xinyi Solar Holdings Limited	SHL	2,000	2	50,000
36	992	Lenovo Group Limited	LEN	2,000	2	150,000	✓
37	998	China CITIC Bank Corporation Limited	CTB	1,000	3	200,000	✓
38	1044	Hengan International Group Co. Ltd.	HGN	500	2	50,000	✓
39	1088	China Shenhua Energy Company Limited	CSE	500	2	250,000	✓
40	1093	CSPC Pharmaceutical Group Ltd.	CSP	2,000	2	150,000
41	1109	China Resources Land Ltd.	CRL	500	2	50,000	✓
42	1171	Yankuang Energy Group Company Limited	YZC	2,000	1	50,000	✓
43	1186	China Railway Construction Corporation Limited	CRC	500	3	150,000
44	1211	BYD Company Limited	BYD	500	1	100,000	✓
45	1398	Industrial and Commercial Bank of China Limited	XIC	1,000	3	250,000	✓
46	1772	Ganfeng Lithium Group Company Limited	GLI	200	3	100,000
47	1800	China Communications Construction Company Limited	CCC	1,000	3	50,000	✓
48	1898	China Coal Energy Company Limited	CCE	1,000	3	100,000	✓
49	1928	Sands China Ltd.	SAN	400	2	250,000	✓
50	2020	ANTA Sports Products Ltd.	ANA	200	2	250,000
51	2269	WuXi Biologics (Cayman) Inc.	WXB	500	2	250,000
52	2282	MGM China Holdings Limited	MGM	400	3	150,000	✓
53	2318	Ping An Insurance (Group) Company of China, Ltd.	PAI	500	2	250,000	✓
54	2319	China Mengniu Dairy Co. Ltd.	MEN	1,000	1	50,000	✓
55	2328	PICC Property and Casualty Company Limited	PIC	2,000	2	100,000	✓
56	2331	Li Ning Company Limited	LNI	500	2	250,000
57	2333	Great Wall Motor Co. Limited	GWM	500	3	250,000	✓
58	2388	BOC Hong Kong (Holdings) Limited	BOC	500	2	100,000	✓
59	2600	Aluminum Corporation of China Limited	ALC	2,000	3	50,000
60	2628	China Life Insurance Company Limited	CLI	1,000	2	250,000	✓
61	2800	Tracker Fund of Hong Kong	TRF	500	3	250,000
62	2899	Zijin Mining Group Company Limited	ZJM	2,000	2	100,000
63	3323	China National Building Material Company Limited	NBM	2,000	3	50,000	✓
64	3328	Bank of Communications Co., Ltd.	BCM	1,000	3	150,000	✓
65	3968	China Merchants Bank Co., Ltd.	CMB	500	2	250,000	✓
66	3988	Bank of China Limited	XBC	1,000	3	250,000	✓
67	6862	Haidilao International Holding Ltd.	HDO	1,000	2	100,000

*Unless otherwise specified, tier levels of adjusted contracts shall be the same as their standard contracts. ## Position Limit represents the maximum number of open contracts a single party can hold for any stock option class in any one market direction for all expiry months combined (N.B. long calls/short puts combined are in one direction and short calls/long puts combined are in another direction) + Stock Option Classes approved by the Securities and Futures Bureau, Financial Supervisory Commission (“FSC”) of Taiwan to be included in the list of “Foreign Contracts for which Futures Commission Merchants have Trading Authorization".These option classes are eligible for trading by Taiwan investors.

*Unless otherwise specified, tier levels of adjusted contracts shall be the same as their standard contracts.
## Position Limit represents the maximum number of open contracts a single party can hold for any stock option class in any one market direction for all expiry months combined (N.B. long calls/short puts combined are in one direction and short calls/long puts combined are in another direction) + Stock Option Classes approved by the Securities and Futures Bureau, Financial Supervisory Commission (“FSC”) of Taiwan to be included in the list of “Foreign Contracts for which Futures Commission Merchants have Trading Authorization".These option classes are eligible for trading by Taiwan investors.

Updated 28 Mar 2024

Contract Summary

Stock Options

Item

Contract Terms

Underlying Stocks & HKATS Codes

Please refer to the list of stock options

Option Types

Puts and calls

Contract Size

Relevant information regarding contract size and tier level of individual stock option classes can be found in the list of stock options

Contracted Value

Option Premium multiplied by the Contract Size

Contract Months

Spot, the next three calendar months and the next three calendar quarter months
(The Exchange may introduce any other longer-dated expiry month in selected stock option classes as it deems necessary)

Minimum Fluctuation

HK$0.01

HK$0.001 be introduced in six stock option classes:
1) Bank of China Limited
2) China Construction Bank Corporation
3) Industrial and Commercial Bank of China Limited
4) Agricultural Bank of China Limited
5) Postal Savings Bank of China Co. Ltd.
6) China Tower Corporation Limited

Option Premium

Quoted in HK dollars on a per share basis

Strike Prices

Strike Prices		Interval
From	To
(HK$)	(HK$)	(HK$)
0	2	0.05
2	5	0.1
5	10	0.25
10	20	0.5
20	50	1
50	100	2.5
100	200	2.5
200	300	5
300	500	10

Trading Hours

9:30 am - 12:00 noon & 1:00 pm - 4:00 pm

Expiry Day

The business day immediately preceding the last business day of the contract month

Exercise style
(American)

Options can be exercised at any time up to 6:45 p.m. on any business day and including the last trading day

Exercise Fee

HK$2.00

Settlement

Physical delivery of underlying shares on exercise and settlement period are :
T + 1 business day (options premium, payable in full) or
T + 2 business day (stock transfer following exercise)

Trading Tariff

Tier 1 HK$3.00
Tier 2 HK$1.00
Tier 3 HK$0.50
Brokerage Commission Negotiable

Updated 04 Mar 2024

Trading Fees and Commission

Stock Options

Tier 1 Stock Options: HK$3.00 per contract per side

Tier 2 Stock Options: HK$1.00 per contract per side

Tier 3 Stock Options: HK$0.50 per contract per side

Commission: Negotiable

: * The amount indicated above is subject to change from time to time.

List of Market Makers/Liquidity Providers

There are 3 types of market makers in the stock options market:

Primary Market Maker (PMM); and

- Market maker providing continuous quotes (CQMM); and

- Market maker responding to quote request (QRMM).

For the lists of PMM, CQMM and QRMM please refer to the tables below

			Market Makers
	HKATS Code	Underlying Stocks	BCA	BNP	BOC	CGM	CTD	FLW	FUL
1	A50	iShares FTSE A50 China Index ETF
2	AAC	AAC Technologies Holdings Inc.			√	*	*
3	XAB	Agricultural Bank of China Ltd.		*	√	*	*
4	ACC	Anhui Conch Cement Co. Ltd.		*		*	*
5	AIA	AIA Group Ltd.	*	*	√	*	P		√
6	AIR	Air China Ltd.					*
7	ALB	Alibaba Group Holding Limited	*	*	√	*	*		√
8	ALC	Aluminum Corporation of China Ltd.					*
9	ALH	Alibaba Health Information Technology Ltd.					*
10	AMC	ChinaAMC CSI 300 Index ETF
11	ANA	ANTA Sports Products Limited		*		*	*
12	XBC	Bank of China Ltd.	*	*		*	P
13	BCM	Bank of Communications Co. Ltd.		*	√		*
14	BEA	The Bank of East Asia, Ltd.		*			*
15	BIU	Baidu, Inc.	*	*	√	*	P
16	BLI	Bilibili Inc.		*		*	*
17	BOC	BOC Hong Kong (Holdings) Ltd.		*	√	*	*
18	BUD	Budweiser Brewing Company APAC Limited					*
19	BYD	BYD Company Ltd.	*	*	√	*	P
20	BYE	BYD Electronic International Company Limited					*
21	XCC	China Construction Bank Corporation	*	*	√	*	P
22	CCC	China Communications Construction Co. Ltd.		*	√
23	CCE	China Coal Energy Company Ltd.					*
24	CDA	China Cinda Asset Management Co. Ltd.			√
25	CGN	CGN Power Co. Ltd.		*			*
26	CHT	China Mobile Ltd.	*	*	√	*
27	CHU	China Unicom (Hong Kong) Ltd.		*	√
28	CIT	CITIC Ltd.		*			*
29	CKH	CK Hutchison Holdings Ltd.		*	√	*	*
30	CKP	CK Asset Holdings Ltd.		*		*	*
31	CLI	China Life Insurance Co. Ltd.	*	*	√	*	*		√
32	CLP	CLP Holdings Ltd.		*		*	*
33	CMB	China Merchants Bank Co. Ltd.	*	*	√	*	*
34	CNC	CNOOC Ltd.	*	*	√	*			√
35	COG	Country Garden Holdings Co. Ltd.					*
36	COL	China Overseas Land & Investment Ltd.	*	*		*	*
37	COS	COSCO Shipping Holdings Co., Ltd.					*
38	CPA	Cathay Pacific Airways Ltd.
39	CPC	China Petroleum & Chemical Corporation	*	*	√	*	*
40	CPI	China Pacific Insurance (Group) Co. Ltd.		*		*	*
41	CRC	China Railway Construction Corp. Ltd.
42	CRG	China Railway Group Ltd.		*			*
43	CRL	China Resources Land Ltd.		*		*	*
44	CSA	CSOP FTSE China A50 ETF
45	CSE	China Shenhua Energy Co. Ltd.		*	√	*	*
46	CSP	CSPC Pharmaceutical Group Ltd.			√	*	*
47	CTB	China CITIC Bank Corporation Ltd.		*			*
48	CTC	China Telecom Corporation Ltd.		*	√
49	CTS	CITIC Securities Co. Ltd.		*		*	*
50	DFM	Dongfeng Motor Group Co. Ltd.					*
51	EVG	China Evergrande Group
52	GAC	Guangzhou Automobile Group Co., Ltd.					*
53	GAH	Geely Automobile Holdings Ltd.	*	*	√	*	*
54	GHL	Xinyi Glass Holdings Limited					*
55	GLI	Ganfeng Lithium Co., Ltd.					*
56	GLX	Galaxy Entertainment Group Ltd.	*	*	√	*	*
57	GWM	Great Wall Motor Company Ltd.		*	√	*	*
58	HAI	Haitong Securities Co. Ltd.		*			*
59	HCF	Hang Seng China Enterprises Index ETF
60	HDO	Haidilao International Holding Limited					*
61	HEH	Power Assets Holdings Ltd.		*			*
62	HEX	Hong Kong Exchanges and Clearing Ltd.	*	*	√	*	P		√
63	HGN	Hengan International Group Ltd.		*			*
64	HKB	HSBC Holdings plc.	*	*	√	*	P
65	HKG	The Hong Kong and China Gas Co. Ltd.		*		*	*
66	HLD	Henderson Land Development Co. Ltd.		*			*
67	HNP	Huaneng Power International, Inc.		*			*
68	HSB	Hang Seng Bank Ltd.	*	*		*	*
69	INB	Innovent Biologics, Inc.					*
70	XIC	Industrial and Commercial Bank of China Ltd.	*	*	√	*	P
71	JDC	JD.com, Inc.	*	*	√	*	P
72	JDH	JD Health International Inc.					*
73	JXC	Jiangxi Copper Company Ltd.					*
74	KDS	Kingdee International Software Group Co., Ltd.					*
75	KLE	Kunlun Energy Co. Ltd.		*			*
76	KSO	Kingsoft Corporation Ltd.					*
77	KST	Kuaishou Technology	*	*	√	*	P
78	LAU	Li Auto Inc.		*		*	P
79	LEN	Lenovo Group Ltd.		*	√	*	*
80	LNI	Li Ning Company Limited				*	*
81	LNK	Link Real Estate Investment Trust		*	√	*	*
82	MEN	China Mengniu Dairy Co. Ltd.		*		*	*
83	MET	Meituan	*	*	√	*	*		√
84	MGM	MGM China Holdings Ltd.
85	MIU	XiaoMi Corporation	*	*	√	*	*
86	MOL	China Molybdenum Co., Ltd.
87	MSB	China Minsheng Banking Corporation Ltd.		*	√		*
88	MTR	MTR Corporation Ltd.		*	√		*
89	NBM	China National Building Material Co. Ltd.		*			*
90	NCL	New China Life Insurance Co. Ltd.		*		*	*
91	NFU	Nongfu Spring Company Limited				*	*
92	NTE	NetEase, Inc.	*	*		*	*
93	NWD	New World Development Co. Ltd.		*			*
94	PAI	Ping An Insurance (Group) Co. of China, Ltd.	*	*	√	*	P		√
95	PEC	PetroChina Co. Ltd.	*	*	√	*	P		√
96	PEN	XPeng, Inc.					*
97	PHT	Ping An Healthcare and Technology Co., Ltd.		*		*	*
98	PIC	PICC Property and Casualty Co. Ltd.		*			*
99	PIN	The People’s Insurance Company (Group) of China Ltd.		*			*
100	SAN	Sands China Ltd.		*	√	*	*
101	SBO	Sino Biopharmaceutical Limited			√	*	*
102	SET	SenseTime Group Inc					*
103	SHK	Sun Hung Kai Properties Ltd.	*	*		*	*
104	SHL	Xinyi Solar Holdings Ltd.					*
105	SHZ	Shenzhou International Group Holdings Limited					*
106	SMC	Semiconductor Manufacturing International Corp.		*
107	SNO	Sunny Optical Technology (Group) Co. Ltd.		*	√	*	*
108	SNP	Sinopharm Group Co. Ltd.					*
109	SUN	Sunac China Holdings Ltd.
110	SWA	Swire Pacific Ltd. 'A'					*
111	TCH	Tencent Holdings Ltd.	*	*	√	*	P	*	√
112	TIC	Techtronic Industrial Co., Limited		*		*	*
113	TRF	Tracker Fund of Hong Kong
114	TRP	Trip.com Group Limited		*		*	*
115	VNK	China Vanke Co. Ltd.					*
116	WEB	Weibo Corporation
117	WHG	WH Group Limited					*
118	WHL	The Wharf (Holdings) Ltd.		*
119	WWC	Want Want China Holdings Ltd.		*			*
120	WXB	WuXi Biologics (Cayman) Inc.	*	*		*	*
121	XPB	Postal Savings Bank of China Co. Ltd.					*
122	XTW	China Tower Corporation Limited			√		*
123	YZC	Yankuang Energy Group Company Limited					*
124	ZAO	ZhongAn Online P & C Insurance Company Limited
125	ZJM	Zijin Mining Group Company Ltd.		*		*	*
126	ZSH	Zhongsheng Group Holdings Limited					*

			Market Makers
	HKATS Code	Underlying Stocks	GSF	GTJ	HBF	HUA	IBG	IMC	JPM
1	A50	iShares FTSE A50 China Index ETF					*	P
2	AAC	AAC Technologies Holdings Inc.	√	√	*		*	*	√
3	XAB	Agricultural Bank of China Ltd.	√	√	*		*	*	*
4	ACC	Anhui Conch Cement Co. Ltd.	√		*		*	*	*
5	AIA	AIA Group Ltd.	*	√	*	√	*	P	*
6	AIR	Air China Ltd.					*	*
7	ALB	Alibaba Group Holding Limited	*	√	*	√	*	*	*
8	ALC	Aluminum Corporation of China Ltd.	√				*	*	*
9	ALH	Alibaba Health Information Technology Ltd.	√	√	*		*	*	*
10	AMC	ChinaAMC CSI 300 Index ETF					*	*
11	ANA	ANTA Sports Products Limited	√		*	√	*	*	*
12	XBC	Bank of China Ltd.	*	√	*		*	P	*
13	BCM	Bank of Communications Co. Ltd.	√				*	*	*
14	BEA	The Bank of East Asia, Ltd.	√
15	BIU	Baidu, Inc.	*	√	*	√	*	P	*
16	BLI	Bilibili Inc.	√				*	*
17	BOC	BOC Hong Kong (Holdings) Ltd.	√	√	*		*	*	*
18	BUD	Budweiser Brewing Company APAC Limited	√				*	*	*
19	BYD	BYD Company Ltd.	*	√	*	√		P	*
20	BYE	BYD Electronic International Company Limited					*	*
21	XCC	China Construction Bank Corporation	*	√	*	√	*	P	*
22	CCC	China Communications Construction Co. Ltd.			*			*
23	CCE	China Coal Energy Company Ltd.	√				*	*
24	CDA	China Cinda Asset Management Co. Ltd.					*
25	CGN	CGN Power Co. Ltd.					*
26	CHT	China Mobile Ltd.		√	*	√	*	P
27	CHU	China Unicom (Hong Kong) Ltd.		√	*		*	*
28	CIT	CITIC Ltd.	√				*		*
29	CKH	CK Hutchison Holdings Ltd.	√		*		*	*	√
30	CKP	CK Asset Holdings Ltd.	√		*		*	*	*
31	CLI	China Life Insurance Co. Ltd.	*	√	*	√	*	*	*
32	CLP	CLP Holdings Ltd.					*	*	*
33	CMB	China Merchants Bank Co. Ltd.	√	√	*	√	*	*	*
34	CNC	CNOOC Ltd.		√	*	√	*	P
35	COG	Country Garden Holdings Co. Ltd.	√					*
36	COL	China Overseas Land & Investment Ltd.	√	√	*	√	*	*	√
37	COS	COSCO Shipping Holdings Co., Ltd.						*
38	CPA	Cathay Pacific Airways Ltd.					*	*
39	CPC	China Petroleum & Chemical Corporation	*		*	√	*	*	*
40	CPI	China Pacific Insurance (Group) Co. Ltd.	√		*		*	*	*
41	CRC	China Railway Construction Corp. Ltd.
42	CRG	China Railway Group Ltd.							*
43	CRL	China Resources Land Ltd.	√		*		*	*	*
44	CSA	CSOP FTSE China A50 ETF	√				*	P
45	CSE	China Shenhua Energy Co. Ltd.	√	√	*		*	*	*
46	CSP	CSPC Pharmaceutical Group Ltd.		√			*	*	*
47	CTB	China CITIC Bank Corporation Ltd.	√				*	*	√
48	CTC	China Telecom Corporation Ltd.		√	*			*
49	CTS	CITIC Securities Co. Ltd.	√	√	*			*	*
50	DFM	Dongfeng Motor Group Co. Ltd.	√
51	EVG	China Evergrande Group						*
52	GAC	Guangzhou Automobile Group Co., Ltd.	√
53	GAH	Geely Automobile Holdings Ltd.	*	√	*	√	*	*	√
54	GHL	Xinyi Glass Holdings Limited					*	*
55	GLI	Ganfeng Lithium Co., Ltd.						*	*
56	GLX	Galaxy Entertainment Group Ltd.	*	√	*	√	*	*	√
57	GWM	Great Wall Motor Company Ltd.	√	√	*			*	*
58	HAI	Haitong Securities Co. Ltd.	√					*	*
59	HCF	Hang Seng China Enterprises Index ETF					*
60	HDO	Haidilao International Holding Limited					*	*
61	HEH	Power Assets Holdings Ltd.					*	*
62	HEX	Hong Kong Exchanges and Clearing Ltd.	*	√	*	√	*	P	*
63	HGN	Hengan International Group Ltd.					*	*
64	HKB	HSBC Holdings plc.	*	√	*	√	*	P	*
65	HKG	The Hong Kong and China Gas Co. Ltd.	√				*	*	*
66	HLD	Henderson Land Development Co. Ltd.	√				*	*	*
67	HNP	Huaneng Power International, Inc.					*	*
68	HSB	Hang Seng Bank Ltd.	√				*	*	*
69	INB	Innovent Biologics, Inc.						*
70	XIC	Industrial and Commercial Bank of China Ltd.	*	√	*		*	P	*
71	JDC	JD.com, Inc.	*	√	*	√	*	P	√
72	JDH	JD Health International Inc.					*	*	*
73	JXC	Jiangxi Copper Company Ltd.	√					*	*
74	KDS	Kingdee International Software Group Co., Ltd.					*	*
75	KLE	Kunlun Energy Co. Ltd.	√
76	KSO	Kingsoft Corporation Ltd.					*	*	√
77	KST	Kuaishou Technology	*	√	*	√	*	P	√
78	LAU	Li Auto Inc.		√		√	*	P
79	LEN	Lenovo Group Ltd.	√	√	*		*	*	*
80	LNI	Li Ning Company Limited	√		*	√	*	*	*
81	LNK	Link Real Estate Investment Trust	√		*		*	*	*
82	MEN	China Mengniu Dairy Co. Ltd.	√				*	*	*
83	MET	Meituan	*	√	*	√	*	*	*
84	MGM	MGM China Holdings Ltd.					*
85	MIU	XiaoMi Corporation	*	√	*	√	*	*	*
86	MOL	China Molybdenum Co., Ltd.						*
87	MSB	China Minsheng Banking Corporation Ltd.	√					*
88	MTR	MTR Corporation Ltd.					*	*
89	NBM	China National Building Material Co. Ltd.	√					*
90	NCL	New China Life Insurance Co. Ltd.	√					*	*
91	NFU	Nongfu Spring Company Limited					*	*
92	NTE	NetEase, Inc.	*	√	*	√	*	P	*
93	NWD	New World Development Co. Ltd.					*	*
94	PAI	Ping An Insurance (Group) Co. of China, Ltd.	*	√	*	√	*	P	*
95	PEC	PetroChina Co. Ltd.	*	√	*	√	*	P	*
96	PEN	XPeng, Inc.	√	√		√	*	*
97	PHT	Ping An Healthcare and Technology Co., Ltd.	√		*		*	*	*
98	PIC	PICC Property and Casualty Co. Ltd.	√		*		*	*	*
99	PIN	The People’s Insurance Company (Group) of China Ltd.					*		*
100	SAN	Sands China Ltd.	√	√	*	√	*	*	√
101	SBO	Sino Biopharmaceutical Limited	√		*		*	*
102	SET	SenseTime Group Inc		√			*	*
103	SHK	Sun Hung Kai Properties Ltd.	*		*		*	*	*
104	SHL	Xinyi Solar Holdings Ltd.					*	*
105	SHZ	Shenzhou International Group Holdings Limited					*	*
106	SMC	Semiconductor Manufacturing International Corp.		√	*	√	*	P
107	SNO	Sunny Optical Technology (Group) Co. Ltd.	*	√			*	*	*
108	SNP	Sinopharm Group Co. Ltd.		√			*
109	SUN	Sunac China Holdings Ltd.						*
110	SWA	Swire Pacific Ltd. 'A'	√					*
111	TCH	Tencent Holdings Ltd.	*	√	*	√	*	P	*
112	TIC	Techtronic Industrial Co., Limited					*	*
113	TRF	Tracker Fund of Hong Kong					*
114	TRP	Trip.com Group Limited		√	*			*	*
115	VNK	China Vanke Co. Ltd.	√					*
116	WEB	Weibo Corporation
117	WHG	WH Group Limited					*
118	WHL	The Wharf (Holdings) Ltd.					*	*
119	WWC	Want Want China Holdings Ltd.					*
120	WXB	WuXi Biologics (Cayman) Inc.	*	√	*	√	*	P	√
121	XPB	Postal Savings Bank of China Co. Ltd.					*	*	*
122	XTW	China Tower Corporation Limited	√	√			*	*	*
123	YZC	Yankuang Energy Group Company Limited	√					*
124	ZAO	ZhongAn Online P & C Insurance Company Limited					*	*
125	ZJM	Zijin Mining Group Company Ltd.	√	√			*	*	*
126	ZSH	Zhongsheng Group Holdings Limited					*	*

			Market Makers
	HKATS Code	Underlying Stocks	JST	MEA	MSA	NHT	NRA	NTX	OPT
1	A50	iShares FTSE A50 China Index ETF				P			P
2	AAC	AAC Technologies Holdings Inc.		√	√	*			*
3	XAB	Agricultural Bank of China Ltd.		√	√	*			*
4	ACC	Anhui Conch Cement Co. Ltd.		√	√	*			*
5	AIA	AIA Group Ltd.	√	√	√	P	√	√	P
6	AIR	Air China Ltd.				*			*
7	ALB	Alibaba Group Holding Limited	√	√	√	*	√	√	*
8	ALC	Aluminum Corporation of China Ltd.	√	√					*
9	ALH	Alibaba Health Information Technology Ltd.		√	√	*			*
10	AMC	ChinaAMC CSI 300 Index ETF				*			*
11	ANA	ANTA Sports Products Limited		√	√				*
12	XBC	Bank of China Ltd.		√	√	P	√		P
13	BCM	Bank of Communications Co. Ltd.		√		*			*
14	BEA	The Bank of East Asia, Ltd.							*
15	BIU	Baidu, Inc.	√	√	√	P	√	√	P
16	BLI	Bilibili Inc.	√			*			*
17	BOC	BOC Hong Kong (Holdings) Ltd.		√	√				*
18	BUD	Budweiser Brewing Company APAC Limited		√	√				*
19	BYD	BYD Company Ltd.	√	√	√	*	√	√	P
20	BYE	BYD Electronic International Company Limited							*
21	XCC	China Construction Bank Corporation		√	√	P	√	√	P
22	CCC	China Communications Construction Co. Ltd.		√		*			*
23	CCE	China Coal Energy Company Ltd.		√		*			*
24	CDA	China Cinda Asset Management Co. Ltd.		√		*			*
25	CGN	CGN Power Co. Ltd.		√					*
26	CHT	China Mobile Ltd.		√		P	√		P
27	CHU	China Unicom (Hong Kong) Ltd.		√		*			*
28	CIT	CITIC Ltd.				*			*
29	CKH	CK Hutchison Holdings Ltd.		√	√			√	*
30	CKP	CK Asset Holdings Ltd.		√	√				*
31	CLI	China Life Insurance Co. Ltd.	√	√	√	*		√	*
32	CLP	CLP Holdings Ltd.		√	√				*
33	CMB	China Merchants Bank Co. Ltd.		√	√	*		√	*
34	CNC	CNOOC Ltd.		√		P	√		P
35	COG	Country Garden Holdings Co. Ltd.				*			*
36	COL	China Overseas Land & Investment Ltd.			√	*			*
37	COS	COSCO Shipping Holdings Co., Ltd.				*
38	CPA	Cathay Pacific Airways Ltd.		√		*
39	CPC	China Petroleum & Chemical Corporation		√	√	*			*
40	CPI	China Pacific Insurance (Group) Co. Ltd.		√	√	*			*
41	CRC	China Railway Construction Corp. Ltd.		√		*			*
42	CRG	China Railway Group Ltd.		√		*			*
43	CRL	China Resources Land Ltd.		√	√				*
44	CSA	CSOP FTSE China A50 ETF				P			P
45	CSE	China Shenhua Energy Co. Ltd.		√	√	*			*
46	CSP	CSPC Pharmaceutical Group Ltd.		√		*			*
47	CTB	China CITIC Bank Corporation Ltd.		√	√	*			*
48	CTC	China Telecom Corporation Ltd.		√		*			*
49	CTS	CITIC Securities Co. Ltd.		√	√	*			*
50	DFM	Dongfeng Motor Group Co. Ltd.		√		*			*
51	EVG	China Evergrande Group				*
52	GAC	Guangzhou Automobile Group Co., Ltd.		√		*			*
53	GAH	Geely Automobile Holdings Ltd.	√	√	√	*	√	√	*
54	GHL	Xinyi Glass Holdings Limited							*
55	GLI	Ganfeng Lithium Co., Ltd.		√		*
56	GLX	Galaxy Entertainment Group Ltd.		√	√	*		√	*
57	GWM	Great Wall Motor Company Ltd.		√		*			*
58	HAI	Haitong Securities Co. Ltd.		√	√	*			*
59	HCF	Hang Seng China Enterprises Index ETF							*
60	HDO	Haidilao International Holding Limited
61	HEH	Power Assets Holdings Ltd.		√					*
62	HEX	Hong Kong Exchanges and Clearing Ltd.	√	√	√	P	√	√	P
63	HGN	Hengan International Group Ltd.		√					*
64	HKB	HSBC Holdings plc.	√	√	√	P	√	√	P
65	HKG	The Hong Kong and China Gas Co. Ltd.		√	√	*			*
66	HLD	Henderson Land Development Co. Ltd.		√	√				*
67	HNP	Huaneng Power International, Inc.		√		*			*
68	HSB	Hang Seng Bank Ltd.		√	√				*
69	INB	Innovent Biologics, Inc.							*
70	XIC	Industrial and Commercial Bank of China Ltd.		√	√	P		√	P
71	JDC	JD.com, Inc.	√	√	√	P	√	√	P
72	JDH	JD Health International Inc.	√	√	√				*
73	JXC	Jiangxi Copper Company Ltd.		√	√				*
74	KDS	Kingdee International Software Group Co., Ltd.				*
75	KLE	Kunlun Energy Co. Ltd.		√	√				*
76	KSO	Kingsoft Corporation Ltd.		√					*
77	KST	Kuaishou Technology	√	√	√	*	√	√	P
78	LAU	Li Auto Inc.			√	P	√		P
79	LEN	Lenovo Group Ltd.		√	√	*			*
80	LNI	Li Ning Company Limited			√	*			*
81	LNK	Link Real Estate Investment Trust		√	√				*
82	MEN	China Mengniu Dairy Co. Ltd.							*
83	MET	Meituan	√	√	√	*	√	√	*
84	MGM	MGM China Holdings Ltd.				*
85	MIU	XiaoMi Corporation	√	√	√	*	√	√	*
86	MOL	China Molybdenum Co., Ltd.				*
87	MSB	China Minsheng Banking Corporation Ltd.		√		*			*
88	MTR	MTR Corporation Ltd.		√					*
89	NBM	China National Building Material Co. Ltd.		√		*			*
90	NCL	New China Life Insurance Co. Ltd.		√		*			*
91	NFU	Nongfu Spring Company Limited							*
92	NTE	NetEase, Inc.	√	√	√	*		√	P
93	NWD	New World Development Co. Ltd.		√					*
94	PAI	Ping An Insurance (Group) Co. of China, Ltd.	√	√	√	P	√	√	P
95	PEC	PetroChina Co. Ltd.	√	√	√	P	√		P
96	PEN	XPeng, Inc.			√	*	√		*
97	PHT	Ping An Healthcare and Technology Co., Ltd.	√			*			*
98	PIC	PICC Property and Casualty Co. Ltd.		√	√	*			*
99	PIN	The People’s Insurance Company (Group) of China Ltd.		√		*			*
100	SAN	Sands China Ltd.		√	√	*			*
101	SBO	Sino Biopharmaceutical Limited		√	√	*			*
102	SET	SenseTime Group Inc							*
103	SHK	Sun Hung Kai Properties Ltd.		√	√		√		*
104	SHL	Xinyi Solar Holdings Ltd.							*
105	SHZ	Shenzhou International Group Holdings Limited							*
106	SMC	Semiconductor Manufacturing International Corp.				P	√		P
107	SNO	Sunny Optical Technology (Group) Co. Ltd.		√	√				*
108	SNP	Sinopharm Group Co. Ltd.		√		*			*
109	SUN	Sunac China Holdings Ltd.				*
110	SWA	Swire Pacific Ltd. 'A'		√					*
111	TCH	Tencent Holdings Ltd.	√	√	√	P	√	√	P
112	TIC	Techtronic Industrial Co., Limited		√					*
113	TRF	Tracker Fund of Hong Kong
114	TRP	Trip.com Group Limited		√		*		√	*
115	VNK	China Vanke Co. Ltd.		√		*			*
116	WEB	Weibo Corporation				*
117	WHG	WH Group Limited				*			*
118	WHL	The Wharf (Holdings) Ltd.
119	WWC	Want Want China Holdings Ltd.		√		*			*
120	WXB	WuXi Biologics (Cayman) Inc.	√		√	*			P
121	XPB	Postal Savings Bank of China Co. Ltd.				*			*
122	XTW	China Tower Corporation Limited		√	√	*			*
123	YZC	Yankuang Energy Group Company Limited		√		*			*
124	ZAO	ZhongAn Online P & C Insurance Company Limited
125	ZJM	Zijin Mining Group Company Ltd.		√	√	*			*
126	ZSH	Zhongsheng Group Holdings Limited							*

			Market Makers
	HKATS Code	Underlying Stocks	PHL	SGS	SQH	TGS	UWD	VDC	YKR
1	A50	iShares FTSE A50 China Index ETF
2	AAC	AAC Technologies Holdings Inc.		*	*				*
3	XAB	Agricultural Bank of China Ltd.		*	*				*
4	ACC	Anhui Conch Cement Co. Ltd.		*					*
5	AIA	AIA Group Ltd.		*	P	√		√	*
6	AIR	Air China Ltd.		*					*
7	ALB	Alibaba Group Holding Limited		*	*			√	*
8	ALC	Aluminum Corporation of China Ltd.		*					*
9	ALH	Alibaba Health Information Technology Ltd.		*					*
10	AMC	ChinaAMC CSI 300 Index ETF
11	ANA	ANTA Sports Products Limited		*	*				*
12	XBC	Bank of China Ltd.			P				P
13	BCM	Bank of Communications Co. Ltd.							*
14	BEA	The Bank of East Asia, Ltd.							*
15	BIU	Baidu, Inc.		*	P				*
16	BLI	Bilibili Inc.			*				*
17	BOC	BOC Hong Kong (Holdings) Ltd.		*					*
18	BUD	Budweiser Brewing Company APAC Limited							*
19	BYD	BYD Company Ltd.		*	P			√	*
20	BYE	BYD Electronic International Company Limited		*					*
21	XCC	China Construction Bank Corporation		*	P				P
22	CCC	China Communications Construction Co. Ltd.							*
23	CCE	China Coal Energy Company Ltd.		*					*
24	CDA	China Cinda Asset Management Co. Ltd.							*
25	CGN	CGN Power Co. Ltd.							*
26	CHT	China Mobile Ltd.		*	P		*	√	*
27	CHU	China Unicom (Hong Kong) Ltd.		*	*				*
28	CIT	CITIC Ltd.			*				*
29	CKH	CK Hutchison Holdings Ltd.		*		√			*
30	CKP	CK Asset Holdings Ltd.							*
31	CLI	China Life Insurance Co. Ltd.		*	*				*
32	CLP	CLP Holdings Ltd.							*
33	CMB	China Merchants Bank Co. Ltd.		*	*				*
34	CNC	CNOOC Ltd.		*	P	√			P
35	COG	Country Garden Holdings Co. Ltd.
36	COL	China Overseas Land & Investment Ltd.		*	*				*
37	COS	COSCO Shipping Holdings Co., Ltd.							*
38	CPA	Cathay Pacific Airways Ltd.
39	CPC	China Petroleum & Chemical Corporation		*	*	√			*
40	CPI	China Pacific Insurance (Group) Co. Ltd.		*					*
41	CRC	China Railway Construction Corp. Ltd.							*
42	CRG	China Railway Group Ltd.		*					*
43	CRL	China Resources Land Ltd.		*	*				*
44	CSA	CSOP FTSE China A50 ETF
45	CSE	China Shenhua Energy Co. Ltd.		*	*				*
46	CSP	CSPC Pharmaceutical Group Ltd.		*					*
47	CTB	China CITIC Bank Corporation Ltd.							*
48	CTC	China Telecom Corporation Ltd.		*	*				*
49	CTS	CITIC Securities Co. Ltd.		*					*
50	DFM	Dongfeng Motor Group Co. Ltd.							*
51	EVG	China Evergrande Group
52	GAC	Guangzhou Automobile Group Co., Ltd.							*
53	GAH	Geely Automobile Holdings Ltd.		*	*				*
54	GHL	Xinyi Glass Holdings Limited							*
55	GLI	Ganfeng Lithium Co., Ltd.		*					*
56	GLX	Galaxy Entertainment Group Ltd.		*	*	√			*
57	GWM	Great Wall Motor Company Ltd.		*	*				*
58	HAI	Haitong Securities Co. Ltd.		*					*
59	HCF	Hang Seng China Enterprises Index ETF			*
60	HDO	Haidilao International Holding Limited		*					*
61	HEH	Power Assets Holdings Ltd.							*
62	HEX	Hong Kong Exchanges and Clearing Ltd.		*	P			√	P
63	HGN	Hengan International Group Ltd.							*
64	HKB	HSBC Holdings plc.		*	P	√	*	√	*
65	HKG	The Hong Kong and China Gas Co. Ltd.							*
66	HLD	Henderson Land Development Co. Ltd.							*
67	HNP	Huaneng Power International, Inc.		*					*
68	HSB	Hang Seng Bank Ltd.		*					*
69	INB	Innovent Biologics, Inc.							*
70	XIC	Industrial and Commercial Bank of China Ltd.		*	P				P
71	JDC	JD.com, Inc.		*	P			√	P
72	JDH	JD Health International Inc.			*				*
73	JXC	Jiangxi Copper Company Ltd.		*					*
74	KDS	Kingdee International Software Group Co., Ltd.		*					*
75	KLE	Kunlun Energy Co. Ltd.							*
76	KSO	Kingsoft Corporation Ltd.		*	*				*
77	KST	Kuaishou Technology		*	P				*
78	LAU	Li Auto Inc.		*	P				*
79	LEN	Lenovo Group Ltd.		*	*				*
80	LNI	Li Ning Company Limited		*	*				*
81	LNK	Link Real Estate Investment Trust			*				*
82	MEN	China Mengniu Dairy Co. Ltd.		*					*
83	MET	Meituan		*	*			√	*
84	MGM	MGM China Holdings Ltd.
85	MIU	XiaoMi Corporation		*	*	√			*
86	MOL	China Molybdenum Co., Ltd.
87	MSB	China Minsheng Banking Corporation Ltd.							*
88	MTR	MTR Corporation Ltd.							*
89	NBM	China National Building Material Co. Ltd.		*					*
90	NCL	New China Life Insurance Co. Ltd.							*
91	NFU	Nongfu Spring Company Limited							*
92	NTE	NetEase, Inc.		*	*				P
93	NWD	New World Development Co. Ltd.							*
94	PAI	Ping An Insurance (Group) Co. of China, Ltd.		*	P	√		√	P
95	PEC	PetroChina Co. Ltd.		*	P				P
96	PEN	XPeng, Inc.		*	*				*
97	PHT	Ping An Healthcare and Technology Co., Ltd.							*
98	PIC	PICC Property and Casualty Co. Ltd.							*
99	PIN	The People’s Insurance Company (Group) of China Ltd.							*
100	SAN	Sands China Ltd.		*	*				*
101	SBO	Sino Biopharmaceutical Limited		*					*
102	SET	SenseTime Group Inc
103	SHK	Sun Hung Kai Properties Ltd.		*	*				*
104	SHL	Xinyi Solar Holdings Ltd.							*
105	SHZ	Shenzhou International Group Holdings Limited							*
106	SMC	Semiconductor Manufacturing International Corp.		*	*				*
107	SNO	Sunny Optical Technology (Group) Co. Ltd.		*	*				*
108	SNP	Sinopharm Group Co. Ltd.							*
109	SUN	Sunac China Holdings Ltd.
110	SWA	Swire Pacific Ltd. 'A'		*					*
111	TCH	Tencent Holdings Ltd.		*	*	√		√	P
112	TIC	Techtronic Industrial Co., Limited		*	*				*
113	TRF	Tracker Fund of Hong Kong	√		*
114	TRP	Trip.com Group Limited			*				*
115	VNK	China Vanke Co. Ltd.
116	WEB	Weibo Corporation
117	WHG	WH Group Limited							*
118	WHL	The Wharf (Holdings) Ltd.		*					*
119	WWC	Want Want China Holdings Ltd.							*
120	WXB	WuXi Biologics (Cayman) Inc.		*	P				*
121	XPB	Postal Savings Bank of China Co. Ltd.		*					*
122	XTW	China Tower Corporation Limited							*
123	YZC	Yankuang Energy Group Company Limited		*					*
124	ZAO	ZhongAn Online P & C Insurance Company Limited							*
125	ZJM	Zijin Mining Group Company Ltd.		*					*
126	ZSH	Zhongsheng Group Holdings Limited							*

P	- Denotes PMM
*	- Denotes CQMM
√	- Denotes QRMM

Market Making obligations and Incentives

Stock Options

There are three types of market makers in HKEX’s stock options market:

- Primary Market Maker (PMM);

- Market maker providing continuous quotes (CQMM); and

- Market maker responding to quote request (QRMM).

For details of PMM Program, please refer to the hyperlink below:

http://www.hkex.com.hk/eng/market/dv_tradfinfo/pmm.htm

Below is a summary of the CQMM and QRMM program:

Market Making Obligation	Provision of Continuous Quotes (CQ)	Response to Quote Requests (QR)
Assigned Series #	Not less than50 option series in an option class	QR issued in options series in an option class
Trading Requirement	Provision of CQ for the assigned option series in an option class for 50% or more of the trading hours in a month	Response to 50% or more QR in an option class in a month
Maximum Time Limit for Responding to QR	N/A	Response within 20 seconds on receipt of QR
Minimum Display Time (QR)	N/A	At least 20 seconds, unless a change in the underlying stock price occurs during the 20 seconds display period
Maximum Bid/Offer Spread	Option Series	Liquidity Level 1*	Liquidity Level 2*	Liquidity Level 3*
	Spot month with 3 days or less to expiry	20% of the bid price of the quote or 3 times the best bid/offer spread of the underlying securities, whichever is the lower.	20% of the bid price of the quote or 4 times the best bid/offer spread of the underlying securities, whichever is the lower.	30% of the bid price of the quote or 7 times the best bid/offer spread of the underlying securities, whichever is the lower.
	Spot month with 4 days or more to expiry and the next 3calendar expiry months	10% of the bid price of the quote or 3 times the best bid/offer spread of the underlying securities, whichever is the lower.	10% of the bid price of the quote or 4 times the best bid/offer spread of the underlying securities, whichever is the lower.	20% of the bid price of the quote or 7 times the best bid/offer spread of the underlying securities, whichever is the lower.
	The next 2 calendar quarter expiry months	20% of the bid price of the quote or 4 times the best bid/offer spread of the underlying securities, whichever is the lower.	20% of the bid price of the quote or 6 times the best bid/offer spread of the underlying securities, whichever is the lower.	30% of the bid price of the quote or 10 times the best bid/offer spread of the underlying securities, whichever is the lower.
	The 3rd calendar quarter expiry month and any other longer-dated expiry month as the Exchange deems necessary	20% of the bid price of the quote or 8 times the best bid/offer spread of the underlying securities, whichever is the lower.	20% of the bid price of the quote or 12 times the best bid/offer spread of the underlying securities, whichever is the lower.	30% of the bid price of the quote or 20 times the best bid/offer spread of the underlying securities, whichever is the lower.
Maximum Bid/Offer Spread (For ETF Options)	Spot month with 3 days or less to expiry	20% of the bid price of the quote or 7.5 times the best bid/offer spread of the underlying securities, whichever is the lower.	20% of the bid price of the quote or 10 times the best bid/offer spread of the underlying securities, whichever is the lower.	30% of the bid price of the quote or 17.5 times the best bid/offer spread of the underlying securities, whichever is the lower.
	Spot month with 4 days or more to expiry and the next 3calendar expiry months	10% of the bid price of the quote or 7.5 times the best bid/offer spread of the underlying securities, whichever is the lower.	10% of the bid price of the quote or 10 times the best bid/offer spread of the underlying securities, whichever is the lower.	20% of the bid price of the quote or 17.5 times the best bid/offer spread of the underlying securities, whichever is the lower.
	The next 2 calendar quarter expiry months	20% of the bid price of the quote or 10 times the best bid/offer spread of the underlying securities, whichever is the lower.	20% of the bid price of the quote or 15 times the best bid/offer spread of the underlying securities, whichever is the lower.	30% of the bid price of the quote or 25 times the best bid/offer spread of the underlying securities, whichever is the lower.
	The 3rd calendar quarter expiry month and any other longer-dated expiry month as the Exchange deems necessary	20% of the bid price of the quote or 20 times the best bid/offer spread of the underlying securities, whichever is the lower.	20% of the bid price of the quote or 30 times the best bid/offer spread of the underlying securities, whichever is the lower.	30% of the bid price of the quote or 50 times the best bid/offer spread of the underlying securities, whichever is the lower.
Minimum Quote Size	Liquidity Level 1 - 30 contracts Liquidity Level 2 and 3 - 15 contracts

# Stock Options

CQMM should provide bid / offer quotes in at least 50 option series chosen from the following option series:

Contract Month	Option Series	Series For Selection
Contract Month	Option Series	Call Series	Put Series
Spot month	Nearest Out-of-the-Money	7	7
Spot month	Nearest In-the-Money	2	2
Second Calendar month	Nearest Out-of-the-Money	7	7
Second Calendar month	Nearest In-the-Money	2	2
Third Calendar month	Nearest Out-the-Money	7	7
Third Calendar month	Nearest In-of-the-Money	2	2
Fourth Calendar month	Nearest Out-the-Money	7	7
Fourth Calendar month	Nearest In-of-the-Money	2	2
First Quarter month	Nearest Out-the-Money	7	7
First Quarter month	Nearest In-of-the-Money	2	2
Second Quarter month	Nearest Out-the-Money	7	7
Second Quarter month	Nearest In-of-the-Money	2	2
Third Quarter month	Nearest Out-the-Money	7	7
Third Quarter month	Nearest In-of-the-Money	2	2
Total		126

Market Maker Incentives for Stock Options

Stock Options Tier	Trading Requirement		Market Maker Fee (HK$)	Standard Exchange Fee (HK$)
Tier 1	Response to Total Quote Requests in a Month	70% or more	1.50	3.00
	Response to Total Quote Requests in a Month	less than 70%	3.00	3.00
	Provision of Continuous Quotes in the Trading Hours in a Month	70% or more	1.50	3.00
		less than 70%	3.00	3.00
Tier 2	Response to Total Quote Requests in a Month	70% or more	0.80	1.00
	Response to Total Quote Requests in a Month	less than 70%	1.00	1.00
	Provision of Continuous Quotes in the Trading Hours in a Month	70% or more	0.80	1.00
		less than 70%	1.00	1.00
Tier 3^	Response to Total Quote Requests in a Month	70% or more	0.40	0.50
	Response to Total Quote Requests in a Month	less than 70%	0.50	0.50
	Provision of Continuous Quotes in the Trading Hours in a Month	70% or more	0.40	0.50
		less than 70%	0.50	0.50