Stock Futures

Stock Futures

A stock futures contract is a commitment to buy or sell the financial exposure equivalent to a specific amount (contract multiplier) of shares of the underlying stock at a predetermined price (contracted price) on a specified future date.

As stock futures contracts are cash settled, there is no physical delivery of shares when the contract expires.

Upon expiry, profits and losses are credited or debited to the account of the contract buyers/sellers in an amount equal to the difference between the contracted price and the final settlement price multiplied by the contract multiplier.

The final settlement price is the official closing price of the underlying stock as quoted by SEHK on the Last Trading Day.

To offset an open short stock futures position before expiry, a seller of a stock futures contract simply buys back the contract while a buyer sells a stock futures contract to close the open long position.

All buyers and sellers of stock futures are required to post margin when opening a position in the market to ensure performance of the contractual obligations. If the margin falls below the stipulated level due to adverse price movements, the investor will be called upon to promptly restore the margin back to the original level.

Advantages

Low transaction costs
As stock futures contracts are based on the value of several thousand shares, the stock transaction costs are low relative to purchasing or selling the total underlying shares.
Ease of short selling
A short position in a stock futures contract can be easily established, allowing investors to benefit from an anticipated fall in the value of the underlying stock.
Leverage effect
As the margin required to carry a stock futures position is only a fraction of the value of the underlying stock, hedging/trading activities can be conducted with a smaller capital outlay.
Lower currency exposure for offshore investors
For global investors with an exposure in Hong Kong through stock futures contract, only the margin to carry the position is subjected to home currency price fluctuations.

Electronic trading
As stock futures are traded on the HKFE's Automated Trading System (ATS), where orders are electronically matched based on price and time priority and bid, offer and transaction prices are instantly disseminated, providing the highest level of price and market transparency.

Clearing House guarantee
As with all futures and options contracts traded on the HKFE, stock futures are registered, cleared and guaranteed by the HKFE Clearing Corporation (HKCC), a wholly-owned subsidiary of the HKFE. HKCC acts as the counter-party to all open contracts which effectively eliminates counter-party risks between its HKCC Participants. The HKCC guarantee does not cover an HKCC Participant's obligations to its clients. Investors should exercise due care and diligence when deciding through whom they will conduct business.

Market making system

Participants may sign up as market makers in some stock futures contracts, in which they would be responsible for providing firm bid/offer prices within a maximum spread limit. Some stock futures contracts may not have market makers to provide bid/offer quotes and their trading would be on an order-driven basis. Investors should be aware of the liquidity risk in these stock futures contracts and should exercise due caution before trading.

Risks of Trading Stock Futures

Stock futures involve a high degree of leverage. Losses from stock futures trading can exceed the investor’s initial margin funds and may require payment of additional margin funds on short notice. Failure to make payment may result in the investor’s position being liquidated and liable for any deficit resulting from or in connection with the liquidated position.

Investors must therefore understand and be aware of the risks of trading in stock futures and should assess whether they are suitable. Investors are encouraged to consult a broker or financial adviser in respect of suitability for stock futures trading in light of the investor’s financial position and investment objectives before trading.

Updated 11 Sep 2018

Contract Summary

Item	Contract Terms
Underlying Stocks & HKATS Codes	Please refer to list of stock futures
Contract Multiplier	Board lot size of the underlying shares *
Contracted Value	Contracted price multiplied by Contract Multiplier
Minimum Fluctuation	HK$0.01
Contract Months	Spot Month, the next two calendar months, & next two calendar quarter months
Trading Hours	9:30 am - 12:00 noon & 1:00 pm - 4:00 pm
Last Trading Day	The Business Day immediately preceding the last Business Day of the Contract Month
Final Settlement Day	The first business day after the Last Trading Day
Final Settlement Price **	The official closing price of the underlying stock as quoted by SEHK on the Last Trading Day.
Settlement Method	Cash settled contract of difference
Transaction Costs***	Exchange Fee Tier 1: HK$3.0 Tier 2: HK$1.0 Tier 3: HK$0.5 Commission Levy HK$0.10 Commission Rate Negotiable

*Relevant information regarding contract multiplier of individual stock futures can be found in the list of stock futures
**Starting form 3 July 2018, the Final Settlement Price (FSP) shall be revised to the official closing price of the underlying stock as quoted by SEHK on the Last Trading Day.
***Starting from 3 July 2018, a new 3-Tier trading fee structure will be introduced. Please refer to the circular MKD/EQD/16/18 for the tier level.

List of Stock Futures

The following list of stock futures contracts are available for trading on the HKATS. Exchange Participants and their clients should be aware that stock futures contracts may or may not have market makers to provide bid / offer quotes for trading. Investors should exercise due caution and understand the liquidity risk involved when trading stock futures without market makers.

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

Effective Date: 18 June 2020

No.	SEHK Code	Underlying Stocks	HKATS Code	Contract Multiplier (shares)	Number of Board Lots	Tier No.	Market Makers/ Liquidity Provider
1	16	Sun Hung Kai Properties Limited	SHK	1,000	2	1	N
2	175	Geely Automobile Holdings Ltd.	GAH	5,000	5	1	N
3	656	Fosun International Ltd.	FOS	10,000	20	1	N
4	688	China Overseas Land & Investment Ltd.	COL	2,000	4	1	Y
5	788	China Tower Corporation Limited	TWR	10,000	5	2	Y
6	823	Link Real Estate Investment Trust	LNK	1,000	10	1	N
7	981	Semiconductor Manufacturing International Corporation	SMC	5,000	10	1	N
8	998	China CITIC Bank Corporation Ltd.	CTB	20,000	20	1	Y
9	1055	China Southern Airlines Co. Ltd.	SOA	10,000	5	1	N
10	1288	Agricultural Bank of China Ltd.	ABC	10,000	10	1	Y
11	1299	AIA Group Ltd.	AIA	1,000	5	1	N
12	1336	New China Life Insurance Co. Ltd.	NCL	1,000	10	1	N
13	1359	China Cinda Asset Management Co., Ltd.	CDA	5,000	5	3	N
14	1766	CRRC Corporation Ltd.	CRR	10,000	10	1	N
15	1810	XiaoMi Corporation	MIU	1,000	5	3	Y
16	1816	CGN Power Co., Ltd.	CGN	10,000	10	2	N
17	1876	Budweiser Brewing Company APAC Limited	BUD	1,000	10	1	Y
18	1918	Sunac China Holdings Ltd.	SUN	2,000	2	1	N
19	1988	China Minsheng Banking Corp., Ltd.	MSB	10,000	20	1	Y
20	2007	Country Garden Holdings Co. Ltd.	COG	5,000	5	1	N
21	2018	AAC Technologies Holdings Inc.	AAC	1,000	2	1	N
22	2238	Guangzhou Automobile Group Co., Ltd.	GAC	4,000	2	1	N
23	2333	Great Wall Motor Co. Ltd.	GWM	10,000	20	1	Y
24	2382	Sunny Optical Technology (Group) Co. Ltd.	SNO	1,000	10	1	N
25	2601	China Pacific Insurance Group Co. Ltd.	CPI	1,000	5	1	N
26	2800	Tracker Fund of Hong Kong	TRF	50,000	100	1	N
27	2822	CSOP FTSE China A50 ETF	CSA	5,000	25	1	Y
28	2823	iShares FTSE A50 China Index ETF	A50	5,000	50	1	Y
29	2828	Hang Seng China Enterprises Index ETF	HCF	5,000	25	1	N
30	2883	China Oilfield Services Ltd.	CHO	10,000	5	1	N
31	3188	China AMC CSI300 Index ETF	AMC	2,000	10	1	Y
32	3333	China Evergrande Group	EVG	2,000	2	1	N
33	3690	Meituan Dianping	MET	500	5	1	Y
34	6030	CITIC Securities Co. Ltd.	CTS	1,000	2	2	Y
35	6837	Haitong Securities Co. Ltd.	HAI	10,000	25	1	Y
36	6886	Huatai Securities Co., Ltd.	HTS	10,000	50	1	N
37	9618	JD.com, Inc.	JDC	500	10	1	Y
38	9988	Alibaba Group Holding Ltd.	ALB	500	5	1	Y
39	9999	NetEase, Inc.	NTE	500	5	1	Y

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

No.	SEHK Code	Underlying Stocks	HKATS Code	Contract Multiplier (shares)	Tier No.	Market Makers	Approved by FSC Taiwan
1	1	CK Hutchison Holdings Ltd.	CKH	500	1	N	✓
2	2	CLP Holdings Limited	CLP	500	1	N
3	3	The Hong Kong and China Gas Company Limited	HKG	1,000	2	Y
4	4	The Wharf (Holdings) Limited	WHL	1,000	2	N
5	5	HSBC Holdings Plc.	HKB	400	2	Y	✓
6	6	Power Assets Holdings Limited	HEH	500	1	N
7	11	Hang Seng Bank Limited	HSB	100	2	N
8	12	Henderson Land Development Company Limited	HLD	1,000	1	N
9	17	New World Development Company Limited	NWD	1,000	1	N
10	19	Swire Pacific Limited 'A'	SWA	500	1	N	✓
11	23	The Bank of East Asia, Limited	BEA	200	3	N
12	27	Galaxy Entertainment Group Ltd.	GLX	1,000	1	N
13	66	MTR Corporation Limited	MTR	500	2	Y
14	267	CITIC Limited	CIT	1,000	2	Y	✓
15	293	Cathay Pacific Airways Limited	CPA	1,000	2	N
16	386	China Petroleum & Chemical Corporation	CPC	2,000	2	Y
17	388	Hong Kong Exchanges and Clearing Limited	HEX	100	1	Y
18	700	Tencent Holdings Ltd.	TCH	100	1	Y	✓
19	728	China Telecom Corporation Limited	CTC	2,000	3	Y
20	762	China Unicom (Hong Kong) Limited	CHU	2,000	2	Y
21	857	PetroChina Company Limited	PEC	2,000	3	Y
22	883	CNOOC Limited	CNC	1,000	2	Y
23	902	Huaneng Power International, Inc.	HNP	2,000	3	Y
24	914	Anhui Conch Cement Co. Ltd.	ACC	500	2	N
25	939	China Construction Bank Corporation	CCB	1,000	3	Y
26	941	China Mobile Limited	CHT	500	1	Y
27	1088	China Shenhua Energy Co. Ltd.	CSE	500	3	N
28	1171	Yanzhou Coal Mining Co. Ltd.	YZC	2,000	2	N
29	1398	Industrial and Commercial Bank of China Limited	ICB	1,000	3	Y
30	1800	China Communications Construction Company Limited	CCC	1,000	3	Y
31	1898	China Coal Energy Co. Ltd.	CCE	1,000	3	N
32	1928	Sands China Ltd.	SAN	400	2	N
33	2318	Ping An Insurance (Group) Company of China, Ltd.	PAI	500	1	Y	✓
34	2328	PICC Property and Casualty Company Limited	PIC	2,000	2	Y
35	2388	BOC Hong Kong (Holdings) Limited	BOC	500	2	Y
36	2600	Aluminum Corporation of China Limited	ALC	2,000	3	N
37	2628	China Life Insurance Company Limited	CLI	1,000	2	Y
38	2899	Zijin Mining Group Co., Ltd.	ZJM	2,000	3	N
39	3328	Bank of Communications Co., Ltd.	BCM	1,000	3	Y
40	3888	Kingsoft Corporation Ltd.	KSO	1,000	2	N
41	3968	China Merchants Bank Co., Ltd.	CMB	500	2	Y
42	3988	Bank of China Limited	BCL	1,000	3	Y

Margin Table

Trading Fees and Commission

Stock Futures

Exchange Fee: Tier 1 : HK$ 3.0 Tier 2: HK$1.0 Tier 3 HK$0.5

Commission Levy: HK$0.10 per contract per side

Investor Compensation Levy*: HK$0.00 per contract per side

Total: Tier 1 : HK$3.10 per contract per side Tier 2: HK$1.10 per contract per side Tier 3: HK$0.60 per contract per side

Commission: Negotiable

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

Online Derivatives Trading

Below is the list of the Exchange Participants who provide online derivatives trading services for investors.

(Product: Index Futures and Options / Stock Futures/Currency Futures / Commodity Futures / Interest Rate Futures)

Exchange Participant	Contact Number	Email
BOCI Securities Ltd.	(852) 2121-0088	service@bocigroup.com
BOCOM International Securities Ltd.	(852) 2297-9888	enquiry@bocomgroup.com
Bright Smart Futures & Commodities Co. Ltd.	(852) 2537-1371	broker@bsgroup.com.hk
Celestial Commodities Ltd.	(852) 2663-8888	hotline@cashon-line.com
CES Capital International (Hong Kong) Co. Ltd.	(852) 3971 1052	cescapital@kiiik.com
Changjiang Futures (HK) Ltd.	(852) 2823-0389	futuresCS@cjsc.com.hk
China Maike Futures International Limited	(852) 2885 2968	cs@maike.com.hk
Chief Commodities Ltd.	(852) 2500-9128	futures_dept@chiefgroup.com.hk
Chong Hing Commodities & Futures Ltd.	(852) 3768-9988	info@chcf.com.hk
Chow Sang Sang Futures Ltd.	(852) 2581-7338	cs.trade@338.net
Christfund Futures Ltd.	(852) 2147-9898	maggie.lam@christfund.com una.zhao@christfund.com
Cinda International Futures Ltd.	(852) 2235-7789	cs@cinda.com.hk
CMB International Futures Limited	(852) 3761 8788	futures@cmbi.com.hk
CN First international Futures Limited	(852) 3897-2000	cnfservice@cnfirst.com.hk
CITIC Securities Futures (HK) Ltd.	(852) 2237-6899	info@citics.com.hk
Core Pacific - Yamaichi Futures (H.K.) Ltd.	(852) 2166-3888	info@cpy.com.hk
CSC Futures (HK) Ltd.	(852) 2105-1299	futures@e-capital.com.hk
DA International Financial Service Limited	(852) 39199123	Sunny@directaccess.com.hk
East Asia Futures Ltd.	(852) 3608-8181	info@eafutures.com.hk
Emperor Futures Ltd.	(852) 2919-2919	efl.cs@emperor.com.hk
Enlighten Futures Ltd.	(852) 2152-3321	services@enlighten.com.hk
Excalibur Global Finanical Group Ltd.	(852) 2844-9868	jannylee@excalibur.com.hk
Finet Securities Ltd.	(852) 2169-0088	cs@finet365.com
First Shanghai Futures Ltd.	(852) 2532-1580	cs@mystockhk.com
Freeman Commodities Limited	(852) 3513 8000	cs@freemansec.com
Fuji Hong Kong Commodities Co. Ltd.	(852) 2559-1041	sales@fujihk.com admin@fujihk.com
Fulbright Futures Ltd.	(852) 2121-8333	cs@fulbright.com.hk
SSIF Futures Ltd.	(852) 3192-1001	cs@ssif.com.hk
GF Futures (HK) Co. Ltd.	(852) 3719-1199	futurescs@gfgroup.com.hk
Glory Sky Global Markets Ltd.	(852) 3420-1000	enquiry@glorysky.ws
Goldenway Investments (HK) Ltd.	(852) 3719-9733	cs@gwtrade.hk
Goldin Equities Ltd.	(852) 3960-7827	enquiry@goldinequities.hk
Grand Investment (Futures) Ltd.	(852) 3550-6988	cs@grandfg.com
GuocoCommodities Ltd.	(852) 2218-2818	info@guococap.com
Guotai Junan Futures (Hong Kong) Ltd.	(852) 2509-9277	futures@gfjas.com.hk
Guoyuan Futures (Hong Kong) Ltd.	(852) 3769-6888	gyzq@gyzq.com.hk
Haitong International Futures Ltd.	(852) 3583-3388	csdept@htisec.com
Hantec Futures Ltd.	(852) 2523-7571	thomasmo@hantec.hk
Hong Kong International Futures Ltd.	(852) 2853-8027	enquiry@hnahki.com
I-Access Investors Ltd.	(852) 3741-0373	info@i-access.com
ICBC International Futures Ltd.	(852) 2683-6216	freeman.to@icbci.com.hk
iSTAR International Futures Co. Limited	(852) 3900-1701	cs@istartrade.com
Kaiser Futures Ltd.	(852) 2815-8033	cs@kaisergroup.com.hk
Karl-Thomson Commodities Co. Ltd.	(852) 2810-9062	admin@ktg.com.hk
KGI Futures (Hong Kong) Ltd.	(852) 2878-5555	info@kgia.com
Kim Eng Futures (Hong Kong) Ltd.	(852) 2268-0660	cs@kimeng.com.hk
Kingsway Financial Services Group Ltd.	(852) 2283-7373	customerservice@sunwahkingsway.com
Longrun Financial Group Limited	(852）2885 2968	dealing@longrun.com.hk
Luk Fook Futures (HK) Limited	(852) 2980-0888	cs@lff.com.hk
Marigold International Securities Ltd.	(852) 3750-8898	cs@misl.com.hk
Mayfair Pacific Financial Group Ltd.	(852) 3192-1108	simpson.yam@mayfairpacific.com
Metro Capital Futures Limited	(852) 3944-8008	metrocap@metrocap.com.hk
Oriental Wealth Futures Ltd.	(852) 2879-9868	admin@o-wealth.com
Peace Town Financial Services Ltd.	(852) 2822-8338	info@pt123.com
Phillip Commodities (HK) Ltd.	(852) 2277-6611	futures@phillip.com.hk
Po Sang Securities and Futures Ltd.	(852) 2815-4655	psf@bochk.com
Prudential Index Trading Co. Ltd.	(852) 2143-3999	samng@pru.com.hk
Quam Securities Co. Ltd.	(852) 2847-2203	qscs@quamgroup.com
RealinkFinancial TradeLtd.	(852) 2823-2828	cs@realink.com.hk
RHB Futures Hong Kong Limited	(852) 2103 5657	rhb.hk.customer.service@rhbgroup.com
Sanfull Futures Ltd.	(852) 2853-2128	futures@sanfull.com.hk
Shacom Futures Ltd.	(852) 2207-2837	contact@shacomfutures.com.hk
Shenyin Wanguo Futures (H.K.) Ltd.	(852) 2250-8298	customer.service@sywg.com.hk
SinoPac Securities (Asia) Limited	(852) 2523-6685	cs.asia@sinopac.com
Skyway Futures Ltd.	(852) 2907-2300	cs@sws.hk
South China Commodities Ltd.	(852) 2111-2222	hotline@sctrade.com
Stockwell Commodities Ltd.	(852) 2509-4384	bennylo@stockwellonline.com
Success Futures and Foreign Exchange Ltd.	(852) 2598-1027	enquiry@successfn.com
Sun Hung Kai Commodities Ltd.	(852) 2822-5001	cs@shkf.com futures.trader@shkf.com
Tanrich Futures Ltd.	(852) 2238-9225	enquiry@tanrich.com
Taiwan Concord Capital Securities (HK) Ltd.	(852) 3405-7305	fdealer@concordcapital.com.hk
Telecom Digital Securities Ltd.	(852) 8118-1133	ftcontact@tdsecurities.com.hk
T G Securities Ltd.	(852) 2905-9529	info@tgshk.com
Tianda Securities Ltd.	(852) 3972-0688	enquiry@tiandafinancial.com
Interactive Brokers Hong Kong Ltd.	(852) 2156-7907	sales@interactivebrokers.com.hk
United Simsen Securities Ltd.	(852) 2740-9688 (852) 2179-3992	cs@simsen.com
Upbest Commodities Co. Ltd.	(852) 2545 3298	upc@upbest.com
VC Futures Ltd.	(852) 2913-6332	enquiry@vcgroup.com.hk
Wing Fung Futures Ltd.	(852) 2303-8690	cs@wfgold.com
Yuanta Futures (HK) Co. Ltd	(852) 2293-9688	trading.brk @yuanta.com
Yuanta Securities (Hong Kong) Co. Ltd.	(852) 3555-7878	hk.services.brk@yuanta.com

Disclaimer :
Hong Kong Exchanges and Clearing Ltd endeavors to ensure the accuracy and reliability of the information provided, but does not guarantee its accuracy and reliability and accepts no liability (whether in tort or contract or otherwise) for any loss or damage arising from any inaccurancies or omissions.

List of Market Makers/Liquidity Providers

Stock Futures

Please refer the hyperlink for the short code of Market Maker/Liquidity Providers

https://www.hkex.com.hk/Products/Listed-Derivatives/Market-Maker-Program/List-of-Market-Makers_Liquidity-Providers?sc_lang=en

			Providing Continuous Quotes
			Market Maker / Liquidity Provider
	Underlying Stocks	HKATS Code	APC	FLW	IBG	IMC	MPF	NHT	SQH	TFF	OPT	YKR
1	AAC Technologies Holdings Inc.	AAC						L
2	Agricultural Bank of China Ltd.	ABC				*		*
3	AIA Group Ltd.	AIA				*		L		L		*
4	Alibaba Group Holding Limited	ALB				*	L	L		L
5	Aluminum Corporation of China Ltd.	ALC
6	Anhui Conch Cement Co. Ltd.	ACC			*	*		L		L
7	Bank of China Ltd.	BCL			*	*		*
8	Bank of Communications Co. Ltd.	BCM			*	*		*
9	Bank of East Asia, Ltd., The	BEA
10	BOC Hong Kong (Holdings) Ltd.	BOC				*		*
11	Budweiser Brewing Company APAC Limited	BUD				*		*
12	Cathay Pacific Airways Ltd.	CPA
13	CK Hutchison Holdings Ltd.	CKH
14	CGN Power Co. Ltd.	CGN
15	China AMC CSI 300 Index ETF	AMC	*			*	L	*
16	China Cinda Asset Management Co. Ltd.	CDA
17	China CITIC Bank Corporation Ltd.	CTB				*		*
18	China Coal Energy Co. Ltd.	CCE
19	China Communications Construction Co. Ltd.	CCC				*		*
20	China Construction Bank Corporation	CCB			*	*	L	*		L		*
21	China Evergrande Group	EVG			*	*		L
22	China Life Insurance Co. Ltd.	CLI			*	*	L	L				*
23	China Merchants Bank Co. Ltd.	CMB			*	*	L	L
24	China Minsheng Banking Corp., Ltd.	MSB				*		*
25	China Mobile Ltd.	CHT			*	*	L	*				*
26	China Oilfield Services Ltd.	CHO
27	China Overseas Land & Investment Ltd.	COL				*
28	China Pacific Insurance Group Co. Ltd.	CPI				*
29	China Petroleum & Chemical Corporation	CPC			*	*	L	L				*
30	China Shenhua Energy Co. Ltd.	CSE				*
31	China Southern Airlines Co. Ltd.	SOA
32	China Telecom Corporation Ltd	CTC			*	*		*
33	China Tower Corporation Limited	TWR				*	L	L		L
34	China Unicom (Hong Kong) Ltd.	CHU				*		*
35	CITIC Ltd.	CIT						*
36	CITIC Securities Co. Ltd.	CTS				*		*
37	CLP Holdings Ltd.	CLP				*
38	CNOOC Ltd.	CNC			*	*	L	L
39	Country Garden Holdings Co. Ltd.	COG			*	*				L
40	CRRC Corporation Ltd.	CRR
41	CSOP FTSE China A50 ETF	CSA				*	L	*			*	*
42	Fosun International Ltd	FOS
43	Galaxy Entertainment Group Ltd.	GLX				*		L		L
44	Great Wall Motor Co. Ltd.	GWM				*		*
45	Guangzhou Automobile Group Co., Ltd.	GAC
46	Geely Automobile Holdings Ltd.	GAH			*	*		L		L
47	Haitong Securities Co. Ltd.	HAI				*		*
48	Hang Seng Bank Ltd.	HSB				*
49	Henderson Land Development Co. Ltd.	HLD				*
50	Hong Kong and China Gas Co. Ltd., The	HKG			*	*
51	Link Real Estate Investment Trust	LNK				*
52	Power Assets Holdings Ltd.	HEH				*
53	Hong Kong Exchanges & Clearing Ltd.	HEX			*	*	L	*				*
54	HSBC Holdings Plc.	HKB			*	*	L	*		L		*
55	Huaneng Power International, Inc.	HNP
56	Huatai Securities Co., Ltd.	HTS
57	Industrial and Commercial Bank of China Ltd.	ICB	*		*	*	L	*		L		*
58	iShares FTSE A50 China Index ETF	A50				*	L	*			*	*
59	JD.com, Inc.	JDE				*		*
60	Kingsoft Corporation Ltd.	KSO				*
61	Li & Fung Ltd.	LIF
62	Meituan Dianping	MET						L		L
63	MTR Corporation Ltd.	MTR			*	*		*
64	New China Life Insurance Co. Ltd.	NCL				*
65	NetEase, Inc.	NTE				*		*
66	New World Development Co. Ltd.	NWD				*
67	PetroChina Co. Ltd.	PEC			*	*		*
68	PICC Property and Casualty Co. Ltd.	PIC				*		*
69	Ping An Insurance (Group) Co. of China Ltd.	PAI			*	*	L	*		L		*
70	Sands China Ltd.	SAN			*	*		L
71	Semiconductor Manufacturing International Corporation	SMC
72	Sun Hung Kai Properties Ltd.	SHK
73	Sunac China Holdings Ltd.	SUN			*			L
74	Sunny Optical Technology (Group) Co. Ltd.	SNO						L
75	Swire Pacific Ltd. 'A'	SWA
76	Tencent Holdings Ltd.	TCH		L	*	*	L	*	L	L		*
77	The Wharf (Holdings) Ltd.	WHL				*
78	XiaoMi Corporation	MIU			*	*	L	L		L
79	Yanzhou Coal Mining Co. Ltd.	YZC
80	Zijin Mining Group Co., Ltd.	ZJM

L - Denotes Liquidity Provider
* - Denotes Market Maker

Market Making/Liquidity providing obligations and Incentives

Stock Futures

Market Making Obligation	Provision of Continuous Quotes (CQ)	Response to Quote Requests (QR)
Assigned Contract	At least the first 2 contract months [i.e. Spot Month and the next calendar month]	All contract months
Trading Requirement	Provision of CQ for not less than 70% of the trading hours in each calendar month	Response to not less than 70% of the QR in each calendar month
Maximum Time Limit for Responding to QR	N/A	Response to a QR within 10 seconds
Minimum Display Time	Not less than20 seconds, unless a change in the nominal price of the underlying stock occurs during that period, in which case, the MM may change its Quote provided
Maximum Bid/Offer Spread	4 times the best bid / offer spread of the underlying stock or HK$0.15, whichever is greater
Minimum Quote Size	A minimum of 10 contracts

Market Maker Incentives for Stock Futures

Product	Market Maker Fee (HK$)	Standard Exchange Fee (HK$)
Stock Futures	Tier 1: HK$0.5 Tier 2: HK$0.15 Tier 3 HK$0.07	Tier 1: HK$3.0 Tier 2: HK$1.0 Tier 3: HK$0.5