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 22 Dec 2023

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 second last Trading Day of the Contract Month
Final Settlement Day	The first Trading 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: 2 January 2024

No.	SEHK Code	Underlying Stocks	HKATS Code	Contract Multiplier (shares)	Number of Board Lots	Tier No.	Position Limit ## (Effective from 1 April 2024)	Market Makers
1	16	Sun Hung Kai Properties Limited	SHK	1,000	2	1	5,000	Y
2	175	Geely Automobile Holdings Ltd.	GAH	5,000	5	1	10,000	Y
3	268	Kingdee International Software Group Co., Ltd.	KDS	2,000	2	2	10,000	Y
4	285	BYD Electronic International Company Limited	BYE	1,000	2	1	5,000	Y
5	688	China Overseas Land & Investment Ltd.	COL	2,000	4	1	15,000	Y
6	788	China Tower Corporation Limited	TWR	10,000	5	3	15,000	Y
7	823	Link Real Estate Investment Trust	LNK	1,000	10	1	10,000	Y
8	868	Xinyi Glass Holdings Limited	GHL	2,000	2	2	5,000	Y
9	981	Semiconductor Manufacturing International Corp.	SMC	2,500	5	1	20,000	Y
10	998	China CITIC Bank Corporation Ltd.	CTB	20,000	20	1	5,000	Y
11	1024	Kuaishou Technology	KST	500	5	1	25,000	Y
12	1288	Agricultural Bank of China Ltd.	ABC	10,000	10	1	15,000	Y
13	1299	AIA Group Ltd.	AIA	1,000	5	1	25,000	Y
14	1336	New China Life Insurance Co. Ltd.	NCL	1,000	10	2	5,000	Y
15	1359	China Cinda Asset Management Co., Ltd.	CDA	5,000	5	3	10,000	Y
16	1810	XiaoMi Corporation	MIU	1,000	5	2	25,000	Y
17	1816	CGN Power Co., Ltd.	CGN	10,000	10	2	5,000	Y
18	1833	Ping An Healthcare and Technology Co., Ltd.	PHT	500	5	3	10,000	Y
19	1876	Budweiser Brewing Company APAC Limited	BUD	1,000	10	2	10,000	Y
20	1918	Sunac China Holdings Ltd.	SUN	2,000	2	3	25,000	Y
21	1919	COSCO Shipping Holdings Company Limited	COS	2,500	5	2	10,000	Y
22	1988	China Minsheng Banking Corp., Ltd.	MSB	10,000	20	1	5,000	Y
23	2007	Country Garden Holdings Co. Ltd.	COG	5,000	5	3	25,000	Y
24	2015	Li Auto Inc.	LAU	200	2	1	25,000	Y
25	2018	AAC Technologies Holdings Inc.	AAC	1,000	2	2	5,000	Y
26	2238	Guangzhou Automobile Group Co., Ltd.	GAC	4,000	2	2	5,000	Y
27	2333	Great Wall Motor Co. Ltd.	GWM	10,000	20	1	5,000	Y
28	2382	Sunny Optical Technology (Group) Co. Ltd.	SNO	1,000	10	1	10,000	Y
29	2601	China Pacific Insurance Group Co. Ltd.	CPI	1,000	5	2	15,000	Y
30	2800	Tracker Fund of Hong Kong	TRF	50,000	100	1	10,000	N
31	2822	CSOP FTSE China A50 ETF	CSA	5,000	25	1	5,000	Y
32	2823	iShares FTSE A50 China Index ETF	A50	5,000	50	1	5,000	Y
33	2828	Hang Seng China Enterprises Index ETF	HCF	5,000	25	1	10,000	Y
34	3188	China AMC CSI300 Index ETF	AMC	2,000	10	1	5,000	Y
35	3333	China Evergrande Group	EVG	2,000	2	3	25,000	Y
36	3690	Meituan	MET	500	5	1	25,000	Y
37	3888	Kingsoft Corporation Ltd.	KSO	1,000	5	1	10,000	Y
38	3993	China Molybdenum Company Limited	MOL	9,000	3	1	5,000	Y
39	6030	CITIC Securities Co. Ltd.	CTS	1,000	2	2	15,000	Y
40	6060	ZhongAn Online P & C Insurance Company Limited	ZAO	1,000	10	2	5,000	Y
41	6618	JD Health International Inc.	JDH	500	10	2	15,000	Y
42	6837	Haitong Securities Co. Ltd.	HAI	10,000	25	1	5,000	Y
43	9618	JD.com, Inc.	JDC	500	10	1	25,000	Y
44	9626	Bilibili Inc.	BLI	60	3	3	25,000	Y
45	9633	Nongfu Spring Company Limited	NFU	1,000	5	1	5,000	Y
46	9868	XPeng Inc.	PEN	200	2	2	25,000	Y
47	9888	Baidu, Inc.	BIU	150	3	2	25,000	Y
48	9898	Weibo Corporation	WEB	100	5	2	5,000	Y
49	9961	Trip.com Group Ltd.	TRP	150	3	1	15,000	Y
50	9988	Alibaba Group Holding Ltd.	ALB	500	5	1	25,000	Y
51	9999	NetEase, Inc.	NTE	500	5	1	15,000	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.	Position Limit ** (Effective from 1 April 2024)	Market Makers	Approved by FSC Taiwan
1	1	CK Hutchison Holdings Ltd.	CKH	500	2	10,000	Y	✓
2	2	CLP Holdings Limited	CLP	500	1	5,000	Y
3	3	The Hong Kong and China Gas Company Limited	HKG	1,000	3	20,000	Y
4	4	The Wharf (Holdings) Limited	WHL	1,000	2	5,000	Y
5	5	HSBC Holdings Plc.	HKB	400	2	25,000	Y	✓
6	6	Power Assets Holdings Limited	HEH	500	2	5,000	Y
7	11	Hang Seng Bank Limited	HSB	100	2	20,000	Y
8	12	Henderson Land Development Company Limited	HLD	1,000	2	5,000	Y
9	17	New World Development Company Limited	NWD	1,000	2	5,000	Y
10	19	Swire Pacific Limited 'A'	SWA	500	1	5,000	Y	✓
11	23	The Bank of East Asia, Limited	BEA	200	3	5,000	Y
12	27	Galaxy Entertainment Group Ltd.	GLX	1,000	1	10,000	Y
13	66	MTR Corporation Limited	MTR	500	2	5,000	Y
14	241	Alibaba Health Information Technology Ltd.	ALH	2,000	3	25,000	Y
15	267	CITIC Limited	CIT	1,000	3	15,000	Y	✓
16	386	China Petroleum & Chemical Corporation	CPC	2,000	3	25,000	Y
17	388	Hong Kong Exchanges and Clearing Limited	HEX	100	1	25,000	Y
18	700	Tencent Holdings Limited	TCH	100	1	25,000	Y	✓
19	728	China Telecom Corporation Limited	CTC	2,000	3	25,000	Y
20	762	China Unicom (Hong Kong) Limited	CHU	2,000	2	25,000	Y
21	857	PetroChina Company Limited	PEC	2,000	2	25,000	Y
22	883	CNOOC Limited	CNC	1,000	2	25,000	Y
23	902	Huaneng Power International, Inc.	HNP	2,000	3	25,000	Y
24	914	Anhui Conch Cement Co. Ltd.	ACC	500	2	20,000	Y
25	939	China Construction Bank Corporation	CCB	1,000	3	25,000	Y
26	941	China Mobile Limited	CHT	500	1	25,000	Y
27	968	Xinyi Solar Holdings Limited	SHL	2,000	2	15,000	Y
28	1088	China Shenhua Energy Co. Ltd.	CSE	500	2	25,000	Y
29	1171	Yankuang Energy Group Co. Ltd.	YZC	2,000	1	15,000	Y
30	1211	BYD Company Limited	BYD	500	1	20,000	Y
31	1398	Industrial and Commercial Bank of China Limited	ICB	1,000	3	25,000	Y
32	1772	Ganfeng Lithium Group Company Limited	GLI	200	3	25,000	Y
33	1800	China Communications Construction Company Limited	CCC	1,000	3	15,000	Y
34	1898	China Coal Energy Co. Ltd.	CCE	1,000	3	20,000	Y
35	1928	Sands China Ltd.	SAN	400	2	25,000	Y
36	2269	WuXi Biologics (Cayman) Inc.	WXB	500	2	25,000	Y
37	2318	Ping An Insurance (Group) Company of China, Ltd.	PAI	500	2	25,000	Y	✓
38	2328	PICC Property and Casualty Company Limited	PIC	2,000	2	20,000	Y
39	2331	Li Ning Company Limited	LNI	500	2	25,000	Y
40	2388	BOC Hong Kong (Holdings) Limited	BOC	500	2	25,000	Y
41	2600	Aluminum Corporation of China Limited	ALC	2,000	3	15,000	Y
42	2628	China Life Insurance Company Limited	CLI	1,000	2	25,000	Y
43	2899	Zijin Mining Group Co., Ltd.	ZJM	2,000	2	20,000	Y
44	3328	Bank of Communications Co., Ltd.	BCM	1,000	3	25,000	Y
45	3968	China Merchants Bank Co., Ltd.	CMB	500	2	25,000	Y
46	3988	Bank of China Limited	BCL	1,000	3	25,000	Y
47	6862	Haidilao International Holding Ltd.	HDO	1,000	2	20,000	Y

*Unless otherwise specified, tier levels of adjusted contracts shall be same as their standard contracts.
**Position Limit represents the maximum number of net long or short contracts across all Contract Months combined of a Hong Kong Stock Future Contract, provided that the number of net long or short contracts in any one Contract Month shall not exceed two times of the applicable position limits.

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.

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
	HKATS Code	Underlying Stocks	IBG	IMC	MPF	NHT	OPT	YKR
1	A50	iShares FTSE A50 China Index ETF		*	*	*	*	*
2	AAC	AAC Technologies Holdings Inc.		*		*	*
3	ABC	Agricultural Bank of China Ltd.		*		*	*
4	ACC	Anhui Conch Cement Co. Ltd.	*	*		*	*
5	AIA	AIA Group Ltd.		*			*	*
6	ALB	Alibaba Group Holding Limited		*	*	*	*
7	ALC	Aluminum Corporation of China Ltd.	*	*			*
8	ALH	Alibaba Health Information Technology Ltd.		*		*	*
9	AMC	China AMC CSI 300 Index ETF		*	*	*	*
10	BCL	Bank of China Ltd.	*	*		*	*
11	BCM	Bank of Communications Co. Ltd.	*	*		*	*
12	BEA	Bank of East Asia, Ltd., The					*
13	BIU	Baidu, Inc.	*	*	*		*
14	BLI	Bilibili Inc.	*	*			*
15	BOC	BOC Hong Kong (Holdings) Ltd.		*		*	*
16	BUD	Budweiser Brewing Company APAC Limited		*			*
17	BYD	BYD Company Limited		*			*
18	BYE	BYD Electronic International Company Limited		*			*
19	CCB	China Construction Bank Corporation	*	*	*	*	*	*
20	CCC	China Communications Construction Co. Ltd.		*		*	*
21	CCE	China Coal Energy Co. Ltd.	*	*		*	*
22	CDA	China Cinda Asset Management Co. Ltd.	*			*	*
23	CGN	CGN Power Co. Ltd.	*				*
24	CHT	China Mobile Ltd.	*	*	*	*	*	*
25	CHU	China Unicom (Hong Kong) Ltd.	*	*		*	*
26	CIT	CITIC Ltd.	*			*	*
27	CKH	CK Hutchison Holdings Ltd.		*			*
28	CLI	China Life Insurance Co. Ltd.	*	*	*	*	*	*
29	CLP	CLP Holdings Ltd.		*			*
30	CMB	China Merchants Bank Co. Ltd.	*	*	*	*	*
31	CNC	CNOOC Ltd.	*	*	*	*	*
32	COG	Country Garden Holdings Co. Ltd.	*	*		*	*
33	COL	China Overseas Land & Investment Ltd.		*		*	*
34	COS	COSCO Shipping Holdings Co., Ltd.		*		*
35	CPC	China Petroleum & Chemical Corporation	*	*	*	*	*	*
36	CPI	China Pacific Insurance Group Co. Ltd.		*			*
37	CSA	CSOP FTSE China A50 ETF		*	*	*	*	*
38	CSE	China Shenhua Energy Co. Ltd.		*		*	*
39	CTB	China CITIC Bank Corporation Ltd.	*	*		*	*
40	CTC	China Telecom Corporation Ltd	*	*		*	*
41	CTS	CITIC Securities Co. Ltd.		*		*	*
42	EVG	China Evergrande Group		*
43	GAC	Guangzhou Automobile Group Co., Ltd.				*	*
44	GAH	Geely Automobile Holdings Ltd.	*	*		*	*
45	GHL	Xinyi Glass Holdings Limited		*			*
46	GLI	Ganfeng Lithium Co., Ltd.		*		*
47	GLX	Galaxy Entertainment Group Ltd.	*	*		*	*
48	GWM	Great Wall Motor Co. Ltd.		*			*
49	HAI	Haitong Securities Co. Ltd.		*		*	*
50	HDO	Haidilao International Holding Limited		*		*
51	HCF	Hang Seng China Enterprises Index ETF					*
52	HEH	Power Assets Holdings Ltd.		*			*
53	HEX	Hong Kong Exchanges & Clearing Ltd.	*	*	*	*	*
54	HKB	HSBC Holdings Plc.	*	*	*	*	*	*
55	HKG	Hong Kong and China Gas Co. Ltd., The	*	*		*	*
56	HLD	Henderson Land Development Co. Ltd.		*			*
57	HNP	Huaneng Power International, Inc.	*	*		*	*
58	HSB	Hang Seng Bank Ltd.		*			*
59	ICB	Industrial and Commercial Bank of China Ltd.	*	*	*	*	*	*
60	JDC	JD.com, Inc.		*			*
61	JDH	JD Health International Inc.		*			*
62	KDS	Kingdee International Software Group Co., Ltd.		*		*
63	KSO	Kingsoft Corporation Ltd.		*			*
64	KST	Kuaishou Technology		*		*	*
65	LAU	Li Auto Inc.		*			*
66	LNI	Li Ning Company Limited		*			*
67	LNK	Link Real Estate Investment Trust		*			*
68	MET	Meituan		*			*
69	MIU	XiaoMi Corporation	*	*	*	*	*
70	MOL	China Molybdenum Co., Ltd.		*		*
71	MSB	China Minsheng Banking Corp., Ltd.		*		*	*
72	MTR	MTR Corporation Ltd.	*	*			*
73	NCL	New China Life Insurance Co. Ltd.		*		*	*
74	NFU	Nongfu Spring Company Limited		*			*
75	NTE	NetEase, Inc.		*			*
76	NWD	New World Development Co. Ltd.		*			*
77	PAI	Ping An Insurance (Group) Co. of China Ltd.	*	*		*	*	*
78	PEC	PetroChina Co. Ltd.	*	*		*	*
79	PEN	XPeng Inc.		*		*	*
80	PHT	Ping An Healthcare and Technology Co., Ltd.		*			*
81	PIC	PICC Property and Casualty Co. Ltd.	*	*		*	*
82	SAN	Sands China Ltd.	*	*		*	*
83	SHK	Sun Hung Kai Properties Ltd.		*			*
84	SHL	Xinyi Solar Holdings Ltd.		*			*
85	SMC	Semiconductor Manufacturing International Corporation		*		*	*
86	SNO	Sunny Optical Technology (Group) Co. Ltd.		*			*
87	SUN	Sunac China Holdings Ltd.	*	*		*
88	SWA	Swire Pacific Ltd. 'A'		*			*
89	TCH	Tencent Holdings Ltd.	*	*	*	*	*
90	TRP	Trip.com Group Limited		*			*
91	TWR	China Tower Corporation Limited	*	*	*	*	*
92	WEB	Weibo Corporation
93	WHL	The Wharf (Holdings) Ltd.		*
94	WXB	WuXi Biologics (Cayman) Inc.		*			*
95	YZC	Yankuang Energy Group Company Limited		*		*	*
96	ZAO	ZhongAn Online P & C Insurance Company Limited		*
97	ZJM	Zijin Mining Group Co., Ltd.		*		*	*

L - Denotes Liquidity Provider
* - Denotes CQMM
√ - Denotes QRMM

Market Making/Liquidity providing obligations and Incentives

For details of the Market Making/Liquidity Providing Obligations and Incentives of Equity Index Products, please refer our webpage below:

https://www.hkex.com.hk/Products/Listed-Derivatives/Market-Maker-Program/Market-Maker-Obligations-and-Incentives?sc_lang=en