To further support the RMB development in the Hong Kong securities market, HKEX introduced the HKD-RMB Dual Counter Model (“Model”) to the secondary market for trading and settlement purposes.

The Model covers equity securities listed in both HKD and RMB counters only.  All shares or units of the same securities but in different trading counters are generally of the same class, with the same holders’ rights and entitlements, and fully interchangeable between counters.  Such securities would be designated as the HKD-RMB Dual Counters and be published by HKEX from time to time after the rollout of the Model.

This page provides a centralized point of information for market participants’ reference on the implementation details of the Model.

FAQ and Briefing Materials

• HKD-RMB Dual Counter Model FAQ (Updated as of 13 January 2023)
• Webinar Briefing (PDF / Video)

Reference Materials

• Press Release: HKEX to Introduce HKD-RMB Dual Counter Model and Dual Counter Market Making Programme in Hong Kong Securities Market

Circulars and Client Notice

• SEHK Circulars
  • Frequently Asked Questions (FAQ) of the Dual Counter Model Eligible for Market Making in Hong Kong Securities Market
  • Introduction of the Dual Counter Model Eligible for Market Making in Hong Kong Securities Market
    • Attachment: Webinar Registration Form

• HKSCC Circulars
  • Frequently Asked Questions (FAQ) of the Dual Counter Model Eligible for Market Making in Hong Kong Securities Market
  • Introduction of the Dual Counter Model Eligible for Market Making in Hong Kong Securities Market

• Client Notice
  • Arrangement in HKEX Orion Market Data Platform – Securities Market (OMD-C) and Mainland Market Data Hub (MMDH) for Introduction of The Dual Counter Model Eligible for Market Making In Hong Kong Securities Market