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

Last update: 14 March 2025

No.	SEHK Code	Underlying Stock Name	HKATS Code	Contract Size (shares)	Number of Board Lots	With Weekly Expiries	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	300	Midea Group Co., Ltd.	MDG	500	5		1	50,000
8	688	China Overseas Land & Investment Limited	COL	2,000	4		1	50,000	✓
9	788	China Tower Corporation Limited	XTW	1,000	2		3	50,000
10	823	Link Real Estate Investment Trust	LNK	1,000	10		1	50,000
11	868	Xinyi Glass Holdings Limited	GHL	2,000	2		2	50,000
12	881	Zhongsheng Group Holdings Limited	ZSH	1,000	2		2	50,000
13	981	Semiconductor Manufacturing International Corp.	SMC	2,500	5		1	100,000
14	1024	Kuaishou Technology	KST	500	5	✓	2	250,000
15	1099	Sinopharm Group Co. Ltd.	SNP	800	2		2	50,000
16	1113	CK Asset Holdings Limited	CKP	1,000	2		1	50,000
17	1177	Sino Biopharmaceutical Ltd.	SBO	5,000	5		2	50,000
18	1288	Agricultural Bank of China Limited	XAB	10,000	10		1	50,000	✓
19	1299	AIA Group Limited	AIA	1,000	5		1	200,000	✓
20	1336	New China Life Insurance Co. Ltd.	NCL	1,000	10		2	50,000	✓
21	1339	The People's Insurance Company (Group) of China Limited	PIN	5,000	5		2	50,000
22	1347	Hua Hong Semiconductor Limited	HOS	2,000	2		1	100,000
23	1359	China Cinda Asset Management Co., Ltd	CDA	5,000	5		3	50,000
24	1378	China Hongqiao Group Limited	CHQ	5,000	10		1	50,000
25	1658	Postal Savings Bank of China Co. Ltd.	XPB	5,000	5		2	50,000
26	1801	Innovent Biologics, Inc.	INB	1,000	2		1	50,000
27	1810	XiaoMi Corporation	MIU	1,000	5		2	250,000
28	1816	CGN Power Co., Ltd	CGN	10,000	10		1	50,000
29	1833	Ping An Healthcare and Technology Co., Ltd.	PHT	500	5		3	50,000
30	1876	Budweiser Brewing Company APAC Limited	BUD	1,000	10		3	50,000
31	1918	Sunac China Holdings Ltd.	SUN	2,000	2		3	250,000
32	1919	COSCO Shipping Holdings Company Limited	COS	2,500	5		1	50,000
33	1988	China Minsheng Banking Corporation Limited	MSB	2,500	5		3	50,000	✓
34	2007	Country Garden Holdings Co. Ltd.	COG	5,000	5		3	250,000
35	2015	Li Auto Inc.	LAU	200	2		2	250,000
36	2018	AAC Technologies Holdings Inc.	AAC	1,000	2		1	50,000	✓
37	2202	China Vanke Co. Ltd.	VNK	1,000	10		3	100,000
38	2238	Guangzhou Automobile Group Co. Ltd.	GAC	4,000	2		2	50,000
39	2313	Shenzhou International Group Holdings Ltd.	SHZ	500	5		1	50,000
40	2382	Sunny Optical Technology (Group) Co. Ltd.	SNO	1,000	10		1	50,000
41	2601	China Pacific Insurance (Group) Co., Ltd.	CPI	1,000	5		2	50,000	✓
42	2611	Guotai Junan Securities Co., Ltd (formerly Haitong Securities Co., Ltd)**	GJA	**	**		3	50,000
43	2822	CSOP FTSE China A50 ETF	CSA	5,000	25		1	50,000	✓
44	2823	iShares FTSE A50 China Index ETF	A50	5,000	50		1	50,000	✓
45	2828	Hang Seng China Enterprises Index ETF	HCF	1,000	5		1	250,000
46	3188	ChinaAMC CSI 300 Index ETF	AMC	2,000	10		1	50,000	✓
47	3333	China Evergrande Group	EVG	2,000	2		3	250,000
48	3690	Meituan	MET	500	5	✓	1	250,000
49	3888	Kingsoft Corporation Ltd.	KSO	1,000	5		2	50,000	✓
50	3993	CMOC Group Limited	MOL	9,000	3		1	50,000
51	6030	CITIC Securities Co. Ltd.	CTS	1,000	2		2	50,000	✓
52	6060	ZhongAn Online P & C Insurance Company Limited	ZAO	1,000	10		2	50,000
53	6618	JD Health International Inc.	JDH	500	10		2	50,000
54	6690	Haier Smart Home Co., Ltd.	HES	2,000	10		1	50,000
55	9618	JD.com, Inc.	JDC	500	10	✓	1	150,000
56	9626	Bilibili Inc.	BLI	60	3		3	250,000
57	9633	Nongfu Spring Company Ltd.	NFU	1,000	5		1	50,000
58	9868	XPeng Inc.	PEN	200	2		3	250,000
59	9888	Baidu, Inc.	BIU	150	3	✓	2	250,000
60	9898	Weibo Corporation	WEB	100	5		3	50,000
61	9901	New Oriental Education & Technology Group Inc.	ORT	1,000	10		1	50,000
62	9961	Trip.com Group Ltd.	TRP	150	3		1	50,000
63	9988	Alibaba Group Holding Ltd.	ALB	500	5	✓	1	250,000
64	9999	NetEase, Inc.	NTE	500	5		1	50,000

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

Last update: 14 March 2025

No.	SEHK Code	Underlying Stock Name	HKATS Code	Contract Size (shares)	With Weekly Expiries	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	✓	1	250,000	✓
6	6	Power Assets Holdings Limited	HEH	500		2	50,000	✓
7	11	Hang Seng Bank Limited	HSB	100		3	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		3	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		3	50,000
28	762	China Unicom (Hong Kong) Limited	CHU	2,000		2	100,000	✓
29	836	China Resources Power Holdings Company Limited	CRP	2,000		1	50,000
30	857	PetroChina Company Limited	PEC	2,000		2	250,000	✓
31	883	CNOOC Limited	CNC	1,000		2	250,000	✓
32	902	Huaneng Power International, Inc.	HNP	2,000		3	100,000
33	914	Anhui Conch Cement Company Limited	ACC	500		3	100,000	✓
34	939	China Construction Bank Corporation	XCC	1,000		3	250,000	✓
35	941	China Mobile Limited	CHT	500		1	250,000	✓
36	968	Xinyi Solar Holdings Limited	SHL	2,000		3	50,000
37	992	Lenovo Group Limited	LEN	2,000		2	150,000	✓
38	998	China CITIC Bank Corporation Limited	CTB	1,000		3	200,000	✓
39	1044	Hengan International Group Co. Ltd.	HGN	500		2	50,000	✓
40	1088	China Shenhua Energy Company Limited	CSE	500		2	250,000	✓
41	1093	CSPC Pharmaceutical Group Ltd.	CSP	2,000		2	150,000
42	1109	China Resources Land Ltd.#	CRL	500		2	50,000	✓
43	1171	Yankuang Energy Group Company Limited#	YZC	2,000		2	50,000	✓
44	1186	China Railway Construction Corporation Limited	CRC	500		3	150,000
45	1211	BYD Company Limited	BYD	500	✓	1	100,000	✓
46	1398	Industrial and Commercial Bank of China Limited	XIC	1,000		3	250,000	✓
47	1772	Ganfeng Lithium Group Company Limited	GLI	200		3	100,000
48	1800	China Communications Construction Company Limited	CCC	1,000		3	50,000	✓
49	1898	China Coal Energy Company Limited	CCE	1,000		3	100,000	✓
50	1928	Sands China Ltd.	SAN	400		3	250,000	✓
51	2020	ANTA Sports Products Ltd.	ANA	200		2	250,000
52	2269	WuXi Biologics (Cayman) Inc.	WXB	500		3	250,000
53	2282	MGM China Holdings Limited	MGM	400		3	150,000	✓
54	2318	Ping An Insurance (Group) Company of China, Ltd.	PAI	500	✓	2	250,000	✓
55	2319	China Mengniu Dairy Co. Ltd.	MEN	1,000		2	50,000	✓
56	2328	PICC Property and Casualty Company Limited	PIC	2,000		2	100,000	✓
57	2331	Li Ning Company Limited	LNI	500		3	250,000
58	2333	Great Wall Motor Co. Limited	GWM	500		3	250,000	✓
59	2388	BOC Hong Kong (Holdings) Limited	BOC	500		2	100,000	✓
60	2600	Aluminum Corporation of China Limited	ALC	2,000		2	50,000
61	2628	China Life Insurance Company Limited	CLI	1,000		2	250,000	✓
62	2800	Tracker Fund of Hong Kong	TRF	500		3	250,000
63	2899	Zijin Mining Group Company Limited	ZJM	2,000		1	100,000
64	3323	China National Building Material Company Limited	NBM	2,000		3	50,000	✓
65	3328	Bank of Communications Co., Ltd.	BCM	1,000		3	150,000	✓
66	3968	China Merchants Bank Co., Ltd.	CMB	500		2	250,000	✓
67	3988	Bank of China Limited	XBC	1,000		3	250,000	✓
68	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. # 1) Adjusted Series of China Resources Land Ltd. (CRB) is Tier 1. # 2) Adjusted Series of Yankuang Energy Group Company Limited (YZB) is Tier 1. ## 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. ** GTJA stock option are an adjusted stock option class. Please refer to the circular here

*Unless otherwise specified, tier levels of adjusted contracts shall be the same as their standard contracts.

# 1) Adjusted Series of China Resources Land Ltd. (CRB) is Tier 1.
# 2) Adjusted Series of Yankuang Energy Group Company Limited (YZB) is Tier 1.
## 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.

** GTJA stock option are an adjusted stock option class. Please refer to the circular here

Updated 14 Mar 2025

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

Expiries

Monthly expiries: Spot, the next three calendar months and the next three calendar quarter months

(Monthly expiries will be introduced for all option classes traded on the Exchange.
The Exchange may introduce any other longer-dated expiry month in selected stock option classes as it deems necessary)

Weekly expiries: Spot and the next week
provided that no weekly contracts will be listed if such weekly contracts would expire on the same day as the expiry day for the spot month contract.

(The Exchange may from time to time introduce weekly expiries for such option classes as it considers appropriate)

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

Monthly expiries: The business day immediately preceding the last business day of the contract month

Weekly expiries: The last business day of the week

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 31 Oct 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).

List of Monthly Stock Options Market Makers
List of Weekly Stock Options Market Makers

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:

^No expiry week contracts will be listed if the weekly contracts would expire on the same day as the expiry day for spot month 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

# Weekly Stock Options

CQMM should provide bid / offer quotes Not less than 30 series in total for spot week and next week contracts (or not less than 15 series if only one contract is available^ )

Contract Month	Option Series	Series For Selection
Contract Month	Option Series	Call Series	Put Series
Spot week	Nearest Out-of-the-Money	7	7
Spot week	Nearest In-the-Money	2	2
Next week	Nearest Out-of-the-Money	7	7
Next week	Nearest In-the-Money	2	2
Total		36

^No expiry week contracts will be listed if the weekly contracts would expire on the same day as the expiry day for spot month contracts

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