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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: 4 November 2024 

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  
7 688 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: 4 November 2024 

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   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.



Updated 31 Oct 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
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

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:

Market Making
Obligation

Provision of
Continuous Quotes (CQ)

Response to
Quote Requests (QR)

 

Assigned Series #

Not less than 50 option series in an option class

 

(For Weekly Stock Options) 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^ )

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.
 Maximum Bid/Offer Spread
(For Weekly Stock Options)
Spot week with 3 Business 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 week with 4 Business Days or more to expiry and the next week 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.

Minimum Quote Size

Liquidity Level 1 - 30 contracts
Liquidity Level 2 and 3 - 15 contracts

^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

Call Series
Put Series
Spot month Nearest Out-of-the-Money 7 7
Nearest In-the-Money 2 2
Second Calendar month Nearest Out-of-the-Money 7 7
Nearest In-the-Money 2 2
Third Calendar month Nearest Out-the-Money 7 7
Nearest In-of-the-Money 2 2
Fourth Calendar month Nearest Out-the-Money 7 7
Nearest In-of-the-Money 2 2
First Quarter month Nearest Out-the-Money 7 7
Nearest In-of-the-Money 2 2
Second Quarter month Nearest Out-the-Money 7 7
Nearest In-of-the-Money 2 2
Third Quarter month Nearest Out-the-Money 7 7
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
Call Series
Put Series
Spot week Nearest Out-of-the-Money 7 7
Nearest In-the-Money 2 2
Next week Nearest Out-of-the-Money 7 7
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
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
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
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