China Merchants Securities Hong Kong combines local shares, Stock Connect, overseas securities and separately contracted derivatives. Its HKD100 stock-commission floor, e-statement condition, layered margin rates and securities-transfer charges are more informative than a single advertised percentage.[1][2][7]
Broker essentials01
China Merchants Securities (Hong Kong) — essential scope
| Measure | Value | Context |
|---|---|---|
| Contracting securities firm | China Merchants Securities (HK) Co., Limited | Source 1Source 2Source 7 |
| Home market | Hong Kong | Source 1Source 2Source 7 |
| Online HK stock commission | 0.225%, minimum HKD100; e-statements required | Source 1Source 2Source 7 |
| Parent distinction | China Merchants Securities group; separate from China Merchants Bank and CMBI | Source 1Source 2Source 7 |
| Independent identity evidence | SFC Wealth Management Connect list: CE AAI650 | Source 1Source 2Source 7 |
| Review date | 27 October 2026 | Source 1Source 2Source 7 |
Accounts and onboarding
Sections ↑The online application is an individual securities-account workflow. Approval, product activation and the eventual signed agreement determine what the account can do.[6][5]
At a glance02
Digital application sequence
| Item | Detail |
|---|---|
| Registration | Mobile verification by SMS; the workflow can be resumed.Source 6 |
| Selection | Choose account and requested markets before completing the investor information.Source 6 |
| Evidence | Upload identity documents and complete risk, tax and beneficial-owner disclosures.Source 6 |
| Signature and approval | Electronic signature completes submission; an approval email follows the application-stage SMS.Source 6 |
| Opening charge | The FAQ states account opening is free.Source 6 |
At a glance03
Documents with distinct purposes
| Item | Detail |
|---|---|
| Client agreement | Securities agreement in the download centre is dated 4 November 2024.Source 5 |
| Margin collateral | A separate repledge-consent form for non-institutional professional investors is dated 15 May 2025.Source 5 |
| Market identity | Northbound investor-information and Hong Kong investor-identification forms are separate.Source 5 |
| Foreign securities | Foreign-stock declaration is listed separately from the base application.Source 5 |
| Tax declarations | CRS individual/entity/controller forms and W-8BEN, W-8BEN-E and W-9 forms are available.Source 5 |
At a glance04
Account administration
| Item | Detail |
|---|---|
| Details and permissions | Separate forms cover personal changes, authorised signatories and trading representatives.Source 5Source 6 |
| Account closure | A closure instruction is available; a dormant-account fee is not itself a closure instruction.Source 5Source 6 |
| Registered contacts | The FAQ directs customers to telephone support for registered mobile-number or address changes.Source 5Source 6 |
Products and market access
Sections ↑The product catalogue spans cash securities, securities financing and derivatives. A futures terminal or institutional swap service does not follow automatically from opening a securities account.[3][5]
At a glance05
Securities-market coverage
| Item | Detail |
|---|---|
| Hong Kong | Listed shares, IPO subscriptions and stock options.Source 3Source 2Source 5 |
| Mainland access | Stock Connect services under their separate identification requirements.Source 3Source 2Source 5 |
| International | Foreign securities and overseas-market services.Source 3Source 2Source 5 |
| Investment products | Bonds, funds and structured products have their own charging schedules.Source 3Source 2Source 5 |
At a glance06
Financing and derivative boundaries
| Item | Detail |
|---|---|
| Stock financing | Margin lending and stock-lending services are described.Source 3Source 5Source 4 |
| Global futures | Separate account forms, funding instructions and trading interfaces.Source 3Source 5Source 4 |
| Institutional derivatives | Customised swaps and structured solutions belong to the institutional offering.Source 3Source 5Source 4 |
| Retail spot FX | The reviewed securities catalogue does not establish a retail rolling-spot FX contract.Source 3Source 5Source 4 |
Fees and ongoing costs
Sections ↑All figures below are ordinary published charges, not a negotiated quote. Minimum commissions are applied before taxes and other applicable service charges. Undated promotional waivers have not been substituted for the ordinary schedule.[2]
At a glance07
Hong Kong stock brokerage
| Item | Detail |
|---|---|
| Telephone / terminal | 0.25%; minimum HKD100.Source 2 |
| Online | 0.225%; minimum HKD100, conditional on e-statements.Source 2 |
| Grey market | 0.20%; minimum HKD100.Source 2 |
| RMB counter minimum | CNY100 where the tariff specifies the RMB-denominated minimum.Source 2 |
| Custody | Hong Kong stock custody is listed as free.Source 2 |
At a glance08
Hong Kong transaction levies
At a glance09
Hong Kong stock options
| Item | Detail |
|---|---|
| Broker commission | HKD40 per contract per side; minimum HKD100.Source 2 |
| Minimum aggregation | Same contract, direction and trading day are grouped for the stated minimum.Source 2 |
| Exchange tiers | HKD3 / HKD1 / HKD0.50 per contract for the three listed tiers.Source 2 |
| Exercise | HKD2 per contract.Source 2 |
| Covered-call service | HKD100 per underlying-stock transaction as specified in the schedule.Source 2 |
At a glance10
Bond dealing
| Item | Detail |
|---|---|
| Government bonds | 0.10%; minimum USD20 under the ordinary line.Source 2 |
| Other bonds | Up to 2%; minimum USD20.Source 2 |
| Settlement | USD15 per transaction.Source 2 |
| Remuneration | The disclosure permits monetary benefits from both client and issuer unless otherwise agreed or disclosed.Source 2 |
At a glance11
Bond custody and events
At a glance12
Dividend collection
| Item | Detail |
|---|---|
| Hong Kong cash dividend | 0.50%; minimum HKD30, maximum HKD10,000.Source 2 |
| US cash dividend | 1.50%; maximum USD70.Source 2 |
| Other overseas handling | The schedule separately lists USD12.82 plus external charges; applicability depends on the security.Source 2 |
| Dividend recovery | HKD500 plus HKD100 per dividend and external charges.Source 2 |
At a glance13
Hong Kong corporate actions
| Item | Detail |
|---|---|
| Bonus shares | HKD2 per board lot; minimum HKD50, maximum HKD2,000.Source 2 |
| Rights credited | Free.Source 2 |
| Rights exercised | HKD2 per board lot, minimum HKD50, plus the HKEX lot charge.Source 2 |
| Additional rights | 1% of market value plus financing interest where applicable.Source 2 |
| Splits / consolidations / conversions | Listed as free.Source 2 |
| Cash offer | 0.50%; minimum HKD30, maximum HKD10,000, plus the lot-based charge.Source 2 |
At a glance14
IPO and fund subscriptions
| Item | Detail |
|---|---|
| Cash / electronic IPO | HKD50 per application.Source 2 |
| Financed IPO | HKD100 plus loan interest.Source 2 |
| Equity fund | Online 0.50%; manual 1%.Source 2 |
| Fixed-income / multi-asset fund | Online 0.25%; manual 0.50%.Source 2 |
| Money-market fund | Ordinary online 0.025%; manual 0.05%.Source 2 |
| Ongoing fund costs | Management and other fund-level expenses follow the prospectus.Source 2 |
At a glance15
Margin and debit-interest tiers
| Item | Detail |
|---|---|
| Benchmark P | CMS borrowing prime rate; this is not automatically a bank’s published prime.Source 2 |
| Within collateral margin value | P + 2.5 percentage points.Source 2 |
| Above margin value, within market value | P + 7.5 percentage points.Source 2 |
| Above collateral market value | P + 10 percentage points.Source 2 |
| Overdue cash-account debit | P + 10 percentage points.Source 2 |
| Stock-option financing | P + 2.5 percentage points under the option line.Source 2 |
At a glance16
Securities transfers
| Item | Detail |
|---|---|
| SI transfer in | Free.Source 2 |
| SI transfer out | 0.25% of previous closing value; minimum HKD200 per stock.Source 2 |
| Investor settlement instruction | 0.01% of previous closing value; minimum HKD30, in or out.Source 2 |
| Real-time delivery instruction | HKD200.Source 2 |
| Compulsory buy-in | HKD200 plus clearing/exchange charges.Source 2 |
| Physical-stock transfer | HKD5 per board lot; minimum HKD100 per stock.Source 2 |
At a glance17
Records and inactive accounts
| Item | Detail |
|---|---|
| Paper statements | HKD20 per month.Source 2 |
| Duplicate records | HKD10/page for 3–12 months; HKD20/page beyond one year; HKD30/page beyond two years.Source 2 |
| Audit / asset certificate | HKD200 each.Source 2 |
| CCASS monthly statement | HKD100.Source 2 |
| Dormant account | HKD50 annually; the cited tariff does not define the inactivity trigger.Source 2 |
| Payment failures | Stop-payment or returned cheque: HKD200.Source 2 |
Trading, orders and platforms
Sections ↑At a glance18
Platform and instruction routes
| Item | Detail |
|---|---|
| Securities | Online trading and assisted orders; the commission channel changes the stock rate.Source 3Source 5Source 2Source 4 |
| Foreign markets | A separate foreign-stock declaration supports market activation.Source 3Source 5Source 2Source 4 |
| Global futures | Dedicated platform and futures funding instructions.Source 3Source 5Source 2Source 4 |
| Execution policy | Best-execution policy is listed in the official document centre; a listing alone is not an execution-quality test.Source 3Source 5Source 2Source 4 |
Funding, settlement and withdrawals
Sections ↑CMS publishes different bank-payment instructions for securities and futures. Sending a transfer and having the balance recognised in the trading account are separate events.[4]
At a glance19
Securities deposit workflow
| Item | Detail |
|---|---|
| Destination | Use the designated securities-account bank instructions.Source 4 |
| Payment identification | Include the client name and account number on the evidence.Source 4 |
| Notification cutoff | Notify before 16:00 Hong Kong time; later notices are processed on the next business day.Source 4 |
| Linked banking | The page describes a linked CMB Hong Kong online route.Source 4 |
| Cash | Cash deposits are not accepted.Source 4 |
At a glance20
Futures deposit workflow
| Item | Detail |
|---|---|
| Bank account | Use the futures-designated account rather than the securities beneficiary.Source 4 |
| Evidence | Email the deposit notice to [email protected].Source 4 |
| Cutoff | 16:00 Hong Kong time; late notices move to the next business day.Source 4 |
At a glance21
Cash-withdrawal charges
| Item | Detail |
|---|---|
| Online HKD / CNY, up to 1 million | Free under the ordinary schedule.Source 2 |
| Online HKD / CNY, above 1 million | HKD50 plus bank charges.Source 2 |
| Online USD | Same-day: HKD50; next-day: free.Source 2 |
| Offline / telegraphic transfer | HKD50 plus bank charges.Source 2 |
| Wealth Management Connect | Inward free; outward ordinary charge HKD50 plus bank costs.Source 2 |
Regulation, custody and protection
Sections ↑At a glance22
Evidence for legal identity
| Item | Detail |
|---|---|
| Named company | China Merchants Securities (HK) Co., Limited.Source 7Source 1 |
| SFC evidence | The Wealth Management Connect list names CE AAI650.Source 7Source 1 |
| WMC direction | Both northbound and southbound participation are listed.Source 7Source 1 |
| Mainland partner | China Merchants Securities Co., Ltd.Source 7Source 1 |
| Verification scope | That participation list does not independently enumerate every licensed activity or individual account entitlement.Source 7Source 1 |
At a glance23
Hong Kong investor-compensation perimeter
| Item | Detail |
|---|---|
| Securities limit | Eligible intermediary-default claims: up to HKD500,000 per investor.Source 8 |
| Futures limit | A separate HKD500,000 maximum applies to eligible futures claims.Source 8 |
| Products | Eligible Hong Kong exchange products and Northbound Stock Connect securities; coverage is not universal across a global portfolio.Source 8 |
| Several accounts | Splitting money between accounts at the same defaulting intermediary does not multiply the applicable limit.Source 8 |
| Investment loss | A fall in share price, currency movement or ordinary trading loss is not the insured event.Source 8 |
Support, records and complaints
Sections ↑At a glance24
Official customer-service channels
| Item | Detail |
|---|---|
| Hong Kong telephone | +852 3189 6368.Source 6Source 5 |
| Mainland telephone | +86 400 1200 368.Source 6Source 5 |
| Online service email | [email protected].Source 6Source 5 |
| Account records | Duplicate statements and balance certificates are requested through the published forms.Source 6Source 5 |
Additional services
Sections ↑At a glance25
Additional service documentation
| Item | Detail |
|---|---|
| Market data | Quote-subscription form is available.Source 5Source 3 |
| Representatives | Authorised-signatory and trading-representative forms are separate permissions.Source 5Source 3 |
| Securities lending | A product-specific service; repledge consent also has its own document.Source 5Source 3 |
| Institutional business | Structured solutions require the appropriate counterparty and documentation.Source 5Source 3 |
Company and legal identity
Sections ↑At a glance26
Ownership and dates
| Item | Detail |
|---|---|
| International group | China Merchants Securities International was incorporated in Hong Kong in July 1999.Source 1 |
| Parent | Wholly owned by China Merchants Securities Co., Ltd.Source 1 |
| Parent listings | 600999 Shanghai; 6099 Hong Kong.Source 1 |
| Bank distinction | China Merchants Bank and CMB International are different group identities.Source 1 |
- Headquarters
- Hong Kong
Legal entities & licences
These are source-dated records, not a blanket assessment of the broker. Read each issuer, identifier, status and scope together.
China Merchants Securities (HK) Co., Limited
| Issuer & identifier | Recorded status | Date & scope |
|---|---|---|
| Securities and Futures CommissionAAI650 | Not verified | Checked 27 Oct 2026The SFC Wealth Management Connect list independently matches this licensed corporation and CE reference. The complete current regulated-activity record and conditions were not independently reviewed.Source 7 |
Worked examples and practical implications
Sections ↑The examples isolate the specified commission or service charge. They are arithmetic illustrations, not all-in execution quotes.[2]
At a glance27
When the minimum dominates
| Item | Detail |
|---|---|
| HKD10,000 online purchase | 0.225% is HKD22.50, so the HKD100 minimum applies.Source 2 |
| Online breakpoint | HKD100 / 0.225% ≈ HKD44,444 before commission exceeds the floor.Source 2 |
| HKD100,000 purchase | Online commission HKD225; assisted commission HKD250, before other costs.Source 2 |
| HKD20,000 outward SI | 0.25% is HKD50, so the HKD200 per-stock minimum applies.Source 2 |
At a glance28
Holding-cost examples
| Item | Detail |
|---|---|
| USD100,000 bond face value | Quarterly custody is USD8 before the floor, hence USD15; USD60 across four unchanged quarters.Source 2 |
| HKD1,000 cash dividend | 0.50% is HKD5, so the HKD30 minimum applies.Source 2 |
| Electronic statements | The fee saving requires both the online order channel and e-statement condition.Source 2 |
| Dormant-account interpretation | The tariff gives an annual charge but does not specify an automatic-closure deadline.Source 2 |
Sources & further reading
- CMSI group, ownership and Hong Kong subsidiary China Merchants Securities International · Accessed 27 Oct 2026
- Securities and other service charges China Merchants Securities HK · Accessed 27 Oct 2026
- HK equities and ancillary trading activities China Merchants Securities HK · Accessed 27 Oct 2026
- Deposit and withdrawal procedures China Merchants Securities HK · Accessed 27 Oct 2026
- Account-opening agreements and transaction forms China Merchants Securities HK · Accessed 27 Oct 2026
- Onboarding eligibility and banking FAQ China Merchants Securities HK · Accessed 27 Oct 2026
- SFC list of licensed cross-boundary wealth management firms Hong Kong SFC · Accessed 27 Oct 2026
- SFC investor compensation: coverage and limits Securities and Futures Commission · Accessed 27 Oct 2026
This profile reports dated public information, including broker-published services and terms. It does not independently test or guarantee execution, pricing or withdrawals. Inclusion is not an endorsement. Permissions and protections apply only to the named legal entity, service and client category; check the current official records and your contract.