Question 1

How does a Hong Kong stock loan differ from selling the position outright?

Accepted Answer

A sale extracts both the capital and the holder from the position. A stock loan extracts only the capital. The shareholder retains beneficial ownership, the right to dividends (subject to structuring), and the option to recover the full position on repayment.

Question 2

What sizes of transactions do you arrange?

Accepted Answer

Transactions are typically structured for positions valued from HKD 10 million upward, with no defined upper bound. We have arranged transactions well into nine figures (HKD).

Question 3

Which Hong Kong–listed shares can be pledged?

Accepted Answer

Eligibility is assessed case by case. Relevant factors include free float, average daily trading volume, market capitalisation, sector, shareholder concentration, and regulatory standing. Both Main Board and selected GEM-listed equities can be considered, including Chapter 18A biotech issuers.

Question 4

What loan-to-value (LTV) ratios are typical?

Accepted Answer

LTVs vary materially with the liquidity, volatility, and concentration of the underlying stock. Indicative ratios are issued only after a review of the specific position, ticker, and structuring requirements.

Question 5

How quickly can a transaction be executed?

Accepted Answer

Preliminary indicative terms are typically delivered within 1 to 2 business days of an initial submission. Full execution timelines depend on documentation complexity, regulatory considerations, and the operational mechanics of share positioning.

Question 6

Are stock loan transactions publicly disclosed?

Accepted Answer

Disclosure depends on the shareholder’s status, the size of the position relative to the issuer’s free float, the structure used, and the prevailing regime under the SFO Part XV Disclosure of Interests, the SFC Codes on Takeovers and Mergers, and the HKEX Listing Rules.

Question 7

What sizes of block trades do you arrange?

Accepted Answer

Block transactions are typically arranged for positions valued from HKD 10 million upward, with no defined upper bound. Larger transactions may require staged crossing or syndication.

Question 8

How is block-trade pricing determined?

Accepted Answer

Pricing is negotiated between buyer and seller, anchored to the prevailing screen price and informed by the size of the position, the liquidity of the underlying, and the depth of demand.

Question 9

How long does a block trade take to execute?

Accepted Answer

Timing varies with the position, the buyer landscape, and any regulatory or lock-up constraints. Straightforward crosses can be arranged inside days. Larger or more complex transactions may take weeks of structuring before execution.

Question 10

Will the market know about a block trade?

Accepted Answer

All on-exchange block trades are reported to HKEX in accordance with applicable rules. What is managed is the sequencing, the language, and any concurrent regulatory disclosure obligations.

即時流動性。
永續所有權。

兩項精準工具。同一執行標準。

股票貸款

大宗交易

所有權完整。控制權不擾。資金到位。

為審慎、速度與執行確定性而設的精簡流程。

機密查詢

指示性條款

文件編製

託管及質押

資金交付

為定義香港資本市場的各行業而設。

地產及房地產

金融及保險

科技及互聯網

消費及零售

為當事人而設，由當事人親辦。

香港資本市場現場筆記。

靜默的流動性

港交所披露機制

大宗交易紀律

一段機密對話，始於一則訊息。

即時 流動性。永續 所有權。

兩項精準工具。同一 執行標準。