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2021-02-24

Lmao wot is this guy serious

How Hong Kong’s Stamp Duty Impacts Trading on HKEX<blockquote>香港印花税如何影响港交所交易</blockquote>

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{"i18n":{"language":"zh_CN"},"detailType":1,"isChannel":false,"data":{"magic":2,"id":363500661,"tweetId":"363500661","gmtCreate":1614147811653,"gmtModify":1634550980351,"author":{"id":3577108112520561,"idStr":"3577108112520561","authorId":3577108112520561,"authorIdStr":"3577108112520561","name":"toranoana","avatar":"https://static.tigerbbs.com/cc8dc5fe9f0a6161a972783ed332747e","vip":1,"userType":1,"introduction":"","boolIsFan":false,"boolIsHead":false,"crmLevel":11,"crmLevelSwitch":0,"individualDisplayBadges":[],"fanSize":2,"starInvestorFlag":false},"themes":[],"images":[],"coverImages":[],"extraTitle":"","html":"<html><head></head><body>Lmao wot is this guy serious</body></html>","htmlText":"<html><head></head><body>Lmao wot is this guy serious</body></html>","text":"Lmao wot is this guy serious","highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":0,"repostSize":0,"favoriteSize":0,"link":"https://laohu8.com/post/363500661","repostId":1191237890,"repostType":4,"repost":{"id":"1191237890","kind":"news","pubTimestamp":1614144729,"share":"https://www.laohu8.com/m/news/1191237890?lang=zh_CN&edition=full","pubTime":"2021-02-24 13:32","market":"hk","language":"en","title":"How Hong Kong’s Stamp Duty Impacts Trading on HKEX<blockquote>香港印花税如何影响港交所交易</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=1191237890","media":"exegy","summary":"Notes:Hong Kong’s Financial Secretary Paul Chan proposes raising stamp duty on stock trading to 0.13","content":"Notes:Hong Kong’s Financial Secretary Paul Chan proposes raising stamp duty on stock trading to 0.13%<blockquote>附注：香港财政司司长陈茂波建议提高股票交易印花税至0.13%</blockquote>The Hong Kong government imposes a stamp duty on the value of all share transfers, which has a significant effect on the cost of trading on the Hong Kong Exchange (HKEX). The duty is the largest single fee paid in a securities transaction in Hong Kong, affecting not only&nbsp;transaction costs, but the Hong Kong market as a whole. So, planning for its impact is an important step before entering this market.<blockquote>香港政府对所有股份转让的价值征收印花税，这对香港交易所（港交所）的交易成本有重大影响。该税是香港证券交易中支付的最大单一费用，不仅影响交易成本，也影响整个香港市场。因此，在进入这个市场之前，规划其影响是重要的一步。</blockquote>Basics of the Stamp Duty<blockquote>印花税基础知识</blockquote>Stamp duties aren’t unique to Hong Kong–many governments impose financial transaction taxes, all with different rules and exemptions. Hong Kong’s duty applies to all stocks listed on the HKEX and all transfers of shares in Hong Kong-based companies. The stamp duty is currently set at 0.2% — 0.1% each from the buyer and the seller.<blockquote>印花税并不是香港独有的——许多政府都征收金融交易税，但都有不同的规则和豁免。香港的关税适用于在香港交易所上市的所有股票以及香港公司的所有股份转让。印花税目前设定为买卖双方各0.2%-0.1%。</blockquote>Unlike duties in some other markets, Hong Kong’s stamp duty doesn’t differentiate between liquidity makers and takers. Dark pools, known in Hong Kong as “alternative liquidity pools,” are also subject to the stamp duty.<blockquote>与其他一些市场的关税不同，香港的印花税不区分流动性制造者和接受者。暗池，在香港被称为“另类流动性池”，也要缴纳印花税。</blockquote>Exchange participants are required to pay the stamp duty on behalf of their clients by 11 a.m. on the settlement date, which is the second trading day following the transaction date. The duty is paid electronically, and exchange participants must keep deposits on hand in a designated account based on their average daily turnover.<blockquote>交易所参与者须于交收日上午十一时前代客户缴付印花税，交收日为交易日后的第二个交易日。关税以电子方式支付，交易所参与者必须根据其平均每日营业额将存款存入指定账户。</blockquote>Comparing the Duty with other Transaction Fees<blockquote>将关税与其他交易费用进行比较</blockquote>The stamp duty makes up about 90% of all official transaction fees on the HKEX. Other fees include a Securities and Futures Commission levy of 0.0027% per side, an exchange fee of 0.005% per side, and a settlement fee of 0.002% per side (ranging from $2 to $100). For each trade, regardless of size, the seller must pay a $5.00 HKD transfer of deed stamp duty and the buyer must pay a $2.50 HKD transfer fee. For market-making, the exchange fee and SFC levy are waived.<blockquote>印花税约占港交所所有官方交易费用的90%。其他费用包括每边0.0027%的证监会征费、每边0.005%的交易所费及每边0.002%的结算费（由$2至$100不等）。对于每笔交易，无论规模大小，卖方必须支付5.00港元的转让契据印花税，买方必须支付2.50港元的转让费。就做市而言，交易所费用及证监会征费均获豁免。</blockquote><img src=\"https://static.tigerbbs.com/6a89595225a251b89abcc13fc88960f8\" tg-width=\"1099\" tg-height=\"681\" referrerpolicy=\"no-referrer\"><blockquote></blockquote>Although the stamp duty rate has been cut by two-thirds since the early 1990s, the Hong Kong government has resisted calls to repeal it, because of the city’s reliance on the revenues it generates. The government currently collects no sales or capital gains taxes, and stamp duties from share transfers made up 6% of total revenues in fiscal year 2017-2018.<blockquote>尽管自20世纪90年代初以来，印花税税率已削减了三分之二，但由于香港对印花税收入的依赖，香港政府一直抵制评级废除印花税。政府目前不征收销售税或资本利得税，2017-2018财年股票转让印花税占总收入的6%。</blockquote>Therefore, firms trading in Hong Kong must continue to plan for how to minimize their liability from the duty. One way market participants have accomplished this is by leveraging its exemptions.<blockquote>因此，在香港交易的公司必须继续计划如何尽量减少他们的关税责任。市场参与者实现这一目标的一种方法是利用其豁免。</blockquote>Stamp Duty Exemptions<blockquote>印花税豁免</blockquote>Firms can maximize trading opportunities without incurring stamp duties by trading in exempted products. The duty is levied only on transfers of shares, so cash-settled derivatives as well as ETFs and other index-based basket instruments are not taxed. In Hong Kong, traders rely heavily on these products, and this has made the Hong Kong Exchange the world’s largest trading center for securitized derivatives and the leading Asia-Pacific market for trading volume of ETF options.<blockquote>公司可以通过交易免税产品来最大限度地增加交易机会，而不会招致印花税。该税仅对股票转让征收，因此现金结算的衍生品以及ETF和其他基于指数的篮子工具无需纳税。在香港，交易员严重依赖这些产品，这使得香港交易所成为全球最大的证券化衍生品交易中心，也是ETF期权交易量领先的亚太市场。</blockquote>Derivative contracts are exempt from Hong Kong’s stamp duty since they don’t involve physical transfer of shares. Among the most popular derivatives trading on the HKEX are warrants (which are company-issued), callable bull/bear contracts (contracts also issued by someone other than the exchange), and inline warrants (warrants designed to profit on index stability). Structured derivative products made up about 21% of HKEX’s average daily turnover in 2019. Callable bull/bear contracts were particularly popular, accounting for more than half of that amount.<blockquote>衍生品合约免征香港印花税，因为它们不涉及股票的实物转让。在香港交易所交易的最受欢迎的衍生品包括认股权证（由公司发行）、可赎回牛熊合约（也由交易所以外的人发行的合约）和内联认股权证（旨在从指数稳定中获利的认股权证）。结构性衍生产品约占港交所2019年日均成交额的21%。可赎回牛/熊合约尤其受欢迎，占该金额的一半以上。</blockquote>Another major category of stamp duty-exempt products are pooled investments—those that are based on the value of an underlying basket of assets, such as exchange-traded funds (ETFs). Hong Kong lifted the stamp duty on all ETFs in 2015, to better compete with other global markets. Leveraged and inverse products are also included in this exemption. They seek to deliver a multiple (leveraged) or opposite (inverse) result of an index. For instance, when the Hang Seng Index gains 2%, a 2x leveraged product would aim for a 4% increase, while a 2x inverse product would target a 4% decrease. Without the stamp duty on these products, transaction cost analysis may reveal a more profitable trading strategy.<blockquote>另一个主要类别的印花税免税产品是集合投资——那些基于一篮子基础资产价值的投资，例如交易所交易基金（ETF）。香港于2015年取消了所有ETF的印花税，以更好地与其他全球市场竞争。杠杆和反向产品也包含在此豁免中。他们寻求提供指数的倍数（杠杆）或相反（反向）结果。例如，当恒生指数上涨2%时，2倍杠杆产品的目标是上涨4%，而2倍反向产品的目标是下跌4%。如果没有这些产品的印花税，交易成本分析可能会揭示更有利可图的交易策略。</blockquote>Effects of Stamp Duty on the Markets<blockquote>印花税对市场的影响</blockquote>In addition to trading strategies, the stamp duty has more widespread challenges for the Hong Kong market as a whole. Taxing all equities trades, including market making, can dampen overall liquidity. That in turn can impair price discovery and widen bid-ask spreads, adding to the risks of trading equities and their derivatives.<blockquote>除了交易策略，印花税对香港市场整体来说还有更广泛的挑战。对包括做市在内的所有股票交易征税可能会抑制整体流动性。这反过来会损害价格发现并扩大买卖价差，增加股票及其衍生品交易的风险。</blockquote>HKEX has added products to boost liquidity, with modest results. Despite initiatives in recent years, the average daily turnover for the exchange’s main board&nbsp;increased just 21%&nbsp;from December 2013 to December 2019. Improving liquidity was one of the key drivers of Hong Kong’s 2014 decision to embark on the&nbsp;Shanghai and Shenzhen Stock Connect&nbsp;programs with mainland China. Although northbound transactions on the Stock Connect are not subject to the Hong Kong stamp duty, sellers on the Stock Connect still pay an equal-sized 0.1% stamp duty to the mainland Chinese government.<blockquote>港交所增加产品以提振流动性，但成效不大。尽管近年来采取了一些举措，但从2013年12月到2019年12月，交易所主板的日均成交额仅增长了21%。改善流动性是香港2014年决定与中国内地启动沪深股通计划的关键驱动力之一。虽然港股通北向交易不征收香港印花税，但港股通卖家仍需向中国内地政府缴纳等额0.1%印花税。</blockquote>Stamp duties also tend to concentrate trading activity in a limited number of stocks, and in Hong Kong, the statistics bear that out. In 2019, turnover of the 20 most active stocks accounted for&nbsp;43% of all equities turnover. This makes access to liquidity on most securities harder to come by and increases spreads.<blockquote>印花税也倾向于将交易活动集中在有限数量的股票上，在香港，统计数据证实了这一点。2019年，20只最活跃股票的成交额占所有股票成交额的43%。这使得大多数证券更难获得流动性，并增加了利差。</blockquote>While the stamp duty’s effect on liquidity significantly impacts trading in Hong Kong, regional politics and global economics have heightened volatility in the market. Expanding to this region requires continued awareness to shifting liquidity and volatility in order to have the fullest picture of the challenges and opportunities of this market.<blockquote>虽然印花税对流动性的影响显著影响香港的交易，但地区政治和全球经济加剧了市场的波动。向该地区扩张需要持续了解流动性和波动性的变化，以便最全面地了解该市场的挑战和机遇。</blockquote>","source":"lsy1614144636634","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>How Hong Kong’s Stamp Duty Impacts Trading on HKEX<blockquote>香港印花税如何影响港交所交易</blockquote></title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 12.5px; color: #7E829C; margin: 0;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nHow Hong Kong’s Stamp Duty Impacts Trading on HKEX<blockquote>香港印花税如何影响港交所交易</blockquote>\n</h2>\n<h4 class=\"meta\">\n\nexegy2021-02-24 13:32\n\n</h4>\n</header>\n<article>\nNotes:Hong Kong’s Financial Secretary Paul Chan proposes raising stamp duty on stock trading to 0.13%<blockquote>附注：香港财政司司长陈茂波建议提高股票交易印花税至0.13%</blockquote>The Hong Kong government imposes a stamp duty on the value of all share transfers, which has a significant effect on the cost of trading on the Hong Kong Exchange (HKEX). The duty is the largest single fee paid in a securities transaction in Hong Kong, affecting not only&nbsp;transaction costs, but the Hong Kong market as a whole. So, planning for its impact is an important step before entering this market.<blockquote>香港政府对所有股份转让的价值征收印花税，这对香港交易所（港交所）的交易成本有重大影响。该税是香港证券交易中支付的最大单一费用，不仅影响交易成本，也影响整个香港市场。因此，在进入这个市场之前，规划其影响是重要的一步。</blockquote>Basics of the Stamp Duty<blockquote>印花税基础知识</blockquote>Stamp duties aren’t unique to Hong Kong–many governments impose financial transaction taxes, all with different rules and exemptions. Hong Kong’s duty applies to all stocks listed on the HKEX and all transfers of shares in Hong Kong-based companies. The stamp duty is currently set at 0.2% — 0.1% each from the buyer and the seller.<blockquote>印花税并不是香港独有的——许多政府都征收金融交易税，但都有不同的规则和豁免。香港的关税适用于在香港交易所上市的所有股票以及香港公司的所有股份转让。印花税目前设定为买卖双方各0.2%-0.1%。</blockquote>Unlike duties in some other markets, Hong Kong’s stamp duty doesn’t differentiate between liquidity makers and takers. Dark pools, known in Hong Kong as “alternative liquidity pools,” are also subject to the stamp duty.<blockquote>与其他一些市场的关税不同，香港的印花税不区分流动性制造者和接受者。暗池，在香港被称为“另类流动性池”，也要缴纳印花税。</blockquote>Exchange participants are required to pay the stamp duty on behalf of their clients by 11 a.m. on the settlement date, which is the second trading day following the transaction date. The duty is paid electronically, and exchange participants must keep deposits on hand in a designated account based on their average daily turnover.<blockquote>交易所参与者须于交收日上午十一时前代客户缴付印花税，交收日为交易日后的第二个交易日。关税以电子方式支付，交易所参与者必须根据其平均每日营业额将存款存入指定账户。</blockquote>Comparing the Duty with other Transaction Fees<blockquote>将关税与其他交易费用进行比较</blockquote>The stamp duty makes up about 90% of all official transaction fees on the HKEX. Other fees include a Securities and Futures Commission levy of 0.0027% per side, an exchange fee of 0.005% per side, and a settlement fee of 0.002% per side (ranging from $2 to $100). For each trade, regardless of size, the seller must pay a $5.00 HKD transfer of deed stamp duty and the buyer must pay a $2.50 HKD transfer fee. For market-making, the exchange fee and SFC levy are waived.<blockquote>印花税约占港交所所有官方交易费用的90%。其他费用包括每边0.0027%的证监会征费、每边0.005%的交易所费及每边0.002%的结算费（由$2至$100不等）。对于每笔交易，无论规模大小，卖方必须支付5.00港元的转让契据印花税，买方必须支付2.50港元的转让费。就做市而言，交易所费用及证监会征费均获豁免。</blockquote><img src=\"https://static.tigerbbs.com/6a89595225a251b89abcc13fc88960f8\" tg-width=\"1099\" tg-height=\"681\" referrerpolicy=\"no-referrer\"><blockquote></blockquote>Although the stamp duty rate has been cut by two-thirds since the early 1990s, the Hong Kong government has resisted calls to repeal it, because of the city’s reliance on the revenues it generates. The government currently collects no sales or capital gains taxes, and stamp duties from share transfers made up 6% of total revenues in fiscal year 2017-2018.<blockquote>尽管自20世纪90年代初以来，印花税税率已削减了三分之二，但由于香港对印花税收入的依赖，香港政府一直抵制评级废除印花税。政府目前不征收销售税或资本利得税，2017-2018财年股票转让印花税占总收入的6%。</blockquote>Therefore, firms trading in Hong Kong must continue to plan for how to minimize their liability from the duty. One way market participants have accomplished this is by leveraging its exemptions.<blockquote>因此，在香港交易的公司必须继续计划如何尽量减少他们的关税责任。市场参与者实现这一目标的一种方法是利用其豁免。</blockquote>Stamp Duty Exemptions<blockquote>印花税豁免</blockquote>Firms can maximize trading opportunities without incurring stamp duties by trading in exempted products. The duty is levied only on transfers of shares, so cash-settled derivatives as well as ETFs and other index-based basket instruments are not taxed. In Hong Kong, traders rely heavily on these products, and this has made the Hong Kong Exchange the world’s largest trading center for securitized derivatives and the leading Asia-Pacific market for trading volume of ETF options.<blockquote>公司可以通过交易免税产品来最大限度地增加交易机会，而不会招致印花税。该税仅对股票转让征收，因此现金结算的衍生品以及ETF和其他基于指数的篮子工具无需纳税。在香港，交易员严重依赖这些产品，这使得香港交易所成为全球最大的证券化衍生品交易中心，也是ETF期权交易量领先的亚太市场。</blockquote>Derivative contracts are exempt from Hong Kong’s stamp duty since they don’t involve physical transfer of shares. Among the most popular derivatives trading on the HKEX are warrants (which are company-issued), callable bull/bear contracts (contracts also issued by someone other than the exchange), and inline warrants (warrants designed to profit on index stability). Structured derivative products made up about 21% of HKEX’s average daily turnover in 2019. Callable bull/bear contracts were particularly popular, accounting for more than half of that amount.<blockquote>衍生品合约免征香港印花税，因为它们不涉及股票的实物转让。在香港交易所交易的最受欢迎的衍生品包括认股权证（由公司发行）、可赎回牛熊合约（也由交易所以外的人发行的合约）和内联认股权证（旨在从指数稳定中获利的认股权证）。结构性衍生产品约占港交所2019年日均成交额的21%。可赎回牛/熊合约尤其受欢迎，占该金额的一半以上。</blockquote>Another major category of stamp duty-exempt products are pooled investments—those that are based on the value of an underlying basket of assets, such as exchange-traded funds (ETFs). Hong Kong lifted the stamp duty on all ETFs in 2015, to better compete with other global markets. Leveraged and inverse products are also included in this exemption. They seek to deliver a multiple (leveraged) or opposite (inverse) result of an index. For instance, when the Hang Seng Index gains 2%, a 2x leveraged product would aim for a 4% increase, while a 2x inverse product would target a 4% decrease. Without the stamp duty on these products, transaction cost analysis may reveal a more profitable trading strategy.<blockquote>另一个主要类别的印花税免税产品是集合投资——那些基于一篮子基础资产价值的投资，例如交易所交易基金（ETF）。香港于2015年取消了所有ETF的印花税，以更好地与其他全球市场竞争。杠杆和反向产品也包含在此豁免中。他们寻求提供指数的倍数（杠杆）或相反（反向）结果。例如，当恒生指数上涨2%时，2倍杠杆产品的目标是上涨4%，而2倍反向产品的目标是下跌4%。如果没有这些产品的印花税，交易成本分析可能会揭示更有利可图的交易策略。</blockquote>Effects of Stamp Duty on the Markets<blockquote>印花税对市场的影响</blockquote>In addition to trading strategies, the stamp duty has more widespread challenges for the Hong Kong market as a whole. Taxing all equities trades, including market making, can dampen overall liquidity. That in turn can impair price discovery and widen bid-ask spreads, adding to the risks of trading equities and their derivatives.<blockquote>除了交易策略，印花税对香港市场整体来说还有更广泛的挑战。对包括做市在内的所有股票交易征税可能会抑制整体流动性。这反过来会损害价格发现并扩大买卖价差，增加股票及其衍生品交易的风险。</blockquote>HKEX has added products to boost liquidity, with modest results. Despite initiatives in recent years, the average daily turnover for the exchange’s main board&nbsp;increased just 21%&nbsp;from December 2013 to December 2019. Improving liquidity was one of the key drivers of Hong Kong’s 2014 decision to embark on the&nbsp;Shanghai and Shenzhen Stock Connect&nbsp;programs with mainland China. Although northbound transactions on the Stock Connect are not subject to the Hong Kong stamp duty, sellers on the Stock Connect still pay an equal-sized 0.1% stamp duty to the mainland Chinese government.<blockquote>港交所增加产品以提振流动性，但成效不大。尽管近年来采取了一些举措，但从2013年12月到2019年12月，交易所主板的日均成交额仅增长了21%。改善流动性是香港2014年决定与中国内地启动沪深股通计划的关键驱动力之一。虽然港股通北向交易不征收香港印花税，但港股通卖家仍需向中国内地政府缴纳等额0.1%印花税。</blockquote>Stamp duties also tend to concentrate trading activity in a limited number of stocks, and in Hong Kong, the statistics bear that out. In 2019, turnover of the 20 most active stocks accounted for&nbsp;43% of all equities turnover. This makes access to liquidity on most securities harder to come by and increases spreads.<blockquote>印花税也倾向于将交易活动集中在有限数量的股票上，在香港，统计数据证实了这一点。2019年，20只最活跃股票的成交额占所有股票成交额的43%。这使得大多数证券更难获得流动性，并增加了利差。</blockquote>While the stamp duty’s effect on liquidity significantly impacts trading in Hong Kong, regional politics and global economics have heightened volatility in the market. Expanding to this region requires continued awareness to shifting liquidity and volatility in order to have the fullest picture of the challenges and opportunities of this market.<blockquote>虽然印花税对流动性的影响显著影响香港的交易，但地区政治和全球经济加剧了市场的波动。向该地区扩张需要持续了解流动性和波动性的变化，以便最全面地了解该市场的挑战和机遇。</blockquote>\n<div class=\"bt-text\">\n\n\n 来源：<a href=\"https://www.exegy.com/2020/04/hk-stamp-duty-stock-transfer/\">exegy</a>\n为提升您的阅读体验，我们对本页面进行了排版优化\n\n\n</div>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"HSI":"恒生指数","00388":"香港交易所","HSCCI":"红筹指数","HSCEI":"国企指数"},"source_url":"https://www.exegy.com/2020/04/hk-stamp-duty-stock-transfer/","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1191237890","content_text":"Notes:Hong Kong’s Financial Secretary Paul Chan proposes raising stamp duty on stock trading to 0.13%The Hong Kong government imposes a stamp duty on the value of all share transfers, which has a significant effect on the cost of trading on the Hong Kong Exchange (HKEX). The duty is the largest single fee paid in a securities transaction in Hong Kong, affecting not only transaction costs, but the Hong Kong market as a whole. So, planning for its impact is an important step before entering this market.Basics of the Stamp DutyStamp duties aren’t unique to Hong Kong–many governments impose financial transaction taxes, all with different rules and exemptions. Hong Kong’s duty applies to all stocks listed on the HKEX and all transfers of shares in Hong Kong-based companies. The stamp duty is currently set at 0.2% — 0.1% each from the buyer and the seller.Unlike duties in some other markets, Hong Kong’s stamp duty doesn’t differentiate between liquidity makers and takers. Dark pools, known in Hong Kong as “alternative liquidity pools,” are also subject to the stamp duty.Exchange participants are required to pay the stamp duty on behalf of their clients by 11 a.m. on the settlement date, which is the second trading day following the transaction date. The duty is paid electronically, and exchange participants must keep deposits on hand in a designated account based on their average daily turnover.Comparing the Duty with other Transaction FeesThe stamp duty makes up about 90% of all official transaction fees on the HKEX. Other fees include a Securities and Futures Commission levy of 0.0027% per side, an exchange fee of 0.005% per side, and a settlement fee of 0.002% per side (ranging from $2 to $100). For each trade, regardless of size, the seller must pay a $5.00 HKD transfer of deed stamp duty and the buyer must pay a $2.50 HKD transfer fee. For market-making, the exchange fee and SFC levy are waived.Although the stamp duty rate has been cut by two-thirds since the early 1990s, the Hong Kong government has resisted calls to repeal it, because of the city’s reliance on the revenues it generates. The government currently collects no sales or capital gains taxes, and stamp duties from share transfers made up 6% of total revenues in fiscal year 2017-2018.Therefore, firms trading in Hong Kong must continue to plan for how to minimize their liability from the duty. One way market participants have accomplished this is by leveraging its exemptions.Stamp Duty ExemptionsFirms can maximize trading opportunities without incurring stamp duties by trading in exempted products. The duty is levied only on transfers of shares, so cash-settled derivatives as well as ETFs and other index-based basket instruments are not taxed. In Hong Kong, traders rely heavily on these products, and this has made the Hong Kong Exchange the world’s largest trading center for securitized derivatives and the leading Asia-Pacific market for trading volume of ETF options.Derivative contracts are exempt from Hong Kong’s stamp duty since they don’t involve physical transfer of shares. Among the most popular derivatives trading on the HKEX are warrants (which are company-issued), callable bull/bear contracts (contracts also issued by someone other than the exchange), and inline warrants (warrants designed to profit on index stability). Structured derivative products made up about 21% of HKEX’s average daily turnover in 2019. Callable bull/bear contracts were particularly popular, accounting for more than half of that amount.Another major category of stamp duty-exempt products are pooled investments—those that are based on the value of an underlying basket of assets, such as exchange-traded funds (ETFs). Hong Kong lifted the stamp duty on all ETFs in 2015, to better compete with other global markets. Leveraged and inverse products are also included in this exemption. They seek to deliver a multiple (leveraged) or opposite (inverse) result of an index. For instance, when the Hang Seng Index gains 2%, a 2x leveraged product would aim for a 4% increase, while a 2x inverse product would target a 4% decrease. Without the stamp duty on these products, transaction cost analysis may reveal a more profitable trading strategy.Effects of Stamp Duty on the MarketsIn addition to trading strategies, the stamp duty has more widespread challenges for the Hong Kong market as a whole. Taxing all equities trades, including market making, can dampen overall liquidity. That in turn can impair price discovery and widen bid-ask spreads, adding to the risks of trading equities and their derivatives.HKEX has added products to boost liquidity, with modest results. Despite initiatives in recent years, the average daily turnover for the exchange’s main board increased just 21% from December 2013 to December 2019. Improving liquidity was one of the key drivers of Hong Kong’s 2014 decision to embark on the Shanghai and Shenzhen Stock Connect programs with mainland China. Although northbound transactions on the Stock Connect are not subject to the Hong Kong stamp duty, sellers on the Stock Connect still pay an equal-sized 0.1% stamp duty to the mainland Chinese government.Stamp duties also tend to concentrate trading activity in a limited number of stocks, and in Hong Kong, the statistics bear that out. In 2019, turnover of the 20 most active stocks accounted for 43% of all equities turnover. This makes access to liquidity on most securities harder to come by and increases spreads.While the stamp duty’s effect on liquidity significantly impacts trading in Hong Kong, regional politics and global economics have heightened volatility in the market. Expanding to this region requires continued awareness to shifting liquidity and volatility in order to have the fullest picture of the challenges and opportunities of this market.","news_type":1,"symbols_score_info":{"HSI":0.9,"HSCEI":0.9,"HSCCI":0.9,"00388":0.9}},"isVote":1,"tweetType":1,"viewCount":1359,"commentLimit":10,"likeStatus":false,"favoriteStatus":false,"reportStatus":false,"symbols":[],"verified":2,"subType":0,"readableState":1,"langContent":"EN","currentLanguage":"EN","warmUpFlag":false,"orderFlag":false,"shareable":true,"causeOfNotShareable":"","featuresForAnalytics":[],"commentAndTweetFlag":false,"andRepostAutoSelectedFlag":false,"upFlag":false,"length":23,"xxTargetLangEnum":"ORIG"},"commentList":[],"isCommentEnd":true,"isTiger":false,"isWeiXinMini":false,"url":"/m/post/363500661"}