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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":363594144,"tweetId":"363594144","gmtCreate":1614150476288,"gmtModify":1634550973201,"author":{"id":3572351171358811,"idStr":"3572351171358811","authorId":3572351171358811,"authorIdStr":"3572351171358811","name":"Sm00kS","avatar":"https://static.laohu8.com/default-avatar.jpg","vip":1,"userType":1,"introduction":"","boolIsFan":false,"boolIsHead":false,"crmLevel":11,"crmLevelSwitch":0,"individualDisplayBadges":[],"wearingBadges":[],"fanSize":2,"starInvestorFlag":false},"themes":[],"images":[],"coverImages":[],"title":"","extraTitle":"","html":"<html><head></head><body>Oof</body></html>","htmlText":"<html><head></head><body>Oof</body></html>","text":"Oof","highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":0,"repostSize":0,"favoriteSize":0,"link":"https://laohu8.com/post/363594144","repostId":1191237890,"repostType":4,"repost":{"id":"1191237890","kind":"news","pubTimestamp":1614144729,"share":"https://www.laohunote.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提议将股票交易印花税提高到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。该项关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，规划其影响是进入这个市场之前的重要一步。</blockquote>Basics of the Stamp Duty<blockquote>印花税基础</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>印花税并非香港独有--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，香港的印花税并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 ”）也需缴纳印花税。</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期（即交易日后的第二个交易日）上午十一时前代表其客户缴付印花税。关税以电子方式缴纳，交易所参与者必须根据其日均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>印花税约占香港交易所所有官方交易费用的90%。其他费用包括每面0.0027%的证券和期货佣金征费、每面0.005%的交换费和每面0.002%的结算费（从2美元到100美元不等）。对于每笔交易，无论大小，卖方必须支付5.00港元的契约印花税，买方必须支付2.50港元的转让费。就做市商而言，交易所费及证监会征费获豁免。</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，印花税税率已经下调了三分之二，但香港政府一直抵制评级废除印花税，因为香港政府依赖印花税产生的收入。政府目前不征收销售税或资本利得税，股份转让的印花税占2017-2018财年总收入的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，在香港经营业务的公司必须继续筹划如何尽量减少税项的责任。市场参与者实现这一目标的一种方式是利用其豁免。</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，而不会产生印花税。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征税。在香港，交易者严重依赖这些产品，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和亚太地区 ETF 期权交易量领先的市场。</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>衍生合约免征香港印花税，因为它们不涉及股份的实际转让。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（旨在从指数稳定性中获利的认股权证）。2019年，结构性衍生产品约占港交所日均成交额的21%。可赎回的牛市/熊市合约特别受欢迎，占该数量的一半以上。</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>印花税豁免产品的另一个主要类别是集合投资——那些基于基础资产篮子价值的投资，例如交易所交易基金（ETF）。2015年，香港取消了所有ETF的印花税，以更好地与其他全球市场竞争。杠杆产品和反向产品也包括在此豁免中。他们寻求提供指数的多重（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一个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>除了交易策略外，印花税对整个香港市场构成更广泛的挑战。对所有股票交易（包括做市）征税可能会抑制整体流动性。这反过来又会损害价格发现并扩大买卖价差，增加交易股票及其衍生品的风险。</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>港交所增加产品以增强流动性，但收效甚微。尽管近年来采取了一些举措，但从 2013 年 12 月到 2019 年 12 月，该交易所主板的日均成交量仅增长了 21%。改善流动性是香港 2014 年决定与中国大陆启动沪深股通计划的主要驱动因素之一。尽管港股通的北向交易毋须缴纳香港印花税，但港股通的卖家仍需向中国大陆政府缴纳同等金额的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>印花税也往往会将交易活动集中在有限数量的股票上，而在香港，统计数字就证明了这一点。2019年，20只最活跃股票的成交额占所有股票成交额的43%。这使得大多数证券的流动性更难获得，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对香港的交易产生了重大影响，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关注不断变化的流动性和波动性，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提议将股票交易印花税提高到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。该项关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，规划其影响是进入这个市场之前的重要一步。</blockquote>Basics of the Stamp Duty<blockquote>印花税基础</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>印花税并非香港独有--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，香港的印花税并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 ”）也需缴纳印花税。</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期（即交易日后的第二个交易日）上午十一时前代表其客户缴付印花税。关税以电子方式缴纳，交易所参与者必须根据其日均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>印花税约占香港交易所所有官方交易费用的90%。其他费用包括每面0.0027%的证券和期货佣金征费、每面0.005%的交换费和每面0.002%的结算费（从2美元到100美元不等）。对于每笔交易，无论大小，卖方必须支付5.00港元的契约印花税，买方必须支付2.50港元的转让费。就做市商而言，交易所费及证监会征费获豁免。</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，印花税税率已经下调了三分之二，但香港政府一直抵制评级废除印花税，因为香港政府依赖印花税产生的收入。政府目前不征收销售税或资本利得税，股份转让的印花税占2017-2018财年总收入的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，在香港经营业务的公司必须继续筹划如何尽量减少税项的责任。市场参与者实现这一目标的一种方式是利用其豁免。</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，而不会产生印花税。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征税。在香港，交易者严重依赖这些产品，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和亚太地区 ETF 期权交易量领先的市场。</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>衍生合约免征香港印花税，因为它们不涉及股份的实际转让。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（旨在从指数稳定性中获利的认股权证）。2019年，结构性衍生产品约占港交所日均成交额的21%。可赎回的牛市/熊市合约特别受欢迎，占该数量的一半以上。</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>印花税豁免产品的另一个主要类别是集合投资——那些基于基础资产篮子价值的投资，例如交易所交易基金（ETF）。2015年，香港取消了所有ETF的印花税，以更好地与其他全球市场竞争。杠杆产品和反向产品也包括在此豁免中。他们寻求提供指数的多重（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一个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>除了交易策略外，印花税对整个香港市场构成更广泛的挑战。对所有股票交易（包括做市）征税可能会抑制整体流动性。这反过来又会损害价格发现并扩大买卖价差，增加交易股票及其衍生品的风险。</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>港交所增加产品以增强流动性，但收效甚微。尽管近年来采取了一些举措，但从 2013 年 12 月到 2019 年 12 月，该交易所主板的日均成交量仅增长了 21%。改善流动性是香港 2014 年决定与中国大陆启动沪深股通计划的主要驱动因素之一。尽管港股通的北向交易毋须缴纳香港印花税，但港股通的卖家仍需向中国大陆政府缴纳同等金额的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>印花税也往往会将交易活动集中在有限数量的股票上，而在香港，统计数字就证明了这一点。2019年，20只最活跃股票的成交额占所有股票成交额的43%。这使得大多数证券的流动性更难获得，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对香港的交易产生了重大影响，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关注不断变化的流动性和波动性，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":{"00388":"香港交易所","HSCCI":"红筹指数","HSCEI":"国企指数","HSI":"恒生指数"},"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":{"00388":0.9,"HSCEI":0.9,"HSCCI":0.9,"HSI":0.9}},"isVote":1,"tweetType":1,"viewCount":786,"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":3,"subscribersOnly":false,"subscribersOnlyAccessible":false,"xxTargetLangEnum":"ORIG"},"commentList":[],"isCommentEnd":true,"isTiger":false,"isWeiXinMini":false,"url":"/m/post/363594144"}