As the Hong Kong stock market remains active, an increasing number of mainland investors are seeking legitimate channels to participate. However, since June 2025, several mainstream Hong Kong brokerages such as Futu Securities, Tiger Brokers, Longbridge Securities, Valuable Capital, Hafoo Securities, Winbull Securities, Tianfeng Securities, Zurich Securities, Zinvest Global have tightened their account opening policies for users from Mainland China, requiring proof of overseas work or residency. Applications failing to provide such proof will be rejected.

This article details:

• What HK Stock Connect is;
• How to open a Hong Kong brokerage account;
• Specific requirements under the new account opening rules;
• Which brokerages still accept mainland users;
• Practical advice for investing in Hong Kong stocks.

I. Mainland Brokers via HK Stock Connect

HK Stock Connect allows mainland investors to buy/sell stocks listed on the Hong Kong Stock Exchange through trading channels established by the Shanghai or Shenzhen Stock Exchanges. It consists of "Shanghai-Hong Kong Stock Connect" and "Shenzhen-Hong Kong Stock Connect".

1. Account Opening Requirements

• Asset Threshold: Average daily assets ≥ RMB 500,000 in securities and cash accounts over the last 20 trading days.
• Knowledge Threshold: Completion of the broker's risk assessment questionnaire (typically requiring risk tolerance level C3 or higher).
• Credit Record: No serious adverse credit history; compliance with laws and regulations.
• Institutional Clients: Must meet regulatory requirements (professional investors exempt from asset threshold but subject to qualification review).

2. Eligible Securities

• Limited Scope: Only "HK Stock Connect eligible stocks" (periodically adjusted by HKEX, primarily covering Hang Seng Composite large/mid-cap indices and some A+H shares).
• Not Supported: Cannot participate in Hong Kong IPOs, trade all Hong Kong stocks (e.g., some GEM stocks), derivatives, warrants, bull/bear certificates, REITs, etc.

3. Trading Rules

• Currency: HKD quoted, RMB settled (automatic FX conversion).
• Trading Unit: "Board lot" basis, varying per stock (e.g., 100 shares/lot, 500 shares/lot).
• Price Limit: No price fluctuation limits.
• Settlement: T+0 trading (buy/sell same day), but T+2 fund settlement (proceeds available on T+3).
• Fees:
  • Stamp Duty: 0.1% on both buy/sell sides (transaction value).
  • Trading Levy: 0.0027% on both sides (transaction value).
  • Transaction Fee: 0.00565% on both sides (transaction value).
  • Trading System Usage Fee: 0.00015% on both sides (transaction value).
  • Portfolio Fee: Annual fee based on held HK stocks' value (tiered rates, lower for larger holdings).
  • Mainland Broker Commission: Charged per broker's standards (typically higher than A-share commissions).

4. Trading Hours

Synchronized with Hong Kong, minor differences:

• Pre-Market Session: 9:00 - 9:30 (Limit order only)
• Continuous Morning Session: 9:30 - 12:00
• Extended Morning Session (Half-day Trading): 12:00 - 12:00/12:08 (random close, applies to half-days like Christmas Eve)
• Continuous Afternoon Session: 13:00 - 16:00 (Note: A-shares open at 12:50)

II. Direct Account Opening with Hong Kong Brokers (More Flexible but Increasingly Restricted)

1. Latest Update: New Brokerage Account Rules

Since June 2025, major Hong Kong brokers (e.g., Futu Securities, Tiger Brokers, Longbridge Securities, Valuable Capital) have suspended new account applications for existing Mainland China users. Applicants must provide valid proof of overseas work or residency, or face rejection.

Ordinary mainland residents can no longer open accounts using only an ID card or passport unless they provide qualifying overseas documentation.

2. Essential "Passport": Overseas Work/Residency Proof!

Acceptable proof types (submit one):

• Financial:
  • Overseas bank e-statement / monthly statement (showing name & overseas address).
  • Credit card bill (billing address outside mainland).
  • Payslip + Payment bank statement (clearly showing salary paid by overseas company).
• Residential (showing name & full overseas address):
  • Utility bills: Water, electricity, gas.
  • Landline/mobile phone monthly statement.
  • Formal overseas rental contract (signed by landlord/tenant, address included).
  • Proof of property ownership (e.g., property tax receipt, deed copy).
• Official & Other Proofs:
  • Overseas insurance policy (showing name & address).
  • Overseas tax documents (e.g., HK tax return, other countries' tax proofs) or valid official documents.
  • Hong Kong driver's license or valid overseas driver's license.
  • Valid "stay" endorsement on Hong Kong/Macau Entry Permit (e.g., student/work visa, not tourist).
  • Formal labor/service contract with overseas company.
  • Official employment verification letter from overseas company (position, validity period, company name/address).

Document Requirements (Must Meet):

• Recency: Documents issued within the last 3 months.
• Clarity: Must clearly show Chinese/English name, detailed overseas address, issue date, and issuing institution name.
• Format: Typically image files only; ensure clarity and completeness.

Account Opening Process (Qualified Applicants):

• Prepare valid overseas residency/work proof.
• Select broker's website/app, proceed to application page.
• Submit mainland ID info and prepared overseas documents.
• Complete facial recognition & video verification.
• Await approval (stricter & potentially slower due to new rules).
• Deposit funds and start trading upon approval.

Trading Rules & Hours:

• Similar core rules as HK Stock Connect (no price limits, T+0 trading).
• Key Advantages:
  • Full Market Access: Trade nearly all HK-listed securities (stocks, ETFs, REITs, warrants, derivatives); support for IPOs.
  • Synchronized Trading Hours: Fully aligns with HKEX hours mentioned above.
  • Currency & Settlement: HKD primary currency; FX handling for deposits/withdrawals.
• Fees:
  • Broker commissions vary (per trade or percentage), plus government fees.
  • Possible account/platform fees, subject to broker policies.

III. HK Stock Connect vs. Direct Broker Account: Full Comparison

For eligible users, Hong Kong brokerages offer a more flexible trading environment, including multi-currency trading, US/HK market integration, leveraged financing, etc.

However, under current policies, choosing a brokerage that hasn't tightened requirements is crucial.

IV. Special Note: Brokers Not Fully Restricted (Window of Opportunity)

While widespread, the new rules don't cover all brokers. A few still accept applications using mainland IDs only — a critical window that may close soon (Act now!):

• uSMART Securities: Globalized smart investment platform, currently supports mainland ID opening.
• Panda Securities: New-generation online broker with user-friendly policies.
• Doo Financial: Niche brokerage, mainland IDs still accepted for account opening.

Immediate Action Steps:

• Verify existing account status (existing users unaffected by new rules).
• If holding overseas residency/work proof, prepare documents immediately.
• Without proof, urgently apply via brokers with remaining space: uSMART Securities, Panda Securities, Doo Financial.
• For funds ≥ RMB 500k: Consider HK Stock Connect (suitable for long-term investors).

FAQ

Q1: What is HK Stock Connect?

A: A mechanism allowing mainland investors to trade HKEX-listed stocks through Shanghai or Shenzhen stock exchanges, comprising "Shanghai-HK" and "Shenzhen-HK" connects.

Q2: What are the requirements for investing via HK Stock Connect?

A: You need an A-share account with a mainland broker, ≥ RMB 500k average assets over 20 trading days, and ≥ 2 years of securities trading experience.

Q3: Can I invest without RMB 500k?

A: Yes, via brokers not fully enforcing restrictions (e.g., uSMART, Panda, Doo Financial), though they may have specific requirements.

Q4: What are the new brokerage account rules?

A: Since June 2025, major brokers suspended new mainland account openings unless valid overseas residency/work proof is provided.

Q5: What documents serve as overseas proof?

A: Includes credit card/bank statements (overseas address), payslips (overseas company), utility/phone bills, insurance/tax documents.

Q6: Document specifics?

A: Issued within 3 months; clearly show name, overseas address, issue date, issuer name; image format only.

Q7: HK Stock Connect vs Direct Account difference?

A: Connect: Limited eligible stocks, RMB settled. Direct: Full HK market access + other global markets, multi-currency trading.

Q8: Why did brokers stop accepting mainland users?

A: Primarily due to evolving regulatory compliance requirements.

Q9: Can I use proof from a friend's company?

A: High Risk Warning: Brokers verify via tax/social security records; fake proof triggers "permanent account freeze".

Q10: Is a tourist visa (L Visa) acceptable proof?

A: ❌ Invalid! Only stay permits (D Visa) within validity period (e.g., student/work) are accepted.

Q11: What if bank address ≠ current residence?

A: Must match exactly! Update bank records or use utility bills + rental contract combination.

Q12: How long will uSMART/Panda's "window" last?

A: Industry Forecast: Full restrictions expected by Q2 2025 (apply before April 30 recommended).

Q13: Does the RMB 500k include funds/wealth products?

A: Calculation Includes: Value of stocks/cash/listed funds in securities account (excludes bank wealth products/trusts).

Conclusion

The era of compliant Hong Kong stock investing has arrived! Whether choosing the clear-cut HK Stock Connect, navigating the proof requirement for direct brokerage accounts, or seizing the closing window with uSMART Securities, Panda Securities, Doo Financial — entry barriers for Hong Kong stocks are significantly higher in 2025.

Mainland investors must acknowledge: Sufficient capital or compliant proof is mandatory. Plan early, act now!

[Recommended] Exclusive! uSMART Securities Supports Mainland Users Opening HK/US Stocks Account with Just ID!

[Recommended] Open HK/US Stocks Account with Mainland ID Only! Panda Securities Limited-Time Offer