HK Grey Market Trading
What is grey market trading? What are the trading hours?
Grey market trading refers to over-the-counter trading conducted through a broker’s internal system before an IPO is officially listed. uSMART’s grey market trading hours are 16:15–18:30.
What are the fees for grey market trading?
For the applicable fee rates, please go to 【APP → Trade → More → My Commission → Grey Market Trading Commission】 for details.
Can I sell allotted IPO shares on the same day? When will settlement take place?
Yes. If you are allotted IPO shares, you can sell them in the grey market on the same day. Grey market trades are subject to the applicable settlement arrangements.
Can I place market orders in grey market trading?
Grey market trading supports limit orders and smart orders only.
How do I trade in the grey market? When is grey market settlement?
Search for the stock by its ticker or name, then tap 【Grey Market Trading】 in the bottom-right corner.
If you have been allotted shares, select the stock in your portfolio and tap 【Trade】 → 【Grey Market Trading】.
Grey market trades are settled on a T+3 trading-day basis.
Why do some Hong Kong stocks not have grey market trading?
This is because the relevant listing is conducted by way of an “introduction” or a secondary offering rather than an initial IPO offering, and therefore no grey market trading is provided.
Reminder: The specific rules, fees, and timelines may vary from one IPO to another. Please always refer to the latest announcements and the information displayed on the uSMART App IPO subscription page as the final reference.
