PrepLicense: HK SFC · Study Notes · Paper 8

SFC Paper 8: Securities

Paper 8 introduces securities product types, trading mechanics, settlement and key Listing Rules.

1. 證券的主要類別

Main categories: ordinary shares, preference shares, warrants, derivative warrants, CBBCs, ETFs, REITs and debt securities.

2. 普通股的權益

Ordinary shareholders enjoy voting rights, dividend entitlement and residual claim. The Listing Rules generally require minimum public float of 25%.

3. 認股權證與衍生權證

Subscription warrants are issued by the company itself and create new shares on exercise. Derivative warrants are third-party issued and may be cash- or physically-settled.

4. 牛熊證 (CBBC)

Callable Bull/Bear Contracts feature a mandatory call mechanism. On reaching the call price, the CBBC is recalled, with residual value depending on N or R category.

5. ETF 及 REITs

ETFs track indices or commodities and provide instant diversification. REITs must distribute at least 90% of net income to unitholders.

6. 交易與結算交收

Trades on T+0 settle on T+2 via the Central Clearing and Settlement System (CCASS).

7. 除淨日與股息支付

Purchases on or after the ex-dividend date do not entitle the buyer to the announced dividend. The Record Date determines entitled holders.

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本應用為獨立學習工具，與證券及期貨事務監察委員會（SFC）及香港證券及投資學會（HKSI Institute）無關，亦未獲其認可。