The HKSAR Government published the Stamp Duty (Amendment) (No. 2) Ordinance 2026 in the Gazette, enabling stamp duty on dual-counter stock transactions at the RMB counter to be calculated and paid in RMB. HKEX will also help settle the SFC Transaction Levy, AFRC Transaction Levy, Investor Compensation Levy and trading fees in RMB, streamlining the payment framework for Exchange Participants.
HKEX will process stamp duty and three trading-related levies in RMB for dual-counter stock transactions after the HKSAR Government gazetted the Stamp Duty Amendment Ordinance 2026.
"By aligning the payment currency of stamp duty and Trading-Related Fees for transactions under the RMB counter, it will increase market accessibility for investors using RMB globally and pave the way for future inclusion of the RMB counter into Southbound trading under Stock Connect," Vanessa Lau, Chief Operating Officer at HKEX, said.
The new framework covers the SFC Transaction Levy, AFRC Transaction Levy, the currently suspended Investor Compensation Levy, and the Exchange trading fee — collectively referred to as Trading-Related Fees. Previously, stamp duty on RMB counter transactions was calculated in RMB but payable in HKD, creating an additional currency conversion step for investors. The amendment removes this mismatch by allowing both calculation and payment in RMB.
HKEX is conducting system upgrades with relevant authorities and market stakeholders to support the change, which provides a more streamlined payment framework for Exchange Participants. The implementation will be subject to a commencement notice from the HKSAR Government, regulatory approvals and market readiness.
The move supports Hong Kong's role as a global offshore RMB hub and expands the city's RMB product ecosystem, backing the continued internationalization of the Chinese currency. HSBC Research recently cut its price target on HKEX to HKD502 while maintaining a Buy rating, as the exchange benefits from policy initiatives aimed at deepening Hong Kong's capital markets. Further details, including operational arrangements and targeted implementation timelines, will be announced in due course.
This article is for informational purposes only and does not constitute investment advice.
