What is Proof of Holdings?

When opening accounts for HK&US stocks, Hong Kong users can activate their accounts by depositing HK$10,000, while mainland Chinese users need to provide proof of holdings.

Before understanding the scenarios where proof of holdings is used, let's define "incremental users" and "existing users."

For brokerage firms, the concepts of incremental users and existing users can be understood as follows:

• Incremental users: For brokerage firms, these are users who register on the brokerage platform. These users may be new investors or customers who have not previously used the brokerage's services.
• Existing users: Existing users are those who have already registered on the brokerage platform and used its services (opened accounts before May 19, 2023). These customers may have already conducted certain investment transactions and have a certain understanding and usage habits of the brokerage's services and products.

It is worth noting that stock users, i.e. those who have opened accounts with HK&US brokers, only need to provide proof of stock when opening accounts with other HK&US stock brokers!

If you do not have proof of stock, you can open an account with a brokerage firm that does not require proof of stock, or choose a brokerage firm with a lower account opening threshold to open an account.

Contents of Proof of Holdings

A qualified proof of holdings should include the following information:

1. Name: The name or personal identity information of the certificate holder.
2. Account Opening Time: The proof of holdings specifies the specific account opening date, for accounts opened before May 19, 2023.
3. Brokerage Name: Clearly indicate the name of the brokerage or financial institution to verify account ownership and the source of related information.

Documents used as Proof of Holdings

During the process of opening accounts for HK&US stocks, the following documents can be used as proof of holdings:

1. HK&US Stock Account Opening Certificate: This is an official document provided by the broker during account opening, detailing the name of the account holder, account opening time, and the name of the broker. This is the most direct and authoritative proof of holdings document.
2. HK&US brokerage statement: This is a periodic account statement provided by a brokerage firm showing the assets and transactions of an account. A statement is a report of account activity provided by a financial institution or brokerage firm to a client on a regular basis, and usually includes information about the account holder, account balances, transaction history, and so on.
3. Successful Account Opening Email: During the account opening process, brokers typically send confirmation emails confirming that the account has been successfully opened. The email includes basic information about the account holder, the account opening date, and account information. Currently, some brokers do not recognize such documents, although such emails are not as authoritative as formal documents, they can also be used as auxiliary proof in some cases.

These documents effectively prove the account status and holder's identity at a specific point in time, providing important basis for asset confirmation and verification.

How to Obtain Proof of Holdings?

Different brokers have different ways to obtain proof of holdings. Below are common ways to obtain proof of holdings from several brokers.

Futu Securities

Futu Securities can provide account opening certificates and statements as proof of holdings.

Steps to obtain the account opening certificate:

1. Open the Futu Securities mobile application (APP).
2. Click "My" in the bottom function bar.
3. Click "My Customer Service" and reply "Account Opening Certificate".
4. In the reply you receive, you may see a jump link or guide, click to enter the "Account Certificate" page.
5. In the "Account Certificate" page, find and click the "Application" button under the "Account Opening Certificate" column.

After completing the application, Futu Securities will send the account opening certificate to the email address you provided when opening the account. This account opening certificate can be used as proof of holdings to prove that you have successfully opened a Futu Securities account at a specific point in time.

Steps to obtain statements:

1. Open the Futu Securities mobile application (APP).
2. Click "Account List" in the bottom function bar.
3. Click "All" to display all accounts.
4. In the account list, find your account and select "My Statement".

Through this feature, you can choose the appropriate date range to view and save daily statements. The daily statement details all your transaction records, financial conditions, and other information in your account, which is suitable as proof of holdings, especially for proving the account status and financial activities before a specific time point.

Futu Securities is currently offering an exclusive account opening promotion. During the promotion period, users who successfully open a Futu HK&US stock account using the redemption code【AZ34EV】can receive rewards worth up to HK$1,800 upon successful account opening.

Longbridge Securities

Specific steps to obtain an account opening certificate and statement as proof of holdings for users of Longbridge Securities:

Get an account opening certificate:

1. Open the Longbridge Securities mobile application (APP).
2. Find and select "All functions" in the "Assets" column below.
3. In the "Account" column, find and select "Account Certificate".
4. Select "Account Opening Certificate" and click "Submit".

The account opening certificate will be sent to the email address you provided when opening the account, and you can save it for future use as proof of holdings.

Get a statement:

1. Open the Longbridge Securities mobile application (APP).
2. Find and select "All functions" in the "Assets" column below.
3. In the "Record" column, find and select "Statement Query".
4. On the statement query page, you can select the appropriate date range to view and download the daily statement.

The statement details all your transaction records, financial conditions, and other information in your account, making it an important basis for proof of holdings. Make sure to select a statement date range that meets the specific time point you need to prove.

Furthermore, by entering the invitation code【5B2QX5】before opening an account, and successfully opening a HK&US stock account with Longbridge Securities, depositing HK$10,000 and maintaining it for 3 business days, in addition to the exclusive gifts mentioned above, you can also receive an additional ¥88 JD.com gift card! Open your account now with Longbridge Securities!

uSMART

Huasheng Securities

For users of Huasheng Securities, the steps to obtain account statements as proof of holdings are as follows:

1. Open the Huasheng Securities mobile application (APP).
2. In the "Transactions" section at the bottom, find and select "More" options.
3. In the "Account" section, find and select "My Statements".
4. On the statements page, you can select an appropriate time range to view and download daily statements.

Daily statements will detail all transaction records and financial statuses within your account, serving as important evidence of holdings. Ensure that the selected statement date range meets the specific time point requirements to fulfill the proof of holdings.

Considerations

For using proof of holdings，you can follow these recommendations:

1. Prioritize using PDF account opening certificates: Ensure that the account opening certificates you obtain are in PDF format, as this format is typically the most common and acceptable electronic document type.

2. Use the APP to upload when the account opening link cannot be uploaded: If you cannot upload the account opening certificate through the link, you can directly use the securities company's mobile application (APP) to upload it. Usually, the APP will provide options for uploading files, ensuring that you follow the instructions to upload the account opening certificate.

3. Ensure the accuracy of document information: Before uploading the account opening certificate, be sure to carefully check the information on the document for accuracy. Particularly, key information such as name and account opening date must match your actual situation.

4. Upload one proof at a time: In most cases, only one compliant account opening certificate needs to be uploaded. Ensure that the uploaded file is clear, readable, and complete.

5. To obtain account statements as proof of holdings , ensure that the selected statement dates are before May 19, 2023. Following the steps mentioned earlier, ensure that the chosen date range is before the specified date to ensure that the provided statements can effectively serve as proof of holdings.

By understanding the concept of proof of holdings and its application in the account opening process, investors can better prepare the necessary documents and smoothly complete the opening of HK&US stock accounts. Ensure that when selecting and preparing proof of holdings, you provide clear and complete documents as required by the securities firms. This will help expedite the account verification process, allowing investors to start their stock investment journey as soon as possible.