IMPORTANT NOTICE: Cessation of Retail Securities Trading Services

Dear Valued Customer(s),

After careful consideration, we regret to inform you that Magpie Securities Limited intends to stop supporting retail trading services via its mobile and web Apps.  The Securities and Futures Commission of Hong Kong was informed of this decision on 15th September 2023.

The Magpie Invest APPs will continue to operate until the 25th of October 2023 (“Date of Retail Service Cessation”) but will ONLY allow SELLING of your positions from 25th September 2023 onwards.

Client Money Handling

All client money will be returned automatically to your designated bank account starting from the 25th September 2023.  Foreign currency balances (USD, GBP, EUR, CAD) will be automatically converted and returned to your HKD bank accounts from 29th September 2023 at the prevailing spot FX rate of the day.

Debit balances in a currency will be flattened out by your other available currencies.

For clients who have registered their designated bank accounts in a foreign currency, we will return client funds following the deposit currency of your designated bank account.

Stock Positions and Holdings

You will need to transfer all your positions to another broker on or before the 25th of October 2023. Magpie will waive the associated service fee to facilitate your securities transfer, however, you may be subject to transfer costs from your new broker.

If you cannot find a broker to take your foreign stocks you will need to consider selling out your foreign holdings. As soon as the trade settles you can convert the foreign currency back to Hong Kong Dollar (HKD) using our in-app Currency Exchange service and withdraw the funds using the APP to your designated bank account.

We kindly request that customers settle any outstanding balances promptly on or before 15th October 2023. Failure to do so may result in Magpie Securities selling your holdings on 15th October 2023 to cover the outstanding balance.

This decision was not taken lightly, we have appreciated your support and we will do all we can to make your move to another broker as smooth as possible.

Stock Transfer Procedures – All Markets

Please find the attach Settlement Instruction Form as attached or use the latest forms here:
For Hong Kong Stocks
For Foreign (Global) Stocks

Please return the form (completed and signed) to our Magpie Customer Service Team via email ([email protected]) or App LiveChat.   Our Customer Service Team will process the transfer as soon as possible and will assist you through this process.

Timeline

Account Closure
Magpie Securities will automatically close your securities trading accounts when your client assets (cash and holdings) have been cleared.    A letter of account closure will be sent to your email address.

To facilitate this process, if any of your contact details have been changed, please contact customer service at +852 3588 0489, LiveChat or email to [email protected].

In the case of those clients who cannot be contacted before the Date of Retail Service Cessation and do not move their positions to another broker we will appoint a law firm as escrow agent and transfer all these trading accounts to such escrow account.

Should there be any inconsistency or conflict between the English and Chinese versions of this email, the English version shall prevail.

Should you have any queries, please do not hesitate to contact customer service at +852 3588 0489, LiveChat or email to [email protected].

Sincerely yours,

For and on behalf of Magpie Securities Limited

Richard Abrahams, Chief Executive Officer, Responsible Officer (CE: BIG685)

Date: 19th September 2023