First Shanghai Review 2025: Trusted Hong Kong Expert

Overview

First Shanghai Investments Limited stands as a distinguished financial institution with over six decades of experience in Hong Kong's financial markets. Established in 1964 and publicly listed on the Hong Kong Stock Exchange (HKEX: 0227) since 1993, this veteran brokerage has evolved from a local securities dealer into a comprehensive financial services group serving Greater China and international markets.

The company operates through multiple specialised subsidiaries, each holding distinct Securities and Futures Commission (SFC) licenses, ensuring regulatory compliance across diverse financial services. First Shanghai's headquarters at 19/F, Wing On House, 71 Des Voeux Road Central, Hong Kong, positions the firm in the heart of Asia's financial hub, reflecting its commitment to maintaining a strong physical presence alongside digital services.

Unlike modern discount brokers that prioritise simplified online trading, First Shanghai maintains a traditional full-service model, combining securities trading, futures contracts, corporate finance advisory, and asset management under one roof. This approach particularly appeals to experienced investors, institutional clients, and high-net-worth individuals seeking comprehensive financial services with direct access to Greater China markets.
For more details, visit the official website at firstshanghai.com.

Overview Table

Feature	Details
Company Name	First Shanghai Investments Limited
Founded	1964
Listed Since	1993 (HKEX: 0227)
Headquarters	19/F, Wing On House, 71 Des Voeux Road Central, Hong Kong
Regulation	Securities and Futures Commission (SFC)
Key Services	Securities Trading, Futures Trading, Asset Management, Corporate Finance
Trading Platform	First Shanghai Trade (第一上海通)
Target Markets	Hong Kong, Mainland China, Taiwan, International
Minimum Deposit	Not publicly disclosed
Website	www.firstshanghai.com.hk

Facts List

1. Established Heritage: Founded in 1964, making it one of Hong Kong's longest-serving financial institutions with 60 years of market experience
2. Public Company Status: Listed on the Hong Kong Stock Exchange since 1993, providing transparency through regular financial disclosures and corporate governance
3. Multiple SFC Licenses: Operates through specialised subsidiaries holding licenses for securities dealing, futures trading, asset management, and corporate finance advisory
4. Greater China Focus: Provides deep access to Hong Kong stocks, China A-shares via Stock Connect, and maintains strong relationships with mainland Chinese markets
5. Full-Service Model: Offers comprehensive financial services including IPO subscriptions, margin financing, custodian services, and investment research
6. Traditional Infrastructure: Maintains physical offices in Central Hong Kong for in-person services alongside digital trading platforms
7. Institutional Capabilities: Serves sophisticated investors, corporations, and high-net-worth individuals with tailored financial solutions
8. Research Resources: Provides in-house market analysis, daily reports, and stock research prepared by professional analysts
9. Multi-Currency Support: Facilitates trading in HKD, USD, and CNH, catering to international and regional investors
10. Corporate Finance Expertise: Through First Shanghai Capital Limited, offers advisory services for mergers, acquisitions, and corporate restructuring

First Shanghai Licenses and Regulatory

First Shanghai's regulatory framework demonstrates a robust commitment to compliance and client protection through multiple specialised licenses issued by the Securities and Futures Commission of Hong Kong. This multi-license structure represents industry best practices, ensuring each business line operates under appropriate regulatory oversight.

First Shanghai Securities Limited (License: ABE420) holds three critical SFC licenses: Type 1 for Dealing in Securities, Type 4 for Advising on Securities, and Type 9 for Asset Management. This combination allows the subsidiary to execute trades, provide investment advice, and manage client portfolios under strict regulatory supervision.

First Shanghai Futures Limited (License: AGK583) maintains a Type 2 license for Dealing in Futures Contracts, effective since February 24, 2005. This nearly two-decade regulatory track record demonstrates consistent compliance with evolving futures market regulations.

First Shanghai Capital Limited (License: ADU495) operates under Type 1 (Dealing in Securities) and Type 6 (Advising on Corporate Finance) licenses, enabling the firm to provide investment banking services including IPO sponsorship and merger advisory.

Beyond individual subsidiary licenses, First Shanghai Investments Limited's status as a publicly-listed company on the HKEX adds another layer of regulatory oversight. The company must comply with listing rules, maintain transparent financial reporting, and adhere to corporate governance standards that protect minority shareholders.

This comprehensive regulatory framework positions First Shanghai among the most thoroughly regulated financial institutions in Hong Kong, providing clients with multiple layers of protection and recourse. The SFC's stringent oversight includes regular audits, capital adequacy requirements, and segregated client asset rules that safeguard investor funds even in unlikely insolvency scenarios.

Regulations List

• First Shanghai Securities Limited: SFC License ABE420
  • Type 1: Dealing in Securities
  • Type 4: Advising on Securities
  • Type 9: Asset Management
• First Shanghai Futures Limited: SFC License AGK583
  • Type 2: Dealing in Futures Contracts (Since February 24, 2005)
• First Shanghai Capital Limited: SFC License ADU495
  • Type 1: Dealing in Securities
  • Type 6: Advising on Corporate Finance
• Parent Company Oversight: Listed on HKEX (Stock Code: 0227)
  • Subject to listing rules and corporate governance requirements
  • Regular financial disclosure obligations

Trading Instruments

First Shanghai offers an extensive range of tradable assets that reflects its position as a comprehensive financial services provider. The firm's asset selection demonstrates a clear emphasis on Asian markets while maintaining access to major international exchanges.

Product / Service	Details
Equities	- Focus on Greater China markets, including HKEX blue-chip stocks, growth stocks, REITs- Access to China A-shares via Shanghai-HK and Shenzhen-HK Stock Connect- Trading access to U.S. markets (NYSE, NASDAQ)- Other international exchanges evaluated case-by-case
Derivatives	- Futures and options across multiple asset classes- Index futures: Hang Seng, S&P 500, global indices- Commodity futures: energy, metals, agriculture- Currency futures for FX hedging/speculation- Interest rate futures- Stock options on HKEX
Fixed Income	- Government securities, corporate bonds, structured products- Specific offerings and minimums available upon inquiry
Investment Banking Products	- IPO subscription facilitation on HKEX- Margin financing to enhance IPO allocations
Additional Services	- Margin financing for leveraged trading- Securities lending and borrowing- Custodian services for asset safekeeping

Trading Platforms

First Shanghai's trading infrastructure combines proprietary technology with established processes that reflect its traditional brokerage model. The firm's approach prioritises stability and comprehensive functionality over cutting-edge user interfaces.

Trading Platforms

The primary trading interface is the "First Shanghai Trade" (第一上海通) mobile application, designed for iOS and Android devices. This proprietary platform provides real-time quotes, order execution, and basic portfolio management features tailored for Hong Kong and mainland China markets.

Desktop and web-based terminals complement the mobile offering, providing more comprehensive analytical tools and multi-screen layouts preferred by active traders. These platforms integrate market data feeds from multiple exchanges, though they lack the advanced customisation options found in platforms like MetaTrader or TradingView.

Order Types and Execution

First Shanghai supports standard order types including market orders for immediate execution and limit orders for price-specific trades. Stop-loss and trailing stop functionalities provide risk management capabilities, though algorithmic trading and automated strategies appear limited compared to technology-focused brokers.

Trade execution occurs directly on respective exchanges rather than through market makers, ensuring transparent pricing and eliminating conflicts of interest. This exchange-direct model particularly benefits clients trading liquid Hong Kong stocks where spreads remain tight.

Platform Features

The trading platforms include fundamental charting tools with common technical indicators such as moving averages, RSI, and MACD. Drawing tools enable basic technical analysis, though serious chartists may find the capabilities limiting. Real-time news feeds and company announcements keep traders informed of market-moving events, particularly for Hong Kong-listed companies.

One significant advantage is the platform's integration with First Shanghai's research department, providing seamless access to analyst reports and trading recommendations within the trading interface.

Trading Platforms Comparison Table

Feature	Mobile App	Web Platform	Desktop Terminal
Real-Time Quotes	Yes	Yes	Yes
Order Types	Basic	Standard	Advanced
Technical Indicators	Limited	Standard	Comprehensive
News Feed	Yes	Yes	Yes
Research Reports	Yes	Yes	Yes
Multi-Screen Support	No	Limited	Yes
Automated Trading	No	No	Limited
Languages	Chinese/English	Chinese/English	Chinese/English

First Shanghai How to Open an Account: A Step-by-Step Guide

Opening an account with First Shanghai follows a traditional process that blends online applications with offline verification requirements. This approach reflects Hong Kong's stringent Know Your Customer (KYC) regulations while maintaining the personal touch expected by the firm's target clientele.

Step 1: Initial Application

Visit First Shanghai's official website and complete the online account application form. The form requires personal information, employment details, investment experience, and financial status. Applicants must declare their investment objectives and risk tolerance to ensure suitable service provision.

Step 2: Document Preparation

Gather required documentation, including:

• Hong Kong Identity Card or valid passport
• Proof of residential address dated within the last three months (utility bill, bank statement, or government correspondence)
• Bank account proof for fund transfers
• Employment or income verification may be required for margin accounts

Step 3: Verification Process

First Shanghai offers three verification methods:

In-Person Verification: Visit the Hong Kong headquarters where staff will witness document signing and verify identity. This traditional approach remains popular with local clients and ensures same-day processing.

Professional Witnessing: Have application documents witnessed by qualified professionals, including lawyers, certified public accountants, or notary publics. This option suits clients unable to visit the office.

Cheque Deposit Method: Submit a personal cheque of at least HKD 10,000 drawn from a Hong Kong bank account in the applicant's name. This remote verification method confirms banking relationships while funding the account.

Step 4: Account Activation

Following successful verification, First Shanghai processes the application within 1-3 business days. Clients receive account credentials via registered mail or secure email, including login details for trading platforms and initial passwords requiring immediate change.

Step 5: Account Funding

Fund the account through accepted methods:

• Faster Payment System (FPS) for instant HKD transfers
• Bank wire transfers for larger amounts or foreign currencies
• Cheque deposits at the office or designated banks
• International remittances for overseas clients

Charts and Analysis

First Shanghai's analytical tools and educational resources reflect its full-service broker positioning, emphasising professional research over self-directed learning platforms. The firm's approach prioritises actionable market intelligence delivered by experienced analysts rather than extensive educational libraries.

Category	Details
Research Capabilities	- Daily market commentaries on Hong Kong & mainland China markets (Hang Seng Index, Stock Connect) - Sector reports on industry trends & regulatory changes- Individual stock reports with financial modeling & valuations- Weekly strategy notes with tactical asset allocation recommendations
Technical Analysis Tools	- Standard charting (timeframes: 1-min to monthly)- Indicators: Moving Averages, Bollinger Bands, RSI, Stochastic, MACD, volume analysis- Drawing tools: trendlines, Fibonacci retracements, pattern recognition- Limitations: No custom indicator programming, backtesting, or advanced multi-timeframe analysis
Market Data & News	- Real-time data across all tradable exchanges with minimal latency- Aggregated news feeds from major financial media- Strong emphasis on Chinese-language sources- Instant company announcements & regulatory filings upon release
Educational Resources	- Bilingual (Chinese/English) market glossaries- Basic trading guides (order types, platform navigation)- Compliance resources for margin trading & short selling- Occasional seminars with guest speakers & market outlooks- Focus: Designed for experienced investors, not beginners

First Shanghai Account Types

First Shanghai's account structure follows traditional brokerage conventions, emphasising functionality over marketing-driven tiered systems. Rather than silver, gold, or platinum designations, accounts differentiate based on trading capabilities and credit arrangements.

Cash Account

The standard cash account requires full payment for securities purchases before settlement. This account type suits conservative investors maintaining long-term portfolios without leverage needs. Cash accounts benefit from simpler compliance requirements and lower account maintenance fees, though specific fee schedules require direct inquiry.

Key features include:

• No leverage or borrowing capabilities
• Full ownership of purchased securities
• Lower risk profile with no margin calls
• Suitable for buy-and-hold strategies
• Access to all markets and asset classes

Margin Account

Margin accounts enable leveraged trading through securities-backed credit facilities. First Shanghai's margin lending rates and maintenance requirements align with Hong Kong regulatory standards while offering competitive terms for active traders. Margin availability varies by security, with blue-chip stocks typically offering higher loan-to-value ratios.

Margin account features:

• Leverage ratios up to regulatory limits
• Securities lending for short selling
• Enhanced buying power for IPO subscriptions
• Portfolio margining for sophisticated strategies
• Higher account maintenance requirements

Institutional Accounts

Corporate and institutional clients receive customised account structures supporting multiple authorised traders, segregated sub-accounts, and enhanced reporting capabilities. These accounts integrate with institutional trading systems and provide dedicated relationship management.

Specialised Services

Beyond standard account types, First Shanghai offers:

• Custodian accounts for third-party asset management
• Nominee services for privacy-conscious clients
• Trust accounts with fiduciary oversight
• Joint accounts for family investments

Account Types Comparison Table

Feature	Cash Account	Margin Account	Corporate Account
Minimum Deposit	Not disclosed	Higher requirement	Negotiable
Leverage	None	Up to regulatory limits	Customisable
Interest Charges	None	On borrowed amounts	Negotiated rates
Short Selling	Not available	Available	Available
Maintenance Requirements	None	Regular monitoring	Enhanced compliance
Risk Level	Low	High	Variable
Account Fees	Standard	Higher	Institutional pricing
Trading Limits	None	Based on equity	Customisable

Negative Balance Protection

First Shanghai does not offer negative balance protection, maintaining standard industry practices for exchange-traded securities and futures markets. This approach reflects the traditional brokerage model where clients bear full responsibility for trading losses, including amounts exceeding account equity. In volatile market conditions, positions may gap through stop-loss levels, particularly during market opens or following significant news events. Futures trading presents particular risks as leverage magnifies both gains and losses. A sudden adverse move can quickly erode account equity and create negative balances requiring immediate funding. When account equity falls below maintenance margin requirements, First Shanghai issues margin calls requiring additional deposits within specified timeframes. Failure to meet margin calls results in forced position liquidation at prevailing market prices. If liquidation proceeds prove insufficient to cover outstanding balances, clients remain legally obligated to pay deficits. This absence of negative balance protection particularly impacts:

• Leveraged futures traders facing overnight gaps
• Margin account holders during market crashes
• Short sellers facing unlimited loss potential
• IPO financing participants if new issues trade below offer prices

Risk management therefore becomes crucial for First Shanghai clients. The firm provides tools including stop-loss orders and position monitoring, but ultimate responsibility rests with traders. Conservative position sizing, diversification, and avoiding excessive leverage help minimise negative balance risks. Potential clients should carefully consider their risk tolerance and ability to cover potential losses beyond deposited capital. Those seeking negative balance protection may need to explore CFD brokers or other platforms offering this safeguard, though such protections often come with wider spreads or higher commissions.

First Shanghai Deposits and Withdrawals

First Shanghai's funding processes reflect traditional Hong Kong banking practices, prioritising security and regulatory compliance over speed and convenience. While modern fintech brokers offer instant funding, First Shanghai maintains thorough verification procedures that may extend processing times.

Deposit Methods

Method	Details	Processing Time	Notes
Faster Payment System (FPS)	Real-time HKD transfers via Hong Kong’s instant payment network.	Minutes (during business hours)	Preferred for urgent funding needs
Bank Wire Transfer	Supports large deposits and international remittances.	Local: 1 business dayInternational: 2–3 business days	Dependent on correspondent banks
Cheque Deposit	Physical cheques deposited at First Shanghai’s office or designated branches.	Local cheques: 1–2 business daysForeign cheques: up to 5 business days
Multi-Currency Support	Accounts accept HKD, USD, CNH; auto-conversion at competitive rates; other currencies on prior arrangement.	As per deposit method used	Supports multiple currencies

Withdrawal Methods

Method	Details	Processing Time	Notes
FPS Withdrawals	Same-day HKD withdrawals via Hong Kong’s FPS network.	Same day (before cut-off time)	Urgent transfers within Hong Kong
Local Bank Transfer	Transfers to local banks within Hong Kong.	1–2 business days	Standard method for HKD transfers
International Wire Transfer	Cross-border remittances in supported currencies.	3–5 business days	Subject to correspondent bank delays
Cheque Issuance	Physical cheque prepared for client collection.	Ready in 2 business days	Collection at First Shanghai office

Support Service for Customer

First Shanghai's customer service model reflects its traditional full-service broker heritage, emphasising personal relationships and direct communication over automated systems. This high-touch approach particularly suits the firm's target demographic of experienced investors and institutional clients who value dedicated support.

Communication Channels

Telephone Support serves as the primary contact method, with dedicated lines for different departments:

• Securities Trading: Direct access to dealing desk
• Futures Trading: Specialised derivatives support
• Customer Service: General enquiries and account maintenance
• Corporate Finance: Investment banking services

Phone support operates during Hong Kong business hours (9:00 AM - 6:00 PM HKT), with extended hours during volatile market conditions. Language support includes Cantonese, Mandarin, and English, reflecting the firm's Greater China focus. Email Communication handles non-urgent enquiries, document submissions, and formal correspondence. Response times typically range from several hours to one business day, depending on query complexity. Email creates audit trails beneficial for compliance-related matters. In-Person Service at the Central Hong Kong headquarters distinguishes First Shanghai from online-only brokers. Clients can meet relationship managers, submit documents, and resolve complex issues face-to-face. This physical presence particularly appeals to high-net-worth individuals preferring personal attention.

Service Quality

First Shanghai's customer support quality varies by department. Trading desks provide prompt, knowledgeable assistance from experienced dealers familiar with local market nuances. However, general customer service may lack the 24/7 availability and instant response times expected by traders accustomed to modern platforms. The absence of live chat, social media support, or AI-powered assistance may frustrate younger clients seeking immediate answers. First Shanghai's support model assumes clients prefer speaking with experienced professionals over quickly resolving simple queries through self-service channels.

Relationship Management

Significant clients receive dedicated relationship managers providing personalised service, including:

• Portfolio reviews and investment advice
• Priority processing for transactions
• Invitations to exclusive events and seminars
• Direct mobile contact for urgent matters

This relationship-based model strengthens client retention but requires substantial account sizes to access premium service levels.

Customer Support Comparison Table

Support Feature	Availability	Response Time	Languages
Phone Support	Business Hours	Immediate	Cantonese, Mandarin, English
Email Support	24/7 Submission	1 Business Day	Chinese, English
In-Person	Business Hours	By Appointment	Cantonese, Mandarin, English
Live Chat	Not Available	N/A	N/A
Social Media	Not Available	N/A	N/A
FAQ Section	Limited	N/A	Chinese, English
Video Support	Not Available	N/A	N/A

Prohibited Countries

First Shanghai maintains a selective approach to international clients, primarily serving the Greater China region while accepting overseas clients on a case-by-case basis. This geographic focus reflects both regulatory requirements and business strategy prioritising Asian markets.

The firm explicitly excludes clients from countries subject to international sanctions, including those designated by the Office of Foreign Assets Control (OFAC) and United Nations Security Council. These restrictions ensure compliance with anti-money laundering regulations and international financial sanctions.

High-risk jurisdictions flagged by the Financial Action Task Force (FATF) face additional scrutiny or outright prohibition. First Shanghai's compliance department evaluates each international application considering factors including:

• Country-specific sanctions and embargoes
• Local regulatory restrictions on foreign investment
• Tax information exchange agreements
• Anti-money laundering risk assessments

United States residents face particular restrictions due to FATCA (Foreign Account Tax Compliance Act) requirements. Many Hong Kong brokers, including First Shanghai, limit or prohibit U.S. person accounts to avoid complex reporting obligations.

European Union residents may encounter difficulties following MiFID II implementation, as First Shanghai lacks EU regulatory authorisation. Similarly, residents of countries requiring local broker licensing may be declined.

The firm's geographic restrictions create a clear market segmentation:

Preferred Clients: Hong Kong residents, Mainland Chinese citizens (with appropriate documentation), Taiwan residents

Accepted with Conditions: Singapore, Malaysia, Australia, Canada, select other Asian countries

Generally Restricted: United States, European Union, sanctioned countries, FATF grey/black list jurisdictions

Prospective international clients should contact First Shanghai directly to confirm eligibility, as policies evolve with changing regulations. The firm may request additional documentation from international applicants including tax residency certificates, source of wealth declarations, and enhanced due diligence materials.

Prohibited Countries List

• Primary Markets: Hong Kong, Mainland China, Taiwan, Macau - full services available without restrictions

Special Offers for Customers

First Shanghai's promotional approach differs markedly from aggressive marketing tactics employed by CFD and forex brokers. The firm rarely offers cash bonuses, deposit matches, or trading competitions that might attract inexperienced traders or encourage excessive risk-taking.

Category	Details
IPO Financing Promotions	Preferential margin rates during active IPO seasons; reduces interest charges on IPO financing; terms depend on offering size and client relationship.
Commission Rebates	Temporary rebates (3–6 months) for new institutional clients or large portfolio transfers; requires minimum trading volumes; rare for retail clients.
Research Access	Complimentary access to premium research for a limited time; aimed at retail investors to showcase analytical capabilities.
Corporate Actions	Waived handling fees for corporate actions (rights issues, tender offers, scheme arrangements); benefits active investors.
Relationship Rewards	Non-monetary benefits for long-standing clients: Exclusive seminar invitationsPriority IPO allocationsWaived custody feesPreferential FX rates
Retail Promotions (Absent)	No deposit bonuses, free trades, referral cash rewards, gamification, or loyalty points; reflects focus on sophisticated investors.

Conclusion

After thoroughly examining First Shanghai Investments Limited across multiple dimensions, I find this to be a legitimate, well-established financial institution that occupies a specific niche in Hong Kong's brokerage landscape. Their 60-year operational history and 30-year tenure as a public company demonstrate remarkable stability in an industry known for rapid changes and consolidation.

What strikes me most about First Shanghai is their unwavering commitment to the traditional full-service broker model. While fintech disruption has pushed many competitors toward app-based, self-directed trading platforms, they maintain their focus on relationship-based services, professional research, and comprehensive financial solutions. This approach clearly resonates with their target market of experienced investors, institutions, and high-net-worth individuals who value expertise over convenience.

The regulatory framework impresses through its comprehensiveness. Operating multiple subsidiaries, each with specific SFC licenses, demonstrates serious commitment to compliance. This structure, combined with public company oversight, provides clients with multiple layers of protection rare among smaller brokers. Their physical presence in Central Hong Kong adds another trust element often missing from online-only operations.

However, I must acknowledge that First Shanghai isn't suitable for everyone. The traditional account opening process, requiring physical document verification or professional witnessing, feels antiquated compared to instant online onboarding elsewhere. The absence of demo accounts prevents potential clients from testing platforms before committing funds. Their technology, while functional, lacks the cutting-edge features and intuitive interfaces that younger traders expect.

The fee structure remains frustratingly opaque, following old-school practices of customised pricing rather than transparent, published rate cards. This approach may benefit large clients who can negotiate but disadvantages retail investors seeking cost clarity. The absence of negative balance protection also concerns me, particularly for futures traders who face unlimited loss potential.

First Shanghai excels in areas that matter most to their target demographic. Access to Greater China markets through Stock Connect, professional research capabilities, and integration with investment banking services create genuine value for sophisticated investors. Their multi-decade relationships and market knowledge provide insights unavailable through discount brokers.

Ultimately, choosing First Shanghai requires aligning expectations with their service model. They're not trying to be the cheapest, most technologically advanced, or most accessible broker. Instead, they offer stability, expertise, and comprehensive services for clients who prioritize these attributes over low costs and modern conveniences.

First Shanghai FAQs