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Activity papers · Last updated October 2026

HKSI LE Paper 8: Securities: free practice test

The paper for Type 1 (dealing in securities), Type 4 (advising on securities) and Type 8 representatives. It covers securities products, how the Hong Kong stock market trades and settles, listings and corporate actions, margin and short selling, analysis and dealing practice.

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About the Paper 8 exam

The paper for Type 1 (dealing in securities), Type 4 (advising on securities) and Type 8 representatives. It covers securities products, how the Hong Kong stock market trades and settles, listings and corporate actions, margin and short selling, analysis and dealing practice.

What's on the exam

Paper 8
Securities Products
5 key facts
Stock Exchange Trading and Settlement
5 key facts
Listing and Corporate Actions
5 key facts
Margin Financing and Short Selling
5 key facts
Securities Analysis
5 key facts
Dealing Practice and Client Protection
5 key facts

Each branch is a topic in the official outline. Members see every key fact on the full mind map. Read the free study guide →

How to pass the Paper 8 exam

  • 40 questions in 60 minutes is 90 seconds each.
  • You need 70%: 28 out of 40, so you can only miss 12.
  • Know the trading-day timetable: pre-opening session, continuous trading, lunch break and the closing auction session.
  • Calculation questions (rights issue prices, P/E, yields, margin calls) are common. Practise them until they're quick.

Save your results and get your Readiness Score

Create a free account after the test: your score by topic, a mistakes bank, the complete study notes for the first topic, flashcards and the HKSI Key Numbers Sheet.

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What's in the premium Paper 8 prep

Premium Paper 8 prep is studied one topic at a time. Each step starts with that topic's key notes and flashcard deck, then its own question sets of 25, so you master one topic before you move to the next. When every topic is strong, the 6 full mock exams show you're ready.

3,000practice questions, every answer explained
6full-length mock exams, 50 questions each, timed
800flashcards with spaced repetition, sorted by topic
60comprehensive key notes across 6 topics

Your step-by-step study path

  1. 1
    Securities Products10 key notes, 135 flashcards, then 500 practice questions in 20 sets of 25
    Notes free with an account
  2. 2
    Stock Exchange Trading and Settlement10 key notes, 135 flashcards, then 500 practice questions in 20 sets of 25
    Premium
  3. 3
    Listing and Corporate Actions10 key notes, 135 flashcards, then 500 practice questions in 20 sets of 25
    Premium
  4. 4
    Margin Financing and Short Selling10 key notes, 135 flashcards, then 500 practice questions in 20 sets of 25
    Premium
  5. 5
    Securities Analysis10 key notes, 130 flashcards, then 500 practice questions in 20 sets of 25
    Premium
  6. 6
    Dealing Practice and Client Protection10 key notes, 130 flashcards, then 500 practice questions in 20 sets of 25
    Premium
  7. Final step: 6 full mock exams50 questions each, timed like test day. Pass them, then book your exam.
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Free with an account

Read the complete Paper 8 study notes for “Securities Products”

Our first full set of comprehensive notes, about 10 minutes of reading: Shares · Warrants · Callable bull/bear contracts · Other listed products, a worked exam example, the traps examiners use and a one-minute recap. Create a free account to read it and see how premium notes work before you decide.

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Study tools included

3,000 practice questions

3,000 exam-style questions per exam, organized topic by topic in sets of 25. Every answer explained, with the rule it comes from.

6 full mock exams

6 full-length timed mock exams per exam, with real question counts and time limits, so test day feels like practice day.

Exam Readiness Score

One 0 to 100 number that tells you when you're ready to book. Reach 80 and you're covered by our Pass Guarantee.

800 flashcards + spaced repetition

800 flashcards per exam, in a deck for each topic, that come back right before you'd forget them. Five minutes a day keeps every number fresh.

60 comprehensive key notes

60 key notes per exam, split across its topics and each explained in full: the concepts, worked exam examples, the traps examiners use and a quick recap. Your first set is free with an account.

Mind maps

See the whole exam on one screen: every topic and the facts under it.

Sample questions with answers

These are the questions in the free test above, with answers. Try the test first. You'll learn more by getting some wrong.

1. A warrant listed in Hong Kong that gives the holder the right to buy shares from the issuing company is:
Answer: An equity warrant. Equity warrants are issued by the listed company itself; exercise creates new shares. Derivative warrants are issued by third parties such as banks.
2. A callable bull/bear contract (CBBC) is called early by the issuer when:
Answer: The underlying price hits the call price. CBBCs have a mandatory call: if the underlying reaches the call price before expiry, the contract is terminated early, and investors may lose most or all of their investment.
3. Shares on the Stock Exchange of Hong Kong are traded in:
Answer: Board lots, set by each issuer. Each listed security has its own board lot size. Odd lots trade separately and often at a discount.
4. Since November 2023, Hong Kong stamp duty on share transactions is charged at:
Answer: 0.1% on each side (buyer and seller). Stamp duty was cut from 0.13% to 0.1% of the consideration, payable by both the buyer and the seller, from 17 November 2023.
5. In Hong Kong, the closing auction session on a normal trading day:
Answer: Runs after continuous trading ends, setting closing prices for eligible securities. The closing auction session follows the afternoon continuous session and determines closing prices for eligible securities through an auction.
6. A company offers existing shareholders 1 new share for every 4 held at HK$8, when the shares trade at HK$10. The theoretical ex-rights price is:
Answer: HK$9.60. TERP = (4 × 10 + 1 × 8) ÷ 5 = 48 ÷ 5 = HK$9.60.
7. A 1-for-2 bonus issue (capitalization issue) means a shareholder with 1,000 shares will receive:
Answer: 500 new shares free of charge. A bonus issue capitalizes reserves into new shares at no cost: 1 new share for every 2 held, so 500 shares. The share price adjusts down.
8. Short selling on the Stock Exchange of Hong Kong is permitted:
Answer: Only for designated securities, and only covered short selling. Only designated securities may be sold short, and naked short selling is prohibited: the seller must have a presently exercisable and unconditional right to vest the shares.
9. A client buys HK$200,000 of shares in a margin account with a 50% margin ratio. The maximum loan from the broker is:
Answer: HK$100,000. At a 50% margin ratio, the broker lends up to 50% of the value (HK$100,000) and the client funds the rest.
10. A company earns HK$3 per share and its shares trade at HK$45. Its P/E ratio is:
Answer: 15. P/E = price ÷ earnings per share = 45 ÷ 3 = 15.
11. Dividend yield is calculated as:
Answer: Dividend per share ÷ share price. Dividend yield = annual dividend per share ÷ current share price. Dividend ÷ EPS is the payout ratio.
12. Which ratio measures a company's ability to meet short-term obligations?
Answer: Current ratio. Current ratio = current assets ÷ current liabilities, a liquidity measure. Gearing measures long-term leverage.
13. Under the contract notes rules, a licensed corporation must give a client a contract note for an exchange trade no later than:
Answer: The end of the second business day after the trade. Contract notes must be provided by the end of the second business day after entering into the relevant contract.
14. A licensed corporation must pay client money it receives into a segregated account:
Answer: Within one business day. The Securities and Futures (Client Money) Rules require client money to be paid into a segregated account within one business day after receipt.
15. A dealer buys shares for their own account just before executing a large client buy order in the same stock. This is:
Answer: Front running, a breach of the Code of Conduct. The Code of Conduct requires client orders to have priority. Trading ahead of a client order to profit from it is front running.

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Certification guide

Which HKSI papers do you need?: To become an SFC licensed representative (or a relevant individual at a bank), you usually pass three HKSI Licensing Examination papers: Paper 1 on regulation, Paper 7 on financial markets, and one paper for your regulated activity. Here's which one.

Paper 8 exam FAQ

How many questions are on the Paper 8 exam?

40 multiple-choice questions, with a time limit of 60 minutes. Format: closed book, computer-based.

What is the passing score for Paper 8?

70%.

How much does the Paper 8 exam cost?

HK$1,620 in Hong Kong (HK$2,070 at overseas Prometric centres). Fees change, so confirm with the HKSI Institute before you enrol.

Which languages is the Paper 8 exam offered in?

English or Traditional Chinese.

Where do I take the Paper 8 exam?

HKSI Institute computer-based test centre in Hong Kong, or Prometric centres outside Hong Kong.

Is this Paper 8 practice test free?

Yes. The 15-question practice test on this page is free, with an explanation for every answer and no signup. A free account also unlocks the complete study notes for the first topic. The full Paper 8 prep is Premium at HK$1,147 a month for this exam.

What's in the premium Paper 8 prep?

3,000 practice questions organized topic by topic (Securities Products: 500; Stock Exchange Trading and Settlement: 500; Listing and Corporate Actions: 500; Margin Financing and Short Selling: 500; Securities Analysis: 500; Dealing Practice and Client Protection: 500), 6 full-length timed mock exams of 50 questions, 800 flashcards and 60 comprehensive key notes split across all 6 topics, plus a mistakes bank and the Readiness Score.

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Exam details are summarized from the official candidate information available in October 2026. HKSI Institute changes formats and fees, so confirm with Hong Kong Securities and Investment Institute (HKSI Institute) before you book. HKSIMock is not affiliated with the HKSI Institute or the SFC.

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