Cross-market stock free flow: How does Gate's stock transfer function restructure US and Hong Kong stock asset management?

Previously, stock assets were typically locked within a single broker or a single market system, such as the almost complete isolation between US stock accounts and Hong Kong stock accounts. If investors wanted to adjust their cross-market allocations, they could only do so by "selling and then buying again," which not only incurred additional transaction costs but also exposed them to market volatility risks.

As global financial infrastructure gradually becomes digitized and standardized, "asset portability" is emerging as a key direction for the next generation of securities services. Gate's launch of the stock transfer function, under this trend, integrates US and Hong Kong stocks into a unified asset management system, transforming stocks from "assets within an account" into "portable asset units."

Core Mechanism of Gate's Stock Transfer Function

The core of Gate's stock transfer function is to allow users to complete asset migration without engaging in trading activities, enabling the transfer of cross-market holdings both into and out of the platform.

This function primarily covers two directions:

• Two-way transfers between US and Hong Kong stocks;
• Migration of holdings from external brokers to Gate's account system.

Users do not need to sell their stocks; instead, they complete asset delivery through a "transfer" method, thereby avoiding duplicate transaction costs and time loss.

In essence, this mechanism enhances the "liquidity level" of stock assets, upgrading securities from static account assets to cross-platform, schedulable financial asset units.

How Cross-Market Transfers Between US and Hong Kong Stocks Are Achieved

In the traditional system, US and Hong Kong stocks are supported by different clearing systems: the former relies on the US DTC (Depository Trust Company), while the latter depends on Hong Kong's CCASS (Central Clearing and Settlement System).

Gate's transfer mechanism connects both settlement systems via the FOP (Free of Payment) model, enabling non-transactional asset delivery transfers. The entire process does not involve buying or selling, but rather completes asset migration through custody and registration changes.

The overall process generally includes three stages: application submission → system matching and verification → cross-market clearing and settlement.

The transfer cycle typically takes 3 to 15 business days, depending on the asset type and the processing efficiency of the counterparty.

Analysis of the FOP + DTC/CCASS Settlement Logic

The underlying structure of Gate's stock transfer can be understood as a "cross-market custody coordination system."

On the US stock side, securities custody and account transfer confirmation are completed through DTC; on the Hong Kong stock side, delivery registration and entitlement updates are carried out through CCASS.

The core feature of the FOP model is that "no payment of funds occurs"; only the securities themselves are transferred. Therefore, compared to the traditional "sell-buy" path, it can significantly reduce transaction friction costs and market impact risks. This structure also makes stock transfers closer to an "infrastructure-level function" rather than a simple extension of trading functions.

Operational Path and User Usage

In the Gate App, users can enter the stock transfer module through "More Functions" and select either the "Transfer In Stocks" or "Transfer Out Stocks" entry to initiate an application. The overall process: select stocks → fill in holding information → submit application → system review → clearing processing → asset arrival.

During processing, users can check the transfer status in real time, such as "Processing," "Submitted," or "Completed," enhancing overall transparency. The core goal of this design is to reduce operational complexity, making cross-market asset migration as close to a "standardized financial operation" as possible.

Currently, this function is being gradually opened to users. Please refer to official announcements for version update information.

2026 Limited-Time Campaign and Reward Mechanism Interpretation

According to the latest campaign information, Gate has launched a limited-time incentive campaign (June 29 to July 7, 2026) concurrent with the launch of the stock transfer function, aimed at further increasing user participation and asset migration scale.

The core mechanism of the campaign includes three parts:

Users who complete a US or Hong Kong stock transfer application during the campaign period and successfully transfer in assets reaching a certain scale can receive corresponding rewards. Among them, eligible users can receive reimbursement for valid transfer fees from the original broker, with a minimum threshold of 3,000 USDT equivalent in transferred assets.

Additionally, the platform has set up a VIP incentive system:

• Maximum reward for US stock transfers: approximately 15,000 USDT
• Maximum reward for Hong Kong stock-related transfers: approximately 6,000 USDT
• VIP level can be upgraded to a maximum of VIP 9
• Trading fee subsidy rate can reach up to 0.023% (applicable to certain tiers)

Essentially, this mechanism combines "fee subsidies + level incentives" to reduce users' cross-market migration costs while improving the platform's fund and asset flow efficiency.

Structural Impact on Global Investors

The launch of the stock transfer function essentially signifies that the securities account system is moving from a "fragmented structure" towards a "unified asset layer."

For investors, the impact is mainly reflected in three aspects:

First, asset allocation becomes more flexible, allowing quick position adjustments between US and Hong Kong stocks;

Second, duplicate transaction costs are reduced, minimizing the structural loss from selling and then buying again;

Third, cross-market asset management efficiency improves, enabling global allocation from a unified account perspective.

In the long term, such functions may drive the global securities market further towards "account integration + asset standardization."

Risk Warning and Applicability Boundaries

Although the transfer mechanism enhances convenience, there are still certain operational and time costs.

First, assets enter a frozen state during the transfer process and cannot be traded; second, differences in clearing rules across markets may lead to fluctuations in arrival time; additionally, in extreme market environments, some assets may experience delays due to custody or liquidity issues.

Therefore, users should fully assess their holding periods and market volatility before initiating a transfer operation.

FAQs

• Q1: Is the stock transfer truly zero-fee? The platform generally does not charge transfer fees, but custody institution or market standard fees may apply.

• Q2: How long does a transfer typically take? The average cycle is 3 to 15 business days, depending on the market and asset type.

• Q3: Can stocks be traded during the transfer period? No, assets are in a frozen state during the transfer period.

• Q4: How are campaign rewards calculated? Based on the scale of transferred assets and whether campaign conditions are met, users can receive transfer fee subsidies and VIP level rewards.

• Q5: Which market asset transfers are supported? Primarily supports cross-market transfers between US and Hong Kong stocks, as well as asset migration from external brokers to Gate.