Hong Kong Stock Market

Hong Kong Stock Market Trading Hours:


Trading HoursOrder Types

Pre-opening Session
  O
rder Input Period
  Pre-order Matching Period
  Order-Matching Period
  Blocking Period

09:00 – 09:30
  09:00 – 09:15
  09:15 – 09:20
  09:20 – 09:28
  09:28 – 09:30


Auction Limit Order & Auction Market Order

Auction Market Order 

N/A
N/A



Morning Session


09:30 – 12:00

Enhanced Limit Order 
Limit Order
Special Limit Order 


Afternoon Session


13:00 – 16:00

Enhanced Limit Order
Limit Order
Special Limit Order 

Closing Auction Session

 


Ref. Price Fixing Period 

Order Input Period

No Cancellation Period
Random Closing Period


16:00 to a random closing

between  16:08 and 16:10

 

16:00 – 16:01
16:01 – 16:06
16:06 – 16:08
16:08 – 16:10

 

 

 

N/A

Auction Limit Order & Auction Market Order 

Auction Limit Order & Auction Market Order

Auction Limit Order & Auction Market Order


Order Types for Pre-opening Session and Closing Auction Session:

Auction Market Order (AMO)

An at-auction order is an order with no specified price is entered into the trading system for execution at the final Indicative Equilibrium Price (IEP).  It enjoys a higher order matching priority than an at-auction limit order and will be matched in time priority at the final IEP. Any outstanding at-auction orders after the end of the Pre-opening Session will be cancelled before the commencement of the Continuous Trading Session.

 

Auction Limit Order (ALO)

An at-auction limit order is an order with a specified price which is at or more competitive than the final IEP and may be matched at the final IEP subject to availability of eligible matching order on the opposite side. An at-auction limit order will be matched in price and time priority at the final IEP and it will not be matched at a price worse than the final IEP. If an IEP cannot be determined during the Closing Auction Session, the Reference Price will serve as the price for matching.  The matching of applicable at-auction orders and at-auction limit orders will occur at the Reference Price instead and the matching mechanism will be same as matching at the IEP. Any outstanding at-auction limit orders at the end of the Pre-opening Session will be carried forward to the Continuous Trading Session and treated as limit orders provided that the specified price of that at-auction limit order does not deviate and 9 times or more from the nominal price. Such orders will be put in the price queue of the input price.

 

Order Types for Continuous Trading Session:

 

Limit Order (LO)

A limit order will allow matching only at the specified price. The sell order input price cannot be made at a price below the best bid price, if available whereas the buy order input price cannot be made at a price above the best ask price, if available. Any outstanding limit order will be put in the price queue of the input price.

 

Enhanced Limit Order (ELO)

An enhanced limit order will allow matching of up to 10 price queues (i.e. the best price queue and up to the 10th queue at 9 spreads away) at a time provided that the traded price is not worse than the input price. The sell order input price cannot be made at a price of 10 spreads (or more) below the current bid price whereas the buy order input price cannot be made at a price of 10 spreads (or more) above the current ask price. Any outstanding enhanced limit order will be treated as a limit order and put in the price queue of the input price.

 

Special Limit Order (SLO)

A special limit order will allow matching of up to 10 price queues (i.e. the best price queue and up to the 10th queue at 9 spreads away) at a time provided that the traded price is not worse than the input price. A special limit order has no restriction on the input price as long as the order input price is at or below the best bid price for a sell order or at or above the best ask price for a buy order. 

Any outstanding special limit order will be cancelled and will not be stored in the trading system.


Spread Table for Securities

Currency Unit

From0.01to0.25->0.001
Over0.25to0.50->0.005
Over0.50to10.00->0.010
Over10.00to20.00->0.020
Over20.00to100.00->0.050
Over100.00to200.00->0.100
Over500.00to1,000.00->0.500
Over1,000.00to2,000.00->1.000
Over2,000.00to5,000.00->2.000
Over5,000.00to9,995.00->
5.000