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+852 3693 3892
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Reservation
Online Trading Platform

Hong Kong Securities Market

 

Hong Kong Time：Trading is conducted on Monday to Friday (excluding public holidays)

                           Morning Session:        09:30 a.m. to 12:00 n.n.

                           Afternoon Session:      01:00 p.m. to 04:00 p.m.

 

Note: There is no Extended Morning Session and Afternoon Session on the eves of Christmas, New Year and Lunar New Year.  There will be no Extended Morning Session if there is no Morning Session.

Please check with HK Exchange for any latest updates.

 

Pre-opening Session:

TIME

AT-AUCTION ORDER (AUC)

AT-AUCTION LIMIT ORDER (ALO)

9:00 a.m. - 9:15 a.m.
 Order input period

• Order input

• Reduce
• Cancel

• Order input

• Reduce
• Cancel

9:15 a.m. - 9:20 a.m.
Pre-matching period

• Order input only

• N/A

9:20a.m. - 9:28a.m.
Order matching period

• Unmatched orders will be cancelled.

• Unmatched orders will be converted to Limit Orders and carried forward to morning trading session.

 

Pre-opening Session Order Types:

At-auction Order(AUC)
  • No specified price
  • High order matching priority than an ALO and will be matched in time priority at the final IEP.
  • Any outstanding AUC after the end of the Pre-opening Session will be cancelled before the commencement of the Continuous Trading Session.

At-auction Limit Order(ALO)
  • With a specified price
  • Any outstanding ALO will be carried forward to the Continuous Trading Session and treated as limit order provided that the specified price of that ALO does not deviate 9 times or more from the nominal price. Such orders will be put in the price queue of the input price.

 

Volatility Control Mechanism：

* Only for Hang Seng Index (HSI) and Hang Seng China Enterprises Index (HSCEI or H-shares Index) constituent stocks, including 81 stocks, to prevent extreme price volatility from trading incidents such as a “flash crash” and algorithm errors, and to address systemic risks from the inter-connectedness of securities and derivatives markets. 

* When Volatility Control Mechanism constituent stocks' trading price exceeds the last five minutes trading price ± 10%, it will trigger five minutes cooling-off period, the securities can be traded within a specified price range only.

* Each share will trigger a cooling-off period once in every trading session (morning and afternoon).

* Cooling-off period does not apply to pre-opening session (9:00 to 9:30) and closing auction session (16:00 to 16:08 - 16:10*), morning and afternoon trading session first 15 minutes (9:30 to 9:45 and 13:00 to 13:15) and last 20 minutes of afternoon trading session (15:40 to 16:00).

 

Closing Auction Session (CAS)：

Trading hours extended for 10 minutes after 4pm for a closing acution.
The price that the highest volume can be traded at will be the closing price.
Can trade by specifying a limit price (i.e. at-acution limited order) or trade directly at the closing price. (i.e. at-acution order)　　

　　　

3:59pm

Reference price is determined by taking the median of 5 nominal prices in the last minutes of the afternoon session.

4:00pm to 4:01pm

Calculation and demmination of reference price.

4:01pm to 4:06pm

Order Input Period
* Price limit is ±5% from reference price
* System will automatically carry over orders from the afternoon session that are within the price limit.
* At-auction orders and at-auction limit orders within the price can be be entered, amended or cancelled.  

4:06pm to 4:08pm

No cancellation Period
* Price limit if further tightened to between the lowest ask and the highest bid.
* At-auction orders and at-auction limit orders the price limit can be entered, but cannot be amended or cancelled.

4:08pm to 4:10pm

Random Closing
* The following 2 minutes is the Random Closing Period.
* At-auction orders and at-acution limite orders can still be entered before the random close, but cannot be amended or cancelled.
* Actual closing time is determined randomly by the system.
* System will match all orders at the price where the highest volume can be traded.