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Hong Kong
Securities Market:
  • Securities Marketing
    Trading Hours
  • Pre-opening
    Session
  • Continuous Trading
    Session
  • Order
    Instruction
  • Order
    Quotation Rules
Trading is conducted from Monday to Friday (excluding public holidays) at the following times:

Trading Hours (Effective from 5 March 2012)

Trading Hours

Pre-opening Session9:00 a.m. to 9:30 a.m.

Continuous Trading Session

Morning Session 9:30 a.m. to 12:00 noon

Extended Morning Session 12:00 noon to 1:00 p.m.

Afternoon Session 1:00 p.m. to 4:00 p.m.

There is no Extended Morning Session and Afternoon Session on the eves of Christmas, New Year and Lunar New Year. No Extended Morning Session follows if there is no Morning Session.


(Source: Hong Kong Exchanges and Clearing Limited)
The pre-opening session is introduced to determine a fair opening price.

During the pre-opening session, orders are accumulated over a certain period of time and matched within the pre-defined order matching period. Orders are matched on order type, price and time priority (at-auction orders carry a higher matching priority) at the final Indicative Equilibrium Price (IEP).

The trading system only accepts at-auction orders and at-auction limit orders. The price of an order input into the trading system must not be nine times or more of the previous closing price or the nominal price (as the case may be), if available, or one-ninth or less of that price. The maximum order size is 3,000 board lots per order.

Trading hours during the pre-opening session are as follows:

Order Input Period 9:00 am to 9:15 am
Pre-order Matching Period 9:15 am to 9:20 am
Order Matching Period 9:20 am to 9:28 am
Blocking Period 9:28 am to 9:30 am

During the order input period, only at-auction orders and at-auction limit orders are accepted. Orders are accumulated and updated in the trading system continuously and can be modified or cancelled.

During the pre-order matching period, only at-auction orders are accepted and modification or cancellation of orders in the system will not be allowed. It can avoid significant changes in IEP and adjust the IEP to a fair market price.

During the order matching period, no input, modification and cancellation of orders are allowed in the trading system. The final IEP of a security is determined during this period. Orders will be matched on order type (at-auction order first), price and time priority at the final IEP.

During the blocking period, orders cannot be routed into HKEx’s trading system by brokers until the start of the continuous trading session at 9:30 am.

(Source: Hong Kong Exchanges and Clearing Limited)
The continuous trading session covers periods from 09:30 am to 12:00 noon and 01:00 pm to 04:00 pm on each trading day. During the continuous trading session, the trading system will match orders input into the system on price priority based on the orders received. An order entered into the system at an earlier time must be executed in full before an order at the same price entered at a later time can be executed. During the continuous trading session, the system accepts Limit Orders, Enhanced Limit Orders and Special Limit Orders only.

(Source: Hong Kong Exchanges and Clearing Limited)
“At-auction Order”
During the Pre-opening Session, the trading system of the Exchange accepts only At-auction Order and At-auction Limit Order. An At-auction Order is an order with no specified price and 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 on 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.

“At-auction Limit Order”
An At-auction Limit Order is an order with a specified price. An at-auction limit order with a specified price at or more competitive than the final IEP (in case of buying, the specified price is equal to or higher than the final IEP, or in case of selling, the specified price is equal to or lower than the final IEP) 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 on price and time priority at the final IEP. No at-auction limit order will be matched at a price worse than the final 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 must not be nine times or more of the nominal price or one ninth or less of that price. Such orders will be put in the price queue of the input price.

“Limit Order”
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 join the price queue of the input price.

“Enhanced Limit Order”
An Enhanced Limit Order is similar to a Limit Order except that it will allow matching of up to five price queues (i.e. the best price queue and up to the 5th queue at 4 spreads away) at one time provided that the traded price is not worse than the input price. The sell order input price can be made at a price of 4 spreads below the current bid price whereas the buy order input price can be made at a price of 4 spreads 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”
A Special Limit Order will allow matching of up to 5 price queues (i.e. the best price queue up to the 5th queue at 4 spreads away) at one 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.

(Source: Hong Kong Exchanges and Clearing Limited)
The first bid or ask order entered into the trading system on each trading day is governed by the opening quotations rules. During the Pre-opening Session, the first order shall not in any case be nine times or more of the previous closing price (if available) or one-ninth or less of that price.

During the Continuous Trading Session, the first order (if it is a bid order) must be at a price higher than or equal to the previous closing price minus 24 spreads. The first order (if it is an ask order) must be at a price lower than or equal to the previous closing price plus 24 spreads. The first order (bid or ask) must not in any case be nine times or more of the previous closing price or one-ninth or less of that price. A spread refers to the smallest allowable change in share price.

Spread Table
The spread of security depends on its share price. The following is the spread table for all securities other than debt.

Prices of Securities Minimum Spread
From 0.01 to 0.25 0.001
Over 0.25 to 0.50 0.005
Over 0.50 to 10.00 0.010
Over 10.00 to 20.00 0.020
Over 20.00 to 100.00 0.050
Over 100.00 to 200.00 0.100
Over 200.00 to 500.00 0.200
Over 500.00 to 1,000.00 0.500
Over 1,000.00 to 2,000.00 1.000
Over 2,000.00 to 5,000.00 2.000
Over 5,000.00 to 9,995.00 5.000

(Source: Hong Kong Exchanges and Clearing Limited)