HKEX is the primary stock exchange in Hong Kong.
Currency: Hong Kong Dollar (HKD)
Information on the HKEX trading infrastructure can be found on the Securities Trading Infrastructure page.
|Price Range||Tick Size|
|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|
The pre-opening session is as follows:
|Order Input Period||09:00:00 - 09:15:00|
|Pre-Order Matching Period||09:15:00 - 09:20:00|
|Order Matching Period||09:20:00 - 09:28:00|
|Blocking Period||09:28:00 - 09:30:00|
Order Input Period
During the order input period, auction orders may be input into the system, and may be amended or cancelled. An auction order that is amended in connection with a reduction in size shall not affect the time priority of the original auction order. An auction order that is amended in connection with a specified price or an increase in size will result in the loss of time priority of the original auction order.
Pre-Order Matching Period
During the pre-order matching period, only at-auction orders may be input into the system but no order shall be amended or cancelled.
Order Matching Period
During the order matching period, automatic order matching of the auction orders shall be conducted and no order shall be input into the system, amended, or cancelled.
During the blocking period, the system shall be static for transition from the pre-opening session to the continuous trading session, and no order shall be input into the system, amended, or cancelled.
The Closing Auction Session (CAS) is applicable to selected securities and consists of four periods: the Reference Price fixing period, order input period, no-cancellation period, and random closing period.
During the Reference Price fixing period, a Reference Price, which sets the allowable upper and lower price limits of the closing auction session (±5 per cent from the Reference Price), is calculated for each security that will have a Closing Auction Session.
During the order input period, at-auction orders and at-auction limit orders within the ±5 per cent price limit can be entered, amended or cancelled.
During the no-cancellation period, prices of new at-auction limit orders must be between the lowest ask and highest bid of the order book, and no orders can be amended or cancelled.
During the random closing period, the order rules from the no-cancellation period apply and the market closes randomly within two minutes. After the random closing period, orders for all CAS securities are matched at the final IEP. In cases where final IEP cannot be established during the CAS, the Reference Price will be treated as the final IEP for order matching and will become the closing price of the CAS security. Order matching is based on order type, price and then time priority (at-auction orders carry a higher matching priority).
1. Continuous Trading (09:30 -16:00)
2. Pre-closing average price determination phase (15:59 - 16:00)
Order Types: Limit Order with TIF set to DAY and Market Order with TIF set to DAY.
For more information on the auction mechanisms on Hong Kong Stock Exchange, see the Trading Mechanism page.