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FAQs about odd lots

 

The smallest trading unit for an order executed on the automatic order matching system of the Hong Kong Stock Exchange is one lot. In the Hong Kong stock market, the number of stocks in each lot is determined by the stock price. 1 lot may be 100 shares, 500 shares, 1,000 shares and 2,000 shares. For example, in the current Hong Kong stock market, Tencent Holdings has 100 shares per lot, and Galaxy Entertainment is 1,000 shares per lot. Each terminal of HY PRO App is able to view the number of stocks per lot of each stock.

 

Stocks with less than one lot are called odd lots and cannot be traded through the automatic order matching system of the Hong Kong Stock Exchange. But investors can trade odd shares through the mobile version of the HY PRO App. 
 

1. Which stocks can be traded in odd lots?

All securities that can be traded on the Hong Kong Stock Exchange are available for non-whole lot (odd stock) buy opening/sell closing transactions. Under normal circumstances, stocks with high liquidity are more likely to have odd lot transactions.
Currently, selling and opening (short selling)/buying and closing transactions of non-whole lots (odd shares) are not supported. However, there are exceptions for buying and closing trades. If your position contains odd lot shorts passively generated by company actions, you can buy and close the odd lot shares.

Example: Suppose a security has 1,000 shares per lot. If your short position is 1,100 shares, you can buy 100 odd shares; if your short position is 1,000 shares, you are prohibited from buying odd shares.
 

2. Odd lot transactions are manually matched, how do I see the quotation?

After the odd lot trading order is placed by the App, it is placed in the odd lot section of the exchange and waits for the odd lot dealer to accept it. After manual matching, it will be returned to the Hong Kong Stock Exchange with a "D" note. Solomon does not provide specific odd lot quotations.
 

3. What are the factors related to the odd lot trading price?

Under normal circumstances, the odd lot transaction will be several price points inferior to the whole lot, and the transaction speed is related to the deviation range of the input price from the market price and the number of odd lot shares. However, due to manual matching, there is no definite price difference between odd lot and the whole lot. Investors can refer to the market price of an entire lot of stocks to determine the buying and selling price.

 

4. Odd lot trading hours

Odd lots can only be traded during the continuous trading hours of Hong Kong stocks (9:30~12:00 on the trading day and 13:00~16:00 on the trading day). There is no pre-opening market and closing auction period.

 

5. Order type of odd lot

Odd lot orders are only limited (enhanced) to one type of order.
 

6. Number of odd lot shares

The exchange stipulates that the number of odd shares purchased and sold shall not exceed one lot. When choosing odd lot order trading, orders exceeding one lot of the stock will be rejected.
 

7. Price restrictions for odd lots

The exchange stipulates that the buying and selling price of odd shares shall not deviate from 9 times the market price. Besides, because odd lot transactions are manually matched and are not automatically matched by the system, the price entered by users is very unfavorable for their prices and will be executed immediately. To prevent investors from entering incorrect operations, orders that deviate from the market price by 5% will be rejected.

 

8. Common reasons for unsuccessful odd lot transactions

The price of odd lots tends to be lower than that of round lots due to limited liquidity in the odd lot market. Also, as odd lot orders are matched manually, it may take longer for processing odd lots than round lots. You may wait until the order fills or make an adjustment to the price. 

 

Disclaimer:

1. Odd lot trading will be inferior to whole lot trading, Solomon does not guarantee investors to trade at the best price;

2. Choosing HY Pro trading software for odd lot trading means that you agree to Solomon's relevant statement on odd lot trading.

协议及声明

FAQs about odd lots

 

Except for public holidays and the market closure due to bad weather, the Hong Kong stock market generally trades from Monday to Friday. The trading hours are as follows:
 

1. Pre-open Period

Time period

Trading Rules

Enter order 9:00-9:15

Submit, modify, and cancel auction market orders and auction limit orders

Non-cancellable 9:15-9:20

Only at-auction market orders and at-auction limit orders can be submitted, and orders cannot be withdrawn or modified

Random match period 9:20-9:22 (match will start randomly at 9:20-9:22 at the final reference equilibrium price)

Conduct matchmaking during auction period

Pause period, from random match period ends to 9:30

At-auction order: Incomplete order will be cancelled by the system; At-auction limit order: If the input price range of an incomplete order does not deviate from the nominal price by nine times or more, it will be converted to a limit order and automatically transferred to the continuous trading session

 

2. Continuous Trading Hours

Time period

Beijing Time

Morning market

9:30-12:00

Closed at noon

12:00-13:00

Afternoon market

13:00-16:00

Note: Order modification is not allowed during the closed at noon, and cancellation is allowed during 12:30 - 13:00.

 

3. Closing Auction Trading Session

Time period

Trading Rules

Closing auction period 16:00-16:01      

Calculate and publish reference price; orders cannot be submitted

Enter order 16:01-16:06

You can submit, modify, and cancel at-auction market orders and auction limit orders. The price limit of auction limit orders shall not exceed ±5% of the reference price

Non-cancellable 16:06-16:08

At-auction market orders and at-auction limit orders can be submitted, and cannot be cancelled or changed; the input price of at-auction limit orders must be between the lowest selling price and the highest bidding price

Random closing 16:08-16:10

At random closing time, at-auction market orders and at-auction limit orders can still be submitted, and cannot be cancelled or changed; the input price of auction limit orders must be between the lowest selling price and the highest bidding price