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HK stock trading and settlement rules

 

1. Trading Rules

Hong Kong stocks are T+0 transactions, and stocks bought (shorted) on the same day can be sold (buyback) on the same day.

After buying (short selling), investors find that they have made a mistake in judgment and can sell (buyback) in time to avoid risks and losses.

 

2. Settlement rules

The Hong Kong stock settlement rules are T+2, that is, for stocks traded today (T0), the securities company and the clearinghouse will complete the settlement of funds and stocks on the second trading day (T+2).

For example, T0 is Monday, and settlement will be completed on Wednesday; T0 is Thursday, and settlement will be completed next Monday.

Note: The above times are all trading days.

 

3. Limit on HK stock price volatility

 

The Hong Kong stock market does not have a 10% trading suspension system. In an exceptionally stable market environment, the trend of Hong Kong's large-cap blue-chip stocks and H shares is more stable relative to A-shares.

However, starting from August 22, 2016, the Hong Kong Stock Exchange has launched a market fluctuation adjustment mechanism (cooling-off period) to prevent extreme price fluctuations caused by major trading errors or other abnormal events and maintain the normal order of the market.

The so-called "cooling-off period" means that if the 81 HSI and HSCEI constituent stocks rise or fall by 10% within 5 minutes, they will enter a 5-minute "cooling-off period". Investors can only trade within the specified price range. After the 5-minute cooling-off period, the market will resume normal trading.

 

4. Stock Price Changes

4.1. Table of HK Stock Price Changes

 

The minimum price change of each Hong Kong stock is determined according to its share price.

Range of Share Price

Minimum Price Change

0.01–0.25

0.001

0.25–0.50

0.005

0.50–10.00

0.010

10.00–20.00

0.020

20.00–100.00

0.050

100.00–200.00

0.100

200.00–500.00

0.200

500.00–1,000.00

0.500

1,000.00–2,000.00

1.000

2,000.00–5,000.0

2.000

5,000.00–9,995.00

5.000

 

 

4.2 Table of Price Changes of ETFs and Leveraged and Inverse Products (Effective on June 1, 2020)

The minimum price changes of ETFs and leveraged and inverse products are determined according to their share price.

Range of Share Price

Minimum Price Change

0.01–1.00

0.001

1.00–5.00

0.002

5.00–10.00

0.005

10.00–20.00

0.010

20.00–100.00

0.020

100.00–200.00

0.050

200.00–500.00

0.100

500.00–1,000.00

0.200

1,000.00–2,000.00

0.500

2,000.00–9,999.00

1.000

 

Note: Some fixed-income ETFs are subject to the following minimum price change (for specific products, please refer to the information from the Hong Kong Stock Exchange).

 

Range of Share Price

Minimum Price Change

0.50–9,999.95

0.050

 

协议及声明

HK stock trading and settlement rules

 

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