HK Stocks
Overview
Hong Kong is known as an international financial center due to its active stock market. The financial products in the market include stocks, warrants, bonds, unit trusts/mutual funds, and callable bull/bear contracts (CBBC), etc. The various Hong Kong-listed companies are divided into H shares, red chips, and blue chips companies.
As GTJA Macau client, you can enjoy:
1. An advanced online trading system which facilitates ordering via the mobile App and computer anywhere and anytime (Available soon)
2. Experienced and professional Account executive's dealing services
3. The latest market prices and information highlights of Hong Kong stocks
4. Regular "Company Specific Analysis" reports written by our professional research team
5. E-mail account statement service
Market Rules
| Trading Session | |
|---|---|
| Monday to Friday morning | 09:30 - 12:00 |
| Monday to Friday afternoon | 13:00 - 16:00 |
| Saturday, Sunday and Public Holidays | Market Close |
| Full Day Trading | Half Day Trading | ||
| Auction Session | Pre-opening Session | 9:00 a.m. - 9:30 a.m. | |
Continuous Trading Session | Morning Session | 9:30 a.m. - 12:00 noon | |
Extended Morning Session | 12:00 noon - 1:00 p.m. | Not applicable | |
Afternoon Session | 1:00 p.m. - 4:00 p.m. | Not applicable | |
| Auction Session | Closing Auction Session | 4:00 p.m. to a random closing between 4:08 p.m. and 4:10 p.m. | 12:00 noon to a random closing between 12:08 p.m. and 12:10 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.
All Exchange Trades and Clearing Agency Transactions are required to be cleared and settled on 2 days after the trade day (T+2).
The HKEX implements enhance the Pre-Opening Session (POS) in securities market on 19 October 2020
The enhanced Pre-opening Session will only cover all equities (including depository receipts, investment companies, preference shares and stapled securities), funds (including Exchange Traded Funds (ETFs) and REITs) and leveraged and inverse products (L&I Products) (together the "POS Securities").
Debt securities, structured products (including Derivative Warrants (DWs), Callable Bull/Bear Contracts (CBBCs) and Inline Warrants (IWs)), equity warrants and rights will not be covered by the enhanced POS. Order and manual trade input on these non-POS Securities during the enhanced POS will be rejected. Trading of these securities, and acceptance of order and manual trade input, will start in the CTS instead.
Pre-opening Session Trading Hours and Periods
The overall duration of the enhanced POS will remain unchanged as compared with the current POS
| Periods | Trading Hours | Duratoin |
| Order Input Period | 9:00am - 9:15am | 15 mins |
| No-Cancellation Period | 9:15am - 9:20am | 5 mins |
| Random Matching Period (Order matching will start randomly during this period) | 9:20am - up to 9:22am | 0-2 mins |
| Blocking Period | After matching - 9:30am | 8-10 mins |
Model of Enhanced POS and Periods
| Per-Opening Session | ||||
| Time | 9:00 - 9:15 | 9:15 - 9:20 | 9:20 - 9:22 | After 9:30 matching |
| Session | Order Input Period (15 mins) | No-cancellation (5 mins) | Random Matching Period (0-2 mins) | Blocking Period (8-10 mins) |
| Description | Price Limit: ±15% of previous closing price | Lowest ask & highest bid (recorded at the end of Order Input Period) | ||
| Order Type Allowed: At-auction Order At-auction Limit Order | Unfilled at- auction limit orders will be carried forward to CTS as limit orders | |||
| Actions Allowed: ✓Input/Cancel/Amend | ✓Input; ✘Cancel & Amend | |||
Price Limits:
A two-stage price limit mechanism is applied to control the price of at-auction limit orders (i.e. at-auction orders and manual transactions are not subject to these price limits) which are input during the POS.
| Applicable Period(s) | Time / Duration | Allowable Price Limits | |
| Stage 1 | Order Input Period | 9:00 - 9:15am | Stage 1 Upper and Lower Price Limits are ±15% from previous closing price respectively Buy orders: Previous Close -15% ≤ Order Price ≤ Previous Close +15% Sell Orders: Previous Close -15% ≤ Order Price ≤ Previous Close +15% |
| Stage 2 | No-Cancellation Period and Random Matching Period | 9:15am - time of random matching | Stage 2 Upper Price Limit = the higher of the highest bid price and the lowest ask price recorded at the end of the Order Input Period at 9:15am. Stage 2 Lower Price Limit = the lower of the highest bid price and the lowest ask price recorded at the end of the Order Input Period at 9:15am. Buy Order: Previous Close -15% ≤ Order Price ≤ Stage 2 Upper Limit Sell Order: Previous Close +15% ≥ Order Price ≥ Stage 2 Lower Limit IEP will only be formed within the range of the highest bid price & lowest ask price recorded at the end of Order Input Period at 9:15am |
Please note:
1. For stocks resuming from a trading suspension, the Stage 1 price limit check will not be applied for the first day of trading resumption only (no matter whether there is trade recorded on the day of trade resumption or not).
2. In HKEX's original plan, the 15% price limit against the POS reference price will not be applicable to securities including ETPs on their listing day
For more information about POS, please refer to the HKEx website.
Other Reference Materials
The HKEX implements the first phrase of Closing Auction Session (CAS) on 25 July 2016.
The coverage of securities in the CAS includes
- Constituent Stocks in Hang Seng Composite LargeCap Index and Hang Seng Composite MidCap Index
- H shares which have corresponding A shares listed on the exchanges in Mainland China
- All ETFs
List of CAS Securities
https://www.hkex.com.hk/eng/market/sec_tradinfra/vcm_cas/Documents/List%20of%20CAS%20securities.xls
Under the CAS, the market closing time will change from 16:00 to a random closing of anytime between 16:08 and 16:10 for a normal trading day and it will change from 12:00 to a random closing of anytime between 12:08 and 12:10 for a half trading day (i.e. eves of Christmas, New Year and Chinese New Year).
The below are the details of the CAS and the trading arrangement:
| Trading Session | Full Day Trading | Half Day Trading | Order Insturction |
|---|---|---|---|
| Reference Price Fixing Period | 16:00 - 16:01 | 12:00 - 12:01 | Input/ Admen /Cancel not allowed |
| Order Input Period | 16:01 - 16:06 | 12:01 - 12:06 | Input/ Admen/Cancel allowed |
| No Cancellation Period | 16:06 - 16:08 | 12:06 - 12:08 | Input allowed, Admen/ Cancel not allowed |
| Random Closing Period | 16:08 - 16:10 | 12:08 - 12:10 | Input allowed, Admen/ Cancel not allowed |
Notes:
The reference price is determined by taking the median of 5 nominal prices in the last minute of the Continuous Trading Session and the system will take 5 snapshots on the nominal prices at 15-second interval starting from 15:59:00.
Order Input Period: At-auction orders and at-auction limit orders within the ±5 per cent of reference price as price limit.
No Cancellation Period: At-auction orders and at-auction limit orders can be entered. At-auction limit orders must be between the lowest ask & highest bid recorded at the end of Order Input Period (i.e. recorded at 16:06).
Orders outstanding at the end of the preceding Continuous Trading Session will be automatically carried forward to the CAS and treated as at-auction limit orders except that the system will cancel those aggressive orders with prices outside the permissible price limit.
The market closing time for non CAS securities, structured product (i.e. DWs and CBBCs) and short-selling will continue to be 16:00 for full day trading and 12:00 for half day trading.
The price checking in relation to 24-spread rule is not applicable during CAS; while the 9-time rule for at-auction limit order is applicable as usual during CAS.
Details about CAS is available on HKEX website.
HKEX has adopted a dynamic price limit VCM model, which would trigger a cooling-off period in case of abrupt price volatility detected at the instrument level.
The VCM is only applicable for board lot order input during the Continuous Trading Session (CTS), but not for any orders input during the Pre-opening Session (POS) and the CAS.
During the CTS, the potential trade price of a VCM security will be continuously checked against a dynamic price limit of ±10%, ±15% and ±20% for Hang Seng Composite LargeCap, MidCap and SmallCap Indexes constituent stocks respectively based upon the reference price which is the last traded price 5 minutes ago.
The VCM is triggered if a stock is ±10%, ±15% and ±20% away (for Hang Seng Composite LargeCap, MidCap and SmallCap Indexes constituent stocks respectively) from the last traded price 5-min ago; A 5-min cooling-off period will start.
Normal trading and VCM monitoring will resume on the VCM-triggered instrument after the cooling-off period.
For more information about VCM, please refer to the HKEx website :
More on HKex Website
Dealing Hotline
Clients may call (853) 8293 1881 at business hour 9 a.m. to 6 p.m. to place orders.