Pre-Opening Session(9am to 9.30am)

At-auction Limit Order and At-auction Order are applicable in Pre-opening Session. You may place the above instruction via HSBC Internet Banking.

Pre-opening session At-auction limit order At-auction order
Capture Amend Cancel Capture Amend Cancel
Order Input Period 9.00am-9.15am Yes Yes Yes Yes Yes Yes
Pre-order Matching Period 9.15am-9.20am No No No Yes No No
Order Matching Period 9.20am-9.28am No No No No No No
Blocking Period 9.28am-9.30am No No No No No No

Closing Auction Session (4pm - 4.10pm)

During 4.01pm to 4.10pm of the Closing Auction Session, you can input At-auction Limit Order within price range and At-auction Order. Please refer to the table below for the arrangement of order input, cancellation and amendment and price limit in the Closing Auction Session.

Time 9.30pm - 12.00noon
1.00pm - 4.00pm
4.00pm - 4.01pm 4.01pm - 4.06pm 4.06pm - 4.08pm 4.08pm - 4.10pm
Session Continuous Trading Session Closing Auction Session
Reference Price Fixing Period (1 min) Order Input Period (5 mins) No-Cancellation Period (2 mins) Random Closing Period (2 mins)
Description Reference price based on the median of 5-snapshot nominal prices in the last minute of Continuous Trading Session
  • Calculate & publish reference price
  • No Input, Cancel & Amend
  • Orders within price limit will be automatically carried forward
Price Limit:
5% of Reference Price
Within lowest ask & highest bid
Order Type Allowed:
At-auction Order At-auction Limit Order
Order Input, Cancellation & Amendment:
Allow Input, Cancel & Amend Input Allowed, Cancel & Amend Not Allowed

  1. Only eligible stocks can participate in the Closing Auction Session. Please refer to the Stock Exchange of Hong Kong (HKEX) website for eligible stocks list.
  2. Auction matching ends randomly within the 2-minute period from 4.08pm to 4.10pm, randomly determined by the HKEX's system.
  3. For half day trading, the Closing Auction Session will be from 12.00noon to 12.10noon.

Order Type in Auction Period

At-auction limit order

An at-auction limit order is a buy order or a sell order in Pre-opening Session and Closing Auction Session, with a specified price input. When the specified price is (in the case of a buy order) equal to or higher than final IEP*, or (in the case of a sell order) equal to or lower than the final IEP*, the order will be matched at the final IEP* (subject to the HKEX order automatic matching result).

In Pre-opening Session, we currently handle At-Auction Limit Orders with 500 spreads to help you manage your risk. Any unmatched at-auction limit order would be converted to a limit order and carried forward to the Continuous Trading Session. In Closing Auction Session, any unmatched today order will be unexecuted at the end of the trading session, while any unmatched multiple day order yet to expire will be carried forward to the next trading day.

At-auction order

An at-auction order is a buy order or a sell order in Pre-opening Session and Closing Auction Session, with no specified price input. The order will be matched at the final IEP* (subject to the HKEX order automatic matching result). Please note that the execution price of At-auction Order may substantially deviate from the stock price at the time you submitted the order.

Any unmatched order will be unexecuted at the end of the trading session.

* Indicative Equilibrium Price (IEP) refers to the price where the maximum number of shares can be traded if order matching occurs at that time. Final IEP will be the opening price of the relevant stock in Pre-opening Session, and closing price in Closing Auction Session. Please refer to the HKEX website for detailed definition.

Please refer to HKEX website for details of Auction Trading Period.


The Bank does not provide investment advice. Investment involves risk. The price of stocks may move up or down. Losses may be incurred as well as profits made as a result of buying and selling stocks. Full details of the terms and conditions of the above services are available on request.

The information shown is based on data obtained from sources believed to be reliable but the Bank and the concerned Information Provider(s) make no representation and accept no responsibility as to its accuracy or completeness and shall not be held liable for damages arising out of any person's reliance upon this information. This information is neither a recommendation, an offer to sell, nor solicitation of an offer to purchase any investment. The prices quoted and the other information shown are for reference only and are subject to change without notice.