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      What is the closing auction trading period (CAS)

      The closing bidding trading period (CAS) is divided into four stages from 16:00 to 16:10: the reference price pricing period (1 minute), the input trading time (5 minutes), the irrevocable period (2 minutes), and the random closing time (2 minutes).


      [Reference price pricing (16:00 to 16:01)]

      Reference price: calculation and publication

      Order modification: cannot enter, cancel and change


      [Enter order period (16:01 to 16:06)]

      Price limit: ±5% of the reference price

      Order type: At-auction order, At-auction limit order

      Order modification: input, cancel and change


      [Irrevocable period (16:06 to 16:08)]

      Price limit: between the lowest selling price and the maximum

      Order type: At-auction order, At-auction limit order

      Order modification: input, cancel and change


      [Random closing time (16:08 to 16:10)]

      Price limit: between the lowest selling price and the maximum

      Order type: At-auction order, At-auction limit order

      Order modification: input, cancel and change

      Note: The actual closing time is randomly determined by the system.


      [Phase I]

      1. Major index components: the Hang Seng Composite large Stock Index and the Hang Seng medium-sized Stock Index, with H shares corresponding to A shares;

      2. All exchange-traded funds.


      [Phase II] (currently applicable)

      1. The list of securities was expanded to include stocks in the Hang Seng Composite Index;

      2. The second stage includes the scope of application of the first stage.

      Risk Disclosure This presentation is for informational and educational use only and is not a recommendation or endorsement of any particular investment or investment strategy. Investment information provided in this content is general in nature, strictly for illustrative purposes, and may not be appropriate for all investors. It is provided without respect to individual investors’ financial sophistication, financial situation, investment objectives, investing time horizon, or risk tolerance. You should consider the appropriateness of this information having regard to your relevant personal circumstances before making any investment decisions. Past investment performance does not indicate or guarantee future success. Returns will vary, and all investments carry risks, including loss of principal. Moomoo makes no representation or warranty as to its adequacy, completeness, accuracy or timeliness for any particular purpose of the above content.

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