Do you know which order types are only available in HK? Mastering them, you will have more trading initiative in the HK stock market. Now Moomoo will explain these order types to you.

At-Auction and At-Auction Limit Orders (HK stocks only): Trade at relatively fair prices

Please note that the auction here has nothing to do with the price but refers to the trading sessions.

The HK market has two trading sessions: 9:00–9:22 for the pre-opening auction session and 16:00–16:10 for the closing auction session. You can submit an at-auction or at-auction limit order during the two sessions.

After collecting all order prices, the median price with the highest trading volume is determined as the traded price. Every investor's order can be traded at that price.

The traded price is generated at a random time between 9:20–9:22 in the pre-opening auction session or at a random time between 16:08–16:10 in the closing auction session, and then orders can be directly matched.

As for the at-auction limit orders, the order will likely be filled at the traded price if the traded price is better than your set price. No orders can be filled if the traded price is inferior to your set price. Market orders, on the other hand, may be filled at the traded price generated during the matching period.

It is important to note that

(1) There is a time to submit orders.

For the pre-opening auction session, let's take the 9.20 AM–9.22 AM random matching period as an example. Assuming that today's traded price is generated at 9:21:01 in the morning, then the at-auction orders set before this time can be filled at the traded price. There will be a temporary session after the order matching. At this time, HKEX does not accept orders. As for the previously set but not matched at-auction limit orders, they can wait to be filled during the continuous trading session to enhance the market liquidity.

(2) The sequence of orders to be filled is determined under the queuing principle.

Order queueing follows the principle of price first and then time. An at-auction market order is matched before the limit order. If the prices are the same, the orders are then sorted by time.

(3) During the pre-opening auction session, orders can't be changed or cancelled after 09:15. During the closing auction session, orders can't be changed or cancelled after 16:06.

Advantages of At-Auction Limit Orders: Orders will be filled during the HK stock auction session at the relatively fair median price with the highest trading volume.

Disadvantages of At-Auction Limit Orders: Orders may not be filled due to rules and queuing.

Odd Lot Orders (HK market only): Trade your odd lots

Usually, when a company pays a dividend, it may give investors shares that are less than the normal trading unit.

But odd lots are also tradable. You can use the odd lot orders if you want to trade them.

The odd lots mentioned here can be seen as an "Odd Lot Pool", which only includes odd lots. The odd lots are all traded only in this "pool" with nothing else involved, so they have lower liquidity.

So, if you want to sell odd lots, it is less likely to trade them at the market price. There should be a specific "discount".

Odd lot orders are limit orders, which can be filled at a better price first.

Disadvantages of Odd Lot Orders: Orders are inactive and may not be filled. Prices are less desirable.