1. Pre-open Period (HKT)
| 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9:15-9:20 | Only at-auction market orders and at-auction limit orders can be submitted, and orders cannot be withdrawn or modified |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 (HKT)
| 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 order cancellation is allowed from 12:30-13:00.
3. Closing Auction Trading Session (HKT)
| 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 |