In Hong Kong, it is commonly used for trading shares of newly listed companies before their official listing. Such trading typically takes place after market close on the business day immediately preceding the stock's listing.

Unlike regular Hong Kong stock trading, which is matched and executed through the Hong Kong Stock Exchange's trading system, grey market trading is conducted outside the exchange. Orders are quoted and matched through internal systems provided by certain brokers rather than through the exchange's trading platform.

2. Grey Market Trading Hours

Grey market trading is available on the business day immediately preceding the official listing date of a new stock and operates from 4:15 p.m. to 6:30 p.m. (Hong Kong time).

On half-day trading sessions, grey market trading hours are 2:15 p.m. to 4:30 p.m. (Hong Kong time).

Trading Arrangements During Typhoons and Black Rainstorm Warnings

Where the Hong Kong Observatory issues a Typhoon Signal No. 8 or above, a Black Rainstorm Warning, or where the Government of the Hong Kong Special Administrative Region announces an "Extreme Conditions" situation, Moomoo SG's grey market trading services will continue to operate and remain available to clients.

3. Grey Market Order Placement Guide

3.1 Mobile Apps

Step 1: Locate the grey market stock you wish to trade

Navigate to the "Upcoming Listings" section and select the stock that is scheduled to be listed on the following trading day and is available for grey market trading.

Step 2: Place an order

Enter the order quantity and price.
Review and confirm the order.

Note: Please ensure that your mobile application is updated to the latest version to view the grey market data source and executing broker information.

3.2 PC client

Step 1: Locate the grey market stock you wish to trade

You may find the stock using either of the following methods:

Enter the stock name or stock code directly into the search bar; or
Or find the stocks listed on the next trading day through this path: PC Client - Explore - IPOs.

Step 2: Place an order

Enter the order quantity and price to confirm the transaction.

Note: Please ensure that your desktop application is updated to the latest version to view the grey market data source and executing broker information.

4. What Order Types Are Supported for Grey Market Trading?

The following order types are supported for grey market trading:

Limit Order
Market Order
Stop-Limit Order
Stop-Market Order
Take-Profit Limit Order
Stop-Loss Limit Order
Trailing Stop-Limit Order
Trailing Stop-Market Order

Note: Please ensure that your application is updated to the latest version to support order validity settings (e.g., effective/expiry settings) and order amendment functions.

5. Are There Any Price Restrictions on Grey Market Orders?

In order to ensure the efficiency of grey market orders, only orders that meet the price restrictions will be sent to the matching system to be filled, and orders that exceed the price restrictions will be rejected. The specific restrictions are:

Market price * (1 - 25%) <= Bid price <= Market price * (1 + 25%)

Market price * (1 - 25%) <= Ask price <= Market price * (1 + 25%)

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