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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.