**HKEX Pre-Open Session (POS)**

Additional trading session of 30 minutes which takes place before the Morning
Trading Session.

Helps to determine a security’s fair opening price by bringing together buying and
selling interest, and then executing trades at a single price point, where maximum
volume can be traded.

1. 9 - 9.15am for Submission of at-auction or at-auction limit orders.

9.15 - 9.20am No-cxl period where Orders can be entered but none can be cxlled
or amended.

9.20 - 9.22am order matching & execution at single price point i.e. the final
IEP aka the Opening price

9.22 - 9.30am Blocking period where Orders can no longer be entered, amended or
cancelled.

2. +/-15% price limit from yest's closing price for at-auction limit orders

**HKEX Continuous Trading Session**

1. 9.30am - 12pm (Morning), 12pm - 4pm (Afternoon)

2. VCM sets price limit of ±10%, ±15% and ±20% for Hang Seng Composite LargeCap,
MidCap and SmallCap Indexes constituent stocks based on last traded price 5 mins
ago.

3. 5-min cooling off period once VCM is triggered and trading is only allowed
within a +/-10% , +/- 15%, +/-20% price band from the last trd price 5-mins ago.

4. VCM applicable only for CTS & covers all constituent stocks of Hang Seng
Composite LargeCap, MidCap and SmallCap Indexes, SPAC Shares, SPAC Warrants, and
eligible Exchange Traded Products (ETPs).

**HKEX Closing Auction Session (CAS)**

During a closing auction, market participants interested in trading at the closing

price may input buy and sell orders. Then their orders interact with each other to
form a consensus closing price for each security and orders are executed at that
price.

1. 4pm - 4.01pm Price fixing period where Reference price is determined

4.01pm - 4.06pm Order input period where at-auction/at-auction limit orders +/-
5% from ref price are entered.

4.06pm - 4.08pm No-cancellation period (Top-up order latest before 4.06pm!)

4.08pm - 4.10pm random closing period.After which Order matching for all CAS
Securities at the final IEP i.e. the Close.