An at-auction limit order is an order with a specified price. An at-auction limit order with a specified price at or more competitive than the final IEP (in case of buying, the specified price is equal to or higher than the final IEP, or in case of selling, the specified price is equal to or lower than the final IEP) may be matched at the final IEP subject to availability of eligible matching order on the opposite side. An at-auction limit order will be matched in price and time priority at the final IEP. No at-auction limit order will be matched at a price worse than the final IEP. If an IEP cannot be determined during the Closing Auction Session, the Reference Price will serve as the price for matching. The matching of applicable at-auction orders and at-auction limit orders will occur at the Reference Price instead and the matching mechanism will be same as matching at the IEP.

Any outstanding at-auction limit orders at the end of the Pre-opening Session will be carried forward to the Continuous Trading Session and treated as enhanced limit orders provided that the specified price of that at-auction limit order does not deviate 9 times or more from the nominal price. Such orders will be put in the price queue of the input price.

Reminder: According to the provisions of the Hong Kong Stock Exchange, at-auction limit orders initiated between 9:20-9:22 and failed to reach the exchange after the auction order is completed will be automatically cancelled at 9:23.

The above content is for reference only. Please click on the link below, subject to the information of the Hong Kong Stock Exchange.

PRE-OPENING SESSION (POS)（https://www.hkex.com.hk/global/exchange/faq/securities-market/trading/pre-opening-session?sc_lang=en）

CLOSING AUCTION SESSION (CAS)（https://www.hkex.com.hk/global/exchange/faq/securities-market/trading/cas?sc_lang=en#collapse-9）