$XL2CSOPHYNIX(07709.HK)1. 9:00-9:15 Order Modification Period

Only accepts auction limit orders, price limit: ±15% of yesterday's closing price; orders can be placed, modified, or cancelled freely, and the system displays the Indicative Equilibrium Price (IEP) in real-time.

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2. 9:15-9:20 Order Lock-in Period

New orders can still be placed, but all existing orders cannot be modified or cancelled; the price range narrows, limited between the current highest bid and lowest ask.

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3. 9:20-9:22 Random Matching Period (Core)

The exchange system randomly selects a single point in time within these two minutes to perform a one-off, centralized order matching, calculating the unique opening transaction price; trades are executed following price priority and, for equal prices, time priority.

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4. 9:22-9:30 Silent Waiting Period

No further order processing; unmatched auction orders are automatically converted to regular limit orders and carried over into the continuous auction trading session starting at 9:30.

I see many people still don't know the auction rules. Basically, you can consider prices before 9:15 to have little reference value, no need to pay attention.