Order Types - HK

This article will systematically introduce the common order types in the Hong Kong stock market to help investors choose appropriate order placement strategies based on different trading scenarios.

1. Enhanced Limit Orders (ELO)

A limit order with a specified price that is suitable for continuous trading sessions. It can be matched up to 10 queues at a time. The ask price can be 9 spreads lower than the best bid price. The input bid price can be 9 spreads higher than the best ask price; after matching, any quantity not executed will be converted to a general limit order at the specified limit price originally input and stored in the queue at the input price.

2. Market Order (MO)

A market order without a specified price is applicable to continuous trading sessions. The executed price of a market order is not guaranteed, and it may be executed at any price. After matching, any quantity that is not executed will be directly canceled by the system.

3. At-Auction Limit Order (ALO)

A limit order with a specified price that is applicable to morning call auction sessions and closing call auction sessions. Orders of this type submitted during sessions other than those above will be temporarily stored in the system in the form of parked orders and placed during the next call auction session. If order matching has been completed, but the order cannot be fully matched, the unmatched quantity will be converted into the applicable order type and carried over to the next applicable session, and will remain on the market until matched and executed.

4. At-Auction Order (AO)

A market order without a specified price that is applicable to morning call auction sessions and closing call auction sessions, and enjoys a higher matching priority than at-auction limit orders. Orders of this type submitted during sessions other than those above will be temporarily stored in the system in the form of parked orders and placed during the next call auction session. Any at-auction order not matched after matching has been completed will be automatically canceled.

5. Buy if Touched

A trigger price must be set for "Buy if Touched" orders. When the market price hits the trigger price, the system is required to submit the price (market price/limit price), quantity and other parameters relating to the buy order.

Supported order validity: Day/Good-till-canceled/Good-till-date

6. Sell if Touched

A trigger price must be set for "Sell if Touched" orders. When the market price hits the trigger price, the system is required to submit the price (market price/limit price), quantity and other parameters relating to the sell order.

Supported order validity: Day/Good-till-canceled/Good-till-date

7. Trailing to Buy

Trailing to buy orders require that a certain price fluctuation value or price limit be set with respect to price rebounds from the lowest point after the order is placed. When the current market price fluctuation is triggered, the system is required to submit the order spread, quantity and other parameters relating to the buy order.

Supported order validity: Day/Good-till-canceled/Good-till-date

8. Trailing to Sell

Trailing to sell orders require that a certain price fluctuation value or price limit be set with respect to price drops from the highest point after the order is placed. When the market price fluctuation is triggered, the system is required to submit the order spread, quantity and other parameters relating to the sell order.

Supported order validity: Day/Good-till-canceled/Good-till-date

Disclosures

This article is for reference only and does not constitute any investment advice.