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HKSI PrepStudyingPaper 1
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A POS security closed at HK$40.00 yesterday. Within what price range will an at-auction limit order entered at 9:08 a.m. be accepted?
During the order input period (9:00-9:15 a.m.) the Stage 1 price limits apply: an at-auction limit order must be within plus or minus 15% of the POS reference price, which is the previous closing price. 15% of HK$40.00 is HK$6.00, so the accepted range is HK$34.00 to HK$46.00 and an order outside it is rejected. Plus or minus 10% (HK$36.00-44.00) is the VCM threshold for LargeCap stocks, plus or minus 5% (HK$38.00-42.00) is the Closing Auction Session limit around its reference price, and plus or minus 20% is the VCM threshold for SmallCap stocks. From 9:15 a.m. the Stage 2 limits narrow to the best bid and best ask recorded at 9:15 a.m. Source: HKEX, Trading Mechanism of the Pre-opening Session in the Securities Market (version 10 April 2026), section 4 (as at October 2026).
Mixing up the auction price limits: plus or minus 15% of the previous close in the Pre-opening Session, plus or minus 5% of the reference price in the Closing Auction Session.
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