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HKSI PrepStudyingPaper 1
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A stock's best bid is HK$1.00. Mr Ho enters a special limit order to sell 600,000 shares at HK$0.95; 350,000 are filled. What happens to the rest?
A special limit order can match up to 10 price queues at a time (the best queue and up to 9 spreads away) at prices no worse than its input price, with no restriction on how far below the best bid a sell order may be priced, subject to the 9-times rule. Any unfilled quantity is cancelled and is not stored in OTP-C. Keeping the balance in the queue at the input price is how an enhanced limit order behaves. Continuous trading orders are not converted into at-auction orders for the Closing Auction Session, and nothing converts the balance to the last traded price. Source: HKEX, Securities Trading Mechanism (OTP-C) web page (Order Types); Rules of the Exchange, Rule 505A (as at October 2026).
Confusing the special limit order with the enhanced limit order. Both sweep up to 10 queues; only the enhanced limit order keeps its balance in the book.
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