The first order if it is a bid must be higher than or equal to the previous closing price minus twenty-four spreads. The first order if it is an ask must be lower than or equal to the previous closing price plus twenty-four spreads. The first order, whether it is a bid or ask, shall not in any case deviate 9 times or more from the previous closing price.
Quotations for buy and sell orders other than the opening quotations are governed by another set of quotation rules and a scale of spreads. In particular, a buy order or a sell order shall not be made at a price that deviates 9 times or more from the nominal price. However, quotation rules in general do not apply to at-auction limit orders, except that a buy at-auction limit order or a sell at-auction limit order shall not be made at a price that deviates 9 times or more from the nominal price. The spread table is available under the Second Schedule of the Rules of the Exchange. During the cooling-off period, trading is allowed within a pre-defined price band.
Normal trading and VCM monitoring will resume after cooling-off period. Under normal operation environment, the closing price of a stock is determined by taking the median of 5 nominal prices in the last minute of the continuous trading session. The system will take up 5 snapshots on the nominal prices at second interval starting from p.
Account Comparison
The following example will illustrate the calculation:. The five snapshot nominal prices are arranged in ascending order as follows:. The median i. Choosing the median of five snapshot nominal prices ensures that the closing price will not be biased by one single trade. The nominal price is determined by comparing the current bid price, the current ask price and the last recorded price in accordance with Rule of the Rules of the Exchange.
The Reference Price is first determined using the existing closing price calculation method mentioned above. In the event that an equity issuer announces a share sub-division or a share consolidation or makes changes to its capital structure by way of rights issues, bonus issues, cash dividend payments, etc. If the condition s has not been satisfied or waived if applicable , the entitlement will not be proceeded.
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Shareholders and potential investors should exercise caution when dealing in the shares especially on and after the ex-entitlement day until the entitlement becomes unconditional and consult their professional advisers if they are in any doubts. Not Applicable or remained unchanged, as the case may be. The formulas and exceptions that may be used for standard capital adjustment events are set out in the following table, as updated by the Exchange from time to time. Cash dividend, if there is any, may be deducted from the closing price on the last cum date before adjusting for the bonus issue.
X existing share s to be cancelled for every Y existing share s. While every effort is made to ensure the accuracy and completeness of information contained in this guidelines, Hong Kong Exchanges and Clearing Limited and its subsidiaries assume no liability in respect of statements of any nature contained in this document. Errors or omissions, if any, should not be made the basis for any claim, demand, or cause of action.
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