2025 Hong Kong Stock Market Trading Hours Complete Guide | Morning Session, Afternoon Session, Opening and Closing Rules Explained

If you want to make money in the Hong Kong stock market, you must first understand the trading hours and rules of HKEX. This article will provide a detailed breakdown of the 2025 Hong Kong stock trading schedule, opening and closing time rules, and the market holidays throughout the year, helping you never miss any trading opportunities.

Hong Kong Stock Trading Schedule Overview

Hong Kong stocks are operated by the Hong Kong Exchanges and Clearing Limited (HKEX). Below is the complete trading schedule for Hong Kong stocks in 2025:

Hong Kong stocks have no daily price limit, and the trading unit is one lot (the specific number of shares is set by the listed company). Trading currencies include HKD, USD, and RMB, with settlement on T+3 basis.

Four Phases Before Market Open | 9:00-9:30 Detailed Explanation

The pre-market auction is not just a simple opening but divided into four detailed trading phases. Understanding these phases helps you seize early trading opportunities.

Phase 1: 9:00-9:15 | Order Entry Period

This window is the most flexible. Investors can freely input auction orders and limit orders, and also modify or cancel existing orders. Many active traders respond quickly to market information from the previous day during these 15 minutes.

Phase 2: 9:15-9:20 | Pre-auction Matching Period

HKEX begins accepting buy and sell orders, but prices must be between the highest bid and lowest ask recorded at 9:15. Orders entered at this time cannot be modified or canceled. The market prepares for matching.

Phase 3: 9:20-9:22 | Matching Period

Within these two minutes, no orders can be entered, modified, or canceled. The system automatically performs random matching, pairing compatible buy and sell orders. This is the only automatic matching period before the market opens.

Phase 4: 9:22-9:30 | Pause Period

After matching, all orders and trading activities are suspended, and the market waits for the official opening.

The core mechanism during this pre-market period is: based on the prices entered by investors, a reference equilibrium price is calculated. Orders and limit orders that meet the criteria are automatically matched. If no equilibrium price can be determined, no automatic matching occurs.

Reverse Process After Market Close | 16:00-16:10 Detailed Explanation

The closing auction is the reverse of the pre-market, also divided into four phases. This period provides the last trading opportunity of the day.

16:00-16:01 | Reference Price Announcement

HKEX calculates and announces the reference price based on trading data from the last minute of continuous trading (13:00-16:00). This reference price serves as the price benchmark for subsequent buy and sell orders.

16:01-16:06 | Order Entry Period

Investors can input buy and sell orders, with prices within 5% of the reference price. Cancellation or modification of existing orders is allowed, offering higher flexibility.

16:06-16:08 | No Cancellation Period

Investors can only place new orders; cancellations or modifications are not permitted. The market begins preparing for settlement.

16:08-16:10 | Random Closing

Investors can still input orders, but cannot cancel or modify. The system will randomly select a moment within these two minutes to close the market, preventing last-minute manipulation. At closing, the system automatically determines the final closing price based on the highest trading volume, and all qualifying orders are automatically matched.

Important Arrangements Outside Trading Hours

Besides the standard Monday to Friday trading hours, HKEX has special arrangements to note.

Half-day Trading

If a day is designated as a half-day trading session, the closing auction will start at 12:00 and randomly close between 12:08-12:10, with no afternoon trading on that day.

Special Holidays

On Christmas Eve, New Year’s Eve, and Lunar New Year’s Eve, only morning trading occurs, with no afternoon or extended trading sessions.

No Morning Session Days

If there is no morning session on a particular day, there will be no extended morning trading.

2025 Hong Kong Stock Market Holidays

In addition to weekends, HKEX will be closed or have half-day trading on the following dates. Traders should plan strategies accordingly:

• January 1 (New Year’s Day)
• January 28 (Lunar New Year’s Eve, afternoon close)
• January 29 to 31 (Lunar New Year’s Day to the third day)
• April 4 (Ching Ming Festival)
• April 18-19 (Good Friday and the following day)
• April 21 (Easter Monday)
• May 1 (Labor Day)
• May 5 (Buddha’s Birthday)
• July 1 (Hong Kong SAR Establishment Day)
• October 1 (National Day)
• October 7 (Mid-Autumn Festival’s next day)
• October 29 (Chongyang Festival)
• December 24 (Christmas Eve, afternoon close)
• December 25 (Christmas Day)
• December 26 (First working day after Christmas)
• December 31 (New Year’s Eve, afternoon close)

Practical Tips During Trading Hours

Flexible Use of Trading Sessions

HK stocks implement T+0 trading (intraday buying and selling), but settlement is T+3. Both the morning and afternoon sessions allow for long-term investments or short-term trading. Using technical analysis during the pre-market auction can help you position better for optimal prices.

Make Full Use of Short Selling

HK stocks permit short selling. If you are bearish on a stock, you can borrow shares from your broker and sell in the secondary market. When the price drops, buy back to return the shares and profit from the difference. This provides a two-way profit opportunity.

Diversified Trading Tools

HK stocks can be traded directly or through funds, ETFs, options, futures, and other instruments. Trading CFDs can offer leverage of 1-200 times, allowing for larger gains with smaller capital. It also supports two-way trading; short selling does not require borrowing securities, lowering entry barriers. Be aware that leverage amplifies both gains and risks.

Pay Attention to Market Information

Closely follow financial calendars and real-time news to understand market trends in advance. Developing a trading strategy based on HKEX trading hours is essential for successful investing.

Although HKEX rules are detailed, mastering these schedules will enable you to find trading opportunities more efficiently. Remember, every minute before the market opens can influence your execution price, and the last chance after market close should not be missed.