2025 Hong Kong Stock Market Investment Must-Read | Trading Hours, Market Holidays, and Operation Guide

Hong Kong Stock Market Trading Hours Overview

To trade on the Hong Kong securities market, you first need to understand the complete schedule of HKEX. Each trading day for Hong Kong stocks is divided into three core sessions:

Complete Trading Rules at a Glance

Hong Kong stocks have no price fluctuation limits and are traded in HKD, USD, and RMB. Settlement uses T+3 system, with transaction fees divided into manual and electronic categories, ranging from 0.25% to 1%. The trading unit is “one lot,” with the specific number of shares set by each listed company.

Overview of HKEX

HKEX (Hong Kong Exchanges and Clearing Limited) is the only stock exchange in Hong Kong, with stock code 0388.HK. As one of the top ten global and top three Asian exchanges, HKEX has ranked first in global IPO financing seven times over the past 13 years.

HKEX operates multiple entities: Hong Kong Stock Exchange (equities and options), Hong Kong Futures Exchange, Central Clearing and Settlement System, Options Clearing House, Futures Clearing Company, and the London Metal Exchange, among others. As a listed company, HKEX’s largest shareholder is the Hong Kong SAR government, and it is regulated by the Hong Kong Securities and Futures Commission.

In-depth Analysis of Pre-market Session: 9:00~9:30

The pre-market session is divided into four stages, and investors need to understand the different rules for each:

Stage 1: Input Buy/Sell Orders (9:00~9:15)

Investors can input auction orders and limit orders, which can be modified or canceled at any time. The system collects quotation data during this phase.

Stage 2: Pre-auction Matching (9:15~9:20)

The system calculates the reference equilibrium price. Investors can still input new orders, but the prices of entered buy/sell orders must be within the range of the highest buy price and lowest sell price recorded at 9:15, and cannot be modified or canceled.

Stage 3: Random Matching (9:20~9:22)

Investors cannot perform any operations. The system automatically matches buy and sell orders. If the equilibrium price cannot be calculated, the automatic matching is skipped.

Stage 4: Pause Period (9:22~9:30)

All trading activities are suspended in preparation for the official market open at 9:30.

The advantage of the pre-market session is that investors can analyze Hong Kong stocks’ trends in advance and lock in trading opportunities early.

Post-market Closing Period: 16:00~16:10

The closing mechanism is opposite to the opening, divided into four segments:

Reference Price Announcement (16:00~16:01)

The exchange calculates and announces the closing reference price based on trading data from the previous minute.

Order Input Period (16:01~16:06)

Investors can input buy/sell orders, with prices within 5% of the reference price. Orders can be modified or canceled at any time.

Non-cancelation Period (16:06~16:08)

Investors can only place orders; existing orders cannot be canceled or modified.

Random Closing Period (16:08~16:10)

The system randomly selects a closing time within this two-minute window. Investors can still place orders but cannot modify them. The final closing price is automatically determined by the price with the highest trading volume, and all valid buy/sell orders are executed accordingly.

Hong Kong Stock Market Holidays for 2025

Apart from weekends, HKEX observes holidays on various dates. The 2025 holiday schedule is as follows:

New Year and Lunar New Year: Full-day holiday on January 1; half-day on December 31 afternoon

Lunar New Year: Half-day on January 28; full days from January 29 to 31

Spring Festivals: Qingming Festival on April 4; Good Friday and the following day on April 18-19; Easter Monday on April 21

Summer Festivals: Labour Day on May 1; Buddha’s Birthday on May 5

Major Memorial Days: Hong Kong Handover Day on July 1; National Day on October 1

Autumn and Winter: Mid-Autumn Festival on October 7; Chung Yeung Festival on October 29; Christmas on December 25; Boxing Day on December 26

Half-day holidays (afternoon only) include January 28, December 24, and December 31. No afternoon trading occurs on these days, but morning trading proceeds as usual.

Special Arrangements for Hong Kong Stock Market Holidays

• Weekday Regulations: HKEX operates on Monday to Friday; no trading on Saturday and Sunday.
• Half-day Trading Mechanism: If a half-day trading day occurs, the closing auction session starts at 12:00, with a random close between 12:08 and 12:10, with no continuous trading that day.
• Linkage Rules: If there is no morning trading on a certain day, there will be no continuation trading that day.

Investors should monitor market changes before holidays and prepare for position adjustments and risk management during market closures.

Practical Strategies During Hong Kong Stock Trading Hours

Understanding the Trading System

Hong Kong stocks operate under a T+0 trading system, meaning unlimited buying and selling within the day, but settlement is T+3, so funds can only be withdrawn on the third trading day after a transaction. This provides flexibility for short-term trading.

Short selling is permitted. If an investor believes a stock will decline, they can borrow the stock from a broker, sell it on the secondary market, and buy it back after the price drops to profit from the difference.

Multiple Trading Options

Besides directly purchasing stocks on HKEX, investors can also use various derivatives:

Funds and ETFs: Products tracking Hong Kong stock indices or specific sectors

Options: Call and put options based on Hong Kong stocks

Futures: Hong Kong stock index futures for hedging or speculation

CFD Contracts: Leverage trading with small margin deposits, offering 1-200x leverage. CFDs allow short selling without borrowing, providing more flexible operations. Compared to direct HKEX trading, CFDs avoid margin limits but also amplify trading risks.

During market holidays, if investors wish to participate, derivatives like CFDs may offer some trading opportunities, but caution is advised due to risk.

Choosing Rational Investment Strategies

During the morning and afternoon sessions, investors can adopt fundamental analysis to select blue-chip stocks for long-term holding or use technical analysis for short-term swing trading. Adjusting strategies according to liquidity characteristics of different sessions is a key skill for mature investors.

It is recommended to follow financial calendars and real-time news to stay updated on market trends and plan trading activities before and after market holidays.

Three Steps to Start Investing in Hong Kong Stocks

1. Register an Account: Fill in personal information and submit an application

2. Fund Deposit: Quickly deposit trading funds through various methods

3. Place Orders: Find trading opportunities based on Hong Kong stock quotes and execute trading instructions