I only just figured out the trading rules for Hong Kong stocks, and they’re really more complicated than A-shares. The Hong Kong Exchange is open five days a week (Monday through Friday). Trading is split into several sessions: the morning session is from 9:30 am to 12:00 pm, the afternoon session is from 1:00 pm to 4:00 pm, and there are also auction periods in between.

The key is to pay close attention to the Hong Kong stock market’s holiday schedule. Besides weekends, there are a lot of holidays every year when the market is closed—such as Lunar New Year, Qingming Festival, Dragon Boat Festival, National Day, and Christmas. There are also special dates like Christmas Eve and New Year’s Eve, when there is no afternoon trading at all. So, if you’re trading Hong Kong stocks, you should check the dates in advance to avoid pitfalls.

You also need to understand the trading rules: Hong Kong stocks use T+0 settlement, but the actual settlement is T+3. This means you can buy and sell on the same day, but the funds won’t be credited until three days later. Another interesting point is that Hong Kong stocks allow short selling. If you’re bearish on a stock, you can borrow the shares and sell them, then buy them back after the price drops.

By the way, before the close there’s also an auction period (from 4:00 pm to 4:10 pm). Trading can continue during this time, and the system automatically selects the price with the highest trading volume as the closing price. Overall, the Hong Kong market’s mechanism design feels pretty well thought out—it’s just that there are many time segments, so you need to stay extra attentive.