Under normal operation environment, the closing price of a stock is

determined by taking the median of 5 nominal prices in the last minute ofthe trading hours.

The system will take up 5 snapshots on the nominalprices at 15-second interval starting from 3:59:00 p.m……

The followingexample will illustrate the calculation:

Bid        Ask         LastNominal

Snapshot    Time        Price      Price    Recorded Price    Price *

1st    3:59:00 p.m.   $39.40     $39.50      $39.50          $39.50

2nd    3:59:15 p.m.   $39.40     $39.50      $39.50          $39.50

3rd    3:59:30 p.m.   $39.40     $39.50      $39.40          $39.40

4th    3:59:45 p.m.   $39.30     $39.50      $39.40          $39.40

5th    4:00:00 p.m.   $39.20     $39.30      $39.30          $39.30

The five snapshot nominal prices are arranged in ascending order asfollows:

$39.30, $39.40, $39.40, $39.50, $39.50

The median (i.e. the middle one) is $39.40, which will then be taken asthe closing price.

Choosing the median of five snapshot nominal pricesensures 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 101 of the Rules of the Exchange.

收市价的计算

在正常运作情况下，股份的收市价是按交易日最后一分钟内五个按盘价的中位数计算。

系统由下午三时五十九分正开始每隔十五秒录取股份按盘价一次，一共摄取五个按盘价。

现举例如下:

摄取         时间        买盘价      沽盘价    最后录得价    按盘价 *

第一次   下午3:59:00     $39.40      $39.50      $39.50      $39.50

第二次   下午3:59:15     $39.40      $39.50      $39.50      $39.50

第三次   下午3:59:30     $39.40      $39.50      $39.40      $39.40

第四次   下午3:59:45     $39.30      $39.50      $39.40      $39.40

第五次   下午4:00:00     $39.20      $39.30      $39.30      $39.30

五个时段的按盘价由最低至最高顺序如下:

$39.30, $39.40, $39.40, $39.50, $39.50

中位数﹝即中间的价格﹞是$39.40，所以收市价定于$39.40。

选五个时段按盘价的中位数可确保收市价不会受一宗交易所左右。

* 按盘价是根据《交易所规则》第101条，在比较了当时的买盘价、沽盘价及最后  录得价后加以确定。