Holders of Stock Exchange Trading Rights and Exchange Participants are advised to note that the new dual structure price limit, which is either 24 spreads or 3.5% from the reference price, will come into effect on Monday, 20 March 2023. As such, market makers must comply with the new dual structure price limit. Accordingly, market makers are required to quote not only at a price which is within 24 spreads from the reference price but also in such a way that the quote does not exceed 3.5% of the reference price in percentage terms.
resource:https://www.hkex.com.hk/-/media/HKEX-Market/Services/Circulars-and-Notices/Participant-and-MembersCirculars/SEHK/2023/015_23_SEHK_ETP-Price-Limit_e.pdf