Hanging a bill at eight o'clock in the evening is not necessarily higher than 12: 00. The transaction sequence of pending orders mainly follows the principle of "time first, price first". The evening pending orders will be submitted to the exchange system at 9: 0015 the next day, so the evening pending orders can be traded with call auction pending orders step by step at the same price. However, if the purchase order at night is lower than the opening price of call auction the next day, then the transaction of the night order cannot be carried out. Therefore, the waiting time is not the only factor that determines the transaction order, but also the price and other factors need to be considered. Pending orders are entrusted, that is, investors entrust the trading system to issue orders to buy or sell stocks through modern electronic equipment such as computers and telephones. Sometimes, when investors have to go out temporarily or want to have a rest, they will choose to hold orders because they can't pay attention to the price rise and fall in real time.