In the eight characters, from eleven o'clock to thirteen o'clock, separation, middle and end refer to what time and what time respectively.
An hour of 2 hours is divided into three sections, the last two hours are 120 minutes, and 40 minutes is a section. At the end of the period, eight characters are calculated according to this division, and four quarters are arranged according to four quarters. So it's 11: 40 at the beginning, 12: 20 at the middle and 13: 00 at the end.