Editor's note: We have established the Science and Technology Innovation Board on the Shanghai Stock Exchange and piloted a registration system. We believe that investors are very concerned about the trading regulations of the Science and Technology Innovation Board. So, what are its similarities and differences with A-shares? This issue of the "Shanghai Stock Exchange Science and Technology Innovation Board Investment and Education Column" will provide investors with a detailed interpretation of the "Special Regulations on Stock Trading on the Shanghai Stock Exchange Science and Technology Innovation Board" (hereinafter referred to as the "Special Regulations"), reminding investors of the matters that should be paid attention to in stock trading on the Science and Technology Innovation Board.
1. Do investors need to open new accounts when participating in stock trading on the Science and Technology Innovation Board?
Investors participating in stock trading on the Science and Technology Innovation Board should use the Shanghai A-share securities account. Investors who meet the suitability criteria for stocks on the Science and Technology Innovation Board only need to apply to the securities company they entrust and open trading permissions for stocks on the Science and Technology Innovation Board on the existing A-share securities account in the Shanghai Stock Exchange, without the need to open a new securities account with China Clearing.
2. What ways can investors participate in stock trading on the Science and Technology Innovation Board?
According to the Special Regulations, investors can participate in stock trading on the Science and Technology Innovation Board through competitive trading, fixed price trading after hours, and block trading.
Unlike the main board, the Science and Technology Innovation Board has introduced a fixed price trading method after the market. Post market fixed price trading refers to the trading method in which the exchange trading system matches the closing price declarations in chronological order after the end of the closing call auction, and trades at the closing price of the day.
Investors need to pay attention to the trading methods of the Science and Technology Innovation Board, including bidding trading, fixed price trading after hours, and block trading. There are differences in the trading time, declaration requirements, and trading principles among different trading methods.
3. What are the trading hours and declaration times for fixed price trading after hours?
The fixed price trading hours after trading are from 15:05 to 15:30 on each trading day, and stocks that are still suspended at 15:00 on that day are not subject to fixed price trading after trading.
The time for the exchange to accept closing pricing declarations from trading participants is 9:30 to 11:30 and 13:00 to 15:30 on each trading day. Within the time limit for accepting declarations, declarations that have not been completed can be revoked. The revocation order is only valid after being confirmed by the exchange's trading host.
Investors should be reminded that stocks on the Science and Technology Innovation Board that were suspended during the opening period can continue to be declared during the suspension period. For those who resume trading on the day of suspension, those who have accepted the declaration to participate in the fixed price trading after the resumption of trading on that day. If the trading is still suspended at 15:00 on the same day, the trading host of the exchange will no longer accept closing pricing declarations, and the closing pricing declarations accepted on the same day will be invalid.
4. How do investors participate in post market fixed price trading?
Investors who buy and sell stocks on the Science and Technology Innovation Board through fixed price trading after the market shall submit closing pricing instructions to the securities company. The closing price commission order should include: securities account number, securities code, buying and selling direction, price limit, quantity of commission, etc.
5. What are the transaction principles for fixed price trading after hours?
In the post market fixed price trading stage, the closing price is the transaction price, and the closing pricing declarations are continuously matched one by one based on the principle of time priority.
Investors should be aware that if the closing price is higher than the limit price of the closing price purchase order, the purchase order is invalid; If the closing price is lower than the limit price of the closing price selling order, the selling order is invalid.
The closing price declaration for post market fixed price trading is valid on the same day.
For more specific information on post market fixed price trading, investors can refer to the "Shanghai Stock Exchange Science and Technology Innovation Board Stock Post Market Fixed Price Trading Guidelines" for relevant information.
6. How is the proportion of rise and fall in stock trading on the Science and Technology Innovation Board regulated? What is the difference between the rise and fall of stock trading on the main board of the Shanghai Stock Exchange?
Investors are reminded to note that the Shanghai Stock Exchange imposes a price limit on competitive trading of stocks on the Science and Technology Innovation Board, with a 20% increase/decrease ratio.
At the same time, there is no price limit for the first five trading days after the initial public offering of stocks.
7. How is the number of individual declarations for stock trading on the Science and Technology Innovation Board regulated?
Unlike A-share trading on the Shanghai Main Board, investors who purchase and sell stocks on the Science and Technology Innovation Board through price limit declarations should have a single declaration quantity of no less than 200 shares and no more than 100000 shares.
If an investor declares to buy or sell through market price, the quantity of a single declaration should not be less than 200 shares and not exceed 50000 shares.
When declaring a purchase, the number of shares declared in a single transaction should not be less than 200, and the portion exceeding 200 shares can be increased by 1 share, such as 201 shares, 202 shares, etc.
When declaring for sale, the quantity of a single declaration should not be less than 200 shares, and the portion exceeding 200 shares can be increased by 1 share. When the balance is less than 200 shares, a one-time declaration for sale should be made. For example, 199 shares require a one-time declaration for sale.
8. What are the special regulations regarding the use of Sci Tech Innovation Board stocks as margin trading targets?
Unlike the main board market of the Shanghai Stock Exchange, stocks on the Science and Technology Innovation Board can be used as margin trading targets from the first day of listing, reminding investors to pay attention to relevant risks.
Securities companies can borrow stocks from the Science and Technology Innovation Board according to regulations, and the specific matters will be separately stipulated by the Shanghai Stock Exchange.
9. How do investors understand the abnormal fluctuations in stock trading on the Science and Technology Innovation Board?
If there are any of the following abnormal fluctuations in the bidding trading of stocks on the Science and Technology Innovation Board, the Shanghai Stock Exchange will announce the names of the business departments of the five securities companies with the highest cumulative buying and selling amounts during the abnormal fluctuation period, as well as their buying and selling amounts:
One is for stocks that have accumulated a deviation of ± 30% from the daily closing price for three consecutive trading days. The deviation from the closing price is the difference between the rise and fall of a single stock and the corresponding benchmark index. The benchmark index is reported to the market by the Shanghai Stock Exchange;
The second is other situations recognized by the China Securities Regulatory Commission or the Shanghai Stock Exchange as abnormal fluctuations.
Investors should note that on the one hand, abnormal volatility indicators are recalculated from the date of announcement; On the other hand, stocks without price limit are not included in the calculation of abnormal volatility indicators. The Shanghai Stock Exchange can adjust the recognition criteria for abnormal fluctuations based on market conditions.
10. What compliance requirements should investors comply with when participating in stock trading on the Science and Technology Innovation Board?
Investors should prudently carry out stock trading in accordance with the relevant regulations of the Shanghai Stock Exchange, and shall not abuse their advantages such as capital and shareholding to engage in centralized trading, which may affect the normal formation mechanism of stock trading prices.
For large transactions that may have a significant impact on market order, investors should choose appropriate trading methods and conduct them separately according to market conditions.
Disclaimers
This information does not constitute any investment advice, and investors should not substitute such information for their independent judgment or make decisions solely based on such information. We strive for the accuracy and reliability of the information in this column, but we do not guarantee the accuracy or completeness of this information, and we do not assume any responsibility for any losses caused by the use of such information.
For more investment knowledge on the Science and Technology Innovation Board, please pay attention to the investor education website of Shanghai Stock Exchange (edu.sse. com. cn) and the "Shanghai Stock Exchange Investment Education" WeChat official account.
Article source: Shanghai Stock Exchange official website
