Editor's note: Regarding the Science and Technology Innovation Board, I believe many investors would like to further understand how to participate in investment transactions on the board. So, which investors can participate in stock trading on the Science and Technology Innovation Board? Today, let's take a look at the institutional arrangements for investor suitability on the Science and Technology Innovation Board.
1. What conditions should investors meet for appropriate management when participating in stock trading on the Science and Technology Innovation Board?
According to the Special Regulations on Stock Trading on the Science and Technology Innovation Board of the Shanghai Stock Exchange (hereinafter referred to as the "Special Regulations"), stock trading on the Science and Technology Innovation Board implements an investor suitability management system.
Institutional investors participating in stock trading on the Science and Technology Innovation Board should comply with laws and regulations as well as the business rules of the Shanghai Stock Exchange.
Individual investors participating in stock trading on the Science and Technology Innovation Board shall meet the following conditions:
Firstly, the daily average assets in the securities account and funds account within the 20 trading days prior to the application for permission to open shall not be less than RMB 500000 (excluding the funds and securities that the investor has received through margin trading and securities lending);
Secondly, participating in securities trading for more than 24 months;
The third is other conditions stipulated by the Shanghai Stock Exchange.
The Shanghai Stock Exchange may make adjustments to the above conditions based on market conditions.
Here, it is particularly important for investors to note that individual investors who do not meet the requirements of suitability management can participate in the Science and Technology Innovation Board investment through public funds and other means.
2. How are the assets in the securities account and fund account identified in the suitability criteria for investors on the Science and Technology Innovation Board?
The specific recognition criteria for assets in securities and capital accounts are as follows:
One is the securities account that can be used to calculate the assets of individual investors, which should be a securities account opened by China Clearing Corporation and an account opened by investors in a securities company. The accounts opened by China Clearing include A-share accounts, B-share accounts, closed-end fund accounts, open-end fund accounts, derivative contract accounts, and other securities accounts established by China Clearing according to business needs. Fund accounts that can be used to calculate investor assets, including customer transaction settlement fund accounts, stock option margin accounts, etc.
Secondly, the following assets in the securities account opened by China Clearing can be included in investor assets: stocks, including A-shares, B-shares, preferred stocks, Hong Kong stocks purchased through the Hong Kong Stock Connect, and stocks listed on the stock exchange system; Public fund units; Bonds; Asset backed securities; Share of asset management plan; Stock option contracts, in which rights warehouse contracts increase assets at the settlement price, and obligations warehouse contracts decrease assets at the settlement price; Other securities assets recognized by this exchange.
Thirdly, the following assets opened by investors in securities companies can be included in investor assets: public fund shares, private fund shares, bank wealth management products, precious metal assets, etc.
The following assets in the fund account can be included in the investor's assets: the transaction settlement funds in the customer's transaction settlement fund account; The trading settlement funds in the stock option margin account, including the margin corresponding to the obligation position; Other financial assets recognized by the Exchange.
Fifth, when calculating assets related to various financing businesses, they should be calculated based on net assets, excluding securities and funds incorporated.
3. How is the experience of investors participating in securities trading recognized in the suitability management conditions of the Science and Technology Innovation Board?
The specific criteria for determining experience in participating in securities trading are as follows:
Individual investors who participate in A-share, B-share, and stock conversion system listed stock trading can be included in their participation in securities trading time. The relevant trading experience shall be calculated from the first trading of any securities account under the investor's One Code Connect on the Shanghai Stock Exchange, Shenzhen Stock Exchange, and stock transfer system. The first trading date can be queried through securities companies with China Clearing.
4. Can individual investors who meet the requirements for appropriate management directly participate in stock trading on the Science and Technology Innovation Board?
Individual investors who directly participate in the trading of stocks on the Science and Technology Innovation Board should not only meet the suitability requirements stipulated by the Shanghai Stock Exchange, but also pass the comprehensive evaluation of the suitability of stock investors on the Science and Technology Innovation Board organized by securities companies.
Securities companies should verify whether investors meet the suitability criteria for the Science and Technology Innovation Board stock investors, and conduct a comprehensive evaluation of individual investors' asset status, investment experience, knowledge level, risk tolerance, and integrity status.
Securities companies should focus on evaluating whether individual investors understand the business rules and processes of stock trading on the Science and Technology Innovation Board, and whether they are fully aware of the risks of stock investment on the Science and Technology Innovation Board.
Investors should be reminded that investors who meet the suitability criteria for stocks on the Science and Technology Innovation Board only need to apply to the securities company they have entrusted to 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. Members also do not need to apply to the Shanghai Stock Exchange for other procedures.
5. After individual investors have passed a comprehensive assessment of suitability, how can securities companies conduct subsequent evaluations on them?
Securities companies should dynamically track and continuously understand the participation of individual investors in stock trading on the Science and Technology Innovation Board, and conduct follow-up assessments of risk tolerance at least every two years.
6. What other things should investors know before participating in stock trading on the Science and Technology Innovation Board?
Investors should be fully aware and familiar with the risk issues of stock trading on the Science and Technology Innovation Board, domestic laws, and the business rules of the Shanghai Stock Exchange. Based on their own risk awareness and tolerance, they should carefully judge whether to participate in stock trading on the Science and Technology Innovation Board.
According to the "Special Regulations", investors should also sign the "Risk Disclosure Statement for Science and Technology Innovation Board Stock Trading" (hereinafter referred to as the "Risk Disclosure Statement") in paper or electronic form before entrusting them to purchase stocks on the Science and Technology Innovation Board for the first time. If the Risk Disclosure Statement is not signed, the securities company will not accept investors' subscription or purchase orders.
Investors should note that the disclosure items in the Risk Disclosure Statement are only illustrative and do not fully list all the risks involved in the trading of stocks on the Science and Technology Innovation Board. Before participating in trading, investors should carefully read relevant laws, regulations, and exchange business rules. They should also have an understanding and mastery of other possible risk factors and be confident that they have made sufficient risk assessments and financial arrangements, Avoid unbearable losses caused by participating in stock trading on the Science and Technology Innovation Board.
Disclaimer
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
