Original title: “Beijing Stock Exchange Time” last customs clearance test completed, Beijing Stock Exchange opened on the 15th, these trading rules you have to know
Economic Observer Network reporter Jiang Xin intern reporter Li JieOn November 15, the Beijing Stock Exchange will officially open the gong. As the third stock exchange that China’s capital market has ushered in after 30 years, the Beijing Stock Exchange has been launched quickly. On November 13, the last customs clearance test before the market opened was completed. 81 companies and 4 million investors waited for the eve of the market opening. Regarding the Beijing Stock Exchange, these trading rules need to be known.
Beijing Stock Exchange Positioning
》》Positioning to serve the innovative small and medium-sized enterprises with “specialized, sophisticated, new and innovative”, and form a tendency of dislocation competition with the Shanghai and Shenzhen stock exchanges.
》》Beijing Stock Exchange adopts corporate management and fully explores the innovation of the exchange organization and management model.
》》The Beijing Stock Exchange shifted the basic systems of the selection layer and piloted the securities issuance registration system.
Entry barriers for individual investors
》》 Asset requirements: The assets in the securities account and capital account shall not be less than RMB 500,000 per day (excluding funds and securities borrowed through margin financing and securities lending) 20 trading days prior to the opening of the application authority;
》》Investment experience: more than two years of experience in securities investment;
》》Risk tolerance: risk tolerance is not less than enthusiasm (C4);
“Test score: You should be familiar with and understand the business rules of the Beijing Stock Exchange and the risk characteristics of listed companies, and pass the business knowledge assessment.
Entry barriers for institutional investors
It shall comply with the laws and regulations and the business rules of the Beijing Stock Exchange, but no threshold for capital and transaction experience shall be set.
Trading system
》》 Auction transaction
“” big deal
》》After-hours fixed-price transaction (specific matters shall be separately stipulated by the Beijing Stock Exchange)
Auction trading time
》》 Opening call auction: 9:15-9:25
Investors can submit limit orders, which cannot be withdrawn between 9:20 and 9:25
》》 Continuous bidding: 9:30-11:30/13:00-14:57
Investors can use limit orders and market orders to participate in transactions
》》 Closing call auction: 14:57-15:00
Investors can only submit limit orders, market orders cannot be used, and orders cannot be withdrawn
big deal
》》 A single declaration quantity is not less than 100,000 shares or the transaction amount is not less than 1 million yuan
》》 The reporting time for block trades is 9:15-11:30, 13:00-15:30 on each trading day, and the transaction confirmation time is 15:00-15:30
Auction trading declaration rules
》》 The minimum quantity for a single transaction declaration is 100 shares
》》 Each declaration can be incremented by 1 share
》》 The part that is less than 100 shares at the time of sale should be sold at one time
Price limit
》》 The 30% limit on price increase and decrease based on the previous closing price is implemented for auction trading
》》 There will be no price limit on the first day of IPO (not included) and the first day of the delisting period
Declare effective price range
》》 The types of bidding transaction declaration are limit price declaration and market price declaration.
》》 In the continuous bidding stage, the limit price declaration sets the benchmark price ±5% (or 10 minimum price change units) to declare the effective price range.
》》 The market price declaration implements price limit protection measures, and the protection limit price should be within the limit of increase and decrease, but it is not restricted by the effective price range of the declaration.
》》 If the price limit declaration in the continuous bidding stage does not meet the above requirements, it will be invalid.
Temporary suspension mechanism on the first day of IPO
》》 When the intraday transaction price rises or falls for the first time from the opening price by 30% or 60%
》》 Trading will be temporarily suspended for 10 minutes, call auction will be conducted when trading is resumed, and trading will continue on the same day after trading resumes.
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