Shenzhen Stock Exchange Investment and Education Hotline Questions and Answers (2023 No.2) on the Main Board Stock Trading (I)


Editor's note: Recently, more investors have consulted on the main board stock trading under the registration system through the Shenzhen Stock Exchange Investor Service hotline (400-808-9999). In order to help investors further understand the relevant rules, we have sorted out the recent investor concerns for investors' reference.

 

1. When will the Shenzhen Stock Exchange Trading Rules (2023 Amendment) come into force?

A: The Trading Rules of the Shenzhen Stock Exchange (2023 Amendment) shall come into force on the first day of listing of the first main Board stock issued in accordance with the Measures on Registration of Initial Public Offerings.

 

2. What is the proportion of the rise and fall of the main board stock?

A: There is no limit on price rise or fall for the first five trading days after the initial public offering of main board stocks, and thereafter the limit ratio of price rise or fall is 10%. The main board delisting collated stock price limit proportion of 10%, the main board risk warning stock price limit proportion of 5%.

 

3. If investors participate in the main board stock trading through bidding, what are the regulations on the number of declarations?

A: Investors who buy and sell main board stocks through bidding shall not declare more than 1 million shares in a single transaction.

When investors buy shares on the main board through bidding, the number of shares declared is still 100 or a multiple of that. The part whose balance is less than 100 shares at the time of selling shall be reported for selling at one time.

 

4. What is the effective price range of the main board during the aggregate bidding?

A: Investors buy and sell main board stocks with no limit on price rise or fall through bidding. The effective declared price range during the opening collection bidding is within 900% of the previous closing price shown in the real-time market, and the effective declared price range during the intraday temporary suspension and closing collection bidding is 10% above or below the latest trading price. Closing pool bidding matches within the range of valid declared prices.

(Warm reminder: The previous closing price displayed by the real-time market is the closing price of the previous trading day of the security; On the first day of trading of an IPO, the previous closing price indicated by its real-time ticker is the issue price.)

Investors buy and sell main board stocks with price rise or fall limits through bidding. During the collective bidding period, the effective price range of the declaration is consistent with the price rise or fall limit. The declaration within the price rise or fall limit is valid, while the declaration beyond the price rise or fall limit is invalid.

 

5. How is the effective price range of the continuous bidding stage of the main board stock?

A: Investors buy and sell main board stocks through bidding. The effective bidding range of price limit declaration in the continuous bidding stage shall meet the following requirements:

(1) The declared purchase price shall not be higher than 102% of the benchmark purchase price or the higher value of the ten units with minimum changes in the declared prices above the benchmark purchase price;

(2) The declared selling price shall not be less than 98% of the benchmark selling price or the lower value of the ten units with minimum changes in the declared prices below the benchmark selling price.

The benchmark buying (selling) price is the minimum selling (maximum buying) declared price revealed immediately; If there is no minimum selling (maximum buying) declared price immediately disclosed, the highest buying (minimum selling) declared price immediately disclosed; The most recent transaction price is the highest purchase price (the lowest sale price) declared without immediate disclosure; If there is no transaction on that day, it is the previous closing price.

The provisions of the preceding two paragraphs shall not apply to the declaration of price limits in the temporary suspension period during the opening period.

 

6. How to understand "the declared purchase price shall not be higher than 102% of the benchmark purchase price or the higher value of the ten units of minimum change of the declared price above the benchmark purchase price"?

A: "Buying benchmark price" means the minimum declared selling price revealed immediately; If there is no minimum declared selling price immediately disclosed, the maximum declared buying price immediately disclosed; If there is no immediate disclosure of the highest reported purchase price, the most recent transaction price; If there is no transaction on that day, it is the previous closing price.

"Ten units with minimum change in the declared price" means that 10×0.01 yuan =0.1 yuan, and the unit with minimum change in the declared price of a stock is 0.01 yuan.

For example, in the continuous bidding stage, the investor plans to buy the main board stock X. If the minimum declared selling price revealed immediately at this time is 10 yuan/share, then the "buying benchmark price" is 10 yuan/share, and the "buying 102% of the benchmark price" is 10×102%=10.2 yuan/share. "The minimum change of the ten declared price units above the benchmark price" is 10+10×0.01=10.1 yuan/share, 10.2 > 10.1, so the declared price of the investor should not be higher than 10.2 yuan/share.

 

7. How to understand "the declared selling price shall not be less than 98% of the selling benchmark price or the lower value of the ten units with the minimum change of the declared price below the selling benchmark price"?

A: "Selling benchmark price" means the highest declared purchase price revealed immediately; If there is no promptly disclosed maximum declared purchase price, it is the promptly disclosed minimum declared sell price; If there is no immediate disclosure of the minimum reported selling price, the most recent transaction price; If there is no transaction on that day, it is the previous closing price.

"Ten units with minimum change in the declared price" means that 10×0.01 yuan =0.1 yuan, and the unit with minimum change in the declared price of a stock is 0.01 yuan.

For example, in the stage of continuous bidding, the investor plans to sell the main board stock X. If there is neither the maximum declared purchase price nor the minimum declared sale price revealed immediately at this time, and the latest trading price of stock X is 10 yuan/share, then the "benchmark selling price" is 10 yuan/share. "98% of the selling benchmark price" is 10×98%=9.8 yuan/share, "ten units below the selling benchmark price to declare the minimum price change" is 10-10×0.01=9.9 yuan/share, 9.8 < 9.9, so the investor's selling price shall not be less than 9.8 yuan/share.

 

8. If the investor participates in the main board stock bidding and submits the declaration beyond the range of valid declaration price, is it invalid declaration or temporary trading host?

A: The declaration exceeding the price limit or the valid price range is invalid, that is, the declaration will be automatically rejected by the trading system.

 

(Disclaimer: The questions and answers in this column are for the purpose of investor education only and do not constitute investment advice. Investors act accordingly at their own risk. Shenzhen Stock Exchange strives for the accuracy and reliability of the information in this column, but does not guarantee its accuracy, completeness and timeliness, and assumes no responsibility for the losses caused by the use of this column.)

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