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AboutShijiazhuang Tonghe Electronic Technology Co., Ltd. is a high-tech enterprise dedicated to technological innovation, product innovation, and management innovation in the power electronics industry. It integrates R&D, manufacturing, sales, and service in the power electronics sector, providing customers with comprehensive energy solutions. -
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SZSE Investor Education | Investor Service Hotline Q&A (Issue 3, 2023) – On Trading of Main Board Stocks (Part II)
Release time:
Mar 15,2023
Editor’s Note: Recently, a growing number of investors have been contacting the Shenzhen Stock Exchange Investor Services Hotline ( 400-808-9999 ) Inquiries regarding the trading of main-board stocks under the registration-based system. To help investors better understand the relevant rules, we have compiled a list of questions that have recently attracted investor attention for their reference.
1. Under what circumstances will trading in mainboard stocks be subject to temporary intraday suspension?
Answer: When investors trade main-board stocks that have no price fluctuation limits, if the auction trading of such stocks exhibits any of the following conditions: In any of the following circumstances, the Shenzhen Stock Exchange will implement a temporary trading halt during the session; the duration of each temporary trading halt during the session will be: 10 Minutes:
(1) During trading hours, the price rises or falls for the first time to reach or exceed the day’s opening price. 30% of;
(2) During trading hours, the transaction price rises or falls for the first time to reach or exceed the day’s opening price. 60% of;
(3) Other circumstances as determined by the CSRC or the SZSE.
Investors should note that If a stock experiences a rapid rise or fall, and its price increase or decrease from the day’s opening price reaches or exceeds: 60% The Shenzhen Stock Exchange will impose a temporary trading halt on the stock, and no further temporary trading halts will be imposed in that direction for the remainder of the day. If the stock experiences sharp fluctuations and its price rises to or exceeds the opening price of the day by a certain threshold, ... 30%、60% After each suspension, the price turned downward, falling to or exceeding the opening price. 30%、60% It will also be suspended once for each instance, with a maximum of four suspensions per day.
2. On the first day of trading for a certain motherboard’s new stock issue, the intraday auction trading price rose or fell by 10% or more. 30% (or 60% ), will this trigger the intraday temporary suspension mechanism?
Answer: The price fluctuations shown in real-time market data are calculated based on the closing price of the previous trading day. For newly listed stocks on their first trading day, the price fluctuations are calculated based on the issue price. If a main-board stock triggers an intraday temporary suspension during its initial auction trading session on its first trading day, it must comply with the “Trading Rules of the Shenzhen Stock Exchange ( 2023 Annual Revision) 4.3.4 The circumstances under which the intraday trading price specified in the regulation rises or falls by a certain percentage or more relative to the “opening price of the day.” In other words, the trigger for an interim trading halt during the session is the comparison between the intraday trading price and the “opening price of the day,” rather than the “issue price.” Therefore, on the first day of listing, if the trading price of main-board stocks rises or falls by a percentage equal to or exceeding the threshold relative to the issue price... 30% (or 60% ), it may not necessarily trigger a temporary trading halt during the session.
For example, motherboard stocks. X The issue price is 10 Yuan / Stock, the opening price on the first day of listing was 12 Yuan / Stock. When the price increase in the first-day auction trading reaches 30% At that time, its price was 10 × ( 1 + 30% ) =13.00 Yuan / stock. However, at this point, the stock will not trigger a temporary trading halt during the session once the auction trading price reaches or exceeds 15.6 Yuan / Stock (i.e., compared to the opening price) 12 Yuan / Stock rises 30% ), it will reach or exceed the first increase. 30% and triggered a temporary trading halt.
3. During a temporary trading halt of a main-board stock, can investors continue to place orders?
Answer: During a temporary trading halt within the session, investors can both place and cancel orders. When trading resumes on the same day, the orders that have already been accepted will be subject to an intra-session centralized auction.
4. What are the disclosure rules for publicly available information on auction trading of mainboard stocks?
Answer: If any of the following situations occur during auction trading of main-board stocks subject to price fluctuation limits, the Shenzhen Stock Exchange... The names of the five member securities firms or trading units with the largest daily buy and sell amounts for the relevant securities, along with their respective buy and sell amounts, shall be announced separately.
(1) The daily closing price’s percentage change deviates by ± 7% The top five stocks on the main board;
(2) The daily price fluctuation reached 15% The top five stocks on the main board;
(3) The turnover rate for the day reached 20% The top five mainboard stocks.
If the closing price’s percentage change, closing price’s percentage change, price volatility, or turnover rate are identical, they shall be ranked in order of trading value and trading volume.
Motherboard A The corresponding classification index for stocks is the Shenzhen Stock Exchange Index, compiled by the Shenzhen Stock Exchange. A Stock index.
The first trading day after the initial public offering of a mainboard stock 5 No price fluctuation limits are imposed on trading days; Shenzhen Stock Exchange. On the first day of listing only, the names of the five member securities firms or trading units with the largest daily buy and sell amounts, along with their respective buy and sell amounts, will be disclosed. 。
5. Under what circumstances does the auction trading of main-board stocks constitute abnormal fluctuations?
Answer: In the auction trading of main-board stocks, the following situations are considered abnormal fluctuations:
(1) Mainboard stocks Continuous 3 The cumulative deviation of the daily closing price change within a trading day reaches ± 20%。
(2) ST and *ST Mainboard stocks continuously 3 The cumulative deviation of the daily closing price change within a trading day reaches ± 12%。
(3) Mainboard stocks continuously 3 Average daily turnover rate over the past trading day and prior 5 The ratio of the average daily turnover rate on trading days reaches 30 Twice, and the stock of this motherboard has been continuously... 3 The cumulative turnover rate within the trading day is To 20% Yes.
(4) Other circumstances that the CSRC or the Shenzhen Stock Exchange deems to constitute abnormal fluctuations.
Regarding the aforementioned abnormal fluctuations, the Shenzhen Stock Exchange will... The names of the five member securities firms or trading units with the largest cumulative amounts of purchases and sales during the period of abnormal trading fluctuations, along with their respective cumulative purchase and sale amounts, shall be disclosed separately. Investors can log on to the SZSE official website for more information.
The abnormal fluctuation indicator will be recalculated starting from the next trading day or the resumption of trading following its announcement by the Shenzhen Stock Exchange. Stocks without price fluctuation limits are not included in the calculation of abnormal volatility indicators.
6. Under what circumstances does the auction trading of main-board stocks constitute severe abnormal fluctuations?
Answer: On the motherboard In stock auction trading, the following situations constitute severe abnormal fluctuations:
(1) Continuous mainboard stocks 10 Within one trading day 4 The next occurrence of the specified “ Mainboard stocks Continuous 3 The cumulative deviation of the daily closing price change within a trading day reaches ± 20% or ST and *ST Mainboard stocks continuously 3 The cumulative deviation of the daily closing price change within a trading day reaches ± 12% of the Situations of abnormal fluctuations in the same direction;
(2) Mainboard stocks continuously 10 The cumulative deviation of the daily closing price increase or decrease within a trading day reaches +100% ( -50% );
(3) Mainboard stocks continuously 30 The cumulative deviation of the daily closing price increase or decrease within a trading day reaches +200% ( -70% );
(4) Other circumstances identified by the CSRC or the Shenzhen Stock Exchange as constituting severe abnormal fluctuations.
For the above-mentioned severe abnormal fluctuations, The Shenzhen Stock Exchange released information, including investor classification trading statistics, for the period of severe abnormal fluctuations.
The indicator for severe abnormal fluctuations will be recalculated starting from the next trading day or the resumption of trading following its announcement by the Shenzhen Stock Exchange. Stocks without price fluctuation limits are not included in the calculation of severe abnormal volatility indicators.
7. Under the registration-based system, can main-board stocks issued through an initial public offering serve as underlying assets for securities lending and borrowing?
Answer: According to the “Administrative Measures for the Registration of Initial Public Offerings of Shares,” main-board stocks issued and listed under these measures can be used as underlying assets for margin trading and short selling starting from the first day of listing.
If a stock subject to trading is placed under risk alert, the Shenzhen Stock Exchange will remove it from the scope of eligible securities starting from the date on which the risk alert is imposed.
8. Under the registration-based system, can main-board stocks be used as underlying securities for stock pledge repurchase and agreed-upon repurchase transactions?
Answer: To mitigate risks associated with stock-backed repurchase transactions and agreed-upon repurchase securities trading, and to ensure the stable operation of the market, main-board stocks issued and listed in accordance with the “Administrative Measures for the Registration of Initial Public Offerings” shall not be used as underlying securities for stock-backed repurchase or agreed-upon repurchase transactions. Other stocks, however, may continue to serve as underlying securities for such transactions.
(Disclaimer: The Q&A in this section is for investment purposes only.) This material is published for educational purposes only and does not constitute investment advice. Investors who act upon it do so at their own risk. The Shenzhen Stock Exchange strives to ensure the accuracy and reliability of the information provided in this Q&A section; however, it makes no guarantees regarding its accuracy, completeness, or timeliness, and assumes no liability for any losses arising from the use of this Q&A section.
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