Chinanews client, Beijing, November 13th (Reporter Xie Yiguan) On the 12th, the Beijing Stock Exchange announced that the Beijing Stock Exchange is ready to open the market and is scheduled to open on November 15, 2021.
At that time, 71 listed companies on the selection layer of the New Third Board will be transferred to the Beijing Stock Exchange.
In addition, 10 companies that have completed public offerings and other procedures will be listed directly on the Beijing Stock Exchange.
On the first day of market opening, the number of companies listed on the Beijing Stock Exchange will reach 81.
After the Beijing Stock Exchange officially opens for trading, how should investors participate?
What are the rules to be aware of?
Come take a look.
Picture from the official website of Beijing Stock Exchange
Investors need to meet these conditions
According to regulations, individual investors should meet two major conditions to participate in stock trading on the Beijing Stock Exchange: First, the assets in the securities account and capital account must not be less than RMB 500,000 per day (not including The investor's funds and securities acquired through margin trading and securities lending); the second is to participate in securities transactions for more than 24 months.
Institutional investors participating in CBEX stock trading shall comply with laws and regulations and the business rules of CBEX.
Investors who have opened the trading authority of the select layer before the opening of the Beijing Stock Exchange will automatically transfer their trading authority to the Beijing Stock Exchange.
Take a variety of trading methods
The Beijing Stock Exchange adopts bidding trading, block trading, after-hours fixed-price trading, and other trading methods approved by the China Securities Regulatory Commission.
With the approval of the China Securities Regulatory Commission, auction transactions can introduce a market maker mechanism.
In the case of auction trading, the opening call auction time is from 9:15 to 9:25 on each trading day, and the continuous auction time is from 9:30 to 11:30 and from 13:00 to 14:57. From 14:57 to 15: 00 is the closing call auction time.
The Beijing Stock Exchange accepts price limit declarations and market price declarations from trading participants.
In addition, if the number of stock transactions declared in a single transaction is not less than 100,000 shares, or the transaction amount is not less than RMB 1 million, the block trading method may be used.
15:00 to 15:30 on each trading day is the transaction confirmation time for block trades.
Implement a 30% price increase and decrease limit
The Beijing Stock Exchange imposes price fluctuation restrictions on stock trading, and the ratio of the price fluctuation limit is 30%.
Among them, the first day of listing and trading of stocks publicly issued to unspecified qualified investors, the first day of delisting consolidation period, etc., there is no limit on the increase or decrease.
It is worth noting that if a listed company on the select layer is a listed company on the Beijing Stock Exchange, the stock trading on the day of the shift will implement a 30% price limit, and the closing price of the last trading day of the select layer shall be its previous closing price.
The Beijing Municipal Bureau of Economy and Information Technology and the Beijing Municipal Financial Supervision and Administration Bureau signed strategic cooperation agreements with the National Equities Exchange and Quotations and the Beijing Stock Exchange respectively.
Photo courtesy of Beijing Municipal Bureau of Economy and Information Technology
Establish a temporary trading suspension mechanism
In order to prevent market risks and protect the interests of investors, the Beijing Stock Exchange has also set up a temporary suspension mechanism.
If the intraday trading price of a stock with no price increase or decrease limit has increased or decreased by 30% or 60% from the opening price of the day for the first time, the duration of a single temporary suspension is 10 minutes.
If the stock suspension time exceeds 14:57, trading will be resumed at 14:57 and a resumption call auction will be conducted for the accepted declaration, and then a closing call auction will be conducted.
Set effective price range for declaration
According to the trading rules of the Beijing Stock Exchange, for stocks with price fluctuation limits and no price fluctuation limits, the limit declaration during the continuous auction stage will set the benchmark price ±5% (or 10 minimum price change units) to be valid. price range:
That is, the purchase declaration price is not higher than 105% of the purchase benchmark price or 10 minimum price change units above the purchase benchmark price (whichever is higher); the selling declaration price is not less than 95% of the selling benchmark price or Sell the 10 smallest price change units below the benchmark price (whichever is lower).
The benchmark price of buying (selling) is the lowest selling (highest buying) declared price immediately revealed; if there is no declared price of the lowest selling (highest buying) immediately revealed, it is the highest buying (lowest selling) revealed immediately Out) declared price; if there is no immediate announcement of the highest buying (lowest selling) order price, it is the most recent transaction price; if there is no transaction on the same day, it is the previous closing price.
Buy and sell stocks, the number of single declaration is not less than 100 shares
The Beijing Stock Exchange stipulates that when buying and selling stocks through auction trading, the number of single declarations should be no less than 100 shares.
When selling stocks, the balance of less than 100 shares shall be declared for sale at one time.
The maximum number of a single application for a stock auction transaction shall not exceed 1 million shares.
The unit of valuation for stock transactions is the "price per share".
The smallest unit of change in the declared price of stock trading is RMB 0.01.
Data map: China Securities Regulatory Commission.
Photo by China News Agency reporter Zhang Hao
Publish the trading leaderboard
The trading rules show that for stock auctions with price fluctuation limits, the top 5 stocks with a closing price increase or decrease of ±20% on the day, the top 5 stocks with a price fluctuation of 30% on the day, and the day’s turnover rate reached For 20% of the top 5 stocks, the Beijing Stock Exchange will respectively announce the names of the 5 member securities business offices or trading units with the largest purchase and sale amounts on the day of the relevant stocks and their respective purchase and sale amounts.
If the closing price increase or decrease, the price amplitude or the turnover rate are the same, it is selected according to the transaction amount and the transaction volume in turn.
Announce abnormal stock fluctuations
In addition, in stock auction trading, if the deviation of the closing price increase or decrease within the last 3 trading days has accumulated to ±40%, or there are other circumstances that are abnormal fluctuations, the Beijing Stock Exchange will announce the period of abnormal fluctuations of the stock Cumulative fluctuations, trading volume, and trading value, as well as the names of the five member securities business offices or trading units with the largest cumulative buying and selling amounts during abnormal fluctuations, and their respective buying and selling amounts.
According to the regulations, the last three trading days with transactions refer to the last three trading days with transactions within a period of no more than 20 trading days.
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