1 thought on “Chapter 4 of the Shanghai Stock Exchange Trading Rules of Trading Rules”

  1. 4.1.1 The opening price of the securities is the first transaction price of the securities that day.
    4.1.2 The opening price of the securities is generated by collecting bidding. If the opening price cannot be generated, it is generated by continuous bidding.
    4.1.3 The closed price of the securities was the weighted average price of all transactions (including the last transaction) of all transactions (including the last transaction) one minute before the last transaction of the securities. If there is no transaction on the day, the closing price was the closing price that day. 4.2.1 The Institute implements listing transactions on listed securities.
    4.2.2 If the securities listing period expires or does not have the conditions for listing in accordance with the law, it will terminate its listing transaction and delist.
    4.2.3 The Institute may suspect the suspected and violate securities to implement a special suspension and announce it. Relevant parties shall submit a written report in accordance with the requirements of the institute.
    The time and method of special suspension and resumption of trading is determined by the Institute.
    4.2.4 When the securities are suspended, the market published in this office includes the information of the securities; after the securities are delisted, there is no information about the securities in the market.
    4.2.5 During the suspension of trading during the opening period of the securities, the declaration before the suspension will participate in the trading of the securities on the day of the securities; during the suspension, you can continue to declare or cancel the declaration; During the bidding period, the virtual opening reference price, virtual matching volume, and virtual non -matching volume is not revealed.
    4.2.6 Self -listed, delisted, suspended and resumed trading, the institute will announce it.
    4.2.7 The regulations of the securities listed, delisted, suspended and resumed, shall be implemented in accordance with the listed rules or other relevant regulations. 4.3.1 Listed securities shall be divided into equity, provident fund to increase stocks, and off -share shares. Essence
    4.3.2 The calculation formula for reference prices for removing power (interest) is:
    The reference price = [(previous closing price-cash dividend) (new) stock price × circulation shares change ratio] ÷ (1 circulation shares change ratio).
    Those who consider the issuer of securities to adjust the above calculation formulas may submit an application for adjustment and explaining the reasons to the Institute. The Institute can adjust the formula for reference prices based on the application decision and announce it.
    The first closing price of the securities displayed in the real -time market in the real -time market is the reference price of the right (interest).
    4.3.3 The sale of securities on daily divisions (interest), according to the reference price of rights (interest) as the benchmark for calculating the increase and decline, except other regulations. 4.4.1 The bond installment is also handled by reducing face value.
    This may take positions or other methods according to market conditions.
    4.4.2 The method of reducing the face value shall be handled in accordance with the following regulations:
    (1) The number of bond holdings remains unchanged, and the face value of the bond is reduced accordingly according to the repayment ratio. Facial value calculation formula is: reduced face value = distribution face value × unreamed ratio.
    (2) The bond pricing unit is "the price of the bond corresponding to the face value after the reduction of the face value", the bond pledge repurchase is "annual income of the annual expiration of funds per 100 yuan", and the bond purchase repurchase is "after the reduction is reduced. The purchase price of the corresponding bonds of the face value ".
    (3) The bond trading unit is hand, and the number of declarations is 1 hand or an integer multiple. The corresponding facial value calculation formula of 1 hand bond is: 1 -handed bond face value = 1000 yuan × unreamed ratio.
    (4) The one -transactions date of the registration date of the rights and interests of this place is processed. The calculation formula of the reference price in addition to the reference price is: removing the reference price = the previous closing price-100 yuan × the proportion of repayment of this time.
    4.4.3 In order to reduce the positioning method, the face value of the bond remains unchanged, and the number of bond positions decreases accordingly according to the repayment ratio. The less than 1 -handed bonds arising from this should be repaid.
    4.4.4 If you handle bond repayment in other ways, the specific matters shall be separately stipulated by the Institute.
    4.4.5 The transaction matters that are not specified in this section shall be handled in accordance with other provisions of these rules. 4.5.1 If the following situations appear in the Shanghai and Shenzhen 300 Index, the bidding transactions of related varieties such as stocks can be suspended in accordance with the following regulations (hereinafter referred to as "index melting") and announced to the market:
    (1) Shanghai Shanghai If the depth 300 index rose for the first time or decline or exceeds 5%from the closing day of the previous trading day, the index was broken for 15 minutes, and the transaction was resumed after the expiration of the melting time. The time period continues until the expiry of the session. From 14:45 to 15:00, if the Shanghai and Shenzhen 300 index rose for the first time, a decline of the first trading day, or more than 5%, the index was disconnected until 15:00 that day, and the transaction was no longer resumed on the same day.
    (2) If the Shanghai and Shenzhen 300 index rose, decline or exceed 7%from the previous trading day, the index was disconnected to 15:00, and the transaction was no longer resumed on the day.
    The above -discarding bidding appears above, and the exponential melting is started at 9:30.
    The specific implementation time of the index fusion is subject to the announcement.
    4.5.2 The varieties of the exponential index of the institute include stocks, funds, convertible corporate bonds, exchanging corporate bonds, and other securities varieties identified as the institute.
    The following varieties of funds do not implement index melting:
    (1) Gold trading open securities investment fund;
    (2) trading currency market funds;
    (3) bonds bonds Transaction open -type index fund.
    4.5.3 If the trading day of the institute is a delivery date for the stock index futures contract, the index fusing time is over 11:30 on the day, and the transaction will be resumed from 13:00 on the same day; from 13:00 to 15:00 that day, the institute does not not be the institute. Implementing index fusion.
    The delivery date referred to the stock index futures contract in this rule refers to the Shanghai Stock Exchange 50 Index Futures, CSI 300 Index Futures, CSI 500 Index Futures, and other stock index futures contracts that are listed on the China Financial Futures Exchange Delivery day.
    4.5.4 The melting of the index ends before 15:00, and the declaration can be continued during the melting period, or the declaration can be revoked.
    The index fusion continues to end 15:00. During the disconnection period, the trading host of the institute only accepted the cancellation declaration and did not accept other declarations.
    4.5.5 The melting of the index ends before 15:00, and the trading console of the Institute has a collection bidding matching transactions on the acceptance of the acceptable declaration, and has since entered the continuous bidding transaction stage. The index fusion lasts until 15:00, and no concentrated bidding matching on that day.
    This During the melting period and the collection of the melting period, the virtual reference price, virtual matching volume, and virtual non -matching volume are not revealed during the bidding period.
    4.5.6 The fusion of the exponential exponentially implemented by the securities resumption of the trading of the securities will continue to the trading after the index fusion is over, except for the securities variety that does not belong to the scope of the exponential melting implementation scope.
    4.5.7 Index fuse to 15:00, the corresponding securities varieties will not be transactions on the day.

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