Special Trading Arrangements
1. Introduce after-hours fixed-price trading
2. Optimize securities borrowing and lending
3. Add two new order types
4. Relax price up/down limit
5. Adjust the size limit for a single order
6. Adjust the micro trading mechanism according to market conditions
7. Adjust the indicators for trading information disclosure
8. Conduct trading behavior surveillance
Trading Mechanism Comparison
Key Differences | Main Board | STAR Market |
---|---|---|
Trading Mechanism | ● Continuous auction ● Call auction ● Block trade | ● Continuous auction ● Call auction ● Block trade ● After-hours fixed-price trading |
Eligible Investor (domestic individual) | ● Meet general requirements | ● Financial assets no less than RMB 500,000 ● Investment experience no less than 24 months ● For those who don't meet the requirements, they may participate the STAR Market through mutual funds |
Price Limit | ● ±10% ● ±5% for ST and *ST stocks ● -36%~+44% for the IPO day | ● ±20% ● No limit for the first 5 trading days |
After-hours Trading | ● No | ● Designed for passive investors who are interested in tracking the closing price ● Orders accepted during 9:30-11:30, 13:00-15:30 ● Orders executed during 15:05-15:30 under the principle of time priority |
Securities Lending and Borrowing | ● Strict restrictions on margin trading, including listing time, tradable share capital, number of shareholders, market data, risk-free warnings, etc. ● Price of securities borrowing: the price of any sell order shall not be lower than the latest transaction price of the securities; if no transaction is made on the day, the price of any sell order shall not be lower than the pre-market price | ● Stocks on the STAR Market can be the underlying of margin trading since the first day of listing |
Order Submission | ● When buying stocks through auction trading, each order shall be in multiples of 100 shares ● The maximum size of an order for stocks is one million shares ● When selling stocks, any remaining quantity less than 100 shares shall be sold in a single order | ● The size of a single order shall be no less than 200 shares, and may be incremented by 1 share ● Limit order: no more than 100,000 shares ● Market order: no more than 50,000 shares ● When selling stocks, any remaining quantity less than 200 shares shall be sold in a single order |
Tick Size of an Order | ● The tick size of an order for A-shares is RMB 0.01 | ● The SSE shall stipulate the tick size of an order based on the stock price. Specific matters will be specified separately |
The above content is only for reference. Please refer to the full text of the rules.