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.