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Shanghai-Hong Kong Stock Connect and Shenzhen-Hong Kong Stock Connect Basic Rules for Transactions

November 18, 2016 at 09:43
source: Oriental wealth network

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  >>>Hong Kong Stock Connect Basic Trading Rules and Shenzhen-Hong Kong Stock Market Differences

Investors opened the Shenzhen-Hong Kong Stock Connect under the Hong Kong Stock Connect (referred to as "Hong Kong Stock Connect") trading rights, it officially entered the actual stage of Hong Kong Stock Connect. There are many rules differences between the Hong Kong stock market and the familiar market environment for Mainland investors. When entering the complex overseas securities market, investors need to familiarize themselves with the battlefield in advance, understand the rules and predict the risks before they can properly target their own investment decisions.

  First, Hong Kong Stock Connect basic trading rules points

【Account】

Shenzhen-Hong Kong Stock Connect and Shanghai-Hong Kong Stock Connect adopt the "two-channel" independent operation mechanism. Stocks in the securities of Hong Kong Stock Connect under Shenzhen-Hong Kong Stock Connect and stocks in Hong Kong Stock Connect under Shanghai-Hong Kong Stock Connect can not be cross-sold. However, Funds can be cross-used.

【Currency】

Trading in Hong Kong Stock Connect, quoted in Hong Kong Dollar, settled in RMB and settled.

【Order Type】

Mainland investors to participate in the stock exchange trading through the Hong Kong Stock Connect, only two types of orders can be used: the auction period should be used "auction limit order" commission; in the continuous trading session should be "enhanced limit order" commission.

【Entrustment declaration】

Investors to participate in the transaction quoted on the Hong Kong stock exchange need to enter the securities code, the sale price, the number of trading and other parameters. The price declared by investors follows the local quotation rules in Hong Kong. In the Hong Kong stock market, the quotation rules for opening quotes are different from those for continuous trading hours. However, the prices quoted by investors in these two periods may not be greater than the previous closing prices or At nine times or more than the price and less than one-ninth or less, each order shall not exceed 3,000 shares. For details of the specific quotation rules, investors can log on the website of the SEHK and refer to "Exchange Rules" under the "Trading Rules" option under the "Rules and Regulations" section.

In addition, investors in Hong Kong Stock Connect can only withdraw orders at the appropriate time but can not modify the orders. The withdrawable time is 9: 00-9: 15; 9: 30-12: 00; 12: 30-16: 00; 16: 01 -16: 06.

【Tradable shares】

The stock balance of Hong Kong stocks in the securities account of an investor is divided into the number of tradable shares, the balance held at the end of the day, and the number of unfinished settlements. In the event of a freeze, the amount of frozen shares is also included in the frozen amount. The trading volume of investors in Hong Kong Stock Connect is calculated as:

Tradable Quantity = End-of-Day Balance + Incomplete Settlement Quantity - Freeze Quantity

Investors net buying of Hong Kong stocks, the unfinished settlement number is positive; investors net selling shares of Hong Kong stocks, the unfinished settlement number is negative.

【Fray Trading】

Less than one hand in the hands of mainland investors "broken stocks", the need to deal with the "odd lot / special board market" trading system of the Stock Exchange. Hong Kong Stock Connect investors can only sell broken stock market, can not buy.

  Second, Shenzhen and Hong Kong trading system differences

There are many differences between Shenzhen and Hong Kong stock market trading system, investors need to do their homework well in advance, identify differences in order to ease the investment in Hong Kong stocks. In order to facilitate investors to understand, we sort out some of the major differences between Shenzhen and Hong Kong for your reference:

First, the transaction settlement mechanism is different. Unlike the T + 1 trading system in the A-share market in the Mainland, Hong Kong stocks implemented T + 0 rollover and T + 2 settlement, meaning that investors can sell on the day they buy Hong Kong stocks and sell at T + 2 The day before the completion of settlement still enjoy the rights and interests of the securities.

Second, different price limits. Shenzhen A-share market stocks,Fund tradingThere is a 10% price increase limit, ST and * ST and other special treatment of the stock is subject to 5% price increase limit; Hong Kong stock market no limit for price increases, but the Stock Exchange to prevent short-term stock price sharp Since August 22, 2016, the market fluctuation adjustment mechanism has been introduced. That is, some stocks that are subject to the market fluctuation adjustment mechanism trigger a 5-minute cooling-off period when the price fluctuates sharply during the monitoring period, and the trading price will be affected during the cooling-off period Trigger 5 minutes before the last transaction price limit of 10% range.

Third, the transaction unit provides different. Shenzhen A-share bidding should be 100 shares or an integer multiple of its shares. There are no uniform rules for the number of shares traded in Hong Kong stocks. Listed companies in Hong Kong stocks may set up different numbers of trading units for each lot on their own, which may be 100, 200, 1000 or 5000 and the like.

Fourth, the smallest unit of quotation is different. Shenzhen A shares is 0.01 yuan; and Hong Kong stocks of different prices, the smallest quotation unit is different, the higher the stock price, the smallest quotation unit.

Fifth, the transaction schedule is different. Shenzhen A-share trading hours are divided into: open collection auction period (9: 15-9: 25), continuous auction period (9: 30-11: 30 and 13: 00-14: 57), closing auction period 14: 57-15: 00); the trading hours of the shares traded in the shares traded in Hong Kong by investors shall be governed by the relevant requirements of the Stock Exchange as follows: (Attached)

Sixth, "half-day market" special arrangements. There is also a rather special "half-day market" in the Hong Kong stock market. That is, on Christmas Eve (December 24), New Year's Eve (December 31) and Lunar New Year's Eve (last day of the Lunar New Year), the Hong Kong market Have a half day deal. If the day is the trading day of the Stock Connect, the Hong Kong stock exchange on that day will also be traded for only half a day.

Seven is a different quote. Hong Kong stock market stock prices rose, the stock price on the screen shows the color of the green, the decline is red, there are differences with the mainland stock market. However, different quotes software market quotations trend color can be reset, investors in the use of quotes software, you should carefully check the software parameter settings, to avoid the risk of inertia thinking.

Eight is the risk warning and delisting system differences. Shenzhen A shares in the presence of short positions before the introduction of warning signs (for example, ST, * ST and other marks), to prompt investors to invest in risk and delisting arrangements for the delisting finishing period, the stock can still enter the delisting The National Equities Exchange and Quotations (NYSE: SZSE) was listed on the Stock Exchange of Hong Kong. The SEHK adopted a non-quantitative delisting standard with no delisting risk warning, delisting period and other arrangements. Once the share has been delisted from the SEHK market, there is no subsequent follow- As a result, investors will face the risk that they will be unable to continue to trade the relevant stocks through the Hong Kong Stock Connect.

For investors in Hong Kong Stock Connect, a careful understanding of the differences between Shenzhen and Hong Kong should be carefully studied. This is both a real weapon and a defensive shield, so that there is ample resources available to the Hong Kong stock market.


  >>>Notice on Revision of the Measures for the Pilot Scheme of Shanghai Stock Exchange Shanghai Stock Exchange and Hong Kong Stock Connect

Each market participant:

Pursuant to the arrangement of the Stock Exchange of Hong Kong Limited (SEHK) for the adjustment of trading mechanisms such as the close of bidding transactions, the Shanghai Stock Exchange approved the "Measures for the Pilot Scheme of Shanghai Stock Exchange and Shanghai-Hong Kong Stock Connect" with the approval of China Securities Regulatory Commission Revised, the specific changes are as follows:

1. The first paragraph of Article 63 is amended as follows: "The trading day and trading hours of Hong Kong Stock Connect shall be announced on the website of the Stock Exchange through its designated trading website. The trading hours of each Hong Kong Stock Connect trading day include the pre-opening hours, continuous trading Period and closing auction trading hours, the specific implementation of the provisions of the Stock Exchange.

2. The second paragraph of Article 64 is amended as follows: "Investors shall participate in the automatic trading of the trading system of the SEHK. Before the pre-opening session of the SEHK and during the closing bidding transaction, the auction limit order shall be used. On the SEHK The continuous trading session should be enhanced limit order commission. "

III. The second paragraph of Article 81 is amended as follows: "Where the quotas are used on the continuous trading day of the SEHK or the closing auction trading session, the SSE Securities Exchange Service Company shall stop accepting the follow-up buying returns on that day but still accept Sell ​​declaration.In this period of time to stop accepting the purchase declaration, the day no longer resumed, unless otherwise provided by the.

4. Article 112 Paragraph (17) is amended as follows: "Bidding limit order: a limit order prescribed by the Stock Exchange Rules applicable to the pre-opening session of the SEHK and the closing bidding transaction Time of the specified price or better price transactions. "

The above amendments shall come into force on July 25, 2016.

Hereby notice.

Shanghai Stock Exchange

July 18, 2016

                (Editor: DF120)

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