What's the difference between speculating in Hong Kong stocks and playing in Shenzhen and Shanghai? Specifically talk about the rules of Hong Kong stocks!

I. Trading Rules of the Hong Kong Stock Market It is very important for many investors to be familiar with the trading rules of the Hong Kong stock market. In the trading system, the Shanghai and Shenzhen stock markets adopt T+ 1 trading, while Hong Kong stocks adopt T+0 trading, that is, you can buy on the same day and sell on the same day. Although the transaction is convenient, it has one more trading day than the mainland stock market in terms of settlement system and capital deposit and withdrawal: the mainland stock market T+ 1, and the Hong Kong stock market T+2.

In Shanghai and Shenzhen stock markets, each lot is 100 shares. However, in the Hong Kong stock market, the stocks contained in each lot are determined according to the stock price. 1 lot may be 400 shares, 500 shares, 1000 shares, 2000 shares, etc. For example, in the current Hong Kong stock market, HSBC holds 400 shares and ICBC 1000 shares. The reason for this difference is mainly determined by the different "prices" of stock transactions. The so-called "price" refers to the minimum range of price rise and fall, which is related to the price range of securities.

At present, the price list of the Hong Kong Stock Exchange stipulates that the stock price ranges from 0.0 1-0.25 Hong Kong dollars (the price is 0.00 1 Hong Kong dollars) to 1000-9995 Hong Kong dollars (the price is 2.50 Hong Kong dollars). When the price of a stock rises or falls to another price range, its price will also change. For the specific "price" setting, investors can go to the website of the Hong Kong Stock Exchange for enquiry. In order to ensure the price continuity between two adjacent trading days and prevent the market from fluctuating violently when the market opens, HKEx stipulates that the first buy or sell order entered into the trading system on each trading day is bound by the opening quotation rules, that is, the price of the first buy or sell order cannot exceed four prices above and below the closing price of the previous day.

There is no limit on the price of stocks traded in the Hong Kong stock market, but if there is excessive fluctuation or other reasons, the trading can be suspended temporarily. Second, the types of stocks in the Hong Kong stock market In the investment in the Hong Kong stock market, we often hear many stock market terms, such as "H shares" and "red chips". So what stocks do these special terms stand for?

H shares refer to companies registered in People's Republic of China (PRC) and listed in Hongkong with the approval of China Securities Regulatory Commission. The shares of China mainland enterprises listed on the Hong Kong Stock Exchange and subscribed and traded in Hong Kong dollars or other currencies are called "H shares", and the "H" in the "H shares" stands for Hong Kong, China.

1June 993 19, representatives of HKEx, CSRC, Hong Kong Securities Regulatory Commission, Shanghai Stock Exchange and Shenzhen Stock Exchange signed a memorandum of cooperation on securities market supervision in Beijing, opening the way for mainland enterprises to go public in Hong Kong. On July 15 of the same year, Tsingtao Brewery became the first mainland enterprise to issue H shares listed on the Stock Exchange. As of August 29th, 65,438+000 H shares were listed on the main board of HKEx and 43 H shares were listed on the Growth Enterprise Market.

Red chips: refers to companies with at least 30% shares directly held by entities in China, or (and) companies with at least 30% shares indirectly held by entities in China through companies controlled by them, which are the single largest shareholders, or (and) companies with at least 30% shares directly or (and) indirectly held by entities in China, but with 20% or more shares, and people connected with China Mainland are on the board of directors of the company. As of August 29th, there were 85 red chips listed on the main board of HKEx and 4 red chips listed on the Growth Enterprise Market.

Blue chip: refers to the shares of large companies that occupy an important leading position in their respective industries, with excellent performance, active trading and rich dividends. Have a stable surplus record and be able to pay generous dividends on a regular basis. In Hong Kong stock market, the most famous blue chip is HSBC Holdings, one of the largest commercial banks in the world. In addition, there are "Changjiang Industry" and "CITIC Pacific".

Fine-priced stocks: also known as "fairy stocks", refer to stocks below 0. 1 HK$ per share. According to the trading rules of HKEx, the lowest trading price of a stock is 1 cent (i.e. 1 cent). At this level, if there is no transaction for several days, the stock will be suspended or even delisted. In order to "protect the shell", many listed companies "save themselves by production", and merger is one of the ways, that is, several shares or shares are merged into 1 share, for example, 0.0 1 HK$ per share before the merger and 0.01Yuan per ten shares after the resumption of trading. Therefore, the "fairy stocks" often staged a farce of ups and downs, and more and more become the object of "arbitrage" of listed companies and their major shareholders. Iii. How to operate domestic Hong Kong stock trading 1. You can open a Hong Kong stock account in the Mainland and operate H shares through Hong Kong brokers. Recommend securities of listed companies.

2. At present, it is impossible to directly open H shares in China. Generally, accounts are opened through brokerage companies in Hong Kong, so these brokerage companies will transfer funds in and out. The specific rules are different for each brokerage company.

3. Buy and sell Hong Kong stocks directly through software, online trading or telephone trading after opening an account. Fourth, the difference between Hong Kong stocks and A-share competition projects The trading rules of Hong Kong stocks and A-shares are T+0, and the number of transactions on the same day is not limited. T+ 1 online trading is the main trading method, and the same share can be overdrawn by phone, and no interest is charged for the day's trading. There are a variety of trading products, while stocks, Hang Seng Index futures, options, warrants and hedge funds are relatively single. There is no limit to the fluctuation of stocks, funds and warrants. Short selling of stocks, futures, options and warrants can be implemented. Put warrants with short profits can circulate in the deep free system market, and international hot money can freely enter and exit. The active trading market is relatively closed. The new share subscription brokers provide a financing line of 1: 9, with a high winning rate and a low winning rate for basic personnel. There are many high-quality companies, public stocks, real estate stocks and banking stocks.

Investors need to pay commission (0.25%), exchange fee (0.0 12%), government fee (0. 1%), board-to-board fee and other fees (HK$ 2.5 each).

1. commission: both parties to the transaction shall pay commissions to the entrusted securities company (or bank) respectively. The level of commission is determined by investors and securities companies, but the HKEx has a minimum brokerage commission. The commission charged by a securities company for each transaction should not be less than 0.25% of the transaction amount, and the minimum fee for each transaction ranges from HK$ 50 to HK$ 65,438+050, depending on the specific regulations of each securities company.

2. Exchange fees: The unilateral charge rate of the transaction fees of HKEx is 0.005% of the transaction amount. What is the share of transaction levy shared by CSRC? 0.005%。 In March, 20001,the Financial Secretary announced that the transaction levy would increase by 0.002%, and this part of the transaction levy would be allocated to the new compensation fund until the fund increased to HK$ 654.38 billion.

The HKEx collects trading system usage fees from exchange participants, and buyers and sellers need to pay 0.50 yuan for each transaction. Whether exchange participants will charge this fee to customers is decided jointly by exchange participants and customers.

3. Government expenses: In March of 200 1 year, the ad valorem stamp duty rate payable by both parties for each share transaction was reduced from 0. 1 125% of the transaction amount to 0. 1%.

4. Transfer fee

A. Stamp duty on transfer paper: No matter how many shares are sold, the stamp duty on transfer paper of HK$ 5 must be paid to the government for each new transfer paper, and the registered shareholder (that is, the first-hand seller) is responsible for paying it.

B. transfer fees: No matter how many shares are sold, the listed company will charge transfer fees for the newly issued shares, with a charge of HK$ 2.5 per share, which will be paid by the buyer. Six, the trading hours of the stock market

The trading hours of the stock market (Monday to Friday) are as follows:

A.m. 10 to p.m. 12: 30 (noon); From 2: 30 pm to 4: 00 pm sharp.

There is no afternoon trading on Christmas Eve, New Year's Eve or Lunar New Year's Eve. VII. Ordering channels

Generally speaking, investors can place orders with exchange participants (such as securities companies) by telephone or internet, or they can place orders in the office of securities companies in person. Investors need to specify the name (or code), quantity and price of the securities to be bought and sold when placing an order. In the whole transaction process, investors will receive two notices, namely acceptance and liquidation.

After AMS/3 is fully implemented, investors can place orders with exchange participants in person or by telephone, and they can also choose any of the following "investor contact market channels".

(1)AMS/3 channel: directly supported by HKEx, investors can place orders through the online facilities of the Stock Exchange.

(2) Private Line Network System (PNS): PNS suppliers provide ORS channels connecting the HKEx; ORS can send investors' buying and selling instructions to the market through exchange participants. Investors can use the channels provided by PNS suppliers, that is, through the Internet, mobile phones and other electronic channels to place orders;

(3) Broker-only channel: namely, the broker aggregation system (BSS) provided by individual exchange participants, through which investors can place orders on the Internet or mobile phones. VIII. Order Form

When placing an order, investors can choose from three forms: market price, current price and stop loss. The details are as follows:

1, market price: the customer instructs the broker to buy and sell at the current market transaction price (market price). Buy at the first sight and sell at the first sight. Trading at the market price cannot guarantee that the business entrusted by the customer will be concluded at the same price, and the transaction price may fluctuate with the market situation.

2. Price limit: the highest or lowest price that restricts investors' trading. When buying securities, investors must clearly indicate to the staff of the securities company the highest purchase price they are willing to buy. If an investor wants to sell securities, he must issue a minimum selling price to the securities company. The securities company can only sell securities for him if the stock price is equal to or higher than the minimum selling price. However, when placing an order at the limit plate, the customer needs to clearly indicate the validity period. On the day of placing an order, if it is not executed at the closing time, the limit order will be automatically cancelled, which is called "today's order". If the customer chooses "no order", will the broker? List customers every day until the sale is completed at the instructed price? Stop.

3. StopLossOrder: After investing in stocks, if investors are afraid that the stock price will be unfavorable to them, they can set a stop loss order in advance on the same day to ensure profitability. The main function of stop-loss disk is to limit the loss of investors. If the price of the securities held by investors falls and the decline continues, investors can sell the securities when the stock price falls to a predetermined price to limit the losses. Nine. Comparison of terms in the mainland and Hong Kong stock markets The comparison of terms in the mainland and Hong Kong stock markets is as follows:

Mainland hong kong

Do more and do better.

Be brief.

Many friends

Empty friends

Clearance clearance

Green butterfly

Hongsheng

ST junk stock

Compensating stocks and lagging stocks

Differential inventory with poor quality

Fine adjustment

10. Blue chips, red chips, state-owned enterprises and blue chips are different.

Blue-chip stocks generally refer to stocks with a long history, stable performance and large market value in the Hong Kong stock market. Hong Kong stocks and blue chips are actually the representatives of British capital and China capital. Such as British-funded HSBC and Swire Group. Chinese-funded CITIC Pacific and Cheung Kong Industries are also the drivers of the prosperity of Hong Kong stocks for more than a decade. The market value of these enterprises is tens or hundreds of billions of Hong Kong dollars, and an increase of 1% ~ 2% can influence the market situation. In the past, blue chips accounted for 80% of market transactions. With the acceleration of China listed companies entering Hong Kong, red chips and H shares have rapidly increased to about 60% of market transactions. red chip stocks

Red chips refer to the direct listing of companies whose main shareholders are from China Capital and the shell listing of China investors. Its business may be located in China, Hongkong or overseas, and its largest controlling interest directly or indirectly belongs to relevant departments or enterprises in China. From the second half of 1996 to the return of 1997 Hong Kong stocks to China, the increase of red chips was almost 200%, which greatly exceeded the increase of 40% in the Hang Seng Index during the same period. Because the business of red-chip companies spans the Mainland and Hong Kong, combined with the scale of the China market and the advanced corporate management of Hong Kong stocks, it can create unlimited development. Especially after the return of Hong Kong stocks to China, the status of red-chip companies will be a guide for China to master the finance of Hong Kong stocks, and the financial transparency of red-chip companies is high. Listed shares/shares of state-owned enterprises

State-owned shares, also known as H-shares, are shares of companies in China listed in Hongkong. Generally speaking, the scale of H-share listed companies is quite large, and most of them belong to basic industries and are in a leading position in this industry. The average assets of H shares are about 6.5 billion RMB, which is also the reason for the low share price of H shares in the past. However, under the inducement of foreign investment in H shares and low share price, the potential of H shares has more unlimited profit space. On the other hand, in legislation, H-shares listed in Hong Kong stocks are subject to the supervision of China securities regulatory authorities and the international securities laws of Hong Kong stocks, which is a double guarantee. There are many H shares in Hong Kong stocks and A shares listed and issued in China. The share prices of these enterprises are denominated in Hong Kong dollars and RMB respectively, and there is room for arbitrage. Generally speaking, the cash dividend of H shares is good. At present, Chinese mainland's A-share market is closed to overseas investors, so H-shares and red chips of Hong Kong stocks should be the best way to participate in China's economic growth. XI。 Knowledge of Hong Kong stocks: Relevant regulations on suspension and resumption of trading The consistent policy of the exchange is that the stocks of listed companies should be traded as continuously as possible unless necessary; Suspension of trading is only a means to deal with potential and actual market chaos. Even if the situation requires, the pause time should be as short as possible.

When a listed company requests to suspend trading, the Exchange will require the listed company to issue a brief announcement explaining the reasons for the suspension, so as to increase market transparency. The Exchange will also keep in touch with listed companies during the suspension period and require listed companies to make an announcement before the resumption of trading. The relevant announcement should have sufficient information to realize that the relevant transactions can be conducted in a fair and well-known market after the company's stock resumes trading. Investors should always pay attention to the "latest announcement of listed companies" on the website of the Hong Kong Stock Exchange in order to get the news of the resumption of trading of listed companies.

If the announcement of a company listed on the main board involves price sensitive information other than the performance announcement, whether it can continue trading or resume trading immediately (Hong Kong stock market is called "resumption of trading") depends on the announcement time:

If the announcement is published on the website of Hong Kong Stock Exchange before 1 1 (or during the submission period from 6: 00 pm to 8: 00 pm on a non-business day before a business day), the listed company may continue trading or resume trading at the beginning of the morning market on the next business day.

If the announcement is published on the website of HKEx from 6: 00 am to 9: 00 am the next day, the trading will be suspended for half a day and resumed at the beginning of the afternoon trading session (2: 30 pm).

If the announcement of GEM companies is published on the GEM website before 9 am the next day, there is no need to suspend trading.

If the announcement of listed companies involves performance announcement, the situation will be different.

According to the current listing rules, listed companies must notify the HKEx and the market of the date of the board meeting to discuss the performance announcement at least seven business days before the announcement. Therefore, the market and investors should already know the date when listed companies intend to issue performance announcements. According to the listing rules, the performance of listed companies must be announced as soon as possible after the approval of the board of directors, and in any case no later than 9: 00 am on the next business day after the approval of the board of directors. According to the above provisions, if a listed company can publish a performance announcement on the website of HKEx before 9: 00 a.m. on the next business day convened by the board of directors, it can continue trading during the subsequent trading hours without suspension. This situation is the same as the situation that the performance announcement is allowed at noon now; At present, if a listed company issues a performance announcement at noon (that is, from noon 12: 30 to afternoon 1: 30), there is no need to suspend trading at 2: 30.

If a listed company misses the meeting time in the morning, it can issue a performance announcement at the meeting time at noon that day, but it will be suspended for half a day, that is, it will resume trading at the afternoon trading time (2: 30 pm).

Investors should always pay attention to the announcements and circulars issued by listed companies on the website of the Hong Kong Stock Exchange. If you don't understand anything, you can contact me for consultation.