What are the basic trading rules of Southbound trading? Is there a detailed introduction?

Hong Kong Stock Connect. As a connection a** field.

In addition to the most obvious exchange rate impact, there are many differences in the trading rules between the two places, resulting in the Hong Kong Stock Connect is also subject to restrictions in all aspects. Hong Kong Stock Connect is a way for mainland investors to buy Hong Kong stocks, Hong Kong Stock Connect trading rules are different from A shares, investors on the same day, after confirming the transaction, can be sold on the same day, through the Shanghai market on the same day.

The amount obtained from the sale of ** in Hong Kong Stock Connect can be used to buy**.

Settlement mechanism: Southbound Hong Kong Dollar is used.

**, RMB settlement, the implementation of T+0 turnaround trading, T+2 settlement system.

Trading unit: There is no unified regulation on the number of shares per "lot", and it can be even 5,000 according to the establishment of Hong Kong listed companies. The maximum number of orders per order is 3,000 lots, and the maximum number of shares is 99,999,999 shares.

Trading Hours: At-auction limit orders can only be declared from 9:00 to 9:15, with continuous auction periods from 9:30 to 12:00 and 13:00 to 16:00 on trading days.

Declaration method: Investors on both sides can only make a limit price declaration, not a market price declaration. Only "At-auction Limit Orders" can be used during the Pre-opening Session and "Enhanced Limit Orders" can be used for board lot orders during the Continuous Trading Session.

Price limit: There is no price limit for Southbound Stock Connect.

Quota limit: Shanghai-Hong Kong Stock Connect.

The daily trading quota with Shenzhen-Hong Kong Stock Connect is RMB 10.5 billion, which does not affect each other and does not allow adjustment.

Other rules: You can do ** pledge, not margin trading.

IPO subscription, block trading.

For domestic investors, the opening of the Hong Kong Stock Connect has greatly enriched the investment options, in order to be able to participate in the performance income dividends of high-quality enterprises in the Hong Kong market, the above trading rules as the previous basis, need to be carefully studied. That's all there is to it, I hope it will be helpful to you, and finally you need to remind investors: **There are risks, and investment needs to be cautious.

Hong Kong Stock Connect is a kind of connection type, it is used as a trading channel connecting A** field and Hong Kong ** market, Hong Kong Stock Connect shares are a way for mainland investors to buy Hong Kong stocks, Hong Kong Stock Connect trading rules and A shares have some differences, its trading rules have a settlement mechanism, there is no unified regulation of the trading unit, and the trading time is fixed at 9:00 9:15.

The trading rules of Southbound Trading are as follows:

1. Account, Shenzhen-Hong Kong Stock Connect and Shanghai-Hong Kong Stock Connect adopt the "dual channel" independent operation of the sock mechanism, Hong Kong Stock Connect under Shenzhen-Hong Kong Stock Connect and Hong Kong Stock Connect under Shanghai-Hong Kong Stock Connect ** account can not be cross-sold, but the funds from the Shanghai and Shenzhen Hong Kong Stock Connect account to sell Hong Kong stocks can be cross-used.

2. The trading currency, mainland investors buy and sell the Hong Kong **market** through the Hong Kong Stock Connect, and the transaction is in Hong Kong dollars**, and it is cleared and settled in RMB.

3. Transaction settlement mechanism, Hong Kong stocks implement T+0 rotary trading and T+2 settlement system, that is to say, investors can sell Hong Kong stocks on the same day, and still enjoy the rights and interests of the first before the completion of settlement on T+2 day.

4. The market ** shall be declared by the 5 digits of the target ** in the Hong Kong market.

5. There is no limit on the rise and fall of the Hong Kong market, but in order to prevent the short-term sharp fluctuation of the stock price, the Stock Exchange has launched a market volatility adjustment mechanism since August 22, 2016, that is, some of the market volatility adjustment mechanisms will trigger a 5-minute cooling-off period when there are ** violent fluctuations during the monitoring period, and the trading ** during the cooling-off period will be limited by the upper and lower 10% range of the last transaction ** 5 minutes before the trigger.

6. The display is different, when the Hong Kong stock market is ******, the color displayed on the screen is green, and the color is red, which is different from the mainland market.

7. Order type: Mainland investors can only use two types of orders when participating in Hong Kong Stock Connect** trading: "Auction Limit Order" should be used during the auction period; During the Continuous Trading Session, an "Enhanced Limit Order" order should be used.

8. Entrusted declaration, investors participating in the Hong Kong Stock Connect trading entrustment declaration need to enter ****, trading**, buying and selling quantity and other parameters. In Hong Kong, the market opening rules are different from the rules of the continuous trading session, but the orders entered by investors in these two periods shall not be greater than 15% of the previous day's **price or nominal price, and each order shall not exceed 3,000 shares. For details of the specific rules, investors can log on to the Stock Exchange and refer to the Exchange Rules in the "Trading Rules" option under the "Rules and Regulations" section.

9. Tradable quantity, the balance of Hong Kong stocks in the investor's account is divided into tradable quantity, day-end holding balance, unfinished settlement quantity, and in case of freezing, it also includes the frozen quantity. The formula for calculating the number of tradable investors in Hong Kong Stock Connect is as follows:

Tradable quantity = Balance held at the end of the day + Quantity of unfinished settlement - Frozen quantity.

When the investor nets **Hong Kong stocks**, the unfinished settlement quantity is positive; When investors net sell Hong Kong stocks**, the unsettled quantity is negative.

10. Odd lot trading: For "odd lots" in the hands of mainland investors with less than one lot, Cong Pei needs to trade through the "odd lot special trading unit market" of the trading system of the Stock Exchange. Hong Kong Stock Connect investors can only sell odd shares in the odd market, not **.

To trade Hong Kong Stock Connect**, you first need to open the Hong Kong Stock Connect trading permission. Individual investors participating in Hong Kong Stock Connect trading shall meet the following conditions:

1. In the 20 trading days prior to the opening of the application permission, the assets in the ** account and capital account shall not be less than RMB 500,000 per day (excluding the funds invested by the investor through margin trading);

2. The Shanghai and Shenzhen A** account has been opened, and the status is "Specified".

3. There is no serious bad credit record; There is no prohibition or restriction on participation in Hong Kong Stock Connect trading as stipulated by laws, administrative regulations, departmental rules, normative documents and business rules.

4. Investors should participate in the Hong Kong Stock Connect business knowledge test, and only those who pass the test can participate in the trading of Mao Qi Chain and Hong Kong Stock Connect.

The settlement rules of Hong Kong Stock Connect trading are also different from those of A shares, in the case of Hong Kong Stock Connect **** and ETF: ** can be sold after T+0, but ** will be transferred to the investor's account after clearing on T+2 day. The funds obtained from the sale of Hong Kong Stock Connect on T day can only participate in Hong Kong Stock Connect trading on T day and T+1 day, and can only be used for A-share trading on T+2 day, and T+3 funds can be withdrawn.

If the funds can be withdrawn on the day of the T+0 rotation transaction, please refer to the display of available funds in the software. ）

Entrustment method of Southbound Stock Connect: "At-auction Limit Order" should be used during the Pre-opening Session and "Enhanced Limit Order" should be used during the Continuous Trading Session.

Trading unit of Hong Kong Stock Connect: Unlike the ordinary A** market, which is 100 shares per trading unit, the trading unit of Hong Kong stock listing** is determined by the issuer at its discretion, which can be 100 shares, 500 shares or 1000 shares per lot. For details, you need to log in to the Stock Exchange** for inquiries, or contact the account manager of Guotai Junan**.

Guotai Junan Co., Ltd. is mainly engaged in wealth management business, investment banking business, institutional and trading business, investment management business and international business. The company's predecessors, Guotai and Junan, were one of the largest, strongest and most influential companies in China at that time. Since the establishment of the merger, the company has adhered to the existing fine tradition, steady operation, continuous innovation, and comprehensive competitiveness has always been at the forefront of the industry.

In recent years, the company has insisted on promoting innovation and transformation, and its comprehensive strength has been steadily improved, and its competitive advantage has been further improved. [**Account opening preferred Guotai Junan**].

Shanghai **Exchange** - > "Services" at the bottom of the page - >Shanghai-Hong Kong Stock Connect - > business rules;

Shenzhen**Exchange** - "Information Navigation" on the left side of the > page - > Shenzhen-Hong Kong Stock Connect Business - > Shenzhen-Hong Kong Stock Connect Rules Guide.

Hong Kong Stock Connect refers to the fact that investors entrust mainland ** companies to report to the Stock Exchange through ** trading service companies (SPVs) established in Hong Kong by the Shanghai ** Stock Exchange or Shenzhen ** Stock Exchange to trade ** listed on the Stock Exchange within the prescribed scope.

Southbound trading** is in Hong Kong dollars** and RMB is used as the payment currency.

There is no price limit for Southbound trading, but according to the business rules of the Stock Exchange, the trading declaration of Southbound trading** subject to the VCM** may be subject to ** restrictions.

In order to prevent short-term large fluctuations in stock prices, the Stock Exchange introduced the Market Volatility Adjustment Mechanism (VCM) on 22 August 2016, i.e. a 5-minute cooling-off period will be triggered when some of the VCMs are subject to severe fluctuations during the monitoring period, and trading during the cooling-off period will be subject to a range of plus or minus 10% of the last trade** 5 minutes before the trigger.

There is no uniform regulation on the number of shares per "lot" of Hong Kong Stock Connect, and listed companies on Hong Kong Stock Connect** can set up different numbers of trading units per lot**, which can be or 5000, etc.

The maximum number of shares traded in Hong Kong stocks is 3,000 lots, and the maximum number of shares is 99,999,999 shares.

Since the board lot size of Hong Kong stocks is determined by the listed company, it is theoretically possible that the maximum number of shares per board lot of a company will reach the upper limit of 99,999,999 shares before reaching 3,000 lots.

It can be said that the maximum lot size of a Hong Kong stock trade is the smaller of 99,999,999 shares divided by the number of shares per lot, or 3,000 lots.

Hong Kong stocks implement T+0 rotary trading and T+2 settlement system, and Hong Kong Stock Connect investors who are ** Hong Kong stocks on T day can only enjoy the relevant rights and interests after the settlement is completed at the end of T+2 day, but the Hong Kong Stock Connect of investors can be sold on T day and T+1 day before settlement.

The scope of Southbound trading** does not include the corresponding H shares of A+H-share listed companies on the Risk Alert Board**, those listed on Mainland ** exchanges other than the Shanghai Stock Exchange**, the Hong Kong dollar currency used by the Stock Exchange**, and ** special circumstances as determined by the SSE. In addition, if approved by the regulators, the SSE can adjust the scope of Hong Kong Stock Connect trading**.

Extended Materials

First, the concept.

**is a kind of valuable**, is a joint-stock company to raise capital issued to the investor of the share certificate, on behalf of its holder (that is, shareholders) ownership of the joint-stock company, the purchase of ** is also a part of the purchase of the company's business, can grow and develop together with the enterprise.

This ownership is a comprehensive right, such as participating in shareholders' meetings, voting, participating in the company's major decisions, receiving dividends or sharing the difference in dividends, etc., but also sharing the risks caused by the company's operating errors. Obtaining recurring income is one of the important reasons for investors to buy**, and dividends are the main part of investors' recurring income**.

2. Trading Hours.

Most ** trading hours are:

4 hours, divided into two sessions: Monday to Friday from 9:30 a.m. to 11 a.m

30 and 13:00 to 15:00 p.m.

Starting at 9:15 a.m., investors can place orders, and the entrustment is limited to 10% plus or minus 10% of the previous business day's price, that is, between the price limit of the day. 9:

The order entrusted before 25 was matched at 9:25 a.m., and the ** obtained was the so-called "opening price". 9:

Orders placed between 25 and 9:30 will not be processed until 9:30.

If your ** cannot be executed on the current trading day, you must place a new order on the next trading day.

Closed: Week.

6. There will be no trading on Sundays and the closed days announced by the Shanghai Stock Exchange. (Generally for May Day, National Day, Spring Festival, New Year's Day, Qingming Festival, Dragon Boat Festival, Mid-Autumn Festival and other national statutory holidays).

3. Transaction Fees.

**Buying and selling are subject to commissions (handling fees), and the commissions for buying and selling are set by each **merchant (the highest is 3/1000 of the transaction amount, and the minimum is no limit, the lower the better.) Generally, if the transaction amount is less, the commission is less than 5 yuan and will be charged at 5 yuan.

Stamp duty when selling**: 1/1000 of the transaction amount (previously 3, in 2008, the stamp duty was reduced and 1/1000 was charged unilaterally). From August 1, 2015, both buying and selling in the Shanghai Stock Exchange will be subject to a transfer fee based on the transaction amount.

The above fees, less than 1 cent, will be rounded off. There is also an expense that occurs very little in time: batch interest repayment.

It is equivalent to the shareholder handing over the money to the brokerage, and the brokerage will return a certain amount of current interest to the shareholder within a certain period of time.

According to the trading rules of Hong Kong Stock Connect, Hong Kong stocks can be traded on T+0 turnaround, and they can be sold on the same day** and on the same day, and the actual settlement time is the second working day (T+2) after the trading day, and Hong Kong stocks can be short-sold.