The stocks delisted from the Shanghai stock market are relisted, and the trading mechanism on the first day is overhauled.
On the evening of May 29, the Shanghai Stock Exchange announced that in order to further improve the trading system, the Shanghai Stock Exchange revised and issued the “Shanghai Stock Exchange Risk Warning Board Stock Trading” “Administrative Measures” and shall be implemented from now on. This revision mainly adjusts and perfects the intra-day temporary suspension of trading on the first day of the delisting of stocks in the Shanghai stock exchange and the restrictions on declared price restrictions.
With the advancement of the delisting mechanism reform, more and more stocks have embarked on the road of delisting, and many stocks have been satisfied after the delisting. The conditions for listing return to A-shares again. Therefore, the stock price volatility when such stocks are re-listed has also received considerable market attention.
Peng Pao reporter learned that because there is no price increase or decrease limit on the first day of delisting stock re-listing, according to the previous regulations, that is, when the stock trading price was higher than the opening price When it rises or falls by more than 10% (inclusive), and rises or falls by more than 20% (inclusive) at a time, an intraday temporary suspension will be implemented, and the second suspension will continue until 14:57 points. Therefore, in the past, there have been occasions where the prices of delisted stocks fluctuated significantly on the first day of re-listing, resulting in a very short continuous bid trading time throughout the day. A recent example is that on January 8, 2019, the re-listed Changhang Tanker’s continuous bidding transaction time throughout the day was only 3 minutes.
In order to solve this problem, reduce trading resistance and unnecessary intervention, enhance market liquidity, and ensure the full trading of re-listed stocks, the Shanghai Stock Exchange made this modification. According to surging news reporters, on the one hand, this revision shortens the duration of the temporary suspension of trading, on the other hand, the direction of the revision also fully draws on the relevant experience of the Science and Technology Board, the adjusted relevant measures and the new shares of the Science and Technology Board During the first 5 trading days after listing, the relevant practices during the period of no price increase or decrease restriction remain consistent, which is easy for investors to understand and accept. At the same time, in order to prevent the risk that the transaction price will fluctuate violently within a short period of time after the temporary suspension period is shortened, this revision also introduces the declared price restriction measures for the price limit declaration of the Science and Technology Board.
The Shanghai Stock Exchange issued an article on the evening of May 29. The specific adjustments of this revision include two aspects.
First, the specific situation of temporary suspension during the first day of relisting of stocks was adjusted.
That is, when the intraday trading price rises or falls by 30% or more for the first time than the opening price of the day, the first rise or fall reaches or exceeds 60%, the implementationTemporary trading suspension. In the case of the original “intraday turnover rate reached or exceeded 30%”, no temporary intraday suspension will be implemented.
The second is to add relevant regulations such as temporary suspension time and announcement.
The revised “Administrative Measures” adds a new article 10, which stipulates that the temporary suspension of trading during the session will last for 10 minutes. During the suspension, it can be reported and withdrawn. Accepted declarations are subject to collective bidding; a new article 11 is added, which provides for the announcement of temporary suspension of trading; a new article 12 is added to clarify that the price limit is imposed on the price limit declaration during the continuous bidding stage on the first day of relisting of stocks The entry declared price is not higher than 102% of the buying benchmark price, and the selling declared price is not lower than 98% of the selling benchmark price; there are no declared price restrictions during the stage of collective auction and market suspension.
It is important to remind investors that this rule amendment only revises the situation of the first day of the re-listing of the main board listed company after delisting, and resumes the first day of listing 2. Other situations involving no price increase or decrease restrictions on the first day of public listing of additional shares are still subject to existing regulations.
At the operational level, investors also need to understand the limit price declaration requirements for such stocks on the first day of re-listing.
First of all, the bid declaration price should not be higher than 102% of the purchase benchmark price.
Second, the declared selling price should not be lower than 98% of the selling benchmark price.
Finally, the limit price declaration in the stage of collective bidding and suspension of trading during the market opening period is not subject to the aforementioned effective declared price range.
Another issue that investors care about is, after the first day of re-listing, what are the requirements for trading in listed companies that return to the Shanghai Stock Exchange?
According to the “Shanghai Stock Exchange Listing Rules” and “Administrative Measures”, delisted stocks are re-listed on the risk warning board at least until they disclose their first annual report after re-listing . Therefore, the trading arrangements on the first day of delisting stock relisting and subsequent trading days shall be implemented in accordance with the provisions of the “Shanghai Stock Exchange Trading Rules” and “Administrative Measures”. There are four points that investors need to pay special attention to:
First, the daily increase and decrease limit is restored to 5%.
Second, the stock abbreviation is marked with” ST “in the front.
The third is to only use limit orders.
Fourth, the cumulative purchase through auction transactions and block trades must not exceed 500,000 shares on that day.