On June 4th, the Shanghai Stock Exchange issued a notice to all securities firms, announcing that it will be on June 6th this Saturday, in conjunction with China Securities Depository and Clearing Corporation Limited The Shanghai branch organized a customs clearance test to adjust the trading mechanism on the first day of relisting of delisted stocks.
The customs clearance test plan obtained by the surging news reporters shows that the Shanghai Stock Exchange requires all market participants to participate in the test to simulate the commission declaration, transaction return, temporary suspension and resumption of trading on the first day of the re-listing of SINOMACH (ST National Heavy Equipment, 601399), Market display, after-hours report, liquidation and settlement and other links verify the technical system functions of all parties in the relevant market.
ST country reloading is expected to be the first case of relisting of delisted stocks with a new trading mechanism.
The company had listed on the Shanghai Stock Exchange in the past, and then actively terminated the listing by resolution of the shareholders’ general meeting, and officially delisted on May 21, 2015.
On March 13, 2020, the Shanghai Stock Exchange decided to agree to the company’s A shares since June 8 based on the Listing Committee’s review opinion on the company’s application for stock relisting Since the re-listing, the securities are abbreviated as “ST Country Reload” and the securities code is “601399”.
Not long ago, on the evening of May 29th, 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” “Regulations on the Management of Board Stock Trading” 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.
On the one hand, this revision shortens the duration of the temporary suspension of trading, on the other hand, the revision direction also fully draws on the relevant experience of the Science and Technology Board, adjusted The relevant measures in the latter period are consistent with the relevant practices during the period of no price limit during the first five trading days after the listing of the new shares of the Science and Technology Board, 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.
It is foreseeable that, according to the revised trading rules, delisted stocksOn the first day of re-listing, there will be no more than a few minutes of trading as in the past.
In the past, because there was no price increase or decrease limit on the first day of delisting stock re-listing, according to previous regulations, that is, when the stock trading price rose or fell for the first time from the opening price When it exceeds 10% (inclusive) and rises or falls more than 20% (inclusive) at a time, a temporary suspension will be implemented, and the second suspension will continue until 14:57. Therefore, the price of delisted stocks fluctuates greatly on the first day of re-listing, which may result 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.
The revision of this transaction management method is to solve this problem, reduce transaction resistance and unnecessary intervention, enhance market liquidity, and protect the re-listed stocks. Fully traded.
According to the customs clearance test plan, this test mainly includes seven major contents.
First, pre-market announcements (CPXX, FJY, ETF announcements, etc.): Receive and load pre-market announcements normally.
Second, entrusted declaration: the result of the counter system declaration of 601399 orders (including bulk transactions) is in line with expectations, and price control is in line with expectations:
1. The declaration and price control during the open market auction meet expectations;
2. The declaration and price control during the temporary trading suspension during the session are in line with expectations;< br>
3. The declaration and price control during the continuous auction are in line with expectations;
4. The declaration and price during the closing auction The control is in line with expectations;
5. Successfully declare the limit order;
6. Declare the market order.
Third, deal return: The counter system received 601399 deal return (including bulk transactions) and the results were in line with expectations.
Fourth, temporary suspension and resumption of trading: normal reception and display of the temporary 601399Announcement of trading suspension:
1, T: 9:30-9:35 on the T day, simulating 601399 drop of 30% over the opening price, triggering suspension;
2. T-day 9:45-9:50, simulating 601399 drop over 60% of the opening price, triggering suspension;
3. T-day 10:00-10:10, the simulated 601399 increase exceeds the opening price by 30%, triggering the suspension of trading; Exceed 60% of the opening price, triggering a suspension.
Fifth, market display: receive and display the market’s market normally.
Sixth, after-hours report (GH, DGH, etc.): Receive and process our after-hours report normally.
Seventh, liquidation and settlement: normal receipt and processing of China Settlement Settlement Test Documents.