Trading rules of convertible bonds on the first day of listing in Shanghai Stock Exchange

There is no limit on the first day of listing of convertible bonds in Shanghai, and there is no limit on the price of convertible bonds (all convertible bonds are the same). However, there is a temporary suspension mechanism. Suspension for 30 minutes when the price of convertible bonds reaches 20%, and until 14:57 when the price of convertible bonds reaches 30%. If the convertible bonds are suspended for more than 14: 57, they will be suspended to 14.

Convertible bond is a financing method for listed companies. They have the properties of bonds and have the right to convert them into stocks. T+0 trading is implemented, and it is traded in real time at the market price, with no price limit.

Convertible bonds are divided into Shanghai bonds and Shenzhen bonds. When you know the relevant information online, you must distinguish it, because the trading rules of convertible bonds in the two markets are different. You can learn more about Shenzhen market rules.

Shanghai Stock Exchange Convertible Bond Declaration and Temporary Suspension Rules;

According to the trading rules of Shanghai Stock Exchange, the rules of Shanghai convertible bonds declaration and intraday temporary suspension that are worthy of investors' attention are summarized as follows.

1.9:20 to 9:25 in call auction's opening stage and 14:57 to 15:00 in call auction's closing stage, the trading host of the Shanghai Stock Exchange will not accept the declaration of withdrawal; At other times when the transaction declaration is accepted, the unfinished transaction declaration can be revoked;

2. The price range of newly listed convertible bonds on the Shanghai Stock Exchange at the opening stage in call auction is 70- 150 yuan, and it will be declared invalid if it exceeds this price range;

3. If the transaction price rises or falls by more than 20%, the transaction shall be suspended for 30 minutes. Trading was suspended for more than half an hour, and trading resumed at 14:57; If the transaction price rises or falls by more than 30%, it will be suspended directly to14: 57; If the second session is suspended temporarily, 14:57 will resume trading;

4. No entrustment shall be made during the temporary suspension of convertible bonds in Shanghai Stock Exchange, and all entrustment will be regarded as invalid by this Exchange; Therefore, the trading volume is concentrated in the last three minutes of closing in call auction, which is prone to large price fluctuations.

5. The declared transaction price in the continuous bidding stage is not higher than 1 10% of the latest transaction price and not lower than 90% of the latest transaction price.