Companies must be listed according to law, and their shares must be publicly traded according to law. For example, state shares and legal person shares are not allowed to be listed and traded, and internal employee shares, company employee shares and rights transfer shares can only be listed and traded after they become public shares under certain conditions;
Transactions must be conducted in public;
The transaction price adopts centralized bidding, that is, two or more buyers and two or more sellers determine the transaction price of securities through public bidding. When the highest price offered by one buyer is consistent with the lowest price offered by one seller, the price of securities trading can be determined and trading can be carried out.
Centralized bidding should implement the principle of price priority and time priority. Price priority refers to the priority order of the buyers who bid higher than the lower price, and time priority refers to the priority order of the first bid or the first asking price when the buyers and sellers bid the same.