Section 2 Trading Seats
The third quarter trading varieties
The fourth quarter trading hours
Section 5 Trading Entities Section 1 Trading Units and Quotation Sites
Section 2 Price Limit
Section 3 Entrustment
Section 4 Statement
Section 5 Bidding and Ending Section 1 Beginning and Ending
Section 2 Listing, delisting, suspension and resumption of trading
Section 3 Ex-dividend and ex-dividend
Section 4 Block Transactions Section 1 Management Right of Transaction Information
Section 2 Market Revealing
Section 3 Stock price index
Section IV Open Information System 1. 1 These Rules are formulated in accordance with the Securities Law of People's Republic of China (PRC), the Measures for the Administration of Stock Exchanges, the Decision of the State Council on Establishing the Growth Enterprise Market and other relevant national laws and regulations in order to standardize the trading behavior in the Growth Enterprise Market, maintain the order of the securities market and protect the legitimate rights and interests of investors.
1.2 These Rules apply to the trading of securities listed on the Growth Enterprise Market of Shenzhen Stock Exchange (hereinafter referred to as securities).
Where there are no provisions in these Rules, other relevant provisions of this Exchange shall apply.
The trading rules for GEM listed bonds and bond repurchases shall be formulated separately by this Exchange.
1.3 Trading activities on the Growth Enterprise Market shall follow the principles of openness, fairness and impartiality.
1.4 GEM adopts paperless centralized computer bidding trading mode. Section 1 Trading Place
2. 1. 1 GEM trading place consists of trading host, trading seats and related communication systems.
2. 1.2 The trading host accepts the matching declaration instruction and sends the trading result to the member.
Section 2 Trading Seats
2.2. 1 trading seats hereinafter referred to as seats are channels for members to conduct securities trading in this exchange.
2.2.2 The trading varieties and trading authority of seats shall be stipulated by this Exchange.
2.2.3 Each seat should have at least one communication backup means to ensure the normal transaction.
2.2.4 A member may conduct securities trading only after opening an account in this Exchange.
2.2.5 With the consent of the Exchange, seats can be transferred between members.
Without the permission of the exchange, members are prohibited from renting or contracting seats to others.
2.2.6 The Exchange may set up special seats for GEM according to market needs.
Special seats can only be used by the holders themselves, and may not be used to buy or sell securities for other investors.
Holders of special seats shall abide by the provisions of these rules on membership.
The third quarter trading varieties
2.3. 1 The securities traded on GEM include:
(1) stocks;
(2) investment funds?
Bonds (including corporate bonds, corporate bonds, convertible corporate bonds, financial bonds and government bonds, etc.). );
(4) bond repurchase;
(5) Other trading products approved by China Securities Regulatory Commission (hereinafter referred to as "China Securities Regulatory Commission") that can be traded on the Growth Enterprise Market.
The fourth quarter trading hours
2.4. 1 Growth Enterprise Market trading day is Monday to Friday.
Every trading day at 9 am? 00 to 9: 00? 25 is call auction time; 9 am? 30 to 1 1? 30 pm 1? 00 to 3 o'clock? 00 is the continuous bidding time.
In case of national statutory holidays and the closing time announced by this Exchange, the GEM market will be closed.
When this Exchange deems it necessary, it may change the trading hours of GEM with the approval of China Securities Regulatory Commission.
2.4.2 If the trading hours are closed for any reason, the trading hours will not be postponed.
Section 5 Transaction Subjects
2.5. 1 Natural persons, legal persons and securities investment funds that have opened securities accounts in Shenzhen Stock Exchange can participate in GEM transactions.
2.5.2 Members shall engage in securities trading agent business or securities proprietary trading business on the Growth Enterprise Market in accordance with the business scope approved by the China Securities Regulatory Commission.
2.5.3 Investors shall entrust members to act as agents when they participate in transactions on the GEM.
2.5.4 This Exchange may restrict investors' securities trading and its scope according to law. Section 1 Trading Unit and Quotation Position
3. 1. 1 The trading unit of GEM stocks is shares, and the trading unit of investment funds is shares. The number of securities declared for purchase is 100 shares (copies) or its integral multiple. Securities with less than 100 shares can be declared and sold at one time.
3. 1.2 The quotation unit of securities is the price per share.
The minimum change unit of the price per share is RMB 0.0 1 yuan.
Section 2 Price Limit
3.2. 1 This Exchange implements the price limit system for securities, with the price limit ratio of 20%. The price calculation formula for price increase and price decrease is:
Price ceiling = 1 price comparison × closing price of the previous trading day.
The calculation result is rounded to RMB 0.0 1 yuan.
3.2.2 There is no price limit on the first day of listing.
3.2.3 When this Exchange deems it necessary, it may adjust the ratio of the price limit of all, a certain variety or a certain securities on the GEM.
Section 3 Entrustment
3.3. 1 When buying and selling securities on behalf of investors, members must sign a securities trading agency agreement with investors. The agreement shall include but not limited to the following contents:
1. Commitment of members and investors to abide by the business rules of the Exchange;
2. Members shall remind investors of various risks of securities trading in the agreement, including the risks of different entrusted trading methods;
3. Investors indicate that members have explained all kinds of risks of securities trading to them;
(four) the scope and authority of the member agency business;
5. The methods and procedures for confirming the documents required by investors to open an account and their validity;
6. The way, time, content and requirements of entrustment and delivery;
7. Matters related to investors' deposits and securities management;
8. Description of transaction fees and other expenses;
9. Members' confidentiality responsibility for matters entrusted by investors;
10. Settlement responsibilities that investors should perform;
1 1. Liability for breach of contract and exemption clauses;
12. dispute settlement method.
3.3.2 Investors can buy and sell securities through counter entrustment, or through self-service entrustment such as telephone entrustment and Internet entrustment.
3.3.3 When this Exchange deems it necessary, other trading methods may be implemented with the approval of China Securities Regulatory Commission.
3.3.4 Counter entrustment should fill in the entrustment form.
3.3.5 Where self-service entrustment is provided, members shall sign a self-service entrustment agreement with investors.
3.3.6 Members may accept the entrustment of investors to fix prices or market prices, but they may not accept full authorization in brokerage business.
Limit orders refers to the instruction that investors set prices and require members to buy securities at or below the price limit and sell securities at or above the price limit.
Market entrustment refers to the entrustment that investors ask members to buy and sell securities at market prices instead of ceiling price.
3.3.7 When an investor entrusts a member to buy or sell securities, it shall itemize the following contents:
1. Investor's securities account number;
2. The code and abbreviation of the securities entrusted for trading;
3. Price limit entrustment or market price entrustment;
4. the direction of buying and selling;
5. The entrusted quantity;
6. Entrusted price (except market entrustment);
7. Other contents required by the Exchange and its members.
3.3.8 When a member accepts an investor's entrustment or self-management, the securities bought on the same day shall not be sold again on the same day.
3.3.9 The securities that investors entrust to sell must be the actual securities in their securities accounts. Members are not allowed to trade securities for investors.
3.3. 10 Investors entrusted to buy securities must pay with the actual funds in their capital account. Members shall not finance transactions for investors.
3.3. 1 1 Members and their staff members shall not buy or sell securities in investors' accounts privately or under the guise of investors, and shall not induce investors to buy or sell unnecessary securities to obtain commission income.
3.3. 12 Members shall properly keep the entrustment records in accordance with relevant regulations.
3.3. 13 Members shall keep detailed records and vouchers on the changes of investors' funds and securities, and implement special account management, and shall not misappropriate them.
3.3. 14 Upon confirmation, members shall return the funds or securities to the investors in time.
Section 4 Statement
3.4. 1 The Exchange only accepts the price increase and decrease declarations of members.
3.4.2 Members shall report to the Exchange in the order of accepting the entrustment of investors.
3.4.3 The declaration instruction shall include the following contents: seat number, contract serial number, declaration category, investor's securities account number, securities code, declaration price, quantity and trading direction. , and in accordance with the provisions of the format of transmission.
The Exchange may adjust the contents of the declaration when it deems it necessary.
3.4.4 The number of each declaration shall not exceed 6,543,800 shares.
3.4.5 The declaration exceeding the price limit is invalid, and the Exchange will automatically cancel it.
3.4.6 Effective as of the date of declaration. If the application cannot be completed at one time, the unfinished part will continue to participate in the bidding on the same day.
3.4.7 Incomplete declaration Incomplete part or incomplete declaration can be cancelled at one time.
Section 5 Bidding and Closing
3.5. 1 centralized trading adopts computer automatic bidding, and trading is conducted according to the principle of price priority and time priority.
The principle of price priority at the time of transaction means that the declaration of buying at a higher price takes precedence over the declaration of buying at a lower price, and the declaration of selling at a lower price takes precedence over the declaration of selling at a higher price.
The principle of time priority when closing a transaction means that the same price is declared in the same direction, and the first applicant takes precedence over the last applicant. Determine the order according to the time when the computer trading host of this exchange accepts the declaration.
3.5.2 Bidding is divided into call auction and continuous bidding.
Call auction refers to a one-time centralized bidding method for business declarations accepted within a period of time.
Continuous bidding refers to the bidding method of continuously matching the accepted transaction declarations one by one.
3.5.3 On the first day of listing, the effective bidding range of call auction's securities is 65,438+050 yuan above and below the issue price, and the effective bidding range of continuous bidding is 65,438+05 yuan above and below the recent transaction price.
The effective bidding range of call auction and continuous bidding for unlisted first-day securities is the price range of price limit.
3.5.4 Declarations beyond the effective bidding range cannot participate in the bidding immediately, and are temporarily stored in the trading host; When the transaction price fluctuation makes it enter the effective bidding range, the trading host automatically takes it out and participates in the bidding.
3.5.5 The rules for determining the transaction price in call auction are as follows:
1. The price that can reach the maximum transaction volume within the effective bidding range;
2. If there are more than two prices that meet the conditions mentioned in the preceding paragraph, the price that meets one of the following conditions shall be selected:
1 All buy declarations above this price and sell declarations below this price are closed;
2. Complete the declaration of all the same prices of the buyer or seller.
3. If two or more prices meet the conditions mentioned in the preceding paragraph, the price closest to the closing price of the previous trading day shall be selected.
All transactions in call auction are made at the same price.
3.5.6 If there is no transaction on the first day of listing in call auction, the effective bidding range shall be adjusted in the following ways:
(1) If the highest bid price within the effective bidding range is higher than the issue price, the effective bidding range shall be adjusted based on the highest bid price.
(2) If the lowest selling price within the effective bidding range is lower than the issue price, the effective bidding range shall be adjusted based on the lowest selling price.
3.5.7 call auction will automatically enter the continuous bidding if there is no transaction or all transactions are not declared.
3.5.8 During continuous bidding, the transaction price shall be determined according to the following rules:
(1) If the declared purchase price is higher than or equal to the lowest declared selling price immediately disclosed, the lowest declared selling price immediately disclosed shall be the transaction price.
(2) If the declared selling price is lower than or equal to the highest declared buying price immediately disclosed, the highest declared buying price immediately disclosed shall be the transaction price.
3.5.9 The Exchange will immediately send trading returns to all members through the communication system, but the trading results shall be subject to the settlement data of the Exchange.
3.5. 10 The trading return information of this exchange includes the following contents: seat code, contract serial number, investor's securities account number, securities code, trading quantity, trading price, trading direction, trading time, etc.
The above contents can be increased or decreased by the Exchange as required.
3.5. 1 1 Securities trading conducted in accordance with these Rules shall be established after being confirmed by the trading host, and the trading results shall not be changed.
3.5. 12 members shall complete the settlement and delivery procedures for investors before the opening of the market on the first trading day after the transaction, and provide inquiry services for investors during business hours.
3.5. 13 In case of a transaction that violates these rules and seriously damages the normal operation of the securities market, this ownership announcement will cancel the transaction with the approval of the CSRC. The losses caused by this are borne by illegal traders.
3.5. 14 This Exchange has the right to adjust the bidding method of a certain securities or a certain class of securities when it deems it necessary. Section 1 Opening and Closing
4. 1. 1 After the opening of each trading day, the first transaction price of each securities is the opening price of the securities.
4. 1.2 Before the close of each trading day, the closing price of each security is the weighted average price of all transaction prices at the last minute of the day.
If there is no transaction on that day, the closing price of the previous trading day shall be the closing price of that trading day.
Section 2 Listing, delisting, suspension and resumption of trading
4.2. 1 Securities are listed by this Exchange, and the closing price of the previous trading day displayed in the securities market on the first day of listing is its issue price.
4.2.2 Upon the expiration of the listing period of securities, or according to relevant laws and regulations or the decision of China Securities Regulatory Commission, this Exchange will terminate its listing.
4.2.3 The Exchange suspends or resumes the trading of listed securities according to the business rules of China Securities Regulatory Commission and the Exchange.
4.2.4 When the securities are suspended, the quotation published by this Exchange contains the information of the securities; After the securities are delisted, the information of the securities shall not be included in the quotation published by this Exchange.
4.2.5 If the suspended securities resume trading on the same day, the declaration can be continued or cancelled during the suspension period; When the securities resume trading, the Exchange will call auction all the declarations received before the resumption of trading.
4.2.6 This Exchange makes an announcement on the listing, delisting, suspension and resumption of securities.
Section 3 Ex-dividend and ex-dividend
4.3. 1 Listed securities include allotment and allotment. According to the application of the securities issuer, the Exchange will conduct ex-dividend treatment on the next trading day of the benchmark date.
4.3.2 The calculation formula of ex-dividend reference price is: ex-dividend reference price =? Closing price of the previous trading day-cash dividend × total share capital before ex-rights+subscription price × newly-increased share capital? Total share capital after ex-rights.
Where a securities issuer believes that adjusting the calculation formula mentioned in the preceding paragraph is conducive to protecting the legitimate rights and interests of investors, it may apply to this Exchange and explain the reasons. A securities issuer shall make an announcement on the designated information disclosure media and explain the reasons for its adoption by this Exchange.
4.3.3 Before the market opens on the ex-dividend date, this Exchange will change the closing price of the previous trading day into the ex-dividend reference price of the securities.
Section 4 Block Transactions
4.4. 1 The Exchange may open GEM block transactions according to market needs.
The trading rules for block trading on GEM shall be formulated separately by this Exchange. Section 1 Management Right of Transaction Information
5. The securities trading information generated by1.1Growth Enterprise Market shall be uniformly managed and published by this Exchange.
Without the permission of the Exchange, no institution or individual may use or disseminate it for profit.
5. 1.2 If the real-time market information is released for more than 15 minutes, this Exchange will consider it as public information.
Section 2 Market Revealing
5.2. 1 The Exchange publishes the real-time market of Growth Enterprise Market every trading day.
The contents of the real-time market release of GEM include: securities code, securities abbreviation, closing price of the previous trading day, latest transaction price, highest price of the day, lowest price of the day, cumulative transaction quantity of the day, cumulative transaction amount of the day, real-time highest buying declared price, real-time lowest selling declared price, and all transactions near the three declared prices of the latest transaction price.
5.2.2 Members shall independently display the GEM market in their business premises.
5.2.3 During the opening of call auction in the morning of each trading day, the possible opening price shall be announced every minute from 10 minutes before the opening price is determined.
Possible opening price refers to the price formed by all declarations in accordance with the call auction Rules at the time of disclosure.
5.2.4 The real-time market of securities trading is transmitted to all members through the communication system, and members must disclose it separately in the business place.
5.2.5 The Exchange may adjust the release method and content of real-time market according to market needs.
5.2.6 The Exchange shall compile various daily, weekly, monthly and annual reports reflecting the market transactions, and announce them to the public in a timely manner.
Section 3 Stock price index
5.3. 1 The Exchange compiles the GEM index, which reflects the overall price of GEM stocks or the price changes and trends of certain securities, and then releases it together with the market.
5.3.2 The index is calculated by Page weighting method, and the specific formula is:
Real-time index of the day = closing index of the previous trading day × total market value of real-time index securities of the day/adjusted total market value of index securities of the previous trading day.
5.3.3 According to the market situation, the Exchange may adjust the setting and compilation method of GEM index.
Section 4 Public Information System
5.4. 1 The Exchange implements an information disclosure system for stock trading on the Growth Enterprise Market, that is, for the top five securities whose daily increase and decrease ratio exceeds 10%, the names and transaction amounts of the five member business departments or seats with the largest transaction amount are announced; If the increase (or decrease) is the same, the securities are selected according to the volume and the transaction amount in turn. Except for special seats for securities investment funds. 6. 1 In case of any of the following abnormal trading circumstances, which makes it impossible to conduct part or all of the transactions on the Growth Enterprise Market, this Exchange may decide to suspend trading temporarily or temporarily:
Force majeure;
2. accidents;
3. Technical failure;
4. Other abnormal circumstances beyond our control.
6.2 The Exchange will suspend trading if the number of trading seats that cannot be declared for trading exceeds 65,438+00% of the total number of opened seats in the Exchange, or the number of users who interrupt market transmission exceeds 65,438+00% of the total number of market users in the Exchange.
6.3 The Exchange may decide to temporarily suspend trading or suspend trading if it thinks that there may be abnormal trading situations stipulated in Articles 6. 1 and 6.2 which seriously affect normal trading.
6.4 The Growth Enterprise Market Index dropped from the closing index of the previous trading day 10: 45 am and 2: 00 pm15 pm, and the Growth Enterprise Market was temporarily closed for 30 minutes.
The temporary market suspension measures mentioned in the preceding paragraph shall be implemented only once in a trading day.
6.5 The GEM index dropped by 15% compared with the closing index of the previous trading day, and the GEM was closed on that day.
6.6 The Exchange will announce the suspension or suspension of the GEM due to abnormal trading conditions, and report to the China Securities Regulatory Commission in time.
6.7 After the reasons for the suspension of trading on the same day are eliminated, the Exchange may decide to resume trading.
Except for special circumstances identified by the exchange, the declaration received by the trading host before the resumption of trading is valid, and the exchange will conduct call auction when the resumption of trading.
6.8 The Exchange is not responsible for the losses caused by abnormal trading and the countermeasures taken by the Exchange. 7. 1 When there is a transaction dispute between members or between members and investors, the relevant members shall record relevant information for the reference of the Exchange. Where a trading dispute affects normal trading, members shall report to the Exchange in a timely manner.
7.2 In case of trading disputes between members or between members and investors, the Exchange may provide necessary trading data according to relevant regulations. 8. 1 When buying and selling securities on behalf of investors, members shall collect commissions from investors as required.
8.2 Where an investor entrusts a member to buy or sell securities, it shall pay the commission according to the agreement with the member.
8.3 When a member buys or sells securities listed on the GEM on his own account or as an agent for investors, he shall pay transaction fees and other related fees to the Exchange in accordance with regulations. 9. 1 If a member violates these rules, the Exchange may order it to make corrections, and depending on the seriousness of the case, it may impose a single penalty or a combination of penalties:
1. fine;
Informed criticism within the scope of membership;
3. Publicly criticize in newspapers and periodicals designated by China Securities Regulatory Commission;
Four warnings;
5. Restrict transactions;
6. Suspension of securities proprietary business or securities trading agent business;
7. Cancel the membership.
9.2 If a member disagrees with the penalties in items (4), (5), (6) and (7) of Article 9. 1, he may apply to the board of directors of the Exchange for reconsideration within 15 days after receiving the penalty notice; During the period of reconsideration, the fine will continue to be executed. 10. 1 Interpretation:
1. GEM refers to the centralized trading market of GEM securities established by this Exchange.
Listing refers to the listing and trading of securities on the Growth Enterprise Market.
The securities account of Shenzhen Stock Exchange refers to the A-share securities account card opened by investors in the securities registration and settlement institution of this Exchange.
4. Entrustment refers to the behavior that investors specially authorize members to buy and sell securities.
5. Declaration refers to the behavior that members send securities trading instructions to the computer trading host of this Exchange.
(6) Suspension of trading refers to the suspension of all securities trading in the Growth Enterprise Market.
10.2 The provisions of Articles 5.2.3, 6.4 and 6.5 of these Rules shall be implemented by the Exchange after the relevant technical preparations are completed, and the implementation time shall be notified by the Exchange separately.
10.3 these rules shall take effect after being approved by the board of directors of this exchange and reported to the China securities regulatory commission. The same is true when modifying.
10.4 this exchange is responsible for the interpretation of these rules.
10.5 these rules shall come into force as of.