1. The trading hours of Hong Kong stocks are synchronized with those of A shares.
20 1 1 In March, HKEx has implemented the first phase of extending trading hours, bringing the opening time of Hong Kong stocks forward to 9: 30, in line with the mainland stock market; On March 20 12, the second "overtime" plan was launched, and the trading hours of Hong Kong stocks were extended again, and the opening time in the afternoon was advanced from 13: 30 to 13: 00, thus realizing the full coverage of the trading hours of Hong Kong stocks to A shares.
2. Real-time T+0 trading
Hong Kong stocks can be traded in a T+0 cycle, that is, they can be traded on the same day and the number of times is not limited. For stocks that can be sold short (such as large-cap blue-chip stocks), you can sell them first and then buy them. The shares bought by A shares on the same day cannot be sold on the same day, but only on the second trading day.
3. Implement T+2 settlement.
Hong Kong stocks are settled by T+2, and the actual settlement time is the second working day after the trading day (T+2); Before T+2, customers can't withdraw cash and physical stocks, and they can't re-trust the purchased stocks.
The settlement system of A-shares is T+ 1, and the funds returned from selling stocks on the same day can be bought on the same day, that is, the T+0 rotation of funds, but the funds returned from selling stocks on the same day cannot be taken out until the second trading day.
4. There is no price limit for all trading varieties.
There is no institutional limit to the fluctuation range of Hong Kong stock prices in a trading day. In the history of Hong Kong stocks, the market index fluctuated more than 1000 points and more than 10% (for example, 1997 during the Asian financial turmoil). It is not uncommon for the stock price to rise and fall due to the sudden news of the company. Almost every day, the stock rises or falls by more than 30%.
The fluctuation system of A shares is ordinary A shares 10% and ST shares 5%. There are no restrictions on the first day of IPO and the first day of special circumstances such as share reform.
5. Implement secondary liquidation rules.
The settlement and delivery procedures of various products of HKEx are handled by Hong Kong Clearing House, Option Clearing Company and Futures Clearing Company respectively. Among them, the Hong Kong Clearing House is responsible for the settlement and settlement of qualified securities traded on the main board of the Stock Exchange and the Growth Enterprise Market.
Shanghai Stock Exchange is a "centralized liquidation and centralized registration" mode; Shenzhen Stock Exchange is a mode of "centralized liquidation and decentralized registration". The liquidation of Shenzhen Stock Exchange is divided into two levels, while the liquidation of Shanghai Stock Exchange adopts three levels.
6. The number of trading lots shall be determined by the listed company.
The number of trading lots is the lowest number of shares bought and sold, and it must be a multiple of it. If a customer places an order to buy shares, such as HSBC, the number of trading lots is 400. If the customer orders 500 shares or 1000 shares, the order will be rejected by the system. The minimum trading quantity of A shares is 100 shares, i.e. 1 lot.
7. The face value, price and trading price of stocks are different from those of A shares.
There is no uniform regulation on the face value of Hong Kong stocks, unlike A shares, which are all 1 RMB. Common par values of Hong Kong stocks are 65,438+0 cents (65,438+0 cents), 65,438+0 cents and 65,438+0 yuan (HKD, the same below). In addition, Hong Kong stocks can occasionally be merged (10 shares or several 10 shares are merged into 1 share) or split. In terms of absolute share price, Hong Kong ranges from 1 to several hundred yuan.
In terms of the transaction price of Hong Kong stocks, unlike A-shares, the transaction price of Hong Kong stocks is not uniform. Not all stocks are priced at 1 cent, but different spreads are divided according to the stock price, ranging from 1 cent to 50 cents.
Risk disclosure: This information does not constitute any investment advice. Investors should not use this information to replace their independent judgment, or make decisions only based on this information. If they operate by themselves, please pay attention to position control and risk control.