The increase limit for new A shares on the first day of listing is 44%.
The meaning of price limit: Price limit is a measure to stabilize the market. It is used by stock exchanges to curb excessive speculation and prevent excessive rises and falls in the market. Every day The transaction stipulates the fluctuation range of the securities trading price on the day based on the closing price of the previous trading day. When the stock price rises to the upper limit of the limit, it is the upper limit, and when it falls to the lower limit of the limit, it is the lower limit. .
In order to curb excessive speculation and prevent excessive rises and falls in the market, the stock exchange stipulates in daily transactions that the securities trading price of the day should be the closing price of the previous trading day. The amplitude of fluctuations based on the basic level. When the stock price rises to the upper limit of the limit, it is the upper limit, and when it falls to the lower limit of the limit, it is the lower limit. Price limits are a measure to stabilize the market.
Overseas financial markets also have measures such as market circuit breaker measures and suspension of trading, speed limit trading, special quotation system, restrictions on declaration price and transaction price ranges, adjustments by experts or market intermediaries, and adjustment of trading margin ratios. Three measures commonly used in my country's futures market are price limit, suspension of trading and adjustment of trading margin ratio.
Price and price limits--Price and price limits originate from price limits. The term "high limit" or "low limit" originated from the past when foreign exchanges used a wooden board to knock on the table during auctions to indicate a transaction or stop trading. This method is applied to the stock market, that is, when the stock price rises to the upper limit or falls to When there is a lower limit, it is called an increase limit or a decrease limit.
However, buying and selling does not stop when the price rises or falls. The transaction continues, but the price does not change. Under normal circumstances, in order to avoid excessive fluctuations and speculation in stocks, relevant departments will set up a rise or fall range.
The three commonly used measures in my country's futures market are price limit, suspension of trading and adjustment of trading margin ratio. Academic research has not reached consistent conclusions regarding the effect of price limits. Advocates of price limits claim that price limits have two properties that reduce the volatility of futures prices.
First, as the name suggests, the price limit sets a price limit and a price limit, and the daily futures price must fluctuate between the price limit and the price limit.
Second, second, the price limit provides a cooling-off period, giving investors time to rationally re-evaluate the futures price. Greenwald and Stein (1988) pointed out that price truncation triggered by price limits can provide traders with enough time to analyze information, thereby reducing market price uncertainty and alleviating information asymmetry. Goldman and Sosin (1979) proposed that suspension of trading can improve market efficiency when the market is uncertain. Other proponents claim that price limits curb overreaction but do not interfere with trading behavior.
However, generally under the following circumstances, stocks are not subject to price restrictions:
1. On the first day of listing of new shares (the price shall not be higher than 144% of the issue price and shall not be lower than 64% of the issue price)
2. The share reform of the stock (starting with S, but not ST) is completed, and the first day of resumption of trading
3. The day of listing of the additional shares
< p>4. If the stocks after the share reform fail to meet the expected indicators, the stock will be refunded on the day of listing5. The day of resumption of trading for some major asset restructuring stocks such as mergers
6 , Date of resumption of listing of delisted stocks