First of all, distinguish the differences in definition. Hong Kong stocks: Hong Kong stocks refer to stocks listed on the Hong Kong Stock Exchange. The stock market in Hong Kong is more mature and rational than that in China, and it is more sensitive to the world market. If some domestic stocks are listed in China and Hong Kong at the same time, forming an "A+H" model, we can judge the trend of A shares according to its situation in Hong Kong stock market; A shares: The official name of A shares is RMB ordinary shares. It is a common stock issued by companies in China for domestic institutions, organizations or individuals (excluding investors from Taiwan, Hong Kong and Macao) to subscribe and trade in RMB. A-share is not a physical stock. It is recorded electronically without paper, and the "T+1" delivery system is implemented, with the limit of price increase or decrease (1%). The participating investors are Chinese mainland institutions or individuals.

1. There are no ups and downs for all trading products in Hong Kong stock market.

There is no institutional limit on the fluctuation range of Hong Kong stock prices in a trading day. More than once in the history of Hong Kong stocks, the market index fluctuated by more than 1 points, with a range of more than 1% (for example, during the Asian financial turmoil in 1997). It is even more common for the stock price to rise and fall due to unexpected news from companies, with stocks rising or falling by 3% or more almost every day. Even the super-large-cap stocks like China Petroleum (857.HK) rose by more than 15% in May this year due to the news of the discovery of Nanpu Oilfield.

2. Hong Kong stocks have a variety of investments (all kinds of warrants and derivatives, including stock index futures, stock index options, stock options, etc.)

The Hong Kong market is rich in trading products, covering all categories of equity, bonds and derivatives, and the short-selling mechanism is also perfect. Both institutional investors and individual investors can find matching investment tools.

Take the warrants that are eye-catching in the recent A-share market as an example. Compared with A-shares, the warrants of Hong Kong stocks are much richer, including not only the warrants issued by companies, but also various warrants issued by brokers, covered warrants, a basket of covered warrants (including a basket of underlying securities), and even bull-bear warrants.

3. Information disclosure of listed companies

Hong Kong's regular reports are legally disclosed twice a year. Unlike A shares, the quarterly reports of Hong Kong stocks are voluntarily disclosed at present, and most companies do not disclose quarterly reports. In addition, unlike A-shares, the fiscal year of Hong Kong stocks is not uniform from January 1 to December 31. When some companies publish annual performance reports, others are publishing interim performance reports.

Hong Kong stocks also have strict requirements for temporary information disclosure, similar to A shares. Different from the mainland, Hong Kong stocks usually need to mail the written version of information disclosure (such as annual report, semi-annual report and shareholders' circular) to shareholders.

4. The financing of listed companies is basically not restricted by policies

The refinancing of Hong Kong stocks usually only needs to meet the basic conditions and be accepted by the market (investors), and there are basically no restrictions on financing time interval and administrative examination and approval. There are also many ways to refinance, such as placing new shares (equivalent to domestic issuance, usually to some specific investors, which is closer to domestic private placement) and offering shares (selling new shares to shareholders who hold company shares, which is called allotment in China, and is usually adopted by companies with poor business prospects and financial situation in Hong Kong and lacking other financing means, and is not welcomed by the market). There are no strict restrictions and continuous supervision on the use of raised funds as domestic A-shares.

5. Stock par value, price and trading price

There is no uniform regulation on stock par value in Hong Kong stocks, unlike A shares, which are all in RMB and 1 yuan. The common par values of Hong Kong stocks are 1 cent, 1 cent and 1 yuan (HK$, the same below). In addition, Hong Kong stocks can occasionally be combined (1 shares or more than 1 shares are merged into one share) or split.

In terms of absolute stock prices, Hong Kong stocks range from 1 cent to several hundred yuan, with a span significantly larger than that of A shares. This also reflects that Hong Kong stocks are more a market in which the stock price is determined by value rather than supply and demand.

In terms of stock trading price, unlike A-shares, Hong Kong stocks do not have a uniform trading price. Not all stocks have a price of 1 cent, but they are divided into different price differences according to the stock price, ranging from 1 cent to 5 cents. However, in recent years, in order to enhance trading and improve the probability of closing, the bid-ask spread has been gradually narrowed for medium and high-priced stocks. For example, the bid-ask price of HSBC Holdings (5.HK) has been narrowed from HK$ .5 in previous years to HK$ .1.

6. Hong Kong stocks are open to all kinds of legal funds

Foreign investors can buy and sell Hong Kong stocks freely. Hong Kong stocks are a completely open market. As long as they are legal investors and legal funds, they can invest in Hong Kong stocks, and there are no restrictions on the holding ratio and time. At present, A shares still have strict restrictions on foreign investment, and foreign investors mainly make limited investments through QFII mechanism.