There are significant differences between foreign stock markets and Chinese stock markets in terms of market entities, trading rules, trading systems, and investor mentality. Take US stocks and Hong Kong stocks as examples.

Market entities. Internationally, U.S. stocks and Hong Kong stocks have a history of more than a century, and the market mechanisms are mature. The market is dominated by institutional investors, while domestically it is dominated by retail investors.

Trading rules. ①, trading code, the domestic trading code is a 6-digit number, such as the A-share code is 600xxx; the Hong Kong stock market is a 5-digit number, the code of Tencent Holdings listed in Hong Kong is 00700; the US stock market is the abbreviation of the company code, such as the Apple company code is APPL; ②, the trading unit is "lot" in China, 1 lot is 100 shares. The trading unit of Hong Kong stocks is uncertain and is decided by the listed company itself, ranging from 300 shares to 500 shares. There is no trading unit limit for U.S. stocks, 1 share Start selling. ③, transaction system. Hong Kong stocks and US stocks follow the "T+0" trading system, which allows you to buy and sell on the same day. Domestic trading is "T+1". If you buy on the same day, you can sell on the next day. ④. Price limit. Domestic stock markets have a 10% price limit. US and Hong Kong stocks do not. However, there is a circuit breaker mechanism for indices and individual stocks. If stock prices fluctuate abnormally, trading will be suspended. ⑤. Both U.S. and Hong Kong stocks can be long or short, but domestic stocks can only be long.

Trading system. Complete trading systems for U.S. stocks and Hong Kong stocks. Financial derivatives are complete, including stock index futures, individual stock futures, and individual stock options, which facilitate hedging transactions. Domestic financial derivatives such as stock index futures and stock index options are in their infancy.

Trading mentality. The trading mentality of Hong Kong and US stock investors is mainly value investment and long-term investment, and they tend to use financial derivatives for risk hedging. Therefore, the stock market fluctuations are also smaller. Domestic investors are more inclined to chase the rise and the fall, and the stock market fluctuates greatly

In short, the international stock market trading system is relatively mature and investors are relatively rational. China's stock market is in a growth stage.