First, the understanding of science and technology innovation board
① Purpose of setting up science and technology innovation board: Because China's capital market started late compared with European and American countries, the system is not perfect enough, and it is not inclusive enough for science and technology enterprises, some well-known domestic high-tech Internet companies seek to be listed in foreign markets, such as Alibaba, Baidu and JD.COM listed on NASDAQ, and Tencent and Xiaomi listed in Hong Kong. In the early stage of development, these companies were unable to meet the listing conditions of Shanghai and Shenzhen stock markets due to insufficient profitability, but these companies have strong growth and will be unicorns and giants in the future. We don't want to see high-quality companies like "BATJ" get lost in the domestic capital market. Therefore, through the establishment of science and technology innovation board, we can play the role of "experimental field" for capital market reform and perfection, and encourage and support the rapid development of domestic high-tech enterprises with practical actions.
(2) The characteristics of science and technology innovation board. Science and technology innovation board is the "experimental field" for China's capital market reform. 20 19, 191October 30th, Shanghai Stock Exchange issued the Special Provisions on Stock Trading of Science and Technology Innovation Board of Shanghai Stock Exchange (Draft for Comment) and other documents. On February 27, 20 19, the CSRC held a press conference, from which we can see several highlights: first, the pilot registration system and strict delisting system in the science and technology innovation board; Second, strict information disclosure system; The third is to strengthen investor protection and greatly increase the illegal cost; Fourth, the price is relaxed to 20%, and there is no price limit for the first five days of IPO; Fifth, the threshold requirement for individual investors is not less than 500 thousand; The sixth is to attract medium and long-term funds from domestic and foreign institutions to enter the market.
Second, why does science and technology innovation board set a threshold of 500,000 for individual investors?
Science and technology innovation board's original intention is to encourage and support institutional investors' medium and long-term funds to enter the market. Because the trading rules in the science and technology innovation board are quite different from those in the main board, the intraday price rises and falls by 20%, and there is no limit on the price rise and fall five days before listing, so the trading risk is obviously greater than that in the main board. Therefore, in order to protect investors, science and technology innovation board's trading rules put forward higher requirements for the appropriateness of individual investors. First, individual investors are required to participate in securities trading for more than 24 months and have certain investment experience; Second, the daily average amount of funds in the account is not less than RMB 500,000, which has certain risk tolerance. These rules are both restrictive and protective. We can expect that with the maturity of science and technology innovation board, the improvement of trading rules and the improvement of investor education, more and more ordinary investors will be able to invest in science and technology innovation board in the future.
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Because science and technology innovation board is a T+0 trading model, and rumors may have a 50% price limit, the probability of retail investors surviving to make money under this model is very low, and the probability and degree of losing money will be greatly improved! Therefore, the capital threshold of 500,000 yuan is actually from another angle, that is, I hope that investors with ability and strength can participate, instead of letting those small scattered people spoil the game! ! ! At best, it is to protect retail investors, at worst, it is not fun! !
You know, if 50% of the price rise and fall is confirmed, it will be a terrible thing. For most A-share retail investors, short-term trading and speculative trading are still the main theme, so chasing up and down is the habit of most retail investors! Once given the opportunity to enter science and technology innovation board with a low threshold, many speculative retail investors will get involved too much, which will not only be detrimental to the pilot and operation of science and technology innovation board, but will even make the A-share de-retail serious! This is a lose-lose situation! Therefore, setting the investment threshold of 500,000 yuan is actually a subconscious rule: you have money, strength and courage to enter the market!
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Science and technology innovation board adopts pilot T+0 trading system and 50% price limit. The reason can be inferred from these two angles. Why should science and technology innovation board set a threshold of 500,000 financial assets for investors?
The science and technology innovation board adopts T+0 trading system instead of T+ 1 trading system like the main board. Thus, science and technology innovation board is relatively risky and speculative. The phenomenon of buying on the same day and selling on the same day will fluctuate greatly; This is also one of the reasons for setting a threshold of 500,000 assets for investors.
Secondly, if science and technology innovation board really implements a 50% price limit, what is the concept of daily price increase 100%? In other words, it makes the whole market soar and plummet, and the maximum amplitude of stocks is 20% a day, so it is difficult for investors to adapt to becoming100% at once; Therefore, it can only raise the entry threshold for small and medium-sized investors. The threshold of 500,000 has shut out most retail investors.
Judging from the investment threshold of 500,000 yuan in science and technology innovation board, it is obvious that science and technology innovation board belongs to the market of CUHK investors and institutional investors, indicating that science and technology innovation board is a market with large capital investment; Because it is very obvious from these science and technology innovation board systems that the risk of science and technology innovation board is really high, which is also the real reason why science and technology innovation board should set a threshold of 500 thousand financial assets for investors.
Science and technology innovation board is a market where you can invest some money, take risks, have courage and challenge, and not all investors can participate.
After reading the praise, I am rich. Thank you for reading and paying attention.
I'm simple and complicated. When it comes to science and technology innovation board, it is actually expected to be in line with mature markets. Therefore, the trading system may be different, and the setting of the threshold is regarded as the protection of investors. At the same time, I also tell you in disguise that you can play again if you have money.
Speaking of trading system, the current A-share market is mainly subject to the price limit of T+ 1, 10%. If it is integrated with mature markets, it may become a T+0 without price restrictions. Without considering other issues, objectively speaking, participants in the current A-share market may not be able to make good use of the trading rules of mature markets.
This trading system is placed in the A-share market. I am afraid that with such targets as Kangdexin and Kangmei Pharmaceutical, it will directly become the situation of Hong Kong stock Jiayuan International Holdings. Imagine, can you survive?
This is the same as the two-year A-share market transaction when GEM was listed. It is impossible for everyone to be the first person to eat crabs. In China, the first person to eat crabs must be a minority.
On the other hand, if it is really T+0, according to the urine of investors in the A-share market, I am afraid it will die like operating futures. ...
Because of the current news, the science and technology innovation board is likely to be some emerging technology companies and startups. Although it may have a certain scale advantage compared with the new third board enterprises, it must be some companies with high risks and certain uncertainties. The high threshold is set to isolate small retail investors. This is not a field for small investors, but a market for institutions and large investors, which is more conducive to the benign financing and development of enterprises. After all, professional institutions and big investors are not vegetarians. If,
Science and technology innovation board has designed an investment threshold of 50, which is one of the investment suitability choices. Like the choice of the New Third Board and the Futures Index, its original intention is to properly isolate investors with poor risk tolerance from participating in the game of relevant markets.
Although there are many criticisms of market comparison, in essence, the threshold similar to futures index not only deprives some investors of their trading rights, but also protects them. This seems to be a contradiction, but in fact it has its roots and reasons.
Generally speaking, the stock market trading margin is divided into 500,000 yuan. People with little money often have relatively poor ability to comprehensively control wealth and games, especially in the face of investment losses. The greater the capital, the higher the ability to obtain funds, and the ability to manage wealth, and the higher the risk tolerance of losses.
Most investors are very disgusted with the legitimate choice of investors, which is reasonable, but it is also irrational, because when making any investment, the first consideration is not income and making money. The first thing to consider is risk, not just the opportunity to make money, but how much can you bear if you lose money? At present, small and medium-sized investors criticize investors' proper choice, the root of which is that they are not objective enough to judge the choice of opportunities and risks, only thinking of being deprived of the ability to make money, but not thinking of the ability of market risks to bear limited wealth losses.
From the perspective of science and technology innovation board, it should be said that the threshold of investor suitability can shield a considerable number of investors. According to official statistics, the current number of market investors is about 1 100 million, of which the account amount is more than 500,000, accounting for about 10%. In contrast, people will still be dissatisfied and don't understand. In fact, in the early days of science and technology innovation board, it is bound to face risks such as difficult pricing, huge fluctuations and insufficient trading liquidity. Small and medium investors may not.
Because science and technology innovation board is a T+0 trading model, and rumors may have a 50% price limit, the probability of retail investors surviving to make money under this model is very low, and the probability and degree of losing money will be greatly improved! Therefore, the capital threshold of 500,000 yuan is actually from another angle, that is, I hope that investors with ability and strength can participate, instead of letting those small scattered people spoil the game! ! ! At best, it is to protect retail investors, at worst, it is not fun! !
You know, if 50% of the price rise and fall is confirmed, it will be a terrible thing. For most A-share retail investors, short-term trading and speculative trading are still the main theme, so chasing up and down is the habit of most retail investors! Once given the opportunity to enter science and technology innovation board with a low threshold, many speculative retail investors will get involved too much, which will not only be detrimental to the pilot and operation of science and technology innovation board, but will even make the A-share de-retail serious! This is a lose-lose situation! Therefore, setting the investment threshold of 500,000 yuan is actually a subconscious rule: you have money, strength and courage to enter the market!
The ups and downs of stock prices in the market often make retail investors feel uncertain and in a dilemma. In the current market situation, many investors don't know how to operate. They always fall when they buy and rise when they sell. I don't know whether the main force is washing dishes or shipping. Look at my information to solve more bull stock points, solve the problem of stock selection and trading points that have been bothering me for many years, and want to learn how to look at trends, funds and trading points, and identify the trend of bookmakers and the flow of main funds. Welcome to exchange and discuss, get to know the market together, see the market running track and push the bull stock.
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