China stock market began to be piloted on 1989, and was put into trial operation on Shenzhen Stock Exchange on 1990+02+ 1. 1990 12 19, Shanghai stock exchange was established. In the stock market operation before 1995, the biggest negative news is usually the news that the pilot of China Stock Exchange has stopped and the stock market is closed. After the "3.27 Treasury bond futures incident", the China futures market was completely rectified and cleaned up on 1995, and the China stock market became the object of support, which ushered in a real positive and entered a period of great development.

Trading rules: T+ 1 delivery, T+ 1 delivery: both parties to the transaction complete the receipt and payment of securities and currency related to the transaction the next day, that is, the buyer receives the securities and the seller receives the currency. China's Shanghai and Shenzhen stock exchanges all implement A-share T+ 1 settlement. Price limit: In order to curb excessive speculation and prevent excessive market ups and downs, the stock exchange sets the fluctuation range of the securities trading price of the day based on the closing price of the previous trading day in daily trading. Today, the Shanghai and Shenzhen Stock Exchanges impose a price limit of 10%. (ST shares and S shares that have not completed the share reform are limited to 5%).

The characteristics of the stock market:

The biggest feature of China stock market is that state-owned shares and legal person shares promise not to circulate when they are listed, so only the tradable shares are traded in the market according to the share price, but the index is weighted according to the total share capital, which forms the characteristic of "less control and more control" in trading. For example, before 1997, Northeast Electric and Jilin Chemical were more prominent. Because their total share capital is large and the number of shares in circulation is small, only a small amount of funds can be used to influence these two stocks, and partial control over the index can be formed.

After 200 1 year, China Securities Regulatory Commission gradually proposed to solve the problem of non-circulation of state-owned shares and revitalize state-owned assets, and successively issued some plans. However, at the initial stage of listing and issuance, circulating shareholders bought circulating shares at a super-high P/E ratio, which more or less harmed the interests of circulating shareholders, so the market's response to the reform of "reduction of state-owned shares" was to submit to humiliation. Later, due to market pressure, the CSRC announced the suspension of the "reduction of state-owned shares" reform. However, in 2005, China Securities Regulatory Commission once again proposed "the reform of non-tradable shares", the essence of which is still the reduction of state-owned shares. The difference is that this reform aims at eliminating the non-tradable shares, and even the circulation of legal person shares is included, which has aroused great disapproval in the market. The market is still divided on the reform of non-tradable shares. Therefore, at 20 1 1, the China stock market entered a big bear market, which made it the largest bear in the world, and all the way down to the original point of 2228 points a few years ago.