1. There is no price limit for all trading products in the Hong Kong stock market, which limits the fluctuation range of Hong Kong stock prices within a trading day. There are no institutional restrictions. In the history of Hong Kong stocks, the market index fluctuated more than 1000 points and more than 10% (for example, 1997 during the Asian financial turmoil). It is not uncommon for the stock price to rise and fall due to the sudden news of the company. Almost every day, the stock rises or falls by more than 30%. Even the super-large-cap stocks such as China Petroleum (0857.HK) rose by more than 15% in May 2007 because of the news of the discovery of Nanbao Oilfield. Of course, the above are extremely special circumstances. In most cases, the daily fluctuation of most large and medium-sized blue-chip stocks does not exceed 3%. 2. Hong Kong stocks have a variety of investments (various warrants and derivatives, including stock index futures, stock index options, stock options, etc.). ). The products traded in the Hong Kong market are relatively rich, covering all categories such as stocks, bonds and derivatives, and the short-selling mechanism is relatively perfect. Both institutional investors and individual investors can find matching investment tools. Take the eye-catching warrants in the A-share market in 2007 as an example. Compared with A-shares, the warrants of Hong Kong stocks are much richer, including not only the warrants issued by companies (Wolun), but also various warrants issued by investment banks (there are now more than 5,000 warrants), as well as the unique investment tool of Hong Kong, Bull Bear Certificate. 3. Basic trading rules for Hong Kong stocks The trading hours of Hong Kong stocks are from Monday to Friday, and the morning market is10: 00-12: 30; At noon 14: 30- 16: 00, the stock index futures trading will open and close in advance and delay 15 minutes respectively. It should be noted that public holidays in Hong Kong are different from those in the Mainland except Saturday and Sunday, which also leads to different closing times in the two places. In addition, in bad weather, such as typhoon signal No.8 hoisted by the Observatory during typhoon season, the exchange will be temporarily closed. Hong Kong stocks can be traded in a T+0 cycle, that is, they can be traded on the same day and the number of times is not limited. For stocks listed as short-selling stocks (such as large blue-chip stocks), you can sell them before buying them. Hong Kong stocks are settled by T+2, and the actual settlement time is the second working day after the trading day (T+2); Before T+2 days, customers can't withdraw cash, physical stocks and transfer custody of purchased stocks. Hong Kong stocks have no policy restrictions on margin trading (called sub-sub-sub-sub-sub-sub-sub-sub-sub-sub-sub-sub-sub-sub-sub-sub-sub-sub-sub-sub-sub-sub-4. Transaction costs and other expenses The transaction costs of Hong Kong stocks mainly include brokerage commissions (generally 0.25% of different brokers, but generally there is a minimum fee of 100 yuan), government fees (stamp duty, 0. 1%), transaction levy (a small proportion) and so on. At present, the comprehensive transaction cost is slightly higher than that of A shares. However, unlike A-shares, Hong Kong stocks need to collect account management fees regularly (securities companies are generally exempted and banks have to collect them); Hong Kong stocks have no dividend tax, and cash dividends do not need to be deducted. However, when listed companies pay dividends, securities banks and banks with stock custody will also charge a small amount of handling fees in proportion. If investors intend to hold stocks for a long time after buying them, they can also take out physical stocks to avoid costs. 5. Information disclosure of regular reports of listed companies in Hong Kong The statutory information disclosure is twice a year. Unlike A-shares, the quarterly reports of Hong Kong stocks are disclosed voluntarily 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-65438+101-65438+February 3 1. When some companies publish annual performance reports, others publish interim performance reports. Hong Kong stocks also have strict requirements for temporary information disclosure, similar to A shares. Unlike the mainland, Hong Kong stocks usually need to mail written versions of information disclosure (such as annual reports, semi-annual reports, shareholder circulars, etc.) to shareholders. 6. 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 the financing time interval and administrative approval. There are also many ways to refinance, such as placing new shares (equivalent to domestic issuance, usually for some specific investors, closer to domestic private placement) and allotment. There is no strict restriction and continuous supervision on the use of raised funds as domestic A shares. 7. The par value, price and transaction price of stocks are not uniformly stipulated in Hong Kong stocks, unlike A shares, which are all 1 yuan. Common par values of Hong Kong stocks are 65,438+0 cents (65,438+0 cents), 65,438+0 cents and 65,438+0 yuan (HKD, the same below). In addition, Hong Kong stocks can occasionally be merged (10 shares or 10 shares are merged into 1 share) or split. Judging from the absolute share price, Hong Kong stocks range from 1 to several hundred yuan, and the span is obviously larger than that of A shares. This also reflects that Hong Kong stocks are more of a market where the stock price is determined by value rather than supply and demand. In terms of stock trading price, unlike A shares, the price of Hong Kong stocks is not uniform. Not all stocks are priced at 1 cent, but are divided into different spreads according to the stock price, ranging from 1 cent to 50 cents. However, in recent years, in order to enhance the transaction and improve the transaction probability, the bid-ask spread of medium and high-priced stocks has gradually narrowed. For example, the bid price of HSBC Holdings (0005.HK) has narrowed from HK$ 0.5 in previous years to HK$ 0.65438 +0. 8. Hong Kong stocks are open to all kinds of legal funds. Foreign investors are free to buy and sell Hong Kong stocks. Hong Kong stocks are a completely open market. As long as they are legitimate investors and legitimate funds, they can invest in Hong Kong stocks, and there is no limit on the shareholding ratio and time. Therefore, domestic investors absolutely need not worry that investing in Hong Kong stocks is illegal and untenable.