1. Stock pledge
Listed companies pledge their shares to some financial companies in order to obtain certain cash flow. Stock pledge is generally used for listed companies with excellent performance, moderate circulating share capital and good liquidity. The pledge of shares of listed companies accepted by commercial banks shall not be higher than 65,438+00% of the total shares of listed companies, and the pledge of shares of listed companies accepted by securities companies shall not be higher than 65,438+00% of the total shares of listed companies, and shall not be higher than 5% of the issued shares of listed companies.
2. Reduce holdings
Major shareholders of listed companies reduce their holdings in the secondary market. The total number of shares reduced by major shareholders of a listed company through centralized bidding transactions on the stock exchange within any three consecutive months shall not exceed 65,438+0% of the total shares of the company.
3. Additional issuance
Listed companies issue additional shares to the public to obtain some cash, of which the number of private placements is required to be no more than 65,438+00, and the issue price is not less than 80% of the average market price in the 20 trading days before the announcement.
China stock market is the stock market in People's Republic of China (PRC). 1989 was started as a pilot project, and it was established in line with the concept of stopping when it is tried, or stopping when it is not good.
Therefore, in the stock market operation before 1995, the biggest negative news is usually the news that the China stock market pilot will stop and the stock market will close. 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.
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 calculated according to the total share capital, thus forming the characteristic of "controlling more with less" in trading.
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%. (5% for ST shares and S shares that have not completed share reform, and 20% after the GEM pilot registration system)