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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)
trait
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. 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, shareholders of tradable shares bought tradable shares at a super high P/E ratio, which more or less harmed the interests of shareholders of tradable shares, 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.