1. Conditions for the Science and Technology Innovation Board

There are many conditions for the Science and Technology Innovation Board, including: 1. Enterprises that meet the positioning of the Science and Technology Innovation Board and are not yet profitable or have accumulated uncompensated losses are allowed to invest in the Science and Technology Innovation Board. Listed on the Innovation Board, it mainly serves scientific and technological innovation enterprises that are in line with national strategies, have breakthroughs in key core technologies, and have high market recognition.

Focus on supporting high-tech industries and strategic emerging industries such as new generation information technology, high-end equipment, new materials, new energy, energy conservation and environmental protection, and biomedicine, and promote the Internet, big data, cloud computing, artificial intelligence and The manufacturing industry is deeply integrated, leading mid- to high-end consumption, and promoting quality, efficiency, and power changes. 2. The Shanghai Stock Exchange is responsible for the issuance and listing review of the Science and Technology Innovation Board, and the China Securities Regulatory Commission is responsible for the issuance and registration of stocks on the Science and Technology Innovation Board. The "Implementation Opinions" clarify that the registration system will be piloted on the Science and Technology Innovation Board, and the conditions for the issuance of stocks on the Science and Technology Innovation Board will be reasonably formulated and more comprehensive, in-depth and accurate information will be provided. Disclosure rules system.

The Shanghai Stock Exchange is responsible for the issuance and listing review of the Science and Technology Innovation Board, and the China Securities Regulatory Commission is responsible for the issuance and registration of stocks on the Science and Technology Innovation Board. The China Securities Regulatory Commission will strengthen supervision over the review work of the Shanghai Stock Exchange and strengthen supervision of the entire process before and during the issuance and listing of new shares.

3. Set investor suitability requirements, relax price limits, and have securities accounts and capital accounts with assets of no less than RMB 500,000 and participate in securities trading for two years. This is a basic requirement. Investors who do not meet this suitability requirement can participate in the Science and Technology Innovation Board by purchasing public funds.

2. Science and Technology Innovation Board knowledge test

Basic trading rules of Science and Technology Innovation Board.

-T+1 trading; -For stocks listed on the initial public offering, there is no limit on the price increase or decrease in the first 5 trading days after listing, and then the increase or decrease is limited to 20%; -Single declaration The quantity shall not be less than 200 shares; when selling, the balance of less than 200 shares shall be declared to be sold at one time; - Through bidding transactions, the maximum number of single orders for market orders shall not exceed 50,000 shares, and the maximum number for single orders for limit orders shall be no more than 50,000 shares. Quantity cannot exceed 100,000 shares; -Added after-hours fixed-price trading. After-hours fixed-price trading is from 15:05 to 15:30 on each trading day. Stocks that are still suspended at 15:00 on that day will not be subject to after-hours fixed-price trading.

After-hours fixed price trading price is based on the closing price of the day. -Science and Technology Innovation Board stocks can be used as margin trading targets from the first trading day after listing.

3. Science and Technology Innovation Board knowledge test

Basic trading rules of Science and Technology Innovation Board.

-T+1 trading; -For stocks listed on the initial public offering, there is no limit on the price increase or decrease in the first 5 trading days after listing, and then the increase or decrease is limited to 20%; -Single declaration The quantity shall not be less than 200 shares; when selling, the balance of less than 200 shares shall be declared to be sold at one time; - Through bidding transactions, the maximum number of single orders for market orders shall not exceed 50,000 shares, and the maximum number for single orders for limit orders shall be no more than 50,000 shares. Quantity cannot exceed 100,000 shares; -Added after-hours fixed-price trading. After-hours fixed-price trading is from 15:05 to 15:30 on each trading day. Stocks that are still suspended at 15:00 on that day will not be subject to after-hours fixed-price trading.

After-hours fixed price trading price is based on the closing price of the day. -Science and Technology Innovation Board stocks can be used as margin trading targets from the first trading day after listing.

4. Conditions for purchasing the Science and Technology Innovation Board

The Science and Technology Innovation Board is a sector designed to serve technological and innovative small and medium-sized enterprises. It is an over-the-counter market and focuses on companies that have not yet reached maturity. Small and medium-sized enterprises that are in the early stage but have growth potential and meet the relevant normative and technological and innovative characteristics.

The requirements for individual investors are that they have financial assets of more than 500,000 yuan, and they need to participate in securities transactions for 24 months. The so-called financial assets include bank deposits, stocks, funds, futures rights, bonds, gold, financial products (plans), etc.

Compared with the New Third Board, the investment threshold of the Science and Technology Innovation Board is very low. But at the same time, in order to protect the interests of investors, the Science and Technology Innovation Board will have a price limit of 50%.

For ordinary investors, it is recommended to participate with caution. First of all, the threshold for entry is relatively high. For such a market with a threshold, it means a reduction in liquidity, even if it rises. Hard to cash out. Second, capital is in the cold winter, everyone has no money, and the bull market is still far away. For a market that we don’t understand, we can learn more and pay more attention. When we understand it, it is not too late to take action.

5. How to innovate on the Science and Technology Innovation Board

When the Science and Technology Innovation Board innovates, only investors holding a market value of more than 10,000 yuan of Shanghai stock market shares can participate in the online issuance and subscribe for units. It is reduced to 500 shares/lot, and the corresponding market value requirement of each subscription unit is correspondingly reduced to 5,000 yuan.

The threshold for individual investors to participate in science and technology innovation board stock trading: 1. The assets of the securities account and capital account are not less than RMB 500,000. 2. Participate in securities trading for 24 months or more.

Science and Technology Innovation Board stock trading rules: There is no limit on the price increase or decrease within 5 days after listing, and the price limit after that is 20%. Declaration quantity rules: The quantity of a single application should be no less than 200 shares, and can be increased in units of 1 share.

The maximum number of single declarations for market orders is 50,000 shares, and the maximum quantity for single declarations of limit orders is 100,000 shares.

6. Trading rules of the Science and Technology Innovation Board

The trading rules of the Science and Technology Innovation Board can be divided into 5 articles: 1. There is no limit on the increase or decrease within 5 days after listing, and the increase or decrease after that is 20%; 2. Quantity of application: The quantity of a single application should be no less than 200 shares, and can be increased in units of 1 share.

The maximum number of single declarations for market orders is 50,000 shares, and the maximum number of single declarations for limit orders is 100,000 shares; 3. Declaration prices: Different declaration prices are implemented according to the high and low range of the stock price. The smallest unit of change is to reduce the bid-ask spread of low-priced stocks; 4. Introduce after-hours fixed price trading. After-hours fixed-price trading refers to a trading method in which investors buy and sell stocks at the closing price through closing pricing orders after the auction transaction ends.

After-hours fixed price trading is an effective supplement to intraday continuous trading. It can meet the trading needs of investors for deterministic price transactions outside of the bidding and matching period, and can also help reduce the need to passively track the closing price. The impact of amount trading on intraday trading prices. 5. The relevant rules do not mention T+0.

Retain the relevant regulations that "only investors with a circulating market value of more than 10,000 yuan in the Shanghai stock market can participate in online issuance", and reduce the current subscription unit of 1,000 shares/lot to 500 shares/lot. The corresponding market value requirement for a subscription unit is accordingly reduced to 5,000 yuan.

7. Science and Technology Innovation Board listing standards

The Science and Technology Innovation Board is positioned to face the world’s technological frontiers, the main economic battlefield, and the country’s major needs.

Prioritize support for companies that are in line with national strategies, possess key core technologies, have outstanding scientific and technological innovation capabilities, mainly rely on core technologies to carry out production and operations, have stable business models, high market recognition, good social images, and strong growth sexual enterprise. When an issuer applies for initial issuance and listing of stocks on the Science and Technology Innovation Board, it must comply with the positioning of the Science and Technology Innovation Board.

Based on the positioning of the sector and the characteristics of science and technology enterprises, the Science and Technology Innovation Board sets diverse and inclusive listing conditions to smooth the "entrance" to the market. The relevant supporting rules for the establishment of the Science and Technology Innovation Board and the pilot registration system issued by the Shanghai Stock Exchange on March 1 clarified the conditions for issuers to apply for listing on the Science and Technology Innovation Board: (1) Meet the issuance conditions specified by the China Securities Regulatory Commission; (2) Total share capital after issuance Not less than RMB 30 million; (3) The publicly issued shares account for more than 25% of the company's total shares; if the company's total share capital exceeds RMB 400 million, the proportion of publicly issued shares is more than 10%; (4) Market value and financial The indicators meet the standards stipulated in these rules; (5) Other listing conditions specified by the Shanghai Stock Exchange.