If mainland stocks are listed in both the mainland and Hong Kong at the same time, forming an "A+H" model, we can judge the trend of A shares according to their situation in the Hong Kong stock market.
The history of securities trading in Hong Kong can be traced back to 1866, but it was not until 189 1 that the first formal stock market was established in Hong Kong. From 1969 to 1972, the Far East Exchange, the Gold and Silver Stock Exchange and the Kowloon Stock Exchange were established in Hong Kong. Together with the former Hong Kong Stock Exchange, four exchanges were established.
In the short two years from 1972 to 1973, there were 1 19 companies listed in Hong Kong, and by the end of 1973, there were 296 listed companies.
1On July 7th, 980, four exchanges merged into the Stock Exchange of Hong Kong. All four exchanges closed down after closing on March 27th, 1986, and all their businesses were transferred to the stock exchange.
Extended data:
Hong Kong Stock Exchange Rules
First, the trading system AMS/3
With the expansion of the securities market and the need of the internationalization of the future exchanges, the Hong Kong Stock Exchange launched the third generation automatic matching and closing system (AMS/3) in June 2000. AMS/3 connects investors, exchange participants, other participants and the central market, making the trading process more efficient.
Two. Exchange trading rules
Securities trading in an exchange shall comply with the relevant provisions of the rules of the exchange. The more important rules are as follows:
(1) price
Every security traded on an exchange is traded at a specific "price", which represents the minimum range of price increase or decrease and is related to the price range of the securities.
The exchange price list stipulates that the stock price ranges from 0.0 1-0.25 Hong Kong dollars (the price is 0.00 1 Hong Kong dollars) to 1000-9995 Hong Kong dollars (the price is 2.50 Hong Kong dollars). When the price of a stock rises or falls to another price range, its price will also change.
(2) Opening quotation
The rules of the exchange stipulate that the "opening price" should be carried out according to procedures to ensure the continuity of prices between two adjacent trading days and prevent the market from fluctuating violently when the market opens: the first buy or sell order entering the trading system on each trading day is regulated by the opening price rules. The price of the first order cannot exceed the previous day's closing price by 4 prices.
Three. Settlement and delivery
The settlement and delivery procedures of various products of HKEx are handled by Hong Kong Clearing House, Option Clearing Company and Futures Clearing Company respectively. Among them, the Hong Kong Clearing House is responsible for the settlement and settlement of qualified securities traded on the main board of the Stock Exchange and the Growth Enterprise Market.
(1) continuous net settlement system
Hong Kong adopts a continuous netting system. Under the continuous net settlement system, the securities purchased or sold by each CCASS participant from other CCASS participants will be offset by rolling, and the remaining net purchase or net sale share will be used as the settlement standard.
(2) T+2 settlement system
Transactions matched or declared by exchange participants through the automatic matching system must be settled with the central settlement system before 3: 45 pm on the second trading day after each trading day (T day), which is generally called the "T+2" daily settlement system (that is, the trading/buying day plus two trading days).
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