The opening price is lower than yesterday's closing price. The opening price, also known as the opening price, refers to the transaction price of the first transaction per share after the opening of the stock exchange every trading day. Most stock exchanges in the world adopt the principle of maximum turnover to determine the opening price. Closing price refers to the closing price of the stock market, which is the weighted average price of all transactions (including the last transaction) one minute before the last transaction of the securities on that day. If there is no transaction on that day, the previous closing price is the closing price of that day.

I. Closing Price Trading Rules

1, closing price calculation method

Three minutes before closing at 3 pm, call auction will close to determine the closing price. If the closing of call auction fails to produce a closing price, the final closing price will be the closing price of the day.

2. The bid auction changed at the opening.

According to the regulations, during the opening of call auction, the Exchange will immediately disclose the opening reference price, matching quantity and unmatched quantity of small and medium-sized board stocks. The opening price refers to the virtual opening price formed by all valid declarations in accordance with the call auction Rules as of the time of disclosure.

3. The SME sector index will be compiled.

The exchange will compile the SME sector index to reflect the overall price changes and trends of the SME sector.

4. Disclosure of changes in seats

According to the regulations, when one of the following circumstances occurs in the stock trading of small and medium-sized enterprises, the exchange will announce the names of the five business departments or seats with the largest transaction amount and the buying and selling amounts:

1) At the close, compared with the SME index, the difference (hereinafter referred to as the deviation value) reached 7% among the top three stocks;

2) The top three stocks with intraday price fluctuation of 15%;

3) The top three stocks with a daily turnover rate of 20%;

Second, the opening price generation principle

1. The opening price of the futures market is generated by call auction, and the principle of call auction is different from the closing price principle in normal trading. Therefore, in some cases, the phenomenon that the declared buying price is higher than the opening price or the declared selling price is lower than the opening price cannot be concluded.

2. The opening price is call auction. The principle is that between 9: 00 and 9: 25, the consignment price of a stock is the same in the consignment note sent by buyers and sellers to Shenzhen and Shanghai stock markets. However, it is worth noting that this "consistent stock price" refers to the "consistent stock price" that can be matched to the largest amount in a single transaction, and the consistent entrusted price of buyers and sellers is not necessarily the highest price. The "call auction" generated between 9: 00 and 9: 25 does not implement the principle of "time priority" implemented by "continuous bidding" when the entrusted prices are consistent after 9: 30.