The Beijing Stock Exchange issued trading rules: there is no price limit on the first day of listing, and a single auction transaction must not be less than 100 shares.

It is in line with the practice of domestic and foreign corporate exchanges.

Corporate exchanges at home and abroad have mature experience in implementing membership management for securities companies participating in market business, and the membership management rules of the Beijing Stock Exchange have fully drawn from this.

The specific reasons are as follows: There is no price limit on the first day of listing on the Beijing Stock Exchange. In order to reduce irrational trading by investors, a temporary trading suspension mechanism is implemented for stocks without price limits to facilitate market understanding.

Under the corporate system, the exchange's regulatory requirements for securities companies participating in market business are generally consistent with the regulatory requirements for members of member-based exchanges.

From the perspective of market participants, corporate exchanges use the term "member" for securities companies participating in the business, which is easier to accept and understand.

As a corporate exchange, the Beijing Stock Exchange implements membership management, and members are the qualification carriers for securities companies to conduct business.

The Beijing Exchange implements membership management to implement the requirements of higher-level laws.

The Securities Law stipulates that stock exchanges should formulate membership management rules. The Stock Exchange Management Measures regulate the stock exchange's supervisory responsibilities for members and authorize the stock exchange to stipulate the types, qualifications, rights and obligations of members.

In terms of trading methods, Beijing Stock Exchange stocks can adopt auction trading, block trading, agreement transfer and other trading methods.

Among them, the relevant regulations on bidding transactions and block transactions are clarified in the trading rules; the specific requirements for agreement transfers are separately stipulated by the Beijing Stock Exchange.

Taking into account market liquidity and the trading needs of institutional investors such as public funds, institutional space is reserved for the introduction of hybrid trading and after-hours fixed-price trading in the future.

In order to standardize the hearing procedures for the self-regulatory management of the Beijing Stock Exchange (hereinafter referred to as the Exchange), improve the fairness and transparency of self-regulatory management, and protect the legitimate rights and interests of the parties, in accordance with the "Stock Exchange Management Measures" and the "Beijing Stock Exchange Stock Listing Rules (Trial)"

》 and other relevant provisions, formulate these detailed rules.