□ When there is no price limit for securities trading in Shanghai, it is stipulated in call auction stage (1) that the declared price of stock trading shall not be higher than 900% of the previous closing price and shall not be lower than 50%. (2) Funds and bonds shall not be higher than 150% and not less than 70%. (3) There is no price limit for bond repurchase transactions. □ It is stipulated in the continuous bidding stage that (1) shall not be higher than10% of the instant lowest selling price (selling the best file) and not lower than 90% of the instant highest buying price (buying the best file), not higher than 130% and not lower than 70% of the average of the above-mentioned highest and lowest declared prices. (2) If there is no purchase declaration, the lowest selling price and the latest transaction price shall be taken as the highest buying price mentioned in the preceding paragraph. (3) If there is no selling declaration, the highest buying price and the highest latest transaction price shall be regarded as the lowest selling price mentioned in the preceding paragraph. (4) If there is no transaction, the previous closing price shall be regarded as the latest transaction price.

□ Securities without price limit of Shenzhen Stock Exchange: (1) The opening price of this stock in call auction is lower than 900% of the issue price (compared with Shanghai, there is no 50% limit), and the continuous bidding and closing price in call auction are both 90% of the latest transaction price. (2) The bond call auction is 30% higher or lower than the issue price, and the rest is 10%. (3) The call auction of bond pledged repo is 100% of the previous closing price, and the rest time is 100% of the latest closing price.

□ The bidding results are: complete transaction, partial transaction and no transaction.

If you look closely, you will know that it is to prevent stocks that have not gone up and down from being speculated. Such as new shares.