China: 最新科创板制度解读系列之(七)

Last Updated: 22 April 2019
Article by Bo Chen
Most Read Contributor in China, July 2019

最新科创板制度解读系列之(七)

《科创板股票交易特别规定》

科创板即将推出,中国股票市场的格局就要发生重大变化。趋势萌动,或成浩荡潮流。作为投资者,如何才能参与其中?如何买卖科创板股票?我们归纳出了如下操作要点:

买卖细节 要点
投资者
门槛
  • 个人投资者须有50万证券资产和2年炒股经验。
  • 通过已有证券账户即可操作,无需重新开立证券账户。
交易
方式
  • 竞价交易、大宗交易之外,新增盘后固定价格交易方式。即投资者的申报不是指定某个精确的数字,而是在申报时尚未确定的收盘价。
  • 预留了做市交易的空间。
挂单
数量
  • 一手的数量为200股,是其他板块的2倍。
  • 设置了单笔挂单数上限,限价申报的,上限为10万股;市价申报的,上限为5万股。
挂单
价格
  • 对股价波动的容忍程度更高,涨跌幅是其他板块的2倍。
  • 在报价所受的涨跌幅限制之外,可能设置以盘中实时价格为基础计算出的报价限制(价格笼子)。
  • 可能设置熔断机制。
  • 龙虎榜入选标准是其他板块的1.5-2倍。
融资
融券
  • 股票上市即可作为融资融券标的,其他板块股票须上市满3个月。
亏损公司、同股不同权公司
  • 亏损公司、同股不同权公司股票将被特别标识,以作提示。
国际板
公司
  • 境外公司可上科创板,发行存托管凭证。
  • 境外公司的股票以人民币计价,无须外币,与B股不同,B股使用美元、港元计价。

以下为规则全文以及德恒律师点评:

《上海证券交易所科创板股票交易特别规定(征求意见稿)》 德恒律师点评
第1条(目的和依据)
为规范上海证券交易所(以下简称本所)科创板股票交易行为,维护证券市场秩序,保护投资者合法权益,根据《中华人民共和国证券法》《关于在上海证券交易所设立科创板并试点注册制的实施意见》《证券交易所管理办法》等法律法规、部门规章及《上海证券交易所交易规则》(以下简称《交易规则》)等业务规则,制定本规定。
第2条 (适用范围)
在本所科创板上市的股票和存托凭证的交易,适用本规定。本规定未作规定的,适用《交易规则》及本所其他有关规定。
交易对象为股票、存托凭证(以下合称股票)。
存托凭证为外国公司在科创板上市预留了空间。证监会、上交所就国际板已有相当完善的立法储备。
第3条(一般规定)
科创板股票交易实行投资者适当性管理制度。
会员应当制定科创板股票投资者适当性管理的相关工作制度,对投资者进行适当性管理。
参与科创板股票交易的投资者应当符合本所规定的适当性管理要求,个人投资者还应当通过会员组织的科创板股票投资者适当性综合评估。
第4条(适当性条件)
个人投资者参与科创板股票交易,应当符合下列条件:
(一)申请权限开通前20个交易日证券账户及资金账户内的资产日均不低于人民币50万元(不包括该投资者通过融资融券融入的资金和证券);
(二)参与证券交易24个月以上;
(三)本所规定的其他条件。
机构投资者参与科创板股票交易,应当符合境内法律及本所业务规则的规定。
本所可根据市场情况对上述条件作出调整。
个人投资者须有50万证券资产和2年炒股经验。
50万为开户前1个月(20交易日)证券账户、资金账户余额的平均数,不是某一日的余额。
普通投资者可参与其他板块股票交易。
第5条(综合评估)
会员应当对投资者是否符合科创板股票投资者适当性条件进行核查,并对个人投资者的资产状况、知识水平、风险承受能力和诚信状况等进行综合评估。
会员应当重点评估个人投资者是否了解科创板股票交易的业务规则与流程,以及是否充分知晓科创板股票投资风险。
会员应当动态跟踪和持续了解个人投资者交易情况,至少每两年进行一次风险承受能力的后续评估。
第6条(会员义务)
会员应当全面了解参与科创板股票交易的投资者情况,提出明确的适当性匹配意见,不得接受不符合适当性管理要求的投资者参与科创板股票交易。
第7条(风险揭示)
会员应当通过适当方式,向投资者充分揭示科创板股票交易风险事项,提醒投资者关注投资风险,引导其理性、规范地参与科创板股票交易。
会员应当要求首次委托买入科创板股票的客户,以纸面或电子形式签署科创板股票风险揭示书,风险揭示书应当充分揭示科创板的主要风险特征。客户未签署风险揭示书的,会员不得接受其申购或者买入委托。
第8条(投资者义务)
投资者应当充分知悉和了解科创板股票交易风险事项、境内法律和本所业务规则,结合自身风险认知和承受能力,审慎判断是否参与科创板股票交易。
第9条(证券账户)
投资者参与科创板股票交易,应当使用A股证券账户。
投资者通过已有证券账户即可操作,无需重新开立证券账户
第10条(交易方式)
投资者通过以下方式参与科创板股票交易:
(一)竞价交易;
(二)盘后固定价格交易;
(三)大宗交易。
盘后固定价格交易,指在收盘集合竞价结束后,本所交易系统按照时间优先顺序对收盘定价申报进行撮合,并以当日收盘价成交的交易方式。盘后固定价格交易的具体事宜由本所另行规定。
新增盘后固定价格交易方式。即投资者的申报不是指定某个精确的数字,而是指定为收盘价。
第11条(申报价格最小变动单位)
科创板股票申报价格最小变动单位适用《交易规则》相关规定。本所可以依据股价高低,实施不同的申报价格最小变动单位,具体事宜由本所另行规定。
第12条(融资融券业务)
科创板股票自上市首日起可作为融资融券标的,标的证券相关条件由本所另行规定。
股票上市即可作为融资融券标的,其他板块须上市满3个月。
第13条(存托凭证)
科创板存托凭证在本所上市交易,以份为单位,以人民币为计价货币,计价单位为每份存托凭证价格。
外国企业的股票以人民币计价,与B股不同,B股美元港元计价。
第14条(特别标识)
本所可以通过适当方式,对上市时尚未盈利以及具有表决权差异安排的发行人的股票或者存托凭证作出相应标识。
亏损公司、同股不同权公司股票将披星戴帽,以示区别。
第15条(市价申报方式)
根据市场需要,本所可以接受下列方式的市价申报:
(一)最优五档即时成交剩余撤销申报;
(二)最优五档即时成交剩余转限价申报;
(三)本方最优价格申报,即该申报以其进入交易主机时,集中申报簿中本方最优报价为其申报价格;
(四)对手方最优价格申报,即该申报以其进入交易主机时,集中申报簿中对手方最优报价为其申报价格;
(五)本所规定的其他方式。
第16条(涨跌幅限制)
本所对科创板股票竞价交易实行价格涨跌幅限制,涨跌幅比例为20%。
科创板股票涨跌幅价格的计算公式为:涨跌幅价格=前收盘价×(1±涨跌幅比例)。
首次公开发行上市、增发上市的股票,上市后的前5个交易日不设价格涨跌幅限制。
对股价波动的容忍程度更高,涨跌幅是其他板块的2倍。
第17条(价格笼子和盘中临时停牌)
本所可以对科创板股票的有效申报价格范围和盘中临时停牌情形等另行作出规定,并根据市场情况进行调整。
在报价所受的涨跌幅限制之外,可能设置以盘中实时价格为基础计算出的报价限制。
可能设置熔断机制。
第18条(单笔申报数量限制)
通过限价申报买卖科创板股票的,单笔申报数量应当不小于200股,且不超过10万股;通过市价申报买卖的,单笔申报数量应当不小于200股,且不超过5万股。卖出时,余额不足200股的部分,应当一次性申报卖出。
一手的数量为200股,是其他板块的2倍。
设置了单笔挂单数上限,限价申报的,上限为10万股;市价申报的,上限为5万股。
第19条(交易公开信息)
有价格涨跌幅限制的股票竞价交易出现下列情形之一的,本所公布当日买入、卖出金额最大的5家会员营业部的名称及其买入、卖出金额:
(一)日收盘价格涨跌幅达到±15%的各前5只股票;
(二)日价格振幅达到30%的前5只股票,价格振幅的计算公式为:价格振幅=(当日最高价格-当日最低价格)/当日最低价格×100%;
(三)日换手率达到30%的前5只股票,换手率的计算公式为:换手率=成交股数(份额)/总股本数(份额)×100%。
收盘价格涨跌幅、价格振幅或换手率相同的,依次按成交金额和成交量选取。
龙虎榜入选标准是其他板块的1.5-2倍。
第20条(异常波动信息)
股票竞价交易出现下列情形之一的,属于异常波动,本所公告该股票交易异常波动期间累计买入、卖出金额最大5家会员营业部的名称及其买入、卖出金额:
(一)连续3个交易日内日收盘价格较基准指数偏离值累计达到±30%;
(二)中国证监会或者本所认定属于异常波动的其他情形。
基准指数由本所向市场公告。异常波动指标自公告之日起重新计算。
无价格涨跌幅限制的股票不纳入异常波动指标的计算。
本所可以根据市场情况,调整异常波动的认定标准。
涨跌幅偏离值的标准是其他板块的1.5倍,且只考核收盘价涨跌幅偏离值,不考核换手率。
第21条(审慎交易原则)
投资者应当按照本所相关规定,审慎开展股票交易,不得滥用资金、持股等优势进行集中交易,影响股票交易价格正常形成机制。
可能对市场秩序造成重大影响的大额交易,投资者应当选择适当的交易方式,根据市场情况分散进行。
第22条(会员对客户交易行为的管理)
会员应当建立有效的客户交易监控系统,设定相应的监控指标和预警参数,对客户的交易行为进行监督和管理,确保申报的价格、数量等符合本所规定,且不对市场价格产生不适当的影响。
对可能严重影响交易秩序的异常交易行为,会员应当根据与客户的协议拒绝接受其委托,并及时向本所报告。
投资者从事严重异常交易行为,或者会员未按规定对客户交易行为进行管理的,本所可以根据《交易规则》《上海证券交易所会员管理规则》等规则实施相关纪律处分或者监管措施。情节严重的,本所上报中国证监会查处。
第23条(其他交易机制)
本所根据市场需要,经中国证监会批准,可以在科创板实施做市制度等交易制度。
本所可以根据市场需要,经中国证监会批准,在科创板开展证券公司证券借入业务,促进融资融券业务均衡发展。
本所可以根据科创板交易运行情况,对科创板交易制度进行评估,并根据需要进行调整和优化。
预留了做市、融券的制度的空间。
第24条(批准程序)
本规定经本所理事会审议通过,报中国证监会批准后生效,修改时亦同。
第25条(解释主体)
本规定由本所负责解释。
第26条(施行时间)
本规定自发布之日起施行。

The content of this article is intended to provide a general guide to the subject matter. Specialist advice should be sought about your specific circumstances.

To print this article, all you need is to be registered on Mondaq.com.

Click to Login as an existing user or Register so you can print this article.

Authors
 
Some comments from our readers…
“The articles are extremely timely and highly applicable”
“I often find critical information not available elsewhere”
“As in-house counsel, Mondaq’s service is of great value”

Related Topics
 
Related Articles
 
Up-coming Events Search
Tools
Print
Font Size:
Translation
Channels
Mondaq on Twitter
 
Mondaq Free Registration
Gain access to Mondaq global archive of over 375,000 articles covering 200 countries with a personalised News Alert and automatic login on this device.
Mondaq News Alert (some suggested topics and region)
Select Topics
Registration (please scroll down to set your data preferences)

Mondaq Ltd requires you to register and provide information that personally identifies you, including your content preferences, for three primary purposes (full details of Mondaq’s use of your personal data can be found in our Privacy and Cookies Notice):

  • To allow you to personalize the Mondaq websites you are visiting to show content ("Content") relevant to your interests.
  • To enable features such as password reminder, news alerts, email a colleague, and linking from Mondaq (and its affiliate sites) to your website.
  • To produce demographic feedback for our content providers ("Contributors") who contribute Content for free for your use.

Mondaq hopes that our registered users will support us in maintaining our free to view business model by consenting to our use of your personal data as described below.

Mondaq has a "free to view" business model. Our services are paid for by Contributors in exchange for Mondaq providing them with access to information about who accesses their content. Once personal data is transferred to our Contributors they become a data controller of this personal data. They use it to measure the response that their articles are receiving, as a form of market research. They may also use it to provide Mondaq users with information about their products and services.

Details of each Contributor to which your personal data will be transferred is clearly stated within the Content that you access. For full details of how this Contributor will use your personal data, you should review the Contributor’s own Privacy Notice.

Please indicate your preference below:

Yes, I am happy to support Mondaq in maintaining its free to view business model by agreeing to allow Mondaq to share my personal data with Contributors whose Content I access
No, I do not want Mondaq to share my personal data with Contributors

Also please let us know whether you are happy to receive communications promoting products and services offered by Mondaq:

Yes, I am happy to received promotional communications from Mondaq
No, please do not send me promotional communications from Mondaq
Terms & Conditions

Mondaq.com (the Website) is owned and managed by Mondaq Ltd (Mondaq). Mondaq grants you a non-exclusive, revocable licence to access the Website and associated services, such as the Mondaq News Alerts (Services), subject to and in consideration of your compliance with the following terms and conditions of use (Terms). Your use of the Website and/or Services constitutes your agreement to the Terms. Mondaq may terminate your use of the Website and Services if you are in breach of these Terms or if Mondaq decides to terminate the licence granted hereunder for any reason whatsoever.

Use of www.mondaq.com

To Use Mondaq.com you must be: eighteen (18) years old or over; legally capable of entering into binding contracts; and not in any way prohibited by the applicable law to enter into these Terms in the jurisdiction which you are currently located.

You may use the Website as an unregistered user, however, you are required to register as a user if you wish to read the full text of the Content or to receive the Services.

You may not modify, publish, transmit, transfer or sell, reproduce, create derivative works from, distribute, perform, link, display, or in any way exploit any of the Content, in whole or in part, except as expressly permitted in these Terms or with the prior written consent of Mondaq. You may not use electronic or other means to extract details or information from the Content. Nor shall you extract information about users or Contributors in order to offer them any services or products.

In your use of the Website and/or Services you shall: comply with all applicable laws, regulations, directives and legislations which apply to your Use of the Website and/or Services in whatever country you are physically located including without limitation any and all consumer law, export control laws and regulations; provide to us true, correct and accurate information and promptly inform us in the event that any information that you have provided to us changes or becomes inaccurate; notify Mondaq immediately of any circumstances where you have reason to believe that any Intellectual Property Rights or any other rights of any third party may have been infringed; co-operate with reasonable security or other checks or requests for information made by Mondaq from time to time; and at all times be fully liable for the breach of any of these Terms by a third party using your login details to access the Website and/or Services

however, you shall not: do anything likely to impair, interfere with or damage or cause harm or distress to any persons, or the network; do anything that will infringe any Intellectual Property Rights or other rights of Mondaq or any third party; or use the Website, Services and/or Content otherwise than in accordance with these Terms; use any trade marks or service marks of Mondaq or the Contributors, or do anything which may be seen to take unfair advantage of the reputation and goodwill of Mondaq or the Contributors, or the Website, Services and/or Content.

Mondaq reserves the right, in its sole discretion, to take any action that it deems necessary and appropriate in the event it considers that there is a breach or threatened breach of the Terms.

Mondaq’s Rights and Obligations

Unless otherwise expressly set out to the contrary, nothing in these Terms shall serve to transfer from Mondaq to you, any Intellectual Property Rights owned by and/or licensed to Mondaq and all rights, title and interest in and to such Intellectual Property Rights will remain exclusively with Mondaq and/or its licensors.

Mondaq shall use its reasonable endeavours to make the Website and Services available to you at all times, but we cannot guarantee an uninterrupted and fault free service.

Mondaq reserves the right to make changes to the services and/or the Website or part thereof, from time to time, and we may add, remove, modify and/or vary any elements of features and functionalities of the Website or the services.

Mondaq also reserves the right from time to time to monitor your Use of the Website and/or services.

Disclaimer

The Content is general information only. It is not intended to constitute legal advice or seek to be the complete and comprehensive statement of the law, nor is it intended to address your specific requirements or provide advice on which reliance should be placed. Mondaq and/or its Contributors and other suppliers make no representations about the suitability of the information contained in the Content for any purpose. All Content provided "as is" without warranty of any kind. Mondaq and/or its Contributors and other suppliers hereby exclude and disclaim all representations, warranties or guarantees with regard to the Content, including all implied warranties and conditions of merchantability, fitness for a particular purpose, title and non-infringement. To the maximum extent permitted by law, Mondaq expressly excludes all representations, warranties, obligations, and liabilities arising out of or in connection with all Content. In no event shall Mondaq and/or its respective suppliers be liable for any special, indirect or consequential damages or any damages whatsoever resulting from loss of use, data or profits, whether in an action of contract, negligence or other tortious action, arising out of or in connection with the use of the Content or performance of Mondaq’s Services.

General

Mondaq may alter or amend these Terms by amending them on the Website. By continuing to Use the Services and/or the Website after such amendment, you will be deemed to have accepted any amendment to these Terms.

These Terms shall be governed by and construed in accordance with the laws of England and Wales and you irrevocably submit to the exclusive jurisdiction of the courts of England and Wales to settle any dispute which may arise out of or in connection with these Terms. If you live outside the United Kingdom, English law shall apply only to the extent that English law shall not deprive you of any legal protection accorded in accordance with the law of the place where you are habitually resident ("Local Law"). In the event English law deprives you of any legal protection which is accorded to you under Local Law, then these terms shall be governed by Local Law and any dispute or claim arising out of or in connection with these Terms shall be subject to the non-exclusive jurisdiction of the courts where you are habitually resident.

You may print and keep a copy of these Terms, which form the entire agreement between you and Mondaq and supersede any other communications or advertising in respect of the Service and/or the Website.

No delay in exercising or non-exercise by you and/or Mondaq of any of its rights under or in connection with these Terms shall operate as a waiver or release of each of your or Mondaq’s right. Rather, any such waiver or release must be specifically granted in writing signed by the party granting it.

If any part of these Terms is held unenforceable, that part shall be enforced to the maximum extent permissible so as to give effect to the intent of the parties, and the Terms shall continue in full force and effect.

Mondaq shall not incur any liability to you on account of any loss or damage resulting from any delay or failure to perform all or any part of these Terms if such delay or failure is caused, in whole or in part, by events, occurrences, or causes beyond the control of Mondaq. Such events, occurrences or causes will include, without limitation, acts of God, strikes, lockouts, server and network failure, riots, acts of war, earthquakes, fire and explosions.

By clicking Register you state you have read and agree to our Terms and Conditions