2. Rules for subscription of new shares of the North Stock Exchange:
Offline innovation allows individual investors to participate and purchase with a full payment system; Introduce strategic placement system, set up gradient lock-up period arrangement, and allow the adoption of over-allotment option; The new shares are distributed according to the subscription ratio, and the basic unit of distribution is 100 shares. Beijing Stock Exchange can subscribe for new shares only by opening the subscription authority of Beijing Stock Exchange. Beijing Stock Exchange does not need market value to subscribe for new shares, but needs cash. The funds frozen after the lottery are directly used to subscribe for new shares. If the funds are not unfrozen in real time, they can be used for other purposes. Beijing Stock Exchange's new share subscription skills: whoever freezes more funds will win more new shares.
First, the opening of the authority of the North Exchange also needs to meet the following conditions:
1. The assets in the securities account and capital account shall be no less than RMB 500,000 per day in the 20 trading days before the opening of the application authority (excluding the funds and securities that investors integrate through margin financing and securities lending).
2. Participated in securities trading for more than 24 months. Brokers that can open the trading authority of the North Exchange include: CITIC Securities, Galaxy Securities, Haitong Securities, Guotai Junan Securities, Guoxin Securities, CICC Fortune, CITIC Jiantou, Guangfa Securities, China Merchants Securities, Everbright Securities, Founder Securities, Huatai Securities, etc. That is to say, as long as investors meet the above conditions, they can open the authority in the brokerage software, and the ports for brokers to open the authority of the New Third Board North Exchange are basically in a prominent position on the homepage. Finally, remind investors that the stock market is risky and investment needs to be cautious.
Two. Trading rules of Beijing Stock Exchange
As a whole, the trading rules of the North Stock Exchange continue the trading system with continuous bidding as the core of the selection layer, and other main terms such as price limit, reporting rules and price stability mechanism remain unchanged, without changing investors' trading habits and increasing market burden, which embodies the characteristics of stock trading of small and medium-sized enterprises and ensures the stability and continuity of market trading. Compared with the selective trading system, the trading rules of the North Exchange have only been adjusted adaptively in the theme and style of publication, and the content remains unchanged.
1. Transaction method
Shares of the North Exchange can be traded through bidding, block trading and agreement transfer. Among them, in the trading rules, the relevant provisions of bidding trading and block trading are clarified; The specific requirements for the transfer by agreement shall be stipulated separately by the North Exchange. Considering the market liquidity and the trading needs of institutional investors such as Public Offering of Fund, institutional space is reserved for introducing mixed trading and after-hours pricing trading in the future.
2. Price limit and declared effective price range
Considering the characteristics of stock valuation of small and medium-sized enterprises, in order to effectively promote price discovery, the price limit of the bidding transaction of the North Stock Exchange is 30% of the previous closing price, and there is no price limit on the first day of listing. In addition, in order to promote intra-day price convergence and enhance price continuity, the declared effective price range of 5% (or 10 minimum price change unit) of the benchmark price is set in the continuous bidding stage.