AG to each investor a document to prove the amount and nature of his holdings
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No. 2
Shares of securities on behalf of
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No. 3
Divided into an A and have that company ownership of the securities unit
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No. 4
AG said shares to the securities. Guanying "occurs in good times banks on": "that there are substantial Chinese business stock, no mortgage, but the goods of foreign companies, the stock can be secured." Ba Jin "Autumn," April 4: "I have thousands of dollars your company stocks. "Cao Yu" Sunrise "the second act:" I have some Daxing Coal Company stock. "
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No. 5
Used to represent shares of stock.
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Interpretation
Limited stock is to raise capital when the shares issued to the investor certificates, on behalf of its holder (ie shareholders) of the shares of the company's ownership. Stock is income and as_set_s of the company's claims. This title is a comprehensive rights, such as ordinary shareholders can participate in general meetings, vote and participate in major decisions, such as dividends or share dividends. The same class represented by each share equal ownership of the company. Company owned by each shareholder's ownership share depends on the number of shares held by the company's total share capital. Stock trading in general can be paid by transfer, the shareholders through stock transfers to recover its investment, but can not require the company to return its investment. However, companies can buy back their own stock market, shares issued to improve the stock price to protect the rights of shareholders, concentrated equity per share, this practice is intended to protect the rights of small shareholders of tradable shares. The relationship between shareholders and the company is the relationship all by all, unlike the claims and liabilities, so the shareholders of the company's remaining claim is the claim, the creditor can only be fully recovered in time to their own claims on the rest of the as_set_s claim. Shareholders is the company's owner, limited to the amount of its contribution to the company's limited liability, risk, revenue-sharing. (Of course, some high-wire technology, corporate shareholders may be based on his skill as to gain from the identity of the shareholders.) Companies can issue stock to the public to raise funds, private equity funds can also enrich their own as_set_s. Currently the Shanghai Stock Exchange, Shenzhen Stock Exchange listed company, the vast majority of the state holding company, but there are a considerable number of private limited liability company.
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Stock character
Stockholders with stock obtained from the AG's income is dividends. Dividend depends on the hair with the Company's dividend policy, if the company does not issue a dividend, shareholders did not get the right to dividends. Preferred shareholders get a fixed amount of dividends to ordinary shareholders dividends is associated with the company's profits. Dividends to ordinary shareholders were issued after the preferred shareholders, preferred shareholders must be filled to capacity all have been promised access to their dividends after the common shareholders have the power to issue a dividend. Shares of company stock with only a certificate of ownership of real capital, is involved in corporate decision-making and evidence obtained from dividends, not the actual capital, but only indirectly reflect the actual status of the capital campaign, which showed a virtual capital.
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The origin of the stock
So far, the stock will be approximately 400 years of history, it is accompanied by the emergence of joint-stock companies emerged. With the expansion of business scale and capital requirements of lack of demand for a way to let the company get a lot of capital. Arose to form joint-stock companies emerged, the shareholders of the organization co-financing operations. AG changes and development of the stock form of financing activities; equity financing of development, creating a demand for stock trading; demand for stock trading stock market contributed to the formation and development; and ultimately the stock market has promoted the development of equity financing activities and shares of the company's improvement and development. Stock first appeared in the capitalist countries. Co., Ltd. the world's first system was born in 1602 in the Netherlands East India Company founded. AG emergence of this form of business organization, and soon widely used for the capitalist countries, a capitalist country is one important form of business organization. With the birth and development of joint-stock companies to raise equity shares of the way the form has been developed, and produced a demand for the stock transfer transactions. Thus, the stock market led to the emergence and formation, and to promote improvement and development of the stock market. In 1611 the East India Company's shareholders in the conduct of the Amsterdam Stock Exchange trading, and later a special agent with the matching transaction. Amsterdam Stock Exchange to form the world's first stock market. Currently, the Corporation has become one of the most basic forms of business organization; stock has become an important channel for big business and the way funding is also a way of investors to invest in the basic choice; stock market (including the stock issuance and trading) and bond securities market has become an important basic elements.
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The role of stock
(1) stock is a contribution that, when a natural or legal person shares to the Corporation investment, the investor will receive shares as the certificate; (2) the holders of the stock with the shareholders of the stock to prove their identity, to participate in shares of the company's shareholders, the shares of the company's business to express their views; (3) the stock holders of shares issued by virtue of the stock of enterprises to participate in profit distribution, which is commonly referred to as dividends, in order to obtain a certain role in the economic impact of the stock market (B) influence the stock market stock company, stock and the stock market is no doubt the enterprise of the capitalist state's economic development has played a positive role. Stock company, stock and the stock market is not unique to capitalism. China is a socialist country, in the development of a planned commodity economy under the conditions of the same company can use the stock form of business organization, the way of equity financing and stock market regulatory mechanisms for the development of socialist planned commodity economy, services, It's positive to do with: 1, the role of national economic development (1) can be extensive mobilization, accumulation and concentration of social idle capital for national economic construction and development services, to expand the production scale of construction, economic development, and receive a "domestic capital loaned domestic debt" effect. (2) can give full play to the market mechanism, the fragmentation and break the seal region, and promote financial intermediation and economic horizontal horizontal linkages, to improve the overall efficiency of resource allocation. (3) can reform and improve China's form of business organization to explore a new way, to the continuous improvement of China's state-owned enterprises, collective enterprises, individual enterprises, foreign-funded enterprises and joint-stock company form of organization, a better economy in the play shares China's national economy, the position and role in promoting China's economic development. (4) can promote the development of China's economic system reform, especially the further development of joint-stock reform, property rights will help straighten out the relationship between the government and businesses can all in their place, their roles, each with their rights, each have benefit. (5) can expand our use of foreign channels and ways to enhance the absorptive capacity of external, conducive to greater use of foreign investment and improve the economic efficiency of using foreign capital, received "by the foreign debt with foreign rather than" effect.
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Stock Classification
Placement of shares of listed companies under the company's development needs, in accordance with relevant regulations and corresponding procedures to the original shareholders to further issue of new shares to raise funds behavior. By convention, when the company's allotment of new shares subscription rights in accordance with the existing shareholders equity ratio in the original allocation, the former shareholders have preferential subscription rights. Turn allotment is a unique product of China's stock market. State shares, legal person shares with the holder to give up equity, with equity compensation will be transferred to other legal persons or the public, the legal person or the public right to exercise the appropriate placement of new shares subscribed, the allotment is transferred. Turn allotment is not currently traded. Although the turn allotment of shareholders and to solve the national problem of corporate shareholders unable to allotment. However, it causes state shares and legal person shares in the proportion of the total share capital of the state gradually reduce the long run lose controlling stake. At the same time. Turn allotment can not produce a current flow of public shares, affected the enthusiasm of retail investors, bringing the ownership structure of chaos. To overcome the limitations of turn allotment, more and more countries listed company shareholders and corporate shareholders, have to present the main as_set_ converted into cash or to participate in placement. Greatly improve the plant's strength, both to ensure that equity is not diluted. And encouraging broad public on the city's investment confidence in the BU. According to statistics, as of the end of 1997, the Shanghai stock market is not the total flow of turn allotment of 1,689,000,000 shares of the total share capital of 1.59%. 1, according to the market area can be divided into: China's listed companies have a share of stock, b stock, h unit, n and s stock shares and other distinctions. a share b shares b shares, also known as Renminbi special stocks. Are those registered in mainland China, the Chinese mainland-listed specialty stocks. To indicate the face value of the yuan can only be subscribed in foreign currency and transactions. h stock h unit is also known as H-shares of state-owned enterprises in Hong Kong (hong kong) listed on the stock. s shares s shares are those major production or operations on its core business in mainland China, and companies registered in Singapore (singapore) or other countries and regions, but the Singapore Stock Exchange listed company's stock. n stock n shares are those registered in mainland China, in New York (new york) listed foreign shares. 2, according to the classification of the stock on behalf of the shareholder rights: Ordinary shares ordinary shares is the company's management and the distribution of profits and property rights to enjoy ordinary shares, representing payment of claims to meet all requirements and preferred shareholders the right to return and claim requirements of corporate profits and surplus property request rights. Ordinary shares constitute the company's capital base is a basic form of stock. At present, Shanghai and Shenzhen Stock Exchange on the trading of shares are ordinary shares. Ordinary shareholders of shares held by its share of the following basic rights: (1) right to participate in corporate decision-making. Common shareholders entitled to participate in general meetings, and make suggestions, voting rights and voting rights can also be commissioned on behalf of its shareholders to exercise their rights. (2) profit distribution rights. Common shareholders entitled to receive distribution of profits from the company dividends. Common stock dividend is not fixed by the company profit status and its distribution policy decisions. Ordinary shares must obtain a fixed dividend preference shareholders are entitled to dividends only after the right. (3) stock options. If the company needs to expand the issuance of common stock, the existing common stock shareholders are entitled to their stake to below the market price of a particular priority to buy a certain number of newly issued shares, thus maintaining its original ownership of enterprises proportional. (4) the right of distribution of surplus as_set_s. When the bankruptcy or liquidation, if the company's as_set_s there is a surplus after the repayment of debt, according to the first part of its remaining preferred shareholders, common shareholders after the distribution of the order. Preferred stock preferred stock relative to the common stock. The remaining preference shares in the profit-sharing and distribution of property rights, take precedence over common stock. There are two preferred shareholders the right to: (1) the right of priority in the allocation. Distribution of profits in the company, the shareholders have priority over holders of common stock of shares, distribution first, but enjoy a fixed amount of dividends, preferred stock dividends that are relatively fixed. (Example: If the company does not make dividend preference shareholders, ordinary shareholders can not be on the dividend distribution, because the preferred shareholders preferential dividends with common shareholders.) (2) priority claim. If the liquidation and distribution of surplus property, the preferred ordinary shares before the distribution. Note: When the company decided to no dividends for several years, the preferred shareholders can enter the general meeting of shareholders to express their views to protect their own rights. After placement after placement in the dividends and interest or interest distribution of remaining as_set_s at a disadvantage when compared with ordinary shares of stock, generally in the common stock after the distribution, redistribution of the remaining interests. If the company's huge profit, after the allotment of the number of issued and very limited, the purchase can be made after the placement of the high returns of shareholders. After the allotment issue, raising funds generally can not immediately generate revenue, but also restricted the range of investors, so the utilization is not high. After the general allotment issued under the following circumstances: (1) The company is raising funds to expand the device when a new issue of shares, in order not to reduce old stock dividends, an official in new equipment put into use before it will be after the rights issue of new shares; ( 2) corporate mergers, in order to adjust the ratio of the merger, the shareholders of the merged company after the delivery of part of the allotment; (3) in a government investment company, privately held stock before the dividend reaches a certain level, the government-held stocks as after the allotment. Garbage share operating losses or breaches of company stock. Blue chip company well, good performance, earnings per share of 0.5 yuan. Blue chip stock market, those in their respective dominant industry occupies an important position, good performance, active, generous dividends as blue chip stocks of large companies. 3, can be divided into ① registered shares and bearer shares. This is mainly the name of the stock to shareholders of record are divided. Bearer shares are recorded in shareholders' equity on the name, if the transfer must be approved by the company procedures for transfer. Bearer shares, the stock is not recorded in the names of the shareholders, if the transfer, by delivery effect. ② There is no par value shares and par value shares. This is mainly out of the stock per share amounts are credited to the division. There is stock par value per share, in the amount of stock on the record. No par value shares and the company just remember that the total capital stock, or earnings per share the company's total capital ratio. ③ single stock and stock complex. This is mainly expressed on the stock divided by the number of copies. Each single stock is stock that wave. Plural stocks is that the number of shares of each stock. ④ common shares and special shares. This is mainly represented by the right of the stock divided by the size. Common stock dividend increase or decrease with the size of the company's profits. Particularly preferred stocks generally required to obtain a fixed dividend rate, but its shareholders have limited voting rights, in particular, known as preferred stock shares. ⑤ voting shares and non-voting shares. This is mainly whether the voting rights to holders of the stock division. Common stock holders have voting rights, preferred shares have special interests in some respects the holder, often limited to voting rights. Non-voting shareholders can not participate in corporate decision-making. 4, the level of activity of the stock trading, stock investors in China are divided into front-line unit, second-line stocks and three strands: Line shares Refers to the more active secondary market trading of a class of shares. The excellent performance of the company stock and has good development prospects. Line shares the company a leading position in the industry, the product also has some irreplaceable. Second-line stocks Second-line stocks in the secondary market transactions are more active. Performance of the company of such stock with better prospects for development is good. But the second line shares than the company's shares trade on the chip in the middle level. The shares of the company product line a little less than.
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Stock-based
1, the unit price declaration of a stock price of the smallest unit of change of 0.01 yuan. If: you want to buy Shenzhen Development, fill in a single price: 10.02 yuan, and not fill 10.002 yuan. b shares declared value smallest unit of change of 0.001 U.S. dollars (Shanghai) 2, Price Limit The highest daily price rose (or fell) 10% of the previous day's closing price range st shares, Change rate of 5% IPOs with price limits The day of the IPO issue price or ceiling price × (1 +1000%), the lower limit for the issue price × (1-50%). But the next day price limits will have to follow the rules. 3, the provisions of IPO price IPO price of commission that day, to follow some rules. Such as Shenzhen requirements: a collection of new shares listed on the first day of its issue price of the auction range from top to bottom 150, a continuous range of the effective bid auction is the last traded price down $ 15. Shanghai shares on the first day of a continuous auction market range of the effective bid price was 10%. 4, primary Hand is 100 shares. Trading in principle, should be the primary as an integer multiple of the placement will occur because lack of "hand" situation, such as 10 get 3 shares, you have 100 shares into 130 shares, then you can sell 130 shares. In other words, less than zero stock "hand" can be sold. 5, is now at hand is the number of lots traded 6, t +1 t is the English trade (transaction means) the first letter. Currently under the Shanghai and Shenzhen, the day the next day to buy stocks only to sell, and sell the stock to confirm the day after closing, to return the money the day you can buy the stock. 7 auction (opening how to generate) Trading day before the start, namely: 9:15 assigned to 9:25, the Shanghai and Shenzhen Stock Exchange, investors began to accept sell orders effectively, in 9:30 the official opening of the moment, the Shanghai and Shenzhen Stock Exchange's computer system Start brokered transactions, the maximum volume of each stock price to determine the opening price of each stock. No opening at auction. Non application of auction: IPO subscription, allotment, bonds. 8, continuous auction Auction produced a major opening, followed by continuous trading of the stock market to stage, with the continuous auction. Auction sale and purchase transactions in order not continue to be valid, automatically into a continuous auction wait for the right price deal. And investors around the country at this time is still continuous to a variety of effective instruction input to the Shanghai and Shenzhen Stock Exchange trading host computer, the Shanghai and Shenzhen Stock Exchange, the host computer is also continuously investors will be continuous across a variety of effective continuous auction order matching trading transactions. 9, placing fill in a single Is filling a "buy" or "sell." Some people say, I get money to buy rights issue, of course, fill in a "buy" the. This allotment is in Shenzhen, and fill in a "buy." However, placement in Shanghai, it should be filled "sell." The "sell" is not "selling" placement, but "sell" with the option to get allotment. 10, issuance of new shares of the provisions are: Listed companies application for issuance of new shares, shall, in addition, "management practices of listed companies issuing new shares" of provisions, shall also meet the last three fiscal year, the weighted average rate of return on average net as_set_s of not less than 10%, and the last fiscal year, the weighted average net as_set_s of not less than 10% and other conditions That the stock price index stock index stock index: by Stock Exchange or the preparation of financial services institutions that share price movements as a reference for the indicators. As the volatile ups and downs of stock prices, investors will face the market price risk. For details of specific changes in the price of a stock, investors easy to understand, and for a variety of stock price changes, to understand one by one, neither be easy nor troublesome. To adapt to this situation and needs, some financial services institutions to use their business knowledge and familiarity with market advantages, the preparation of the stock price index, published as indicators of changes in market prices. Accordingly, investors can test the effect of their investment, and to predict stock market trends. Meanwhile, the press, the company boss and even political leaders, also as a reference, to observe, predict the socio-political and economic developments. Calculate the average stock price or index often consider the following four points: (1) the stock must have a sample typical, normal sex, this, _select_ the sample corresponds to the overall consideration to its industry distribution, market influence, the stock level, the appropriate number of other factors. (2) shall be calculated with a high degree of adaptability to the changing stock market to make corresponding adjustments or amendments to make the stock market index or average have better sensitivity. (3) to have a scientific basis and calculation methods. Calculated on the basis of the diameter must be unified, generally are calculated based on the closing price, but with the calculation of the frequency increases, some price per hour or less time prices. (4) The base period should be better balanced and representative. Index is the use of statistical methods in the index compiled, reflecting the overall stock market prices or price changes and trends of certain indicators. According to the price of stock index reflects the scope can be divided to reflect the stock index market trends reflect a comprehensive index and an industry or a particular class of stock price movements of the index. For example, the Shenzhen Composite Index reflects the overall trend of the stock market in Shenzhen, the Shenzhen b shares in the Shenzhen Stock Exchange index reflects the price movements of listed shares of b, the industry in Shenzhen, Shenzhen stock market index reflects the classification of industries in the price. Index / index constituent stocks when the stock price index in accordance with the preparation of the scope of the stock into the index number of samples can be divided into full listing of stock index stock price index (ie index) and the constituent stocks of the index. Composite index is reflected in the index of all stock price movements involved are included in index calculation, such as the Shenzhen Stock Exchange issued Shenzhen Composite Index, is to change the price of all listed shares are included in calculation, the Shenzhen Stock Exchange Industry Classification Index Index of animal husbandry and fishery, mining index, manufacturing index, information technology index, respectively belong to all listed stocks into their respective industry index calculation. Constituent stocks of the index is from the index of all stocks covered by _select_ed part of the stock as a more representative sample index, known as the index component stocks, only the calculation of the constituent stocks of the _select_ed range into the index. For example, the Shenzhen Stock Exchange Index constituent stocks is all stocks listed on Shenzhen Stock Exchange from the _select_ed 40 species calculated a comprehensive index constituent stocks. Through this index, can be approximated to reflect the price of all listed stocks. Shanghai, the Shanghai Stock Exchange SSE 30 Index constituent stocks on the index card. Stock index calculation method of calculating a weighted arithmetic average and the average French. 1 is the arithmetic average of each stock price index composed of a simple average, calculated an average. For example, if the calculation of stock index consists of three stocks, the price of 15 yuan, 20 yuan, 30 yuan, then the arithmetic mean of its shares (152,030) / 3 = 21.66 yuan. 2 is the weighted average share price in the calculation of the average, not only taking into account the price of each stock, but also impact on the market for each stock according to the size of the average adjustment. In practice, generally based on the number of shares issued or turnover as the market factors that affect the reference, into the index, known as weights. For example, in the example 3 the number of shares issued, respectively l million shares, 200 million shares, 300 million shares as weights for the weighted terms, the price-weighted average (15 × l 20 × 2 30 × 3 ) / (l 2 3) = 24.16 yuan. As to the actual average stock price index as calculated and it is not easy to use, it seldom expressed directly with the average price index level, but to date the average price of a benchmark as the benchmark, the average price of each period after the base date and The average price compared to the calculated ratio of each period, and then converted to percentile scores or thousands, as a stock index values. For example, the Shanghai Stock Exchange and Shenzhen Stock Exchange benchmark index released on index of 100 points, while the component index released two indices are the benchmark date of 1000 points. Index correction in practice, companies often have capital increase and stock split, dividend and other actions, the stock price ex-dividend effect, loss of continuity, can not be directly compared. Therefore, in calculating the price index should take into account changes in these factors, the timely correction of the index, in order to avoid distortion of stock price index. Stock market stock market stock is issued by the Stock Exchange has been approved, publicly traded on the exchange of legal acts, stock market, the stock issuance and stock connected "bridge." In China, after the public offering of stock to obtain listed. After listing, the company will be able to get a huge capital investment is conducive to the development of the company's new stock market rules on information disclosure and the main system of suspension has been modified to enhance the transparency of information disclosure is an improvement, in particular, is a major event requires detailed of continuous disclosure, help to resolve some ordinary investors the impact of information asymmetry.
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Basic characteristics of stock
(L) non-refundable. Stock is a period of insolvent securities, investors subscribed for shares, you can not requested withdrawal, only the secondary market to sell to third parties. Stock transfer can only mean changes in shareholders, not to reduce the company's capital. From the term point of view, as long as the company exists, it exists on the issue of shares of stock equal to the duration period of the company's survival. (2) participation. Shareholders entitled to attend shareholders' meetings, the election board, and participate in major decisions. Equity holders of the investment will and enjoy the economic benefits, often through the exercise of shareholders' right to participate to achieve. The rights of shareholders in corporate decision-making size, depending on how many shares they hold from the practice, however, as long as the number of shares to shareholders about the majority of decision-making when necessary practical results, will be able to grasp the company's decision-making control. (3) profitability. (4) liquidity.
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Price Limit System
Price Limit system from the early foreign securities, the stock market in order to prevent the transaction price rises and falls, curb excessive speculation, the day of each stock price changes of a magnitude to be appropriate restrictions on trading system, which provides that the transaction price the maximum in a day for the previous day's closing price fluctuations up and down a few percent, more than stop the transaction. China's securities market is the current price limit system December 13, 1996 release, December 26, 1996 came into operation, designed to protect the interests of investors and maintain market stability and further promote the standardization of the market. System requires, in addition to the first day of listing, the shares (including a, b shares), the Fund securities transactions in a trading day closing price relative to the previous day's price changes, no more than 10% increase over Change Limit commissioned by the commission to be invalid. China's system of price limits and the foreign system to reach the main difference is that stock price after price limits are not completely stop trading, stop at the ups and downs within the price or the price of the transaction may continue until the day of closing date. In foreign developed equity markets, when the stock market has witnessed tremendous volatility, individual stock price limits restrict it to start.
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Stock price
The formula is: = dividend stock price / interest rate
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Stock trading hours
Shanghai and Shenzhen Stock Exchange trading hours are: Monday to Friday, half past nine ten half-point, to 3.8 pm on. Published by the Exchange closed weekends and on holiday. 9:15 am ~ 9:25 into auction time, investors can, under a single, limited to the price before the commission business day's closing price plus and minus 10 per cent of the price limit in the day, between, half past nine before the commission's list, at half past nine when the match, drawn by the call auction price is called "opening." If the price is not commissioned as trading transactions, the next trading day to be re-commissioned.
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Closing price to determine the way
SME board in the final three minutes before the close of auction-generated content, such as the closing call auction does not produce closing price, a price to the final closing price for the day, closing call auction in a closed manner; board stock with same day one minute before the last transaction volume weighted average price of all transactions (including the last transaction). Public information disclosure system for listed shares in the SME sector is where the following conditions, announced turnover of the five largest member business department or the name of their seats to buy, sell amount: closing price deviation decrease up to ± 7% of all three stocks, the amplitude of 15% on the price of three stocks, on turnover up 20% of the first three stocks; for board stock, the daily decline in the proportion rose more than 7 % (including 7%) of the top five stocks, announced its biggest turnover of five members, or seat the name of the business department and turnover. Abnormal fluctuations in the stock suspension system for the SME board, the suspension of the following situations occur: three consecutive trading days closing price deviation decrease in total up to ± 20%, st and ★ st three consecutive trading days the stock closing Price Change accumulated deviation ± 15%, three consecutive trading days average daily turnover in the preceding five trading days of average daily turnover ratio of 30 times, and three consecutive trading days the stock of total turnover reached 20%, the China Securities Regulatory Commission are considered to be abnormal or fluctuations in other circumstances; for board stock, the fluctuations are abnormal suspension are: the price of three consecutive days to increase or decrease in restrictions for the five consecutive trading days included in the public information, the amplitude of three consecutive trading days up to 15%, average daily turnover for the five consecutive trading days 50% daily, the China Securities Regulatory Commission are considered to be abnormal or fluctuations in other cases.
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Stock transaction costs
Must be received to sell the stock to buy additional fee., Buy and sell securities commission by the provider of custom. Stamp Duty: 3 ‰. Another Shanghai every 1,000 shares of $ 1 transfer fee charged. Less than 1 Yuan received $ 1. Shenzhen do not charge transfer fees. Shanghai commission fee of 5 million (based on each charge), Shenzhen, do not charge commission fees.
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Share the basic terms
Commission ratio: a period of time is a measure of the relative strength index orders. It is calculated as the Committee's ratio = (number of buyers Commission - appointed to sell hand number) / number of commissioned + commissioned buyers to sell lots × 100%. Commission than the "values range from -100% to +100% if the" Committee than "positive, indicating the strong buying the venue, and the greater the value, buying the more powerful the contrary, if the" Committee than " is negative, then the market is weak. Committee difference: the amount to buy a variety of current and subtracting the amount of sales and reflecting the balance of power between buyers and sellers. a strong positive for the buyer, negative for the heavy selling pressure. Than Is a measure of the relative volume of the index, which is after the market opened, the average turnover per minute and the last five trading days average trading volume per minute ratio. The formula is: total turnover of hand than = now / (last 5 minutes of trading volume per day × total opening time (min)) when compared with more than 1, indicating the average volume per minute, the day is greater than in the past 5, the average value of the transaction than in the past 5 hot; when compared with less than 1, indicating that the transaction is now less than the average for the past five days. Opening 9:15 am - 9:25 time for the auction, the auction period, the Exchange's automated matching system not only saved match, when the time comes to declare the end of bidding, auction matching system will be based on the principles, resulting in the stock The opening day. According to the Shanghai Stock Exchange regulations, such as within half an hour after the market opened without a securities transaction, the previous day's closing price for the opening day. Sometimes for several days without a securities transaction, by securities trading on the stock exchange commission according to the customer the price, the price guidance to facilitate their post-closing as the opening price. First day of trading of securities listed on the previous day by listing the average price or the transfer of the counter offer price of an average opening price. Close Closing price is a securities trading activities in stock one day before the end of the last transaction of the transaction price. If no transaction day, then use the last transaction price as the closing price, as the date of the closing market price is the standard, is based on the opening price the next trading day, made it possible to predict future stock market; so investors in the market analysis, commonly used as a calculation based on the closing price. Quote Quoted on the stock market is trading in certain securities within a certain time, reported the highest purchase price or minimum bid price represents buyers and sellers are willing to pay the highest price, the purchase price for the buyer is willing to buy certain securities the price, the seller is willing to sell for the bid price. The order of the convention is to quote into the price earlier reported, the price quoted in the post. On the stock exchange, the offer there are four: First port call, and second, that gesture, three reports of record filled out on the table, four are input into computer screen. High: Refers to the date of the transaction price of the highest price. Sometimes only a maximum price, sometimes more than a sum. Low: Refers to the date of the transaction price in the lowest position. Sometimes only a minimum price, sometimes more than a sum. Bull Than those who buy on the stock market sellers, known as the bull stock market bullish. The formation of the bull market of many factors, including the following aspects: ① economic factors: an increase in shares of corporate profits, the economy is in boom, interest rates, new industrial development, moderate inflation and so may push stock prices. ② political factors: government policies, laws enacted, or mutation of the political events can cause stock prices. ③ the stock market itself factors: such as issuing a strong start, speculators short selling transactions, the purchase of shares can lead to a lot of big bull market place. Bear market Bear and bull opposite. Sold on the stock market than those who were buying, the stock market as a bear market bearish. Lead to a bear market bull market factors and the factors that lead to similar changes but in the opposite direction. Bull, bull market Bull is bullish on the stock market investors are expected to be bullish stock price, so take advantage of low prices when buying stocks until the stock price up to a certain time and then sell in order to obtain the difference between the proceeds. In general, it is usually long-term upward trend of the stock market as the stock bull market. Bull market, stock price changes of the main features is a series of rose was down. Bear, bear market Commercial investors and the stock short is that despite the current stock price higher, but the prospects look bad on the stock market, the expected stock will fall, they had sold borrowed stock in a timely manner, until the price dropped to a certain price and buy when to for the difference between the proceeds. After using this kind of buy to sell, pocketing the difference of the transaction is called short. It usually shares a long downward trend of the stock market is called bear market, bear market stock price changes is characterized by a series of crash was up. Buy space Investors forecast the stock price will rise, but can not purchase its own limited financial resources to pay a lot of stock so the first part of the deposit and the bank financing through a broker to buy stocks, shares rose to a price to be re-sold when, for the difference income. Sell short Short selling investors predict stock prices will fall, then delivered to the mortgage broker, and the first to sell borrowed stock. Be when the price fell to a re-buy the stock, then return borrowed shares, and obtain the difference between the income. Good Good is to stimulate the stock price information, such as improved operating performance of listed companies stocks, banks lower interest rates, social capital adequacy, banks relax credit funds, the market boom, as well as other political, economic, military, diplomatic and other beneficial aspects of the rose information. Bad Bad is that share prices down information, such as deterioration in operating performance of listed companies stocks, bank tightening, bank interest rates, economic recession, inflation, natural disasters, as well as other political, economic, military, diplomatic and other aspects of share prices fall bad news. Sky The sky is the time to do short of meaning. Potential investors in the shares of long-term prospects look bad, expected stock price will decline, after selling the stock borrowing has dropped to such a long time before buying, in order to obtain huge profits. Long and more Long time to do more than is the meaning of longs. Prospects for potential investors in stocks, now get ready to buy long-term holders of stock in order to obtain high stock price rose after the long-term difference. Death more Grasp the logic of death is the idea of doing more long meaning. Potential investors in the long-term prospects for stocks, buying stocks for the long term hold, and clung to an idea, do not make money do not sell, prefer to put a number of years, until the stock rose to an ideal price and then sell. Upward Bullish or bearish stock subject to the effect, there was a substantial jump up and down the phenomenon. When the stock price rise by the bullish effect, the Stock Exchange, above the day's opening price or the lowest closing price the day before more than two reporting units. When prices decline, or the highest price the day of the opening price is lower than the previous day's closing price in more than two reporting units. Or the day's trading, up or down more than one reporting unit. Substantially above the share price beating phenomenon known as upward. Stock investors do short hanging space, sell the stock, but stock prices did not fall that day, but have risen, only to buy back money-losing high-priced, which is hanging empty. Real multi- Investors bullish on the stock price outlook, the strength of its own funds to do long, even after the stock fell phenomenon, not eager to buy the stock shot. Ex- Shares issued in payment of corporate dividends or bonuses, you need to check the register of shareholders prior to the convening of shareholders' meetings and other preparatory work, so the requirement to list a particular subject on the register of shareholders, and after the date of this announcement for some time period to stop the transfer of shares . Stop the transfer period, still issuing dividends to shareholders of record as of old, the new holder to buy stock because there is no transfer can not enjoy the right to receive dividends, which is known as the ex-dividend. At the same time trading price should be deducted the period the number of dividends paid, which is trading ex-dividend. Ex PE ratio Grab a hat Grab the hat is a speculative stock market behavior. In the stock market, speculators bought low before the day is expected to rise in the stock price, then wait for the stock when the price rose to a day and then sell the stock to buy in order to obtain the difference between profit. Or sell their holdings in the day before the stock is expected to fall, then wait for the stock price dropped to a price, and then sold at low prices by buying stocks, the difference in order to gain profit. Litters Sedan chair is one kind of stock market speculators bid up the stock price manipulation of transactions. Speculators are expected to benefit more than the information published or bad, the stock rose a large drop will follow, so speculators buy or sell the stock immediately. Wait until the release of information, people rush to buy or sell a lot of looting, so that fluctuations in stock prices rose was the situation, then re-sell or buy stock speculators to obtain huge profits. After the sale to buy the first chair for the long ride, take the first short sell and buy as chair. Sedan chair Sedan chair is bullish or bearish after the publication of information is expected to be ups and downs of stock, immediately rush to buy or sell stock to grab the behavior. Rush to buy stocks of profitable information referred to as long chair lift, grab the bad behavior of the information known to sell the stock short chair lift. Whipsaw First significant speculative price low to kill, so a large number of small stock investors (retail) to panic and sell stocks, and then raise the price, so took the opportunity to profit. Correction In the stock market, stock prices were rising trend, the final price up too fast and because reversing back down to a price, this adjustment is called correction. In general, the stock retreated rate than the rate of increase is small, usually reverse back to the previous rate of increase fell to about one-third time and returned to their original rise. Rebound In the stock market, stock prices were falling trend, the end result fell too fast and rebounded to a price reversal phenomenon known as rebound adjustment. Generally speaking, stocks rebound rate than the rate of decline is small, usually before a rebound to about one-third decreased when they returned to their original downward trend. Call file Investors do long time, in case they fell, and the expected share price will continue to fall, immediately sell their holdings, such a gap and then buy the stock fall to reduce the long position at that time fell by the loss of the use of such a transaction is referred to as dial file. Finishing After a substantial price on the stock market up or down quickly after the encounter resistance line or support line, the original trend is clearly up or down, slow down, began to increase about 15% of the up and down, and continue for some time, a phenomenon known as to organize. Sorting phenomenon usually indicates the long and short intense beating against each other arising from price, is the next big change in stock price prelude. Stuck Is encountered when the stock trading risks. For example, investors expect the stock price will rise, but after the buy has been a downward trend in stock prices, a phenomenon known as the bull stuck. In contrast, investors expect the stock price will fall, will sell the borrowed stock shorting, but the stock has been rising, a phenomenon known as the short hold-up. Dog-eat- That long to kill bulls. Stock market investors generally believe that stock prices will rise is the day we long to grab a hat to buy stocks, and the stock market did not, and there is no sharp rise in share price, the stock can not sell high, wait until the end of the stock market, who were competing to sell stock , the stock market closing price significantly declines. Squeeze Strife that short short. Holders of the stock on the stock market agreed that the stock will be big down day, so most people rush to sell but to sell the stock short hat, but no significant stock price decline that day, unable to buy low-priced stocks. Before the end of the stock market, had to do the race up into short, which appeared in a substantial increase in the closing price of the situation. Points By the bullish stock market impact of information, the stock rose to a certain price, do long for that profitable, they sold a lot so far stopped rising stock prices, and even fell back. This will generally be encountered on the stock market when the price is called resistance level, the share price rises the hurdle called resistance. Support line The impact of bad information by the stock market, shares fell to a price when doing short of that profit, buy a lot of stock, so stock is no longer fell, or even a recovery trend. Fell when the level is called support line. "Pareto" phenomenon "Pareto" phenomenon refers to the stock in the secondary market stock price rose 20%, 80% of the stock price down; "nineteen" phenomenon refers to the stock in the secondary market stock price rose 10%, 90% stock prices. 10 were 0.55 yuan is the concept of dividends, in cash for every 10 shares is 0.55. General tax.
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How to match the stock transaction
Institutional investors in securities trading after the commission received, the information should be immediately sent to the chronological order exchange host, public reporting bid. Stock returns auction, to follow the relevant provisions of the use of a continuous auction or competitive bidding for the exchange of a large machine will match the "price priority, time priority," the principle of automatic matching transactions. Currently, the Shanghai and Shenzhen exchanges exist in two auction and continuous auction methods. 9:15 am - 9:25 time for the auction, the rest are continuous auction trading hours time. During the auction, the Exchange's automated matching system not only saved match, when the time comes to declare the end of auction, call auction system will bring together the principles, resulting in the stock's opening price that day. Shanghai and Shenzhen shares traded rose from the first day of fall 10% limit, but the date of Shenzhen IPO auction, the auction commission can not exceed its IPO price and down $ 15, otherwise, the bid in the auction for ineffective treatment, can only participate in the subsequent continuous auction. After the auction, the auction into a continuous time, ie, 9:30-11:30 and 13:00 - 15: 00. Investors buy and sell orders into the Exchange host, the matching system will be "price priority, time priority," the principle of automatic matching, the same price, the order of time sequence matching. In the brokered transactions, the stock prices for the decision of principle: ⒈ transaction price must be in the range of yesterday's closing price and down 10%; ⒉ highest bid and highest selling returns to declare the same price; ⒊ such as buy (sell) side The report price is high (low) to sell (buy) side of the declared value, the declared value of using both the average price. Exchange host brokered transactions, the host will immediately return to the brokerage transaction information at, for investor inquiries. No transaction or part of the deal, investors have the right to withdraw or continue to wait for their commission transactions, general commission is valid for one day. In addition, the Shenzhen stock than the stock's closing price the day of the final sum of the price, but the stock trading day of last-minute turnover derived by dividing the volume. Primary market Meaning of [a market] refers to the stock market that is the primary issue market, investors can subscribe on the market issued by the Company's stock. Through the primary market, issuers raise the necessary funds to the company, while investors are buying the stock as the company's shareholders to realize the savings into the capital process. In Western countries, a market known as the issuance of securities markets, financial markets or the original primary financial markets. In the primary market, the demand by issuing stocks and bonds to obtain funds. In the release process, issuers generally do not hold coins directly with buyers to trade, the need for intermediaries, the securities broker. Therefore, a securities broker market is the market. A market has the following main features: (1), the distribution market is an abstract market, trading activities are not confined to a fixed location, (2), issued a one-time act, the price determined by the issuing company and After the relevant departments for approval. Investors to buy shares at prices the same. The issue of the stock market means a stock issue in a way which is sold by way of stock distribution. Because of different national financial market regulation, financial architecture and financial market structure is different from the stock distribution methods are different. If issued in accordance with the subscription method and object, stock issuance and public offering can be divided into non-public offering; if there are intermediaries according to whether (underwriter) to assist in the stock issuance can be divided into direct distribution and indirect distribution (or called the commission issue); if issued by different purposes, share issue can be divided into paid and unpaid capital increase capital increase. Public offering, also known as public offerings, is a particular issue in advance uncertain object, but open to the community of investors to sell stocks. Also known as private non-public offering, is the distribution company only to the specific issue of the object market shares. Non-public offering mainly used in the following circumstances: 1. Established by means companies; 2 internal placement; 3 private placement, also known as third party assessments. Also known as direct offering direct distribution, or distribution companies and self-distribution, is to bear its own stock shares issued in the risk of all matters and distribution, direct marketing to subscribers sell the stock way. Commission called indirect release distribution, is commissioned by the issuance of securities issuers sell stock underwriting agency approach. Shares issued by way of indirect and indirect distribution methods, like bonds, is also divided into wholesale distribution, sales distribution and underwriting issue to help in three ways. Paid capital increase is subscribed by the stock must be paid a cash issue price, to get the new issue shares. The general public offering and private placement of shares of stock issued in the directed use of paid capital increase are the distribution methods. Free capital increase, the company is a surplus balance of shares of the company, fund and as_set_ revaluation gains transferred to equity capital account, while the corresponding issue of new shares allocated to the company's existing shareholders, the existing shareholders do not need to pay subscription Share Capital and money. [Real estate] a market: the real estate market is a sale and purchase of new homes market, market players are residential developers, builders and residents. Residents through a purchase of housing property market, the housing property rights to the first legally recognized. From the perspective of goods distribution: For example: You are in Yunnan this (film brand) agent that you are under the region, Island County, called the primary market, regional subsidiary of Island County called the secondary market on direct sales outlets (retail) of the above is the area known as end-market based proxy for the example: I xx factory, that my primary market refers to a regional distributor of the above, the secondary market refers to is a regional distributor of the subordinate agent (primary market) Example: Yunnan to Kunming, the product agent is (a) subsidiary of Island County, Yunnan (Red River State, Xishuangbanna, Chuxiong regional sales shop, etc.) called the two level market, which is called direct retail end markets (appliances supermarkets, department stores, specialty stores, etc.) where the total sales at the manufacturer, product flow is called a market level of the provinces (Yunnan, Sichuan, Hunan, Hubei, etc.) the secondary market refers to a market level market.
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Stock account opening process
1: to open an account securities companies, the Shanghai or Shenzhen shareholder account card, capital accounts, online transactions, telephone transactions and other relevant procedures. Then, download the online securities trading company designated software. 2: to bank current account and open Yinzhengzhuanzhang business, the money in the bank. 3: By trading online trading system or telephone system to transfer money from bank account, securities company funds. 4: The online trading system or telephone trading system stock trading 5: The general fee of 100 yuan (each securities company is different). 6: buy shares of securities companies must be entrusted to agency transactions, so you must find a securities company account. People can not buy stocks directly to the Shanghai Stock Exchange trading. This is the same with the second-hand housing transactions, the agency agents. How to open an account to open a securities account -> open capital account -> for the specified transaction 1. Be sure I open an account. First, you have to open Shanghai and Shenzhen securities account; Second, open capital account, you can get a securities trading card. Then, according to the Shanghai Stock Exchange rules, you should apply for specified transactions for specified transactions for you to be in the business department of Shanghai stock market trading. (2) You must hold a securities account and a copy of my ID card, open capital account have to carry the securities account card original and copy. Commissioned for operation, the need and agent (an agent must also bring my ID card) come together for commissioning procedures. 3 ID card can open a securities account. If you have accounts at other securities firms, then you need to apply for the revocation of the specified securities transactions and custody transfer formalities, and then open an account, open an account, you only need to open capital account and for the specified transaction.
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How to subscribe for new shares
First, open an account and capital account, including shareholder accounts, according to the provisions of the exchange, investors must open an account before the purchase, subscription of new shares of Shanghai securities account card must be specified for a good deal, and in the securities business department account deposit enough amount of funds for purchase. Second, the purchase quantity requirements of each exchange on the purchase of new shares subscription account number is limited. First, the declaration is a minimum of 1,000 shares, 1,000 shares to be subscribed or its multiples; second purchase with an upper limit, there are specific provisions in the release announcement, below the lower limit can not delegate, can not exceed the limit, or be regarded as invalid commission. Third, repeat purchase requirement can only purchase a subscription of new shares, and not cancellation, repeat purchase, in addition to the first effective, the other are invalid. And if investors of new shares resulting misuse repeat purchase, brokerage will freeze the purchase of new shares section, part of the void and can not repeat the purchase cancellation, this will cause investors to fund the day can not be used, only to wait until after the close of the day, the exchange as invalid commission processing, funds the next day back to the investors account, investors can use. Fourth, the purchase of new shares with a number of investors in the process of confirmation procedures for subscription of new shares obtained after completion of the contract number is not with numbers, number of transactions on the next day Jiaoge Dan is not with numbers, only the third business day after the IPO ( t +3 days) for delivery formalities Jiaoge Dan is on the transaction number with the number of new shares. Investors should check with a number of new shares, at t +3 days to print Jiaoge Dan brokerage office, brokers will all investors on that day the new shares will be printed with the number posted in the business department of the hall, investors can check. Part of the broker also opened a call with a number of services, investors can also be commissioned by phone with a number of new shares in the query column to search. In addition, the Shanghai Stock Exchange and the Shenzhen Stock Exchange for the majority of investors share subscription inquiries, voice telephone service, the Shanghai stock market inquiries, please call 021-16893006, Shenzhen inquiries, please call 0755-2288800. Is in accordance with the number of new shares for every 1,000 shares with a number, in chronological order, with consecutive numbers, and numbers of non-stop. Account in the _set_tlement of each stock to print only when a purchase with a number, and print the effective purchase of shares, for example, the delivery with the number 10003502, the effective purchase 5,000 shares of Chunghwa, the entire purchase with the account number is 5, followed by 10003502,10003503,10003504,10003505,10003506. Fifth, to freeze time capital purchase of new shares subscription of new shares according to the relevant provisions of the investor purchase money in t +4 day return to its capital account, which means that investors can purchase shares in the fourth trading day after the use of the funds. Sixth, how to confirm whether investors in the t +3 in the ballot to get their day with a number, you can check in t +4 day newspapers designated by the CSRC published by the lead underwriter in the ballot number, if after several of their number with a signed number with the same , was in the ballot, is not different, each ballot number can subscribe 1000 shares. In addition, investors purchase funds in t +4 days to thaw, investors also can check their account on that date directly after the thaw, or check whether the funds have reduced the balance of shares it has purchase of new shares in order to determine whether the ballot . Seven new shares t +4 day Jiaoge Dan Show "sell" after the subscription of new shares on brokerage print t +1 is the "buy" Jiaoge Dan, t +4 day funds back to investors, brokerage account Jiaoge Dan will print a "sell" purchase money, If successful, print subscription to "buy" a 1,000 shares, where the "sell" purchase money and the usual meaning of the different stock trading, it is returned under a unified exchange investors purchase the balance of the form. For example, an investor purchase of new shares 5,000 shares, 1,000 shares in the ballot, then t +4 day Jiaoge Dan on the show "to sell 5,000 shares" and "buy 1000 shares." Eight, Shanghai Securities code changes purchase of new shares subscription code is 730xxx, purchase confirmation, t +1 day investors in the purchase account is found in section 740xxx, new shares with a number is 741xxx, if the sign, t +4 future investors account the new shares will be in the ballot 730xxx, the stock traded that day, securities code changed to 600xxx. Shenzhen IPO subscription code 0xxx, the purchase money, with the number in the ballot after the listing of new shares until the code are the same. Nine, subscription of new shares during the specified trading day change if investors purchase the shares but lifted the specified transaction, the investors purchase shares of data will be transmitted to the seat, investors should purchase seats in the original query. Ten, shares do not charge subscription fees according to the provisions of the two exchanges, purchase of new shares do not charge a fee, stamp duty, transfer fees and, where appropriate, but you can charge commission fees, Shanghai, Shenzhen and local income $ 1, $ 5 off-site Most brokerage firms for competitive considerations, do not charge this fee.
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Stock - Reform
1984 - proposed the establishment of the concept of capital market November 1984 - China's first share offering 1 million shares 1986 - China's first securities trading desk was born November 26, 1990 - the establishment of Shanghai Stock Exchange 1990 - opening of the Shenzhen Stock Exchange trial August 28, 1991 - Securities Association of China in Beijing May 21, 1992 - the Shanghai Stock Exchange to cancel trading price limits August 10, 1992 - "810" event October 12, 1992 - formal establishment of the Commission August 1992 - 1994 August - stock cooling July 30, 1994 - three good policies lead to the rescue rose December 1996 - Policy strangling the stock market rally May 19, 1999 -5.19 outbreak market June 1999 - to promote the stock market rally of multiple positive July 1, 1999 - "Securities Law" open a Pandora's Box: From the state-owned shares to tradable share reform June 2001 - prelude to state-owned shares July 2001 - state-owned shares in the IPO started October 23, 2001 - the first time, the Commission announced the suspension of issuance of stock issuance and sale of state-owned shares July 2001 - the formal social security funds into the market June 2002 - the State Council decided to stop reducing state shares December 2002-QFII system into effect April 30, 2005 - the split share structure reform launched June 2005 - good together and share prices start to change September 2006 - nearly ending the split share structure reform Second half of 2006 to October 16, 2007 - the Shanghai index up to 6124.04 points, then with the international financial situation worsened, the U.S. subprime mortgage crisis, the world's third-largest investment bank Lehman Brothers collapse, China's stock market the size of non-specific phenomena such as Shanghai Composite Index all the way down, to October 24, 2008 closing on the Shanghai Composite Index closed at 1839.62 points, down nearly 70%
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Stocks - market
Stock market level Primary market (Primary Market), also known as the distribution market (Issuance Market), it refers directly or through intermediaries to investors to sell newly issued shares. The so-called newly issued shares, including the initial issue and re-issued shares, the former is the first company to sell the IPO investors, which is based on the increase in the initial offerings of new shares An operation of the market (A) Advisory and Management 1. The choice of distribution methods: the way the stock issuance can be divided into general public offering (Public Placement) and private (Private Placement) categories. 2 _select_ed as the investment bank underwriters. 3. Prepare a prospectus. 4. Offering price. (B) Subscription and Sale Usually have the following specific ways: 1. Underwritten 2 consignment 3 spare underwriting Secondary market stock Secondary market (Secondary Market), also known as market is trading between investors place of outstanding shares. The market to create liquidity for the stock, that can quickly get rid of for the present value. The secondary market can generally be divided into an organized stock exchange and OTC markets, but there have been mixed with the third special type of market (The Third Market) and fourth markets (The Fourth Market). Third market The third market is the original shares in the Stock Exchange's move to OTC trading and the formation of the market, in other words, is the third market transactions in both the Stock Exchange and OTC stocks, as distinct from general meaning of the counter. Fourth Market Fourth market refers to the large institutions (and wealthy individuals) to bypass the usual broker, between the use of electronic communications networks (Electronic Communication Networks, ECNs) directly in securities transactions. Stock Exchange Stock Exchange (Stock Exchange) is approved by the securities regulatory authorities, the concentration of transactions in securities of fixed sites and related facilities, and develop rules to form a fair and reasonable price and methodical order of formal organization. OTC Market OTC is relative to the stock exchange transactions, and any stock trading outside the stock exchange activity can be called over the counter. Because of this deal at first mainly in the securities business conducted on the counter, which is also known counter (OTC, Over-The-Counter); OTC market and the Stock Exchange, there are no fixed _set_ of places, but scattered all over, vary greatly in size by the dealers (Dealers) to organize the transaction; OTC market can not implement an open auction, the price is reached through negotiation; OTC Stock Exchange suffered control than less flexible. The second board market Second board (the Second Board) of the canonical name for the "second trading system", also known as the GEM, mainly some small high-tech companies to market place, with the existing board (the Main Board) corresponds to a concept . Second Board features: 1, the forward market; 2, lower listing standards; 3, more stringent market regulation; 4, the implementation of market-maker (Market Maker) system; 5, the implementation of electronic transactions.
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Stock - the nature of
So far, the stock will be approximately 400 years of history, it is accompanied by the emergence of joint-stock companies emerged. With the expansion of business scale and capital requirements of lack of demand for a way to let the company get a lot of capital. Arose to form joint-stock companies emerged, the shareholders of the organization co-financing operations. AG changes and development of the stock form of financing activities; equity financing of development, creating a demand for stock trading; demand for stock trading stock market contributed to the formation and development; and ultimately the stock market has promoted the development of equity financing activities and shares of the company's improvement and development. Stock first appeared in the capitalist countries. Co., Ltd. the world's first system was born in 1602 in the Netherlands East India Company founded. AG emergence of this form of business organization, and soon widely used for the capitalist countries, a capitalist country is one important form of business organization. With the birth and development of joint-stock companies to raise equity shares of the way the form has been developed, and produced a demand for the stock transfer transactions. Thus, the stock market led to the emergence and formation, and to promote improvement and development of the stock market. In 1611 the East India Company's shareholders in the conduct of the Amsterdam Stock Exchange trading, and later a special agent with the matching transaction. Amsterdam Stock Exchange to form the world's first stock market. Currently, the Corporation has become one of the most basic forms of business organization; stock has become an important channel for big business and the way funding is also a way of investors to invest in the basic choice; stock market (including the stock issuance and trading) and bond securities market has become an important basic elements. (1) stock is a contribution that, when a natural or legal person shares to the Corporation investment, the investor will receive shares as the certificate; (2) the holders of the stock with the shareholders of the stock to prove their identity, to participate in shares of the company's shareholders, the shares of the company's business to express their views; (3) the stock holders of shares issued by virtue of the stock of enterprises to participate in profit distribution, which is commonly referred to as dividends, in order to obtain a certain role in the economic impact of the stock market.
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Equities - Issue Management System
1 registration system: the issuer prior to the issuance of new securities, must first be in accordance with relevant laws and regulations apply for registration to the securities authorities, it requires information about the issuer and the issuer itself, with all information relating to the issuance of securities, and require the information provided with authenticity and reliability. - The key is whether all investors before investing in all of them published by the issuer all the information and the ability to use the information to make the right investment decisions. (2) approval system: also known as license system is to issue new securities in issue before, not only to disclose the truth, and must be in line with company law in a number of substantive conditions, such as the issuer of the nature of running a business, management, staff qualifications capital structure is sound, with the solvency issue of whether such securities authorities the power to veto is not eligible to apply. - Competent authorities to issue acts of direct intervention.
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Stock market - influence
Stock and the stock market, capitalist countries no doubt the economic development of enterprises has played an active role in the socialist countries also apply to its positive role are: 1, the role of national economic development (1) can be extensive mobilization, accumulation and concentration of social idle capital for national economic construction and development services, to expand the production scale of construction, economic development, and receive a "domestic capital loaned domestic debt" effect. (2) can give full play to market mechanisms, and areas closed to break the fragmentation, promote financial intermediation and economic landscape of horizontal linkages, to improve the overall efficiency of resource allocation. (3) for China's reform and improve the corporate form of organization to explore a new way, to the continuous improvement of China's state-owned enterprises, collective enterprises, individual enterprises, foreign-funded enterprises and joint-stock company form of organization, a better economy in the play shares China's national economy, the position and role in promoting China's economic development. (4) can promote the development of China's economic system reform, especially the further development of joint-stock reform, property rights will help straighten out the relationship between the government and businesses can all in their place, their roles, each with their rights, each have benefit. (5) can expand our use of foreign channels and ways to enhance the absorptive capacity of external, conducive to greater use of foreign investment and improve the economic efficiency of using foreign capital, received "by the foreign debt with foreign rather than" effect. (6) as ordinary income is greater than the risk of retail stocks, because Change is not controllable, as opposed to a large dealer or financial institution, the retail risk is much greater than they are. 2, the role of joint-stock company Equity investments classified according to the main body of the stock divided into state shares, legal person shares, employee shares and the public individual shares; by the size of shareholders' equity and risk can be divided into ordinary shares, preference shares and ordinary shares and priority mix; of shares in accordance with investor and listed different places, can be divided into domestic listed domestic shares, domestic listed foreign shares and overseas listed foreign shares of three categories. Now more popular classification method also divided into: A formal name of the yuan shares of common stock. It is issued by the company within China for domestic institutions, organizations or individuals (not including Taiwan, Hong Kong and Macao investors) to subscribe for and trading of RMB common stock. B shares, also known as Renminbi special stocks. Are those registered in mainland China, the Chinese mainland-listed specialty stocks. To indicate the face value of the yuan can only be subscribed in foreign currency and transactions. H-shares is also known as H-shares of state-owned enterprises in Hong Kong (Hong Kong) listed shares. S shares are those main core business of production or operations in mainland China, and companies registered in Singapore (Singapore) or other countries and regions, but in the Singapore Stock Exchange listed company shares. N-shares are those registered in mainland China, in New York (New York)-listed foreign stocks.
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Equity - Shareholders' Rights
Ordinary shares ordinary shares is the company's management and the distribution of profits and property rights to enjoy ordinary shares, representing payment of claims to meet all requirements and preferred shareholders the right to return and claim requirements of corporate profits and surplus property request rights. Ordinary shares constitute the company's capital base is a basic form of stock. At present, Shanghai and Shenzhen Stock Exchange on the trading of shares are ordinary shares. Ordinary shareholders of shares held by its share of the following basic rights: (1) The right to participate in corporate decision-making. Common shareholders entitled to participate in general meetings, and make suggestions, voting rights and voting rights can also be commissioned on behalf of its shareholders to exercise their rights. (2) profit distribution rights. Common shareholders entitled to receive distribution of profits from the company dividends. Common stock dividend is not fixed by the company profit status and its distribution policy decisions. Ordinary shares must obtain a fixed dividend preference shareholders are entitled to dividends only after the right. (3) stock options. If the company needs to expand the issuance of common stock, the existing common stock shareholders are entitled to their stake to below the market price of a particular priority to buy a certain number of newly issued shares, thus maintaining its original ownership of enterprises proportional. (4) the right of distribution of surplus as_set_s. When the bankruptcy or liquidation, if the company's as_set_s there is a surplus after the repayment of debt, according to the first part of its remaining preferred shareholders, common shareholders after the distribution of the order. Preferred stock preferred stock relative to the common stock. The remaining preference shares in the profit-sharing and distribution of property rights in priority to ordinary shares. There are two preferred shareholders the right to: (1) the right of priority in the allocation. Distribution of profits in the company, the shareholders have priority over holders of common stock of shares, distribution first, but enjoy a fixed amount of dividends, preferred stock dividends that are relatively fixed. (2) priority claim. If the liquidation and distribution of surplus property, the preferred ordinary shares before the distribution. Note: When the company decided to no dividends for several years, the preferred shareholders can enter the general meeting of shareholders to express their views to protect their own rights. After the placement is in the interests of the remaining property or interest in the allocation of dividends and common stock at a disadvantage compared with the stock, generally in the common stock after the distribution, redistribution of the remaining interests. If the company's huge profit, after the allotment of the number of issued and very limited, the purchase can be made after the placement of the high returns of shareholders. After the allotment issue, raising funds generally can not immediately generate revenue, but also restricted the range of investors, so the utilization is not high. After the general allotment issued under the following circumstances: (1) The company is raising funds to expand the device when a new issue of shares, in order not to reduce old stock dividends, an official in new equipment put into use before it will be after the rights issue of new shares; ( 2) corporate mergers, in order to adjust the ratio of the merger, the shareholders of the merged company after the delivery of part of the allotment; (3) in a government investment company, privately held stock before the dividend reaches a certain level, the government-held stocks as after the allotment. Garbage share operating losses or breaches of company stock. Blue chip company well, good performance, earnings per share of 0.5 yuan. Blue chip stock market, those in their respective dominant industry occupies an important position, good performance, active, generous dividends as blue chip stocks of large companies. 3, can be divided into ① registered shares and bearer shares. This is mainly the name of the stock to shareholders of record are divided. Bearer shares are recorded in shareholders' equity on the name, if the transfer must be approved by the company procedures for transfer. Bearer shares, the stock is not recorded in the names of the shareholders, if the transfer, by delivery effect. ② There is no par value shares and par value shares. This is mainly out of the stock per share amounts are credited to the division. There is stock par value per share, in the amount of stock on the record. No par value shares and the company just remember that the total capital stock, or earnings per share the company's total capital ratio. ③ single stock and stock complex. This is mainly expressed on the stock divided by the number of copies. Each single stock is stock that wave. Plural stocks is that the number of shares of each stock. ④ common shares and special shares. This is mainly represented by the right of the stock divided by the size. Common stock dividend increase or decrease with the size of the company's profits. Particularly preferred stocks generally required to obtain a fixed dividend rate, but its shareholders have limited voting rights, in particular, known as preferred stock shares. ⑤ voting shares and non-voting shares. This is mainly whether the voting rights to holders of the stock division. Common stock holders have voting rights, preferred shares have special interests in some respects the holder, often limited to voting rights. Non-voting shareholders can not participate in corporate decision-making. 4, the level of activity of the stock trading, stock investors in China are divided into front-line unit, second-line stocks and three strands: The basis of a stock, the price quoted in A shares declared the smallest unit of change of 0.01 yuan. If: you want to buy Shenzhen Development, fill in a single price: 10.02 yuan, and not fill 10.002 yuan. B shares returns the smallest change in unit price of 0.001 U.S. dollars (Shanghai) 2, the maximum price limits daily price rose (or fell) the previous day's closing price of the shares of 10% rate of ST, ST is the abbreviation of the English Special Treatment, which means "special treatment." The policy targeted at the situation in financial condition or other abnormalities of listed companies. Change rate of 5% IPO and IPO price limits or maximum price the day of issue price × (1 +1000%), the lower limit for the issue price × (1-50%). But the next day price limits will have to follow the rules. 3, the IPO price the day of the IPO price of provisions in the commission, to comply with some rules. Such as Shenzhen requirements: a collection of new shares listed on the first day of its issue price of the auction range from top to bottom 150, a continuous range of the effective bid auction is the last traded price down $ 15. Shanghai shares on the first day of a continuous auction market range of the effective bid price was 10%. 4 in one hand and one hand is 100 shares. Trading in principle, should be the primary as an integer multiple of the placement will occur because lack of "hand" situation, such as 10 get 3 shares, you have 100 shares into 130 shares, then you can sell 130 shares. In other words, less than zero stock "hand" can be sold. 5, is now at hand is the number of lots traded 6, the total hand: hand is always a period of a day or the total stock trading volume, the general picture will be displayed below the K-line, hands can be used to determine the total stock trading volume size. 7, T +1 T English Trade (the meaning of the transaction) the first letter. Currently under the Shanghai and Shenzhen, the day the next day to buy stocks only to sell, and sell the stock to confirm the day after closing, to return the money the day you can buy the stock. 8 auction (opening how to generate) a day before the start of the transaction, namely: 9:15 assigned to 9:25, the Shanghai and Shenzhen Stock Exchange, investors began to accept sell orders effectively, in 9:30 the official opening of a moment, the Shanghai and Shenzhen Stock Exchange's computer system began to brokered transactions, the maximum volume of each stock price to determine the opening price of each stock. No opening at auction. Non application of auction: IPO subscription, allotment, bonds. 9, continuous bid auction produced a major opening, followed by continuous trading of the stock market to stage, with the continuous auction. Auction sale and purchase transactions in order not continue to be valid, automatically into a continuous auction wait for the right price deal. And investors around the country at this time is still continuous to a variety of effective instruction input to the Shanghai and Shenzhen Stock Exchange trading host computer, the Shanghai and Shenzhen Stock Exchange, the host computer is also continuously investors will be continuous across a variety of effective continuous auction order matching trading transactions. 10, fill placement alone fill a "buy" or "sell." Some people say, I get money to buy rights issue, of course, fill in a "buy" the. This allotment is in Shenzhen, and fill in a "buy." However, placement in Shanghai, it should be filled "sell." The "sell" is not "selling" placement, but "sell" with the option to get allotment. 11, the provisions of the issuance of new shares: listed companies application for issuance of new shares shall, in addition, "management practices of listed companies issuing new shares" of provisions, shall also meet the last three fiscal year, the weighted average rate of return on average net as_set_s of not less than 10%, and the last fiscal year, weighted average return on equity of not less than 10% of the 12 conditions, summed up the stock of knowledge: the flow, band operation, to jump the queue sale, buy low sell high.
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Trading Hours
9:15 minutes per day can begin to participate in the transaction ,11:30-13: 00 for the lunch break, and then began to 13:00 pm, 15:00 closing of the transaction. Specific trading hours: Shanghai and Shenzhen stock exchange market trading hours Monday to Friday. 9:15 am to 9:25 for the former City time for the auction 9:30 to 11:30 time for the continuous auction 13:00 to 15:00 pm for the afternoon time for the continuous auction Rest days: Saturday and Sunday the rest day and not notice the SSE trading. (Usually 51, 11, Spring Festival and other national holidays) Basic terms is a measure of a period of time than the Commission orders the relative strength indicators. It is calculated as the Committee's ratio = (number of buyers Commission - appointed to sell the number of lots) / (number of commissioned + commissioned buyers to sell lots) × 100%. Commission than the "values range from -100% to +100% if the" Committee than "positive, indicating the strong buying the venue, and the greater the value, buying the more powerful the contrary, if the" Committee than " is negative, then the market is weak. Committee poor to buy a certain amount of variety and subtracting the current amount of sales and reflecting the balance of power between buyers and sellers. a strong positive for the buyer, negative for the heavy selling pressure. Ratio is a measure of the relative volume of the index, which is after the market opened, the average turnover per minute and the last five trading days average trading volume per minute ratio. The formula is: total turnover of hand than = now / (last 5 minutes of trading volume per day × total opening time (min)) when compared with more than 1, indicating the average volume per minute, the day is greater than in the past 5, the average value of the transaction than in the past 5 hot; when compared with less than 1, indicating that the transaction is now less than the average for the past five days. Opened at 9:15 am - 9:25 time for the auction, the auction period, the Exchange's automated matching system not only saved match, when the time comes to declare the end of bidding, auction matching system will be based on the principle, produce The stock's opening price that day. According to the Shanghai Stock Exchange regulations, such as within half an hour after the market opened without a securities transaction, the previous day's closing price for the opening day. Sometimes for several days without a securities transaction, by securities trading on the stock exchange commission according to the customer the price, the price guidance to facilitate their post-closing as the opening price. First day of trading of securities listed on the previous day by listing the average price or the transfer of the counter offer price of an average opening price. Closing price is the closing price of a securities trading activities in stock one day before the end of the last transaction of the transaction price. If no transaction day, then use the last transaction price as the closing price, as the date of the closing market price is the standard, is based on the opening price the next trading day, made it possible to predict future stock market; so investors in the market analysis, commonly used as a calculation based on the closing price. Disk file is not actively trading investors, to take a more wait and see attitude, so the day stock price fluctuation is small, a condition called disk file. Finishing stock is up or after a period of sharp decline, began to minor fluctuations, changes into the stable phase, a phenomenon known as finishing, finishing is the next big change in the preparation phase. Kennedy shares _set_ to rise slowly, as _set_ firm. Slow down the soft plate stock, known as the soft plate. Correction is the process of rising stock prices, because rising too fast and fell back a temporary phenomenon. Transaction amount is the day all stock transactions. Turnover is the day the price of each stock transaction total. Last call is the day after the close of the purchase price, buyers want to buy price. Price is the last call for the day after the close, the seller's asking price. The formation of the bull market of many factors, including the following aspects: ① economic factors: an increase in shares of corporate profits, the economy is in boom, interest rates, new industrial development, moderate inflation and so may push stock prices. ② political factors: government policies, laws enacted, or mutation of the political events can cause stock prices. ③ the stock market itself factors: such as issuing a strong start, speculators short selling transactions, the purchase of shares can lead to a lot of big bull market place. In contrast with the bull market bear market bear market. Sold on the stock market than those who were buying, the stock market as a bear market bearish. Lead to a bear market bull market factors and the factors that lead to similar changes but in the opposite direction. Bull, bull is a bull market investors bullish on the stock market is expected to be bullish stock price, so take advantage of low prices when buying stocks until the stock price up to a certain time and then sell in order to obtain the difference between the proceeds. In general, it is usually long-term upward trend of the stock market as the stock bull market. Bull market, stock price changes of the main features is a series of rose was down. Short, short bear market investors and operators think that the stock price while high, but the prospects look bad on the stock market, the expected stock will fall, they had sold borrowed stock in a timely manner, until the stock price fell again when a to buy to get the difference between the proceeds. After using this kind of buy to sell, pocketing the difference of the transaction is called short. It usually shares a long downward trend of the stock market is called bear market, bear market stock price changes is characterized by a series of crash was up. Buy air prospectus zhāogǔ [raise capital by floating shares] the company to raise money paid for shares IPO (Initial Public Offerings, referred to as the IPO), refers to the issuance by the first public, in order to raise for the business development process. When a large number of subscription of new shares, you need to be allocated to stocks, also known as the pumping of new shares, subscription of investors expect higher than the subscription price can be sold at a price. Corresponds to a majority of public offerings underwritten by the Group to enter the market, the bank in accordance with a discount price from the issuer to buy their own account, and then the agreed price of sale, public offering higher cost of preparation, may in some some degree of species to avoid such costs. Initiated at the end of this phenomenon, when the U.S. is experiencing network technology stocks. Will _set_ up a company founder, and hope during the IPO to raise funds through. Because investors think these companies have the opportunity to become a "second", the stock market in the early stages of their usually higher, many founders are overnight become. The benefit, employees also earn a substantial income. In the majority of stock to raise capital through the IPO will be trading in the market. Many companies will come through a similar method to raise funds to develop the business. The main participants and their directors to prepare jobs and revised earnings and cash flow projections, approval of the prospectus, signed the underwriting agreement, the road show schedule sponsor arrangements, Coordinating Counsel work, ready to draft and listing application prospectus Shu, Jian Yi reporting accountants to complete the stock price auditing, accounting report preparation, review profit and working capital forecasting property appraiser to complete due diligence and corporate real estate property assessment arrangements for restructuring the company lawyer, review the relevant legal confirmation, to determine the underwriting agreement, counsel for sponsors to consider the organizational structure of the company, reviewing the prospectus books, preparation of stock underwriting agreement and prospectus review listing applications, hearings share registrar fiction stock and repayment checks, print and share a large number of printed drafting and translation translators listed materials, large print file listing
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Stock - brokered transactions
Institutional investors in securities trading after the commission received, the information should be immediately sent to the chronological order exchange host, publicly declare the auction. Stock returns auction, to follow the relevant provisions of the use of a continuous auction or competitive bidding for the exchange of a large machine will match the "price priority, time priority," the principle of automatic matching transactions. Currently, the Shanghai and Shenzhen exchanges exist in two auction and continuous auction methods. 9:15 am - 9:25 time for the auction, the rest are continuous auction trading hours time. During the auction, the Exchange's automated matching system not only saved match, when the time comes to declare the end of bidding, auction matching system will be based on the principles, resulting in the opening day of the stock. Shanghai and Shenzhen shares traded rose from the first day of fall 10% limit, but the date of Shenzhen IPO auction, the auction commission can not exceed its IPO price and down $ 15, otherwise, the bid in the auction for ineffective treatment, can only participate in the subsequent continuous auction. After the auction, the auction into a continuous time, ie, 9:30-11:30 and 13:00 - 15: 00. Investors buy and sell orders into the Exchange host, the matching system will be "price priority, time priority," the principle of automatic matching, the same price, the order of time sequence matching. In the brokered transactions, the stock prices for the decision of principle: ⒈ transaction price must be in the range of yesterday's closing price and down 10%; ⒉ highest bid and highest selling returns to declare the same price; ⒊ such as buy (sell) side The report price is high (low) to sell (buy) side of the declared value, the declared value of using both the average price. Exchange host brokered transactions, the host will immediately return to the brokerage transaction information at, for investor inquiries. No transaction or part of the deal, investors have the right to withdraw or continue to wait for their commission transactions, general commission is valid for one day. In addition, the Shenzhen stock than the stock's closing price the day of the final sum of the price, but the stock trading day of last-minute turnover derived by dividing the volume. Primary market Meaning of [a market] refers to the stock market that is the primary issue market, investors can subscribe on the market issued by the Company's stock. Through the primary market, issuers raise the necessary funds to the company, while investors are buying the stock as the company's shareholders to realize the savings into the capital process. In Western countries, a market known as the issuance of securities markets, financial markets or the original primary financial markets. In the primary market, the demand by issuing stocks and bonds to obtain funds. In the release process, issuers generally do not hold coins directly with buyers to trade, the need for intermediaries, the securities broker. Therefore, a securities broker market is the market. A market has the following main features: (1), the distribution market is an abstract market, trading activities are not confined to a fixed location, (2), issued a one-time act, the price determined by the issuing company and After the relevant departments for approval. Investors to buy shares at prices the same. The issue of the stock market means a stock issue in a way which is sold by way of stock distribution. Because of different national financial market regulation, financial architecture and financial market structure is different from the stock distribution methods are different. If issued in accordance with the subscription method and object, stock issuance and public offering can be divided into non-public offering; if there are intermediaries according to whether (underwriter) to assist in the stock issuance can be divided into direct distribution and indirect distribution (or called the commission issue); if issued by different purposes, share issue can be divided into paid and unpaid capital increase capital increase. Public offering, also known as public offerings, is a particular issue in advance uncertain object, but open to the community of investors to sell stocks. Also known as private non-public offering, is the distribution company only to the specific issue of the object market shares. Non-public offering mainly used in the following circumstances: 1. Established by means companies; 2 internal placement; 3 private placement, also known as third party assessments. Also known as direct offering direct distribution, or distribution companies and self-distribution, is to bear its own stock shares issued in the risk of all matters and distribution, direct marketing to subscribers sell the stock way. Commission called indirect release distribution, is commissioned by the issuance of securities issuers sell stock underwriting agency approach. Shares issued by way of indirect and indirect distribution methods, like bonds, is also divided into wholesale distribution, sales distribution and underwriting issue to help in three ways. Paid capital increase is subscribed by the stock must be paid a cash issue price, to get the new issue shares. The general public offering and private placement of shares of stock issued in the directed use of paid capital increase are the distribution methods. Free capital increase, the company is a surplus balance of shares of the company, fund and as_set_ revaluation gains transferred to equity capital account, while the corresponding issue of new shares allocated to the company's existing shareholders, the existing shareholders do not need to pay subscription Share Capital and money. [Real estate] a market: the real estate market is a sale and purchase of new homes market, market players are residential developers, builders and residents. Residents through a purchase of housing property market, the housing property rights to the first legally recognized. From the perspective of goods distribution: For example: You are in Yunnan this (film brand) agent that you are under the region, Island County, called the primary market, regional subsidiary of Island County called the secondary market on direct sales outlets (retail) of the above is the area known as end-market based proxy for the example: I XX factory, that my primary market refers to a regional distributor of the above, the secondary market refers to is a regional distributor of the subordinate agent (primary market) Example: Yunnan to Kunming, the product agent is (a) subsidiary of Island County, Yunnan (Red River State, Xishuangbanna, Chuxiong regional sales shop, etc.) called the two level market, which is called direct retail end markets (appliances supermarkets, department stores, specialty stores, etc.) where the total sales at the manufacturer, product flow is called a market level of the provinces (Yunnan, Sichuan, Hunan, Hubei, etc.) the secondary market refers to a market level market. Shares account Flow 1: to open an account securities companies, the Shanghai or Shenzhen shareholder account card, capital accounts, online transactions, telephone transactions and other relevant procedures. Then, download the online securities trading company designated software. 2: to bank current account and open Yinzhengzhuanzhang business, the money in the bank. 3: By trading online trading system or telephone system to transfer money from bank account, securities company funds. 4: The online trading system or telephone trading system stock trading 5: The general fee of 100 yuan (each securities company is different). 6: buy shares of securities companies must be entrusted to agency transactions, so you must find a securities company account. People can not buy stocks directly to the Shanghai Stock Exchange trading. This is the same with the second-hand housing transactions, the agency agents. How to open an account to open a securities account -> open capital account -> for the specified transaction 1. Be sure I open an account. First, you have to open Shanghai and Shenzhen securities account; Second, open capital account, you can get a securities trading card. Then, according to the Shanghai Stock Exchange rules, you should apply for specified transactions for specified transactions for you to be in the business department of Shanghai stock market trading. (2) You must hold a securities account and a copy of my ID card, open capital account have to carry the securities account card original and copy. Commissioned for operation, the need and agent (an agent must also bring my ID card) come together for commissioning procedures. 3 ID card can open a securities account. If you have accounts at other securities firms, then you need to apply for the revocation of the specified securities transactions and custody transfer formalities, and then open an account, open an account, you only need to open capital account and for the specified transaction. How to subscribe for new shares √ A shareholder accounts and financial accounts, including accounts, according to the provisions of the exchange, investors must open an account before the purchase, subscription of new shares of Shanghai securities account card must be specified for a good deal, and the securities business in the account Department of the funds deposited for the purchase in full. Second, the purchase quantity requirements of each exchange on the purchase of new shares subscription account number is limited. First, declare the lower limit is 1,000 shares of Shanghai, Shenzhen is 500 shares, Shanghai subscription must be an integer multiple of 1,000 shares or its; Shenzhen stock subscription must be 500 or its multiples; second purchase with an upper limit, there are specific provisions in the release announcement, commissioned can not be less than the lower limit, not exceeding limit, or be regarded as invalid commission. Third, repeat purchase requirement can only purchase a subscription of new shares, and not cancellation, repeat purchase, in addition to the first effective, the other are invalid. And if investors of new shares resulting misuse repeat purchase, brokerage will freeze the purchase of new shares section, part of the void and can not repeat the purchase cancellation, this will cause investors to fund the day can not be used, only to wait until after the close of the day, the exchange as invalid commission processing, funds the next day back to the investors account, investors can use. Fourth, the purchase of new shares with a number of investors in the process of confirmation procedures for subscription of new shares obtained after completion of the contract number is not with numbers, number of transactions on the next day Jiaoge Dan is not with numbers, only the third business day after the IPO ( Day T +3) for _set_tlement formalities Jiaoge Dan is on the number of transactions with the number of new shares. Investors should check with a number of new shares, at T +3 days to print Jiaoge Dan brokerage office, brokers will all investors on that day the new shares will be printed with the number posted in the business department of the hall, investors can check. Part of the broker also opened a call with a number of services, investors can also be commissioned by phone with a number of new shares in the query column to search. In addition, the Shanghai Stock Exchange and the Shenzhen Stock Exchange for the majority of investors share subscription inquiries, voice telephone service, the Shanghai stock market inquiries, please call 021-16893006, Shenzhen inquiries, please call 0755-2288800. Is in accordance with the number of new shares for every 1,000 shares with a number, in chronological order, with consecutive numbers, and numbers of non-stop. Account in the _set_tlement of each stock to print only when a purchase with a number, and print the effective purchase of shares, for example, the delivery with the number 10003502, the effective purchase 5,000 shares of Chunghwa, the entire purchase with the account number is 5, followed by 10003502,10003503,10003504,10003505,10003506. Fifth, to freeze time capital purchase of new shares subscription of new shares according to the relevant provisions of the investor purchase money in T +4 day return to its capital account, which means that investors can purchase shares in the fourth trading day after the use of the funds. Sixth, how to confirm whether the ballot to be investors in the T +3 day with their own number, you can query the Commission on T +4 day designated by the lead underwriter on newspapers published in the ballot number, if after several of their number with a signed number with the same , was in the ballot, is not different, each ballot number can subscribe 1000 shares. In addition, investors purchase funds in the T +4 days to thaw, investors also can check their account on that date directly after the thaw, or check whether the funds have reduced the balance of shares it has purchase of new shares in order to determine whether the ballot . Seven new shares on Jiaoge Dan T +4 display a "sell" T +1 day after the subscription of new shares to print broker is a "buy" Jiaoge Dan, T +4 day funds back to investors, brokerage account Jiaoge Dan will print a "sell" purchase money, If successful, print subscription to "buy" a 1,000 shares, where the "sell" purchase money and the usual meaning of the different stock trading, it is returned under a unified exchange investors purchase the balance of the form. For example, an investor purchase of new shares 5,000 shares, 1,000 shares in the ballot, then appear on T +4 day Jiaoge Dan "sold 5,000 shares" and "buy 1000 shares." Eight, Shanghai Securities code changes purchase of new shares subscription code is 730XXX, purchase confirmation, T +1 day investors in the purchase account is found in section 740XXX, new shares with a number is 741XXX, if the ballot, T +4 future investors account the new shares will be in the ballot 730XXX, the stock traded that day, securities code changed to 600XXX. Shenzhen IPO subscription code 0XXX, the purchase money, with the number in the ballot after the listing of new shares until the code are the same. Nine, subscription of new shares during the specified trading day change if investors purchase the shares but lifted the specified transaction, the investors purchase shares of data will be transmitted to the seat, investors should purchase seats in the original query. Ten, shares do not charge subscription fees according to the provisions of the two exchanges, purchase of new shares do not charge a fee, stamp duty, transfer fees and, where appropriate, but you can charge commission fees, Shanghai, Shenzhen and local income $ 1, $ 5 off-site Most brokerage firms for competitive considerations, do not charge this fee. √ 3g concept stocks List of 3G concept stocks In the "Telecommunications Day" on the eve, 3G standards WCDMA and CDMA2000 two major international final of the "China Pass." Yesterday, the Ministry of Information Industry officially announced on its official website, decided to issue two series of standards to become China's telecommunications industry standards.
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What is custody transfer
Custody transfer, also known as the securities custody, securities listed on the Shenzhen Stock Exchange is managed specifically for the transfer of a business, is hosting its investors in a securities business, where the Shenzhen Stock Exchange listed securities to another dealer at the host, investors of a voluntary act. In which investors buy securities broker at the brokerage office can only sell shares to other investors for the commissioned broker to sell, they have managed to broker the original place for custody transfer procedures. Investors in the process of custody transfer procedures, you can own all of the securities transferred all at once, some of which securities can be transferred in part or in the same Quanzhong securities. At present, the Shenzhen Stock Exchange's custody transfer business is different to previous years, the current custody transfer business is conducted by the Shenzhen Stock Exchange for the trading system, but note that the use of trading systems for custody transfer of securities included in the species only the Shenzhen Stock Exchange-listed A shares, funds, convertible bonds, warrants, bonds can not transfer custody. Custody transfer operations of the general procedure: First, investors turn to the proposed transfer of custody brokerage application, fill out the "custody transfer application", fill in the application code to switch out of a securities account, securities variety, quantity, etc., be sure to pay attention to completing transfer into the broker's name and its number of seats in line. After receipt of the application roll-out brokers, investors, carefully check the identity cards and application content is correct, after verification, the transaction time, the Shenzhen Stock Exchange through the trading system offer to the custody transfer, the date of suspension can not transfer securities custody, custody transfer commission report after-hours, closed the day before the offer can apply for cancellation. After the close of each trading day, the Shenzhen Securities Clearing Corporation will handle the custody transfer data into the post-"_Set_tlement Package", issued by the clearing broker communication system, according to the brokerage received timely amendment of the corresponding managed data transfer of the shares ledger. T +1 day securities custody transfer (ie, times a trading day) arrive, investors can turn to dealers to sell at the commission. Turn out each received custody transfer brokerage business, charging 30 yuan to investors for custody transfer fee. Custody transfer is successful, investors in the original roll-out at the Shenzhen brokerage account, if not cancel the account, may continue to use, but still want to where to buy, where to sell, or transfer custody to do.
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Transfer of meaning
With the completion of the transaction, when the stock transferred from the seller (sell) the buyer, it means the existing shareholders have the right to transfer, the new stock holders become shareholders of the company's new and old shareholders (the original shareholders that the seller) lost their stock to sell that part of the rights represented by the new shareholders were given the part he had bought the rights represented by shares. However, since the old names and holdings of shareholders are recorded on the shareholders' registration book on the need to change the shareholder registration book on which the corresponding content, which is commonly referred to as transfer procedures; Therefore, clearing and _set_tlement of securities and price, and after does not mean the Securities and Exchange program of the last end.
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Transfer program
Shanghai Stock Exchange, the transfer procedures using computer automatically transfers the buyer and seller once the transaction, have completed the transfer formalities. Shenzhen Stock Exchange also advanced transfer procedures, buyers and sellers after closing, using fiber optic cable to deal the situation, reached the registration of transfer of securities companies, will open the sale recorded in the shareholder's account. (1) of the original shareholders upon closing of the stock should be completed when a notice of transfer, under seal, together with the issuing company stock transfer with delivery organizations. The company's transfer agency can _set_ your own, you can also entrust financial institutions charge d'affaires. General distribution company _set_ up its own transfer agency registered residence, while in other regions are commissioned on behalf of financial institutions handle. China's current financial institutions generally are handled by a securities company in Shenzhen, Shanghai Stock Exchange was handled. If more than one stock of the transferee, the transferor (seller) should be completed notice of transfer. If you transfer more than one person's account, the transfer notice, should also be filled separately. (2) new shareholders after the delivery, distribution companies should be obtained from the seal and seal two cards, the issuing company's transfer agency to send. Seal card contains, the new shareholder's name, address, the new number of shares and number of shareholders, the stock transfer date. (3) transfer agency received notice of transfer of the old shareholders, old and new shareholders, the stock card printed sign, review, immediately if the formalities are complete write-off old stock issued new shares, then the visa will be sent along with the old and new stock agency, and change shareholder registration book on the appropriate content. The role is to check the visa agencies over whether the company issued and counterfeit shares. Generally not _set_ up their own distribution companies signed institutions, financial institutions must be entrusted, and in charge of the company shall not transfer ownership of financial institutions to act as a visa agency. (4) receive a signed agency sent the old and new stock transfer agency and related materials for the trial examination, if the procedure is complete visa in front of the old and new stock, sending transfer institutions. (5) transfer agency received a visa by the old stock, new stock will reach a new shareholder, and the old stock transfer agency by filing the record. Stock market bubble Stock classified? The so-called growth stocks, is the issue of stock is not large, but the company's business is booming, well-managed, profitable, products competitive in the market, the company's stock. The so-called hot stock is trading volume, trading turnover rate, the rates are higher share price ups and downs of the stock. The formation of hot stocks tend to have their specific economic, political, social reasons. The so-called blue chip stocks are those good performance, but slower growth of the company's stock. These companies have the strength to resist the economic downturn, but these companies do not give you the exciting profits. The so-called cyclical stocks is the operating performance of the economic cycle changes in sizing and the company's stock. Aviation industry, automobile, steel and chemical industries are in this category. The so-called renewable share is the difficulty in management or even bankruptcy, through consolidation company to regain investors authorized shares. The so-called defensive stocks. These common stock shares with the price cycle of the opposite, they are in the face of uncertainty and downturn in business earnings and dividends are higher than the community average, with relative stability. The so-called performance shares (also known as stocks). Is able to cater to a trend of the times, but may not be able to adapt to the times of the other issued by companies, the stock was a huge rolling stock. The so-called speculative shares. Are those prices are unstable or uncertain prospects of the company's common stock. This is mainly those very ambitious, development or risk of the company's stock, hot new issue of shares and par value of some lower oil and mining companies to issue common stock.
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Stock - code-named rules
Ticker symbols are listed on Shanghai and Shenzhen Stock Exchange shares allocated to the numeric code. This code covers all transactions in exchange-listed securities. Familiar with this type of code will help increase our understanding of the transaction types. A share stock code: Shanghai for 600 × × × or 60 ××××, Shenzhen for 000 × × ×, small edition of 00 ××××; 3 digits after the two cities are listed that have order; B share stock code: Shanghai for 900 × × ×, Shenzhen for 200 × × ×; two cities, said after the three figures are listed in the order.
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Stock software
Stock options, of course the software is very important. However, the current plethora of stock market software, and some fees, some free, then the majority of the shareholders friends, in the end choose which software is most appropriate a share of it themselves, which they can stand out a stock software it? By the following evaluation, we will give a satisfactory answer. The majority of investors want to be able to provide guidance and help friends. REVIEW: ☆: Flush 2008 is the only applied to over 95 securities companies, covering more than 2,400 sales department, more than 89% market share, more than 50 million securities investors are using, the best known market a powerful free online Equity securities trading analysis software. ☆: the classic version by the great wisdom of domestic securities trading solutions provider, Zhiming great wisdom of the company carefully built for stock market investors to provide a full range of information analysis tools, is a display used for market analysis and real-time information simultaneously received Super securities information platform. ☆: Qian can be said that the domestic equity securities industry software leader, although not past glory, but its strength is still strong. Flagship 2007 established a new "screen-oriented" style of operation to use more convenient, quick and easy. ☆: Gold Edition and the information unit said the charges of its predecessor is the famous stock market analysis software flying fox trading division. The combination of technical analysis indicators and the Dow Jones and the particularity of the Chinese stock market. Is a _set_ of strengths of various types of securities analysis software, a variety of security analysis system, powerful, easy to operate, user-friendly, Internet-and graphic card to receive real-time quotes for all types of securities investors use. ☆: accessible information and maybe we are not too familiar with, but it does the stock market in the field of software OEM boss. Since 1995, the DOS era began in the market and the remote transaction systems. And compared to similar software market, the Shanghai market faster 3-15 seconds, 2-5 seconds faster Shenzhen market.
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Trading fee
Stock trading fee consists of three parts: 1 Stamp Duty: turnover of 1 ‰. Currently imposed by the bilateral to unilateral imposition of the Transferor (2) the securities regulatory fees (commonly known as three charges): about turnover of 0.2 ‰, the actual ending there, usually omitted for the 0.2 ‰ 3 transfer fee (charged only Shanghai stock): 1,000 shares for each charge $ 1 less than 1,000 shares at 1 yuan fee. 4 brokerage commissions: up to turnover of 3 ‰, the lowest 5 yuan, 5 yuan dissatisfaction single transaction commission charged 5 yuan. Under normal circumstances, the broker for a large amount of money, trading volume customers will be given preferential lower commission rate, so the large amount of money, frequent trading customers can apply themselves and securities. In addition, according to brokerage customers will take phone trading, online trading offer different commission rates, in general, lower commissions charged by online trading.
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Encyclopedia
gupiao Stock stock To invest in shares and shares of companies with share capital ownership certificates, dividend certificates to obtain a regular basis. Is one of the main forms of securities. Germany preferred stock Shares of company stock with only a certificate of ownership of real capital, "but the right to obtain benefits on behalf of" and "withdraw the certificate of future earnings" ("Marx and Engels," Vol 25, p. 532), which itself not the actual capital. It is separated with the actual capital, only indirectly reflect the actual status of the capital campaign, it is a kind of virtual capital. Stock price the stock has no value in itself, but it can be used as an object of trade and collateral, which has a price. The reason why the stock has a price, can be traded, because it can bring to the holders dividend income. Stock trading is actually a certificate of sale to receive dividend income or transfer, is a right relationship of alienation or transfer. Stock trading is usually conducted at the Stock Exchange. In capitalist society, trading in the stock of financial capital group mutual exclusion, control, and an important means of mergers. Stock price and its face value different: the stock of par value shares represent investment capital to pay the money, it is fixed; while the stock price is changing, it is often greater than or less than face value. Stock price may be greater than the stock's par value, this is the capitalist plunder when starting a business to provide an additional revenue opportunities. Because of this additional revenue in business start-up, it is known as business profits. Stock market (usually stock) daily changes in the stock price, known as the share price. It directly affected by the stock market supply and demand effects. In capitalist countries, due to political and economic instability, and speculators who mislead the fire, stir up trouble, to manipulate the stock market, reap profits □ caused sharp fluctuations in supply and demand in the stock market and the share price to rise □ □ down. But, fundamentally affect the stock price and identify the two basic factors: the expected dividends and bank interest rates. This is because: Since the stock is drawn on the future earnings of the evidence, therefore, the stock sold and the buyers are not concerned with the stock face value, but the amount of dividend income, and is compared with the bank deposit interest to consider. Who considered selling the stock is selling the stock price after a certain amount of money in the bank to be the prevailing interest rates could be of interest, can not sell the stock rather than due to get the dividend income; stock considered the buyer is buying the stock at a certain price to get the dividend income will not be lower than the amount the stock price does not buy the stock and the bank could get the interest income. Can be seen, the stock price is not the capital stock represented by the value of currencies, but a capital of the dividend income. It is proportional with the number of expected dividends, with the level of bank deposit interest rate is inversely proportional. With the formula, namely: □ For example, an $ 100 par value shares, is expected to receive annually 10% (dividend yield) of the dividend is $ 10, assuming an interest rate of bank deposits was 5% or 5%, the stock price is 10 Yuan ÷ 5% = 200 dollars. This means that the stock price to an amount equal to this, that it is the bank interest earned, must be equal to the expected dividend income. (Wei □)
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