Securities trading - China
Key market-tradable securities
Denomination currency | Maturity | Interest | Interest/Dividend | Place of settlement | Form |
A-shares | |||||
CNY | - | - | Annual or semi-annual | CSDCC | Book-entry |
B-shares | |||||
SH: USD | - | - | Annual or semi-annual | CSDCC | Book-entry |
SZ: HKD | - | - | Annual or semi-annual | CSDCC | Book-entry |
Funds | |||||
CNY | - | - | Annual or semi-annual | CSDCCa | Book-entry |
Convertible bonds | |||||
CNY | 3 to 5 years | Fixed or floating rate interest | Annual or semi-annual | CSDCC | Book-entry |
Corporate bonds | |||||
CNY | No fixed maturity requirement | Fixed or floating rate interest | Annual or semi-annual | CSDCC | Book-entry |
Treasury bonds | |||||
CNY | No fixed maturity requirement | Fixed or floating rate interest | Annual or semi-annual (no interest paid if bond issued with zero coupon) | CSDCC | Book-entry |
CIBM bonds | |||||
CNY | Various | Fixed or floating | Quarterly, semi-annual, annual | CCDC/SCH | Book-entry |
a. Some open-ended funds are settled by the fund management company itself.
Trading platforms
Shenzhen Stock Exchange
Trading on the Shenzhen Stock Exchange is dematerialised and automated. Instead of “market making”, the Shenzhen Stock Exchange is order-driven, based on principal of “price and time priority”. A price limit of 10% is imposed for common stocks and 5% for stocks under special treatment.
- 09:15 - 09:25 (pre-opening collective bidding)
- 09:30 - 11:30
- 13:00 - 14:57 (consecutive trading)
- 14:57 - 15:00 (collective bidding for closing price)
- 09:15 - 11:30; 13:00 - 15:30 (block trading)
Shanghai Stock Exchange
Orders are matched automatically by the computer system according to the principal of “price and time priority”.
Orders are sent to the stock exchange through terminals on the floor and at member firms.
Trading hours of the Shanghai Stock Exchange are:
- 09:15 - 09:25 (pre-opening collective bidding)
- 09:30 - 11:30; 13:00 - 14:57 (consecutive trading)
- 14:57 - 15:00 (collective bidding for closing price)
- 09:30 - 11:30; 13:00 - 15:30 (block trading)
China Foreign Exchange Trading System (CFETS)
Investors can either input China Interbank Bond Market (CIBM) deals via CFETS themselves or ask their settlement agent to input on their behalf. The settlement agent, being broker, will be able to locate the trade order and to further confirm the trade in CFETS’ trading system.
There are two CIBM trading sessions at CFETS:
- 09:00 - 12:00
- 13:30 - 16:50 (settlement cycle T+0)
- 13:30 -17:00 (settlement cycle T+0 and T+2); excluding Chinese statutory holidays.