What Are The Reasons For The Failure Of Entrustment In The Securities Market?

First, the situation of new stock purchase is invalid.

According to the Shanghai stock market, the following delegate is invalid when purchasing new shares.

1, online purchase quantity is not 1000 shares or 1000 shares integer times invalid.

2, the number of online purchase accounts for an account number is no more than 1/1000 of the total public offering issued online.

3, an account online purchase number of more than 99 million 999 thousand shares invalid.

4, in the securities account registration data, the "account holder's name" is the same, and the number of securities accounts with the same number of "valid identity document numbers" is the same as those with the same number of securities accounts (based on the T-1 account registration data), and the same stock account has participated in the same new share purchase many times.

5. Whoever participates in the placing of quotations under the network will not be valid for the purchase of new shares on the Internet.

6, the cancellation of new share purchase is invalid.

7, the entrusted application of excess funds is invalid.

8, the purchase price is not correct, the purchase order is invalid.

According to the provisions of the Shenzhen market, the number of online applications is not an invalid number of 500 shares or 500 shares. The number of online purchase accounts for an account number is no more than that of the main underwriter in the issuance notice, and the number of online purchase accounts of an account number exceeds 999999500 shares is invalid.

Other invalid cases are similar to the Shanghai Stock Exchange.

Two. The situation of ineffective entrustment in daily pactions.

1, the securities purchased by investors are not valid before the delivery, but the exception is the rotation paction.

A revolving paction of a securities refers to a stock bought by an investor, who is sold all or partly before the paction is confirmed.

Bonds, warrants and bond repurchase pactions will be traded on the same day, and B shares will be traded on the next trading day.

2, the Commission has been commissioned, the withdrawal of a single invalid.

3, each trading day from 9:20 to 9:25 at the opening stage of the bidding stage, the withdrawal of the declaration is invalid, and the Shenzhen market also stipulates that the withdrawal order is invalid.

4, to buy stocks, funds and warrants through competitive pactions, the number of declarations is not valid for 100 shares (shares) or their integer times. When selling, the stocks, funds and warrants purchased from the two tier market are not valid for the 100 shares (parts) or their integer times. The sporadic securities generated by reasons such as shares, convertible shares and rights issues can not be 100 shares or half times, but they must be sold at a time.

5, in a bid paction, the number of buying and declaring bonds in a bond paction is not valid for the 1 hand or its integer multiple. The sale should also be sold according to the rule of 1 hands or its integer multiple, and the balance should be sold at a time because of various reasons. The number of declarations of bond pledge repurchase pactions is not 100 hands or its integer number. The entrusting repo paction is not 1000 hands or its integer number of entrustment is invalid. Note: bond trading and buyout buyout pactions are 1 hands of RMB 1000 yuan denominated bonds, and bond pledge repo pactions are 1 yuan with 1000 yuan standard coupons.

6, stock, fund and warrant pactions are more than 1 million shares (share), bond pactions and bond pledge repo pactions. The number of single reports is more than 10 thousand, and the number of single and written repo pactions in hand and bond is more than 50 thousand.

7, the declared price is not based on the price of each share, the price of each fund, the warrant price, the value of the face value of each bond, the annual yield of the bond pledged repurchase, the annual return of the 100 yuan fund, and the buyout repurchase of the bonds.

8, the minimum change price of the declared price of A share, bond trading and bond buyout repurchase paction is not 0.01 yuan or its integral multiple, and the paction of fund and warrant is not 0.001 yuan or its integer times. The B share paction in Shanghai stock market is not 0.001 dollars or its multiple times. The Shenzhen stock exchange paction is not HK $0.01 or its integral multiple. The Shanghai stock bond pledged repo paction is not 0.005 yuan or its integers.

9, the price of the stock and fund trading in the main board is more than 10%. The entrusted price of ST and *ST shares is more than 5%.

The formula for calculating the rise and fall of stocks and funds is: the rise and fall price = the closing price of the former (1 + the ratio of the rise and fall), and the calculation result is taken to the minimum price change unit according to the principle of four house five entry.

10, the declaration price of the SME stock market during the continuous bidding period is 3% or less than the 3% of the recent paction price.

Three, the first trading day has no price limit.

Initial public offerings and closed-end funds, the issuance of listed stocks and the resumption of stocks after the suspension of the listing are not subject to price rises or decreases.

1, the Shanghai stock market stipulates that securities trading without price rise or fall will be invalid under the following circumstances:

(1) in the stage of collective bidding, the declared price of stock trading is 900% higher than the previous closing price or 50% of the previous closing price; the declaration price of funds and bonds trading is higher than the 150% of the previous closing price, or is less than 70% of the previous closing price.

There is no price limit in the bond buyback paction at the auction stage.

For example, the issuing price of China's construction is 4.18 yuan, and the Commission of the declaration price of more than 37.62 yuan or less than 2.09 yuan is invalid during the morning of July 29, 2009 9:15-9:25.

(2) in the continuous auction stage, the declared price is 110% higher than the lowest price immediately announced or lower than the 90% of the highest bid price immediately disclosed, higher than the 130% of the above bid and the average of the minimum bid price, or less than 70% of the average price.

The immediate disclosure of the lowest selling price, the lowest price in the latest paction price is regarded as the highest bid price in the preceding period; if the price is not disclosed immediately, the highest price immediately disclosed and the higher the latest paction price will be regarded as the lowest selling price in the preceding period.

For example, when the opening price of the first day of Chinese construction is 6.70 yuan, the declared price can not exceed 7.37 yuan, and the entrustment exceeding the price is invalid. It can not be less than 6.03 yuan, and the entrustment below the price is invalid.

2, the Shenzhen market stipulates that the securities that are not subject to price rise or fall will be invalid under the following circumstances:

(1) on the first day of the listing of the stock market, the bidding stage is open, and the declaration price exceeds 900% of the issuing price. The entrusting price in the continuous auction or closing auction stage is not valid if the declared price exceeds 10% of the recent paction price or less than 10%.

(2) on the first day of the first day of the listing of a bond, the auction price will be opened. The declaration price is 30% less than the issuing price or 30% below the issuing price. If the declared price exceeds the 10% of the recent paction price or the 10% of the nearest paction price, the declaration price will be invalid at the continuous auction and closing auction stage. The first day of the open auction, the declared price exceeds the closing price of the previous 10% or less than the 10% of the previous closing price.

(3) the bond pledge repurchase is not valid on the first day of the open auction. The declared price exceeds 100% of the previous closing price or is less than 100% of the previous closing price. If the declared price exceeds the 100% of the recent paction price or the 100% of the nearest closing price, it will be invalid at the continuous auction and closing auction stage.

When there is no price rise or fall, the securities are not traded during the open auction, and the effective bidding price shall be adjusted according to the following ways when the continuous bidding is started: the highest bid price within the effective bidding range is higher than the issue price or the previous closing price, and the effective bidding range is adjusted with the highest purchase price as the benchmark; the lowest bid price within the effective bidding range is lower than the issue price or the previous closing price, and the effective bidding range is adjusted according to the lowest selling quotation.

The Shenzhen stock market also stipulates that securities that are not subject to price rise or fall will not be able to participate in the bidding immediately, but will be temporarily stored in the trading host. When the paction price fluctuation makes it enter the effective bidding range, the paction host will automatically withdraw the declaration and participate in the bidding.