China A-Share Rules
Trading hours, the call auction, T+1, daily price limits, 100-share lots and trading costs: learn the rules before your first A-share trade.
For: Beginners about to open an A-share account or who have just started trading A-shares
This course uses ideas from the courses below (optional; you can start right away).
- 1
Trading Hours: The Sessions of the Day
No sign-up neededA-shares start taking orders at 9:15, open at 9:30, break for an hour and a half at lunch and close at 15:00, and each session works differently.
5 min - 2
The Call Auction: How the Opening Price Is Set
Text versionFor 10 minutes before the open the exchange only collects orders, then picks the price that matches the most shares as the opening price, and every auction trade fills at it.
6 min - 3
T+1: Buy Today, Sell Tomorrow
Text versionA-shares bought today can only be sold on the next trading day; cash from a sale can be reused the same day but withdrawn only the next trading day.
5 min - 4
Price Limits: How Far a Stock Can Move in a Day
Text versionMost main-board stocks can move at most 10% a day, ChiNext and STAR stocks 20%; at the limit-up price buy orders queue up and you may not get filled at all.
6 min - 5
100-Share Lots and Trading Costs
Text versionA-share purchases must be in multiples of 100 shares; every trade pays commission and a transfer fee, sells also pay stamp duty, and minimum commissions make small trades expensive.
6 min - 6
Main Board, ChiNext, STAR Market and the Beijing Stock Exchange
Text versionThe boards differ in price limits, IPO rules and entry requirements: anyone can buy main-board stocks, while ChiNext, STAR and Beijing require minimum assets and experience.
6 min