Main Board, ChiNext, STAR Market and the Beijing Stock Exchange
The 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.
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Text version · China A-Share Rules, lesson 6: “Main Board, ChiNext, STAR Market and the Beijing Stock Exchange”
The 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.
Each band wider than the last
main board ±10%, ChiNext and STAR Market ±20%, Beijing Stock Exchange ±30%. The wider the band, the more you can make in a day, and the more you can lose.
Entry requirements apply
Anyone with an account can buy main-board stocks. ChiNext requires average daily assets of at least 100,000 yuan over the 20 trading days before you apply, the STAR Market and Beijing Stock Exchange require 500,000 yuan, and all three require at least 24 months of trading experience. ST stock with ST or *ST in the name carry delisting risk.
Key takeaways
- The main board has no asset requirement and a ±10% price limit; ChiNext and STAR Market ±20%; Beijing Stock Exchange ±30%.
- Opening ChiNext requires average daily assets of at least 100,000 yuan over the previous 20 trading days, STAR Market and Beijing Stock Exchange 500,000 yuan, and all need at least 24 months of trading experience.
- The wider the price limit, the bigger the possible swing in a day; stocks with ST or *ST in the name carry delisting risk, so take extra care.
Try it yourself
You can do these exercises in this lesson's interactive simulation:
- Average daily assets of 200,000 yuan and 36 months' experience: which boards can you open?
- Set trading experience to 12 months: what changes?
- How much in assets do you need to open the STAR Market and Beijing Stock Exchange?
- Compare the IPO rules of the four boards: which board removes the price limit only on the first day of trading?
Quiz and explanations
- 1. Which board has the widest daily price limit?
- Answer: Beijing Stock Exchange.Beijing Stock Exchange ±30%, ChiNext and STAR Market ±20%, main board ±10%.
- 2. Xiao Wang has average daily assets of 200,000 yuan and 3 years of trading experience. Besides the main board, which board can he open?
- Answer: ChiNext.ChiNext requires average daily assets of 100,000 yuan plus 24 months of experience; STAR Market and Beijing Stock Exchange require 500,000 yuan.
- 3. On the same good news, how far can a listed ChiNext stock rise in a day at most?
- Answer: 20%.ChiNext's price limit is ±20% (except for new listings in their first 5 trading days).
Terms in this lesson
- Beijing Stock Exchange: An exchange serving mainly innovative small and medium-sized companies, with a ±30% daily price limit; individuals must meet asset and trading-experience requirements to trade it.
- ChiNext: The Shenzhen Stock Exchange board for growing, innovative companies, with a ±20% daily price limit; individuals must meet asset and trading-experience requirements to trade it.
- main board (Main Board): The main segment of the Shanghai and Shenzhen stock exchanges, mostly established large and mid-size companies; the daily price limit is generally ±10% and there's no asset requirement.
- ST stock (ST Stock): A stock put under “special treatment” by the exchange for financial or operating problems, with ST or *ST before its name. It carries delisting risk and calls for extra caution.
- STAR Market: The Shanghai Stock Exchange board for science and technology companies, with a ±20% daily price limit and a minimum buy of 200 shares; the entry requirements for individuals are higher than ChiNext.