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What is stock split & joint stock

 

1. 拆股

拆股,又称「分割」。当一只股票的价格较高,影响股票的交易量影响投资人(尤其是散户)的购买欲望。这时股份公司就会考虑将股票拆股,分割股票后,股东权益不变,公司的总市值也不变,但是持仓数量会发生变化。在拆股过程中有可能会产生一个临时股票代码,但最后都会恢复到一个股票代码。

 

举例:

00700 腾讯控股曾经在2014-05-151股拆分为5股,持有100股,那么就会被拆成500股,市场价格会下降,总市值不变。

拆股前,100*120HKD=12000价值

拆股后,500*24HKD=12000价值

市场价格降到24港币一股了,就会方便散户投资参与,增加市场流动性

 

2. 合股

合股是拆股的相反过程,当股票价格较低时,为了提升公司形象,上市公司会将已发行的股票按比例进行合并,即由多股合并为1股。合股后,股价按照相应比例提高,股东权益不变,公司的总市值也不变,但是持仓数量会发生变化。

协议及声明

What is stock split & joint stock

 

Except for public holidays and the market closure due to bad weather, the Hong Kong stock market generally trades from Monday to Friday. The trading hours are as follows:
 

1. Pre-open Period

Time period

Trading Rules

Enter order 9:00-9:15

Submit, modify, and cancel auction market orders and auction limit orders

Non-cancellable 9:15-9:20

Only at-auction market orders and at-auction limit orders can be submitted, and orders cannot be withdrawn or modified

Random match period 9:20-9:22 (match will start randomly at 9:20-9:22 at the final reference equilibrium price)

Conduct matchmaking during auction period

Pause period, from random match period ends to 9:30

At-auction order: Incomplete order will be cancelled by the system; At-auction limit order: If the input price range of an incomplete order does not deviate from the nominal price by nine times or more, it will be converted to a limit order and automatically transferred to the continuous trading session

 

2. Continuous Trading Hours

Time period

Beijing Time

Morning market

9:30-12:00

Closed at noon

12:00-13:00

Afternoon market

13:00-16:00

Note: Order modification is not allowed during the closed at noon, and cancellation is allowed during 12:30 - 13:00.

 

3. Closing Auction Trading Session

Time period

Trading Rules

Closing auction period 16:00-16:01      

Calculate and publish reference price; orders cannot be submitted

Enter order 16:01-16:06

You can submit, modify, and cancel at-auction market orders and auction limit orders. The price limit of auction limit orders shall not exceed ±5% of the reference price

Non-cancellable 16:06-16:08

At-auction market orders and at-auction limit orders can be submitted, and cannot be cancelled or changed; the input price of at-auction limit orders must be between the lowest selling price and the highest bidding price

Random closing 16:08-16:10

At random closing time, at-auction market orders and at-auction limit orders can still be submitted, and cannot be cancelled or changed; the input price of auction limit orders must be between the lowest selling price and the highest bidding price