A-Share Beginner’s Guide: Master Market Hours and Trading Rules in One Article

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You probably care most about A-share market hours. The answer is simple: Monday to Friday, 9:30-11:30 AM and 1:00-3:00 PM.

Did you know? In China, there are already over 220 million individual investors like you.

Understanding trading hours is just your first step. Behind this seemingly simple schedule lies much more knowledge you need to master—these are the foundations of successful investing.

Key Takeaways

• A-share trading hours are Monday to Friday, 9:30-11:30 AM and 1:00-3:00 PM.
• A-shares follow the “T+1” trading system—stocks bought today cannot be sold until tomorrow.
• Stocks are traded in “lots,” with 1 lot equal to 100 shares.
• Stocks have price limits: ±10% on the main board, ±20% on STAR Market and ChiNext.
• Trading stocks incurs commissions, stamp duty, and transfer fees.

Complete Breakdown of A-Share Market Hours

You already know the basic A-share trading hours, but that’s just the big picture. Actual trading activity begins before the opening bell. Let’s dive into every time segment and see what happens.

1. Regular Trading Sessions

This is the core and most active period for stock trading. China’s two major exchanges—the Shanghai Stock Exchange (SSE) and Shenzhen Stock Exchange (SZSE)—follow the same schedule.

• Morning Session: 9:30 - 11:30
• Afternoon Session: 1:00 - 3:00 PM

These four hours are known as the “continuous auction” period. You can buy or sell stocks at any time. The 1.5-hour midday break allows the market and investors to “catch their breath.”

Tip: Why the lunch break? A-share trading hours align with regular banking and institutional working hours to facilitate fund settlement and information processing. So you can use this time to grab lunch and review your morning trades.

Here’s the complete A-share trading schedule for clarity:

2. Pre-Open Call Auction

Before the official opening at 9:30, there is a crucial 10-minute period called the opening call auction (9:15 - 9:25). Think of it as a “warm-up” for the day’s pricing—it determines each stock’s opening price.

This 10-minute period is further divided into two phases:

• Phase 1 (9:15 - 9:20): Free Order Submission During this time, you can freely submit buy or sell orders and cancel them at any time. The system only accepts orders but does not match them.
• Phase 2 (9:20 - 9:25): No Cancellation Allowed

  Caution! This is where beginners often make mistakes. From 9:20 onward, you can still submit new orders, but you cannot cancel any previously submitted orders. This rule prevents large funds from manipulating the opening price through rapid order placement and cancellation near the open.

At exactly 9:25, the trading system matches all buy and sell orders to produce the price with the highest trading volume—this becomes the stock’s opening price for the day. From 9:25 to 9:30 is a “cool-down” period during which no new orders are accepted.

3. Market Closures and Holidays

Remember, the stock market is not a 24/7 convenience store. Besides regular trading hours, you also need to know A-share closure schedules.

1. Weekend Closure: Saturdays and Sundays—the exchanges are closed.
2. Public Holiday Closure: All mainland China statutory holidays result in market closure. Examples include:
   • New Year’s Day
   • Spring Festival (usually about a week)
   • Qingming Festival
   • Labor Day
   • Dragon Boat Festival
   • Mid-Autumn Festival
   • National Day (usually about a week)

The exact annual closure schedule is typically announced by the Shanghai and Shenzhen Stock Exchanges at the end of the previous year via official notices. You can check anytime through your broker’s app or the exchange websites to plan your trading in advance. Mastering the full A-share opening and closure rules is essential for every investor.

Six Core Trading Rules Every Beginner Must Know

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Congratulations! You’ve grasped A-share trading hours. Now let’s move to the core: trading rules. If you compare stock trading to a game, these rules are the “gameplay” you must understand. Knowing them helps you avoid many common “newbie pitfalls.”

1. T+1 Settlement System

One of the most important rules in the A-share market is the “T+1” trading system.

Simple analogy: It’s like vegetables you buy at the market today—you can’t sell them until tomorrow.

Here “T” stands for trading day. “T+1” means stocks you buy today cannot be sold until the next trading day. Similarly, after selling stocks, the proceeds can be used immediately to buy other stocks, but withdrawing to your bank card usually requires waiting until T+1.

This rule aims to curb excessive speculation and reduce volatility. It is also a major difference between A-shares and many other markets (such as US stocks, which allow T+0 same-day trading).

2. Trading Unit: “Lot”

In the A-share market, you cannot buy any random number of shares—there is a minimum unit called a “lot.”

• 1 lot = 100 shares

By regulation, A-share trading is done in lots. When buying, the order quantity must be 100 shares or a multiple thereof. For example, you can buy 100 shares (1 lot), 200 shares (2 lots), or 1,000 shares (10 lots), but you cannot directly buy 50 or 123 shares.

Buy vs. Sell Rules Are Different—Pay Attention!

• Buying: Must be a multiple of 100 shares.
• Selling: Can be any amount. If you hold 120 shares, you can sell all at once. Shares less than 100 are called “odd lots”. When selling odd lots, regulations require selling all remaining odd lots of that stock in one order.

3. Price Limits

To prevent extreme intraday swings, A-shares have a “price limit” system—commonly known as “limit up” and “limit down.” The limit is calculated based on the previous day’s closing price.

Different boards have different limits:

Special Treatment for New Listings To allow the market to fully price new shares, STAR Market and ChiNext new listings have no price limits for the first 5 trading days. The ±20% limit starts from the 6th day. Main board new listings have a ±44% limit on the first day. This design manages early volatility while allowing pricing flexibility.

4. Order Pricing Rules

When placing orders in trading software, you usually face two basic order types: limit orders and market orders. Understanding the difference helps you execute your strategy better.

• When to use limit orders? When you are price-sensitive and not in a rush, wanting to buy/sell at your desired price.
• When to use market orders? When speed is critical and you accept the current market price—common in chasing rallies or stop-loss scenarios.

For beginners unfamiliar with market rhythm, limit orders are generally safer—they prevent buying too high or selling too low unexpectedly.

5. Matching Principles: Price and Time Priority

How are your orders matched in the massive market? The system follows a simple and fair queuing rule: price priority, then time priority.

Think of it this way:

• Price Priority:
  • Buyers: Higher bids get filled first.
  • Sellers: Lower asks get filled first.
• Time Priority:
  • Same price → whoever submitted first gets filled first.

In short: higher bids win (buy), lower asks win (sell), same price → first come, first served. The entire process is automated by the computer system, ensuring fairness.

6. Stock Code Differences

In the A-share market, every stock has a 6-digit code—it’s like the stock’s “ID number.” Just by looking at the first digits, you can quickly identify which exchange and board it belongs to.

Memorizing these code differences is very useful. For example, when you see a stock starting with “30” or “688,” you immediately know it has a 20% daily limit instead of the usual 10%. This helps you make more accurate judgments.

Stock Trading Costs: How Much Will It Cost?

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After understanding the rules, let’s do some math. Every time you trade stocks, you don’t just pay for the shares themselves—there are additional fees. Knowing these costs helps you accurately calculate your true returns and avoid “blind” spending. Stock trading costs mainly consist of three parts: broker commission, national stamp duty, and Shanghai transfer fee.

1. Broker Commission

This is the “service fee” you pay to your brokerage—the largest and most flexible part of trading costs.

• Rate: Usually around 0.03% of the transaction amount. This rate is negotiable—the larger your capital and the more you trade, the lower the rate you can negotiate.
• Charged Both Ways: Commission applies to both buying and selling.
• Minimum Charge: Most brokers have a “minimum 5 CNY” rule. Even if the calculated commission is less than 5 CNY, they will charge 5 CNY.

Tip for New Account Opening Before opening an account, actively ask your account manager about commission rates and minimum charges. For verbally promised low rates, it’s best to get written or system confirmation. Many broker apps now support self-service rate checking—very convenient.

Commission policies vary by broker. Here are reference rates for some major brokers:

2. National Stamp Duty

This is a tax collected by the State Taxation Administration when you sell stocks—part of national revenue.

• Rate: Currently, the securities transaction stamp duty rate in mainland China is 0.05% of the transaction amount. This rate is uniformly set by the state and identical across all brokers.
• One-Way Charge: The biggest feature—stamp duty is only charged when selling stocks, not when buying.

Did you know? To boost the capital market and investor confidence, the Ministry of Finance cut the stamp duty from 0.1% to 0.05% on August 28, 2023, directly halving investors’ selling costs.

3. Shanghai Transfer Fee

This fee is charged by China Securities Depository and Clearing Corporation Limited for handling stock ownership transfer registration procedures.

• Scope: Only applies to trading Shanghai Stock Exchange stocks (codes starting with “60” or “688”). Shenzhen stocks are exempt.
• Rate: 0.001% of transaction amount.
• Charged Both Ways: Applies to both buying and selling.

Although the transfer fee rate is very low, it is still part of your trading cost. Knowing these details lets you calculate profits and losses more accurately.

Congratulations! After reading this article, you have mastered the basics of A-share investing! Let’s quickly review the most important points:

• Remember A-share market hours and annual closure schedule.
• Master the three big rules: “T+1” trading, 1 lot = 100 shares, and price limits.

We recommend bookmarking this article as a handy investment reference you can revisit anytime. We hope this guide gives you a strong start on your investing journey—wishing you all the best!

FAQ

As you prepare to start investing, you may still have a few questions. Here are answers to the most common ones to clear your final doubts.

1. I want to start trading stocks—what’s the first step?

Your first step is to choose a brokerage and open a securities account. You usually need your ID card and a bank card for linking the fund account. Most brokers now support fully online account opening—very convenient.

2. What happens if I place an order outside trading hours?

Your order will not be executed immediately. It will be stored as a “pre-set order” in the broker’s system. When the next trading day begins (e.g., during the call auction), the system will automatically submit it to the exchange.

3. What is the minimum amount needed to invest in A-shares?

There is no fixed answer—it depends on the stock price you want to buy. Since the minimum purchase is 100 shares (1 lot), your minimum investment is:

Minimum Investment ≈ 100 shares × target stock price + trading fees