news

li cunguo, chief correspondent of peninsula all media

on the evening of october 6, a piece of false news about "cancellation of call auctions" circulated on the internet, especially on short video platforms, causing widespread forwarding and attention. some self-media even issued "attention, starting from october 8, we started working right away at 9:15. we really didn’t wait for a minute..." the voice caused a stir for a while. on the morning of october 7, the authoritative interpretation finally came. the theory of "cancellation of call auctions" was purely false!

screenshot of shanghai stock exchange announcement

on october 6, the shanghai stock exchange issued a notice stating that it decided to adjust the time for accepting designated transaction declaration instructions from 9:15 to 9:25, 9:30 to 11:30, and 13:00 to 15:00 on each trading day. adjusted to 9:15 to 11:30 and 13:00 to 15:00 on each trading day. effective from october 8, 2024. this announcement was short, with only 259 words in the text. once it was issued, it spread quickly. various false news also followed.

in the latest news, in the face of misinterpretations on the internet such as "cancel collective bidding" and "start trading from 9:25", the shanghai stock exchange and relevant professionals have clarified: the main purpose of this adjustment is to facilitate the designation of new account openings. transaction reporting, improving efficiency rather than making fundamental changes to the trading system. "designated trading" means that investors must designate a securities business department as their securities trading agent for trading and clearing. this time adjustment is mainly to cope with the pressure caused by the surge in the number of account openings after holidays, and to alleviate possible "order blocking" by extending the designated transaction declaration time.

it can be seen that the misunderstanding occurs mainly because some netizens do not understand the collective bidding mechanism. call auction is the process of determining the opening price through purchase and sale orders within a period of time before the opening of each trading day. it is a very important link in stock market trading and is crucial to investors. therefore, any news that may affect the call auction will cause high sensitivity in the market. in fact, this adjustment does not involve collective bidding, nor does it change the trading system, nor will it affect the normal opening time of the market.

someone on the short video platform misread it as "5 minutes waiting time to cancel"

therefore, for the a-share stock market that is about to open, the adjustment of the shanghai stock exchange is more of a technical improvement, intended to improve back-end processing capabilities and customer service experience, rather than a major change in market trading rules or mechanisms. its main role it aims to improve the service quality and efficiency of market infrastructure and indirectly support the healthy development of the market. for ordinary investors, since it will not have a substantial impact on the overall trend of the stock market or investors' daily trading behavior, the impact of this move can be ignored, and they can still trade within the original time. operate.

will this adjustment affect market liquidity? such worries are unnecessary. the shanghai stock exchange’s move to extend the time for accepting designated transaction declaration instructions will not only not reduce market liquidity, but will help enhance the operational efficiency of the market. market liquidity usually refers to the speed and ease with which assets can be converted into cash. good liquidity means that there are enough buy and sell orders in the market, allowing traders to complete transactions quickly without significantly affecting the price. this adjustment is mainly a technical improvement, aiming to optimize the transaction process and improve service quality, thereby creating a smoother trading environment for investors. therefore, it can be expected that this measure will not lead to a decrease in market liquidity, but may indirectly promote the enhancement of liquidity by improving the operating efficiency of the market.

to sum up, in the long run, this move by the shanghai stock exchange will bring the following positive potential impacts. firstly, the convenience of opening an account is improved, shortening the waiting time of investors; secondly, investor trust is enhanced, and a market environment with efficient operation and high-quality services can enhance investors’ confidence and make them more willing to participate in market transactions; finally, the market increased transparency, similar to continuous technological improvement and service optimization, will obviously help to build a more transparent and efficient market system, thereby affecting the decision-making process of investors.

at the same time, this own incident also reminded the relevant decision-making departments that collective bidding is a key link in determining the opening price, and any related changes will arouse great concern in the market. when there is news that implies or may mislead investors into thinking that this mechanism will be changed, it can easily arouse investor nervousness, leading to misunderstandings and misinformation. therefore, an open, clear and authoritative explanation should be provided in a timely manner to avoid investor misunderstandings. read and provide prompt clarification when misunderstandings arise.