longbridge-regulatory-kb

Original：🇺🇸 English

Translated

Financial regulatory knowledge base — A-shares (10% / 5% ST price limits, T+1 settlement, short-selling rules, new delisting rules), HK (T+0 short-selling, no price limits, odd-lot / grey market, profit test, insider dealing ordinance), US (PDT rule $25k threshold, Reg T margin, circuit breakers, SEC rules), crypto regulation, cross-border tax basics. Triggers: "监管规则", "涨跌停", "T+1", "融券", "退市", "做空规则", "PDT规则", "熔断", "保证金", "印花税", "監管規則", "漲跌停", "融券", "退市", "做空規則", "PDT規則", "熔斷", "保證金", "印花稅", "regulatory rules", "circuit breaker", "short selling rules", "PDT rule", "margin requirements", "stamp duty", "delisting rules", "trading rules", "settlement rules".

2installs

Sourcelongbridge/skills

Added on2026-05-12

NPX Install

npx skill4agent add longbridge/skills longbridge-regulatory-kb

SKILL.md Content

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longbridge-regulatory-kb

A structured regulatory knowledge base covering the rules, restrictions, and mechanisms investors face across A-shares, Hong Kong, US equity markets, and cryptocurrency — answers regulatory questions without needing live data lookups.

Response language: match the user's input language — Simplified Chinese / Traditional Chinese / English.

When to use

"A 股涨跌停规则是什么", "what are A-share price limits", "A 股漲跌停規則"
"T+1 是什么意思", "what is T+1 settlement"
"港股可以 T+0 吗", "can I sell HK stocks on the same day I buy"
"PDT 规则是什么", "explain the PDT rule"
"美股熔断机制怎么触发", "US circuit breaker trigger levels"
"A 股退市新规", "new A-share delisting rules"
"港股碎股和暗盘怎么交易", "odd-lot and grey market in HK"

For live trading session status, supplement with

longbridge market-temp

. For symbol-specific rules, use

longbridge static <SYMBOL> --format json

.

A-Share Rules (A股规则)

Price limits (涨跌停)

Board	Normal stocks	ST / *ST stocks
Shanghai / Shenzhen Main Board	±10%	±5%
STAR Market (科创板)	±20% (first 5 days: ±30%)	N/A
ChiNext (创业板)	±20% (first 5 days: ±30%)	N/A
Beijing Stock Exchange	±30%	±30%

New listings: first day no limit; days 2–5 follow the limits above.

Settlement (交收)

T+1: Sell a stock on the day after purchase. Funds from sales available next day.
T+0: Not permitted for equities (day trading is prohibited for ordinary investors).
ETFs and convertible bonds: T+0 selling is allowed.

Short selling (融券做空)

Available only via margin accounts through approved brokers.
Securities in the approved short-list only (maintained by exchanges).
No naked short selling — must borrow first.
Transfer fee: typically 0.05–0.10% daily.

Circuit breakers (熔断)

Triggered when CSI 300 falls ≥5% (15-min halt) or ≥7% (market close for the day).
Note: implemented 2016-01-04, suspended 2016-01-08 due to market disruption.

Delisting rules (退市新规, 2024)

Financial: Net profit < 0 AND revenue < 100M RMB for 2 consecutive years → risk warning; 3 years → delisting.
Market cap: < 300M RMB for 20 consecutive trading days → delisting warning.
Turnover: < 2M RMB for 20 consecutive days → delisting warning.
ST / *ST designation: 1 year of losses → ST; 2 consecutive → *ST; further violations → delisting review.

Stamp duty (印花税)

0.1% on sell side only (halved from 0.1% on both sides effective Aug 2023).

HK Stock Rules (港股规则)

Price limits

No daily price limits on the Hong Kong Stock Exchange.
Extreme volatility may trigger Volatility Control Mechanism (VCM): 5-minute cooling-off if price moves ±10% in 5 minutes.

Settlement (交收)

T+2: Standard settlement. Sell on day T; proceeds settled T+2.
T+0 selling: Allowed — you can sell shares purchased today if settled (e.g. shares transferred to your account already, which typically requires prior holding).

Short selling (卖空)

Designated short-selling stocks only — SEHK publishes the list.
No naked short selling — must borrow.
Short positions must be marked as "short" at order entry.

Odd-lot trading (碎股)

Board lot = standard trading unit (varies by stock: 100, 200, 500, 1000, 2000 shares, etc.).
Odd lots (less than one board lot) trade in the odd-lot market at wider spreads.
Retail investors often receive odd lots from rights issues or stock dividends.

Grey market / dark pool (暗盘)

Pre-IPO grey market: unofficial OTC trading in IPO shares before listing, typically evening before listing day.
Provides price discovery but is not regulated by SEHK; settlement risk exists.

Listing criteria / delisting (上市/退市)

Profit test: Aggregate profit ≥ HK$50M over 3 years (main board). Alternative: market cap test or revenue test.
Delisting: Prolonged trading suspension (typically > 18 months) triggers delisting review.

Stamp duty (印花税)

0.1% on both buyer and seller (total 0.2% per round trip), effective from 2021.

Insider dealing (内幕交易条例)

Securities and Futures Ordinance (SFO) Cap. 571 governs insider dealing and market manipulation.
Directors must disclose dealings within 3 business days.

US Stock Rules (美股规则)

Key rules: PDT ($25k minimum, 4 day-trades in 5-day window), Reg T 50% initial margin, T+1 settlement (since May 2024), S&P 500 circuit breakers at -7%/-13%/-20%, Reg SHO short-locate requirement, LULD per-stock bands ±5%.

For full detail see

references/us-rules.md

. For cryptocurrency regulation and cross-border tax basics see

references/crypto-and-tax.md

.

CLI (supplementary)

For live trading session status:

bash

longbridge market-temp --format json   # session open/closed, market sentiment

For symbol-specific board lot or margin tier:

bash

longbridge static <SYMBOL> --format json   # verify available fields with --help
longbridge static --help

Output

For each regulatory question:

Clear rule statement with the governing authority.
Numeric thresholds (%, days, amounts).
Consequences of violation / breach.
Practical tip for the user.
Caveat: rules evolve; link to official source when possible (CSRC / SFC / SEC / FINRA).

Error handling

Situation	简体回复	繁體回覆	English reply
`command not found: longbridge`	监管知识库无需 CLI。如需实时交易状态，请安装 longbridge-terminal。	監管知識庫無需 CLI。如需實時交易狀態，請安裝 longbridge-terminal。	Regulatory KB needs no CLI. For live session status, install longbridge-terminal.
Rule not covered	该规则暂未收录，建议查阅 CSRC/SFC/SEC 官网。	該規則暫未收錄，建議查閱 CSRC/SFC/SEC 官網。	Rule not yet covered; consult CSRC / SFC / SEC official website.
User asks for specific account advice	请咨询持牌财务顾问，本技能仅提供通用规则说明。	請諮詢持牌財務顧問，本技能僅提供通用規則說明。	Consult a licensed financial adviser; this skill provides general rules only.

Related skills

```
longbridge-market-temp
```
— live trading session and sentiment
```
longbridge-flows
```
— short interest and insider trade data (US)
```
longbridge-derivatives
```
— options margin and exercise rules
```
longbridge-hedging
```
— hedging strategy design

File layout

skills/longbridge-regulatory-kb/
└── SKILL.md

longbridge-regulatory-kb

NPX Install

Tags

SKILL.md Content

longbridge-regulatory-kb

When to use

A-Share Rules (A股规则)

Price limits (涨跌停)

Settlement (交收)

Short selling (融券做空)

Circuit breakers (熔断)

Delisting rules (退市新规, 2024)

Stamp duty (印花税)

HK Stock Rules (港股规则)

Price limits

Settlement (交收)

Short selling (卖空)

Odd-lot trading (碎股)

Grey market / dark pool (暗盘)

Listing criteria / delisting (上市/退市)

Stamp duty (印花税)

Insider dealing (内幕交易条例)

US Stock Rules (美股规则)

CLI (supplementary)

Output

Error handling

Related skills

File layout