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longbridge-regulatory-kb

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English
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Translation

Chinese

longbridge-regulatory-kb

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.
一个结构化的监管知识库，涵盖A股、港股、美股及加密货币市场中投资者需遵守的规则、限制及机制——无需实时数据查询即可解答监管相关问题。
回复语言：匹配用户输入语言——简体中文/繁体中文/英文。

When to use

使用场景

  • "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 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"
如需了解实时交易时段状态，请搭配
longbridge market-temp
使用。如需查询特定标的的规则，请使用
longbridge static <SYMBOL> --format json
。

A-Share Rules (A股规则)

A-Share Rules (A股规则)

Price limits (涨跌停)

涨跌停限制

BoardNormal stocksST / *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.
板块普通股票ST/*ST股票
沪/深主板±10%±5%
STAR Market (科创板)±20%（上市前5日：±30%）无
ChiNext (创业板)±20%（上市前5日：±30%）无
北京证券交易所±30%±30%
新股上市：首日无涨跌停限制；第2-5日遵循上述限制。

Settlement (交收)

交收规则

  • 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.
  • T+1：买入股票次日可卖出，卖出所得资金次日可用。
  • T+0：普通股票不允许（普通投资者禁止日内交易）。
  • ETF及可转债：允许T+0卖出。

Short selling (融券做空)

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.
  • 仅可通过持牌券商的保证金账户操作。
  • 仅可做空交易所公布的融券标的名单内的证券。
  • 禁止裸卖空——必须先借入证券。
  • 转融券费用：通常为每日0.05-0.10%。

Circuit breakers (熔断)

熔断机制

  • 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.
  • 当沪深300指数下跌≥5%时触发15分钟停盘，下跌≥7%时触发当日收盘。
  • 注：于2016年1月4日实施，因市场波动于2016年1月8日暂停。

Delisting rules (退市新规, 2024)

退市新规（2024年）

  • 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.
  • 财务指标：连续2年净利润<0且营业收入<1亿元人民币 → 风险警示；连续3年 → 退市。
  • 市值指标：连续20个交易日市值<3亿元人民币 → 退市警示。
  • 成交额指标：连续20个交易日成交额<200万元人民币 → 退市警示。
  • ST/*ST标识：亏损1年 → ST；连续亏损2年 → *ST；进一步违规 → 启动退市审核。

Stamp duty (印花税)

印花税

  • 0.1% on sell side only (halved from 0.1% on both sides effective Aug 2023).
  • 仅对卖方征收0.1%（2023年8月起由买卖双方各0.1%减半调整为仅卖方征收）。

HK Stock Rules (港股规则)

HK Stock Rules (港股规则)

Price limits

涨跌停限制

  • 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.
  • 香港联交所无每日涨跌停限制。
  • 极端波动可能触发波动调节机制（VCM）：若5分钟内股价波动±10%，将触发5分钟冷静期。

Settlement (交收)

交收规则

  • 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).
  • T+2：标准交收。T日卖出，T+2日完成资金交收。
  • T+0卖出：允许——若已持有（如股份已转入账户），当日买入的股份可当日卖出。

Short selling (卖空)

卖空规则

  • 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.
  • 仅可卖空指定标的——香港联交所公布卖空标的名单。
  • 禁止裸卖空——必须先借入股份。
  • 卖空订单必须在下单时标记为“卖空”。

Odd-lot trading (碎股)

碎股交易

  • 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.
  • 一手=标准交易单位（不同股票有所不同：100、200、500、1000、2000股等）。
  • 碎股（不足一手）在碎股市场交易，买卖价差更大。
  • 散户通常通过供股或股票分红获得碎股。

Grey market / dark pool (暗盘)

暗盘交易

  • 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.
  • 新股暗盘：IPO上市前的非官方场外交易，通常在上市前一晚进行。
  • 提供价格发现功能，但不受香港联交所监管，存在交收风险。

Listing criteria / delisting (上市/退市)

上市/退市规则

  • 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.
  • 盈利测试：主板上市需3年累计盈利≥5000万港元。替代方案：市值测试或营收测试。
  • 退市：长期停牌（通常超过18个月）将触发退市审核。

Stamp duty (印花税)

印花税

  • 0.1% on both buyer and seller (total 0.2% per round trip), effective from 2021.
  • 买卖双方各征收0.1%（每笔交易合计0.2%），自2021年起生效。

Insider dealing (内幕交易条例)

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.
  • 《证券及期货条例》（第571章）监管内幕交易及市场操纵行为。
  • 董事必须在3个工作日内披露其交易情况。

US Stock Rules (美股规则)

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
.
核心规则：PDT规则（最低2.5万美元账户余额，5个交易日内最多4次日内交易）、Reg T初始保证金50%、T+1交收（自2024年5月起实施）、标普500指数熔断阈值-7%/-13%/-20%、Reg SHO卖空定位要求、LULD个股波动限制±5%。
详细内容请参阅
references/us-rules.md
。 加密货币监管及跨境税务基础知识请参阅
references/crypto-and-tax.md
。

CLI (supplementary)

CLI（补充工具）

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
如需实时交易时段状态：
bash
longbridge market-temp --format json   # 查看时段开闭、市场情绪
如需查询特定标的的一手数量或保证金层级：
bash
longbridge static <SYMBOL> --format json   # 使用--help查看可用字段
longbridge static --help

Output

输出规范

For each regulatory question:
  1. Clear rule statement with the governing authority.
  2. Numeric thresholds (%, days, amounts).
  3. Consequences of violation / breach.
  4. Practical tip for the user.
  5. Caveat: rules evolve; link to official source when possible (CSRC / SFC / SEC / FINRA).
针对每个监管问题：
  1. 明确说明规则内容及监管机构。
  2. 列出数值阈值（百分比、天数、金额）。
  3. 说明违规后果。
  4. 提供实用操作建议。
  5. 提示：规则会不断更新；尽可能提供官方来源链接（中国证监会/香港证监会/美国证监会/美国金融业监管局）。

Error handling

错误处理

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.
场景简体回复繁体回复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

相关技能

  • 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
  • longbridge-market-temp
    — 实时交易时段及市场情绪
  • longbridge-flows
    — 卖空兴趣及内幕交易数据（美股）
  • longbridge-derivatives
    — 期权保证金及行权规则
  • longbridge-hedging
    — 对冲策略设计

File layout

文件结构

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