The starting point of the seventh bull market came from the start of the split share structure reform in May 2005, when a large number of open-end funds were issued. The expectation of RMB appreciation brought about excess liquidity of domestic funds, and funds entered the market in an all-round way. Since 1998, the stock index has reached an all-time high of 6 124 in just two years, with a full increase of 5 13.49%, which is the most magnificent bull market in China stock market so far. Driven by the crazy issuance of funds and the optimism of the market, the increase of stamp duty of 5.30 failed to change the running track of the market and rose all the way to 6 124 points. This round of bull market is called the era of national stock trading by the media. Then it entered a bear market. From 2007 to 2008, the index plummeted. In just one year, the stock index plummeted from 6 124 to 1664.
A-shares, that is, RMB ordinary shares, are ordinary shares issued by companies registered in China and listed in China and priced in RMB for domestic institutions, organizations or individuals (Hong Kong, Macao and Taiwan residents can open A-share accounts from April 13) to subscribe and trade in RMB.
The English letter A has no practical significance, but is only used to distinguish ordinary RMB stocks from special RMB stocks.
A shares are not physical shares. Electronic recording, paperless, implementation of "T+ 1" delivery system, price limit (10%). The participating investors are Chinese mainland institutions or individuals. The stocks of listed companies in China include A shares, B shares, H shares, N shares and S shares.
On June 27, 2020, the CSRC issued a notice to the securities and futures exchanges, which were closed on June 38, 2020 and opened as usual on February 3.