How to merge a stock transaction

After accepting the trading commission from investors, a securities business institution should immediately transmit the information to the exchange host in chronological order to publicly declare a bid.
When applying for a spot price, you can use a spot price or continuous bidding method according to relevant regulations. The matching machine of the exchange will automatically merge the deal based on the principle of "price first, time first.
Currently, both Shanghai and Shenzhen Stock Exchange have set bidding and continuous bidding methods. Am -- is the auction time, and the rest of the trading time is the continuous auction time. During the auction period, the exchange's automatic matching system only stores the stock but does not match the stock. When the auction time ends, the matching system will open the auction on the day when the stock is generated based on the auction principles. The first day of Shanghai and Shenzhen Stock Exchange is not subject to the limit of 10% increase or decrease. However, when the stock market of Shenzhen Stock Exchange is set for the current day, the entrusted bidding price cannot exceed 15 yuan of the stock issuance price. Otherwise, this auction is invalid in a Collection Auction and can only be used in subsequent continuous bids. After the Auction ends, the auction starts at Am-Am and Am-Am. After the investor's purchase and sale orders enter the exchange host, the matching system will automatically match based on the "price first, time first" principle. When the same price is reached, the matching will be conducted in chronological order.
When matching a deal, the stock transaction price is determined by the following principles:
The renewal price must be within 10% of the closing price;
The price of the highest purchase Declaration and the highest sale declaration is the same;
For example, if the price quoted by the buyer or seller is high (low), the average price of the price quoted by both parties is used.
If the exchange host matches the transaction, the host immediately reports the transaction information back to the brokerage office for investors to query. Investors have the right to withdraw their commission or continue waiting for the deal if the deal is not completed. Generally, the Commission is valid for one day. In addition, the closing price of a deep-market stock is not the last transaction price of the stock on the current day, but the transaction amount of the last minute of the transaction on the current day divided by the transaction volume.