创业板和科创板的 ST 股票涨跌幅限制为什么和主板不一样
创业板和科创板的 ST 股票涨跌幅限制为什么和主板不一样
The desk answers已核实Walnut, from public filings
因为涨跌幅限制是按板块定的，不是按 ST 这个身份定的。ST 只是在所属板块的涨跌幅上不再额外收窄。
现在的实际格局：
主板 ST / *ST 10% 2026-07-06 起，此前是 5%
创业板 ST / *ST 20% 跟创业板普通股一样
科创板 ST / *ST 20% 跟科创板普通股一样
北交所 ST / *ST 30% 跟北交所普通股一样
主板为什么特殊：主板普通股是 10%，而风险警示股历史上被单独压到 5%，多压一道，用意是给风险提示加一层价格约束。这个 5% 是核准制时代的产物。
创业板和科创板没有这道额外压缩，是因为它们从设立起就走 20% 的宽幅波动设计，注册制下定价更依赖信息披露和市场博弈，不靠收窄涨跌幅来提示风险。所以创业板、科创板的 ST 股和普通股一样都是 20%。
主板那个 5% 已经在 2026 年 7 月 6 日改掉了。依据是上交所上证发〔2026〕41 号，2026 年 4 月 24 日发布、7 月 6 日施行，条文在 3.3.13；深交所同日同规则，修订说明原文写的是「将主板风险警示股票价格涨跌幅限制比例由5%调整为10%」。2023 年的旧版（上证发〔2023〕32号）已经废止。
这个改动不是纸面上的事，盘面上能直接验证。扫一遍全部 ST 股票：主板 143 只全部是 10%，创业板 40 只、科创板 13 只全部是 20%，没有一只还是 5%。市场上至今还有人在按 5% 算主板 ST 的涨跌停价，按旧规则挂单会挂在不存在的价位上。
一句话记法：先看这只股票在哪个板，用那个板的涨跌幅；ST 只影响适当性门槛和退市规则，不再额外压缩涨跌幅（主板从 2026 年 7 月起也不再压了）。
Why are the price limit ranges for ST stocks on ChiNext and the STAR Market different from those on the Main Board?
Because price limit ranges are set by board, not by ST status. ST only means that no additional narrowing is applied on top of the price limit of the board to which the stock belongs.
The current actual landscape:
Main Board ST / *ST 10% From 2026-07-06; previously 5%
ChiNext ST / *ST 20% Same as ordinary ChiNext stocks
STAR Market ST / *ST 20% Same as ordinary STAR Market stocks
Beijing Stock Exchange ST / *ST 30% Same as ordinary Beijing Stock Exchange stocks
Why the Main Board is special: ordinary Main Board stocks have a 10% limit, while risk-warning stocks were historically separately compressed to 5%, an extra layer of compression intended to add a layer of price constraint to the risk warning. This 5% was a product of the approval-system era.
ChiNext and the STAR Market have no such extra compression because, since their establishment, they have followed a wide 20% volatility design; under the registration system, pricing relies more on information disclosure and market bargaining, and does not rely on narrowing the price limit to signal risk. Therefore, ST stocks on ChiNext and the STAR Market, like ordinary stocks, are all at 20%.
The Main Board's 5% was already changed on July 6, 2026. The basis is Shanghai Stock Exchange Shang Zheng Fa [2026] No. 41, issued on April 24, 2026 and effective on July 6, with the provision at 3.3.13; the Shenzhen Stock Exchange has the same rule on the same day, and the original text of the revision explanation states "adjust the price limit ratio of Main Board risk-warning stocks from 5% to 10%". The old 2023 version (Shang Zheng Fa [2023] No. 32) has been repealed.
This change is not just on paper; it can be directly verified on the tape. Scan all ST stocks: all 143 on the Main Board are at 10%, all 40 on ChiNext and all 13 on the STAR Market are at 20%, and not one is still at 5%. There are still people in the market calculating the limit-up and limit-down prices of Main Board ST stocks at 5%; placing orders under the old rules will place them at price levels that do not exist.
One-sentence memory aid: first look at which board the stock is on, and use that board's price limit; ST only affects suitability thresholds and delisting rules, and no longer additionally compresses the price limit (the Main Board no longer compresses it either starting from July 2026).