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In the global mainstream stock markets, the trading hours of the A-share market are far less than those of the global mainstream markets, with A-share trading hours only lasting 4 hours.
In comparison to the A-share market, the trading hours of global mainstream stock markets are significantly longer. For example, the trading hours of the Hong Kong stock market are 5.5 hours, and the trading hours of the Japanese stock market are also 5.5 hours. Additionally, the trading hours of securities markets in Australia, New York, Toronto, Singapore, London, and others exceed 6 hours.
In fact, for some mature stock markets, the limitations of intraday trading have long been surpassed, and pre-market, after-hours, and night trading modes have been established.
Taking the Nasdaq index as an example, in addition to intraday trading, investors can also place orders during pre-market and after-hours sessions, with the actual trading time exceeding 16 hours each trading day, almost achieving a &#34;24/7&#34; trading state. In the future, Nasdaq's trading hours may be further extended from 16 hours to 23 hours to meet investors' trading needs at various times.
Among global mainstream markets, the trading hours of the A-share market are basically at the bottom. For the A-share market, not only is the trading time relatively short each trading day, but the A-share market also has one of the longest holiday breaks.
For example, during the Spring Festival holiday, the A-share market is closed for more than a week. During the long holidays of &#34;May Day&#34; and &#34;National Day,&#34; the A-share market also has no less than three days of closure. Additionally, the A-share market has holidays for New Year's Day, Qingming Festival, Dragon Boat Festival, Mid-Autumn Festival, and others. If we add the regular closure on Saturdays and Sundays, the actual closure time of the A-share market throughout the year is quite substantial.
Currently, the A-share market is the second-largest stock market in the world by market capitalization, and based on liquidity, trading volume, and other data analysis, the A-share market is generally stable within the top three globally, making it a highly active stock market. From a medium to long-term development perspective, the A-share market is accelerating its pace of internationalization and marketization. In the future, aspects such as market trading hours, trading systems, and investor structures will gradually align with international mature markets, hastening its entry onto the international stage.
Behind the A-share market's acceleration in aligning with international mature stock markets, the trading hours of the A-share market should also speed up to match those of international mature markets. The current trading time of 4 hours per trading day in the A-share market is still far from sufficient.
In my view, the future trading hours of the A-share market can be divided into three steps.
The first step is to synchronize the trading hours of the A-share market completely with those of the Hong Kong stock market. In other words, the trading hours of the A-share market should be extended to 5.5 hours, fully aligning with the opening and closing times of the Hong Kong stock market.
Complete synchronization of trading hours with the Hong Kong stock market is beneficial to avoid cross-market arbitrage behavior. In practice, important policies are often announced after the A-share market closes. However, since the Hong Kong stock market is still trading, when important policy news is released after the A-share market closes, some arbitrage funds will flow into the Hong Kong stock market, which will digest policy information ahead of the A-share market
However, after the A-share market opens the next day, the impact of policy news on the A-share market will significantly weaken, as smart money has already positioned itself in advance.
The trading hours of the A-share market do not synchronize with those of the Hong Kong stock market, which can easily lead to information asymmetry and trigger cross-market arbitrage behavior. Therefore, from the perspective of maintaining market fairness, the trading hours of the A-share market should be fully synchronized with those of the Hong Kong stock market.
The second step is for the trading hours of the A-share market to gradually align with those of mature markets in Europe and the United States.
According to the conventional trading hours of mature stock markets in Europe and the United States, the average trading time exceeds 6 hours, with securities markets such as the London Stock Exchange and Frankfurt Stock Exchange having trading hours of up to 8.5 hours. In other words, the trading hours of these stock markets exceed the current trading hours of the A-share market by more than double.
From a medium to long-term perspective, for the A-share market to align with international mature stock markets, trading hours need to be extended to over 8 hours, synchronizing with the conventional trading hours of mature markets in Europe and the United States. As the second-largest stock market by market capitalization globally, its trading hours should also align with those of mature markets in Europe and the United States.
The third step is for the A-share market to gradually introduce pre-market, after-hours, or night trading to meet trading demands at different times.
Some mature stock markets are actively exploring &#34;around-the-clock&#34; trading hours, with Nasdaq's trading hours extending from 16 hours to about 23 hours, and &#34;around-the-clock&#34; trading may be actively developed in major global markets. Therefore, from the perspective of enhancing market activity and trading volume, it is necessary for the A-share market to add pre-market, after-hours, or night trading to improve market liquidity and reduce the risks of information asymmetry and trading time asymmetry.
Overall, compared to international mature stock markets, the trading hours of the A-share market are indeed relatively short. It is recommended to extend the trading hours of the A-share market in three steps, gradually aligning with the trading hours of international mature markets to further enhance the competitiveness and attractiveness of the A-share market

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The trading time of the A-share market is only 4 hours, which is much shorter than that of major global markets, such as the Hong Kong stock market and the Japanese stock market, both of which are 5.5 hours, while other markets like Nasdaq have actual trading times exceeding 16 hours. The A-share market also has a longer holiday period, affecting market activity. Although the A-share market is the second largest market by market capitalization globally, it should accelerate its alignment with international mature markets in the future and extend trading hours to meet investor demand

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Should the trading hours of A-shares, which are significantly shorter than those of major global markets, be extended?