· Document Number：No. 291 [2016] of the Shenzhen Stock Exchange

· Area of Law： Securities

· Level of Authority： Industry Regulations

· Date issued：09-30-2016

· Effective Date：01-01-2016

· Status： Effective

· Issuing Authority： Shenzhen Stock Exchange

Trading Rules of the Shenzhen Stock Exchange
(Effective as of November 30, 2001; No. 291 [2016] of the Shenzhen Stock Exchange; revised for the first time on May 15, 2006; revised for the second time on January 17, 2011; revised for the third time on November 30, 2012; revised for the fourth time on July 29, 2014; revised in accordance with the Decision on Amending Article 3.1.4 of the Trading Rules of the Shenzhen Stock Exchange (2013 Revision) issued on November 30, 2013; revised in accordance with the Notice on Amending Article 3.1.4 of the Trading Rules of the Shenzhen Stock Exchange issued on January 9, 2015; revised in accordance with the Notice on Revising the Trading Rules of the Shenzhen Stock Exchange by Adding Section 6 to Chapter 4 issued on December 4, 2015; revised in accordance with the Notice on Amending the Trading Rules of the Shenzhen Stock Exchange (No. 138 [2016], SSE) issued on April 28, 2016; and revised in accordance with the Notice of the Shenzhen Stock Exchange on Amending Certain Clauses of the Trading Rules of the Shenzhen Stock Exchange involving Trading Participants on September 30, 2016)
Table of Contents
Chapter I General Provisions
Chapter II Trading Market
Section 1 Trading Venue
Section 2 Trading Participants
Section 3 Trading Instruments and Methods
Section 4 Trading Hours
Chapter III Trading in Securities
Section 1 General Rules
Section 2 Instructions from Clients
Section 3 Order Routing
Section 4 Auction
Section 5 Execution
Section 6 Block Trading
Section 7 Margin Trading and Short Selling Transactions
Section 8 Bond Repo Transactions
Chapter IV Other Trading Matters
Section 1 Custody Conversion
Section 2 Opening Price and Closing Price
Section 3 Listing, Delisting, and Suspension and Resumption of Trading
Section 4 Ex-right and Ex-dividend
Section 5 Trading Matters during the Period of Delisting Arrangements
Section 6 Index-Based Circuit Breaker
Chapter V Trading Information
Section 1 General Rules
Section 2 Real-time Quotations
Section 3 Securities Indices
Section 4 Open Securities Trading Information
Chapter VI Oversight of Securities Trading
Chapter VII Handling of Extraordinary Circumstances during Trading
Chapter VIII Trading Disputes
Chapter IX Trading Fees
Chapter X Supplemental Provisions
Chapter I General Provisions
1.1 For purposes of regulating the trading activities on the securities market, maintaining the order of the securities market, and protecting the lawful rights and interests of investors, these Rules are developed in accordance with the Securities Law of the People's Republic of China, the Measures for the Administration of Stock Exchanges, other laws, administrative regulations, departmental rules, regulatory documents, and the Constitution of the Shenzhen Stock Exchange.
1.2 These Rules shall apply to the transactions in securities and derivatives thereof (hereinafter collectively referred to as “securities”) listed on the Shenzhen Stock Exchange (hereinafter referred to as the “SSE”).
Any matter not specified in these Rules shall be governed by other relevant provisions issued by the SSE.
1.3 The principle of “openness, fairness, and impartiality” shall be followed in the trading of securities.
1.4 Laws, administrative regulations, departmental rules, regulatory documents and relevant business rules of the SSE shall be complied with, and the principles of free will, compensation, integrity and good faith shall be followed in the trading of investors.
1.5 Trading in securities shall be in the form of paperless centralized transactions or any other forms as approved by the China Securities Regulatory Commission (hereinafter referred to as the “CSRC”).
Chapter II Trading Market
Section 1 Trading Venue
2.1.1 The SSE provides a trading venue and installations for the trading of securities. The trading venue and installations include the trading mainframe, trading floor, business unit, order routing system, and relevant communication systems, among others.
Section 2 Trading Participants
2.2.1 To trade in securities on the SZSE, members and institutions recognized by the SZSE shall apply to the SZSE for trading privilege, and become trading participants of the SZSE.
Trading participants shall trade in securities through the business units opened with the SZSE upon application, and comply with these Rules and relevant provisions of other business rules of the SZSE on trading in securities.
2.2.2 “Business unit” means a basic business unit formed upon the trading participant's application to the SSE, through which the trading participant participates in the trading of securities on the SSE, and receives the SSE's supervision and services.
2.2.3 The specific provisions on business units and trading privileges shall be additionally developed by the SSE.
Section 3 Trading Instruments and Methods
2.3.1 The instruments may be listed and traded on the SSE:
(1) Stocks.
(2) Funds.
(3) Bonds.
(4) Warrants.
(5) Other trading instruments as approved by the CSRC.
2.3.2 The methods of securities trading include:
(1) Spot transactions.
(2) Repo transactions.
(3) Margin trading and short selling transactions.
(4) Other trading methods approved by the CSRC.
Section 4 Trading Hours
2.4.1 The SSE is open for trading from Monday to Friday.
The SSE is closed on statutory national holidays and other days as announced by the SSE.
2.4.2 In the case of auction trading, the opening call auction runs from 9:15 to 9:25 on each trading day, and the continuous auction runs from 9:30 to 11:30 and from 13:00 to 14:57, and the closing call auction runs from 14:57 to 15:00.
The SSE may adjust trading hours, subject to approval of the CSRC.
2.4.3 In the case of market closure due to any cause during trading hours, trading hours will not be extended.
Chapter III Trading of Securities
Section 1 General Rules
3.1.1 Upon acceptance of an investor's instruction, a member shall confirm that investors have the corresponding securities or funds, place an order with the SSE as instructed and assume corresponding trading and settlement obligations.
After the member executes the order as instructed by the investor, the investor shall deliver to the member the securities sold by the member as instructed by the investor or the payment for securities bought by the member as instructed by the investor, while the member shall deliver to the investor the payment received from the sale of the securities or the securities bought.
3.1.2 Trading participants shall send buy or sell orders to the SZSE's trading mainframe through their order routing systems, and execute trades according to these Rules; and the trading records shall be sent by the SZSE to trading participants.
3.1.3 Trading participants shall, according to the relevant provisions, properly keep the records of instructions from clients and order routing activities.
3.1.4 Securities purchased by investors shall not be resold before settlement, except for turn-around trades.
A turn-around trade of securities means the sale of all or a part of the securities purchased by an investor after confirmation of execution of the buy order but before settlement of the purchased securities.
Intra-day turn-around trading shall apply to auction trading of bonds, bonds exchange-traded funds, open-end gold exchange-traded funds, money market exchange-traded funds, cross-border exchange-traded funds, and cross-border listed open-end funds. Turn-around trading from the next trading day shall apply to B-shares.
The aforesaid cross-border exchange-traded funds and cross-border listed open-end funds shall be limited to the open-end funds tracking index constituent securities or portfolios to which intra-day turn-around trading applies.
With the approval of the CSRC, the SSE may adjust the types of securities subject to turn-around trading and the methods of turn-around trading.
3.1.5 The SSE may implement a primary dealer system where the market so requires. The specific provisions shall be additionally developed by the SSE and come into force with the approval of the CSRC.
Section 2 Instructions from Clients
3.2.1 In order to trade his or her securities, an investor shall open a securities account and a cash account in his or her own name and sign a broker-client agreement with a member. Upon execution of the agreement, the investor becomes a brokerage client of the member.
Investors shall open securities accounts according to the rules of the depository and clearing institution as designated by the SSE.
3.2.2 Investors may instruct a member in writing or by self-service means such as telephone, self-service terminal, or Internet to buy or sell securities on their behalf.
To trade his or her securities by self-service means, an investor shall sign a self-service trading agreement with a member.
3.2.3 Investors shall operate their transactions according to the relevant provisions when placing an order by self-service means such as telephone, self-service terminal, or Internet.
Members shall record the telephone numbers, network card address, IP address and other information instructed by investors.
3.2.4 Unless otherwise specified by the SSE, an order placed by an investor shall include its:
(1) securities account number;
(2) securities code;
(3) buy or sell;
(4) quantity;
(5) price; and
(6) other information as required by the SSE and the member.
3.2.5 Investors may trade in securities through members by placing a limit order or a market order.
A limit order is an instruction given by an investor to a member to buy or sell a security at a specified price, and the member must buy the security at the specified price or a lower price or sell the security at the specified price or a higher price.
A market order is an instruction given by a client to a member to buy or sell a security at the market price.
3.2.6 Clients may cancel the unexecuted part of an order.
3.2.7 Members shall return to investors the cash or securities corresponding to the cancelled or invalid order upon confirmation thereof.
Section 3 Order Routing
3.3.1 The SZSE accepts auction orders routed by trading participants from 9:15 to 9:25, 9:30 to 11:30, and 13:00 to 15:00 on each trading day.
The SZSE's trading mainframe will not accept cancellation of any order during the call auction from 9:20 to 9:25 and from 14:57 to 15:00 on each trading day. During other trading time, unexecuted orders may be cancelled.
The SZSE may adjust the time of accepting orders routed by members.
3.3.2 A member shall route orders in a timely manner to the SSE in the sequential order of acceptance of instructions from investors.
A buy or sell order or cancellation of an order is effective upon confirmation by the SSE's trading mainframe.
3.3.3 Except as otherwise specified, the SZSE accepts limit orders and market orders routed by trading participants.
3.3.4 The SSE may accept the following types of market orders where the market so requires:
(1) “Counterparty Best Price” order.
(2) “Same Side Best Price”order.
(3) “Five Best Orders Immediate or Cancel” order.
(4) “Immediate or Cancel” order.
(5) “Fill or Kill” order.
(6) Other types of orders as specified by the SSE.
“Counterparty Best Price” order is the best price quotation based on prices of the opposite side in the central orderbook when the order is routed into the trading mainframe.
“Same Side Best Price” order is an order whose quotation price is set at the best price on the same side in the central order book when the order is routed into the trading mainframe.
“Five Best Orders Immediate or Cancel” order is an unpriced order that is executed in sequence against the five best orders on the opposite side in the central order book when the order is routed into the trading mainframe, with the portion of the unexecuted order, if any, cancelled automatically.
“Immediate or Cancel” order is an unpriced order that is executed in sequence against all the orders on the opposite side in the central orderbook when the order is routed into the trading mainframe, with the portion of the unexecuted order, if any, cancelled automatically.
“Fill or Kill” order is an unpriced order to be executed in its entirety against all the orders on the opposite side in the central orderbook when the order is routed into the trading mainframe, otherwise the entire order shall be cancelled automatically.
3.3.5 Market orders may be used only during the continuous auction of securities, subject to price limits. During other trading sessions, the trading mainframe will not accept market orders.
3.3.6 In case of absence of orders on the same side in the central orderbook when a “Same Side Best Price” order is routed into the trading mainframe, the order is cancelled automatically.
In case of absence of orders on the opposite side in the central orderbook when an order of any other type is routed into the trading mainframe, the order is cancelled automatically.
3.3.7 An instruction for a limit order shall include the securities account number, securities code, business unit code, securities brokerage branch code, buy or sell, quantity, price and other information.
An instruction for a market order shall include the order type, securities account number, securities code, business unit code, securities brokerage branch code, buy or sell, quantity, and other information.
Instructions for orders must be transmitted in a format specified by the SSE.
The SSE may adjust the content of orders as needed by the market.
3.3.8 The quantity of stocks or funds to be purchased in auction trading shall be 100 shares (units) or an integral multiple thereof.
In the sale of stocks or funds with a balance of less than 100 shares (units), the balance shall be sold entirely in one order.
3.3.9 Purchase of bonds in auction trading shall be in a board lot of 10 units or the integral multiple thereof. Orders for bond collateral repos shall be placed in a board lot of 10 units or the integral multiple thereof.
Sales of bonds with less than 10 units shall be sold entirely in one order.
Each bond unit is par valued at 100 yuan, while in bond collateral repo, the standard bond par valued at 100 yuan is considered one unit.
3.3.10 In the auction trading of stocks (funds), the maximum quantity in one order shall not exceed one million shares (units); in the trading of bonds and bond collateral repos, the maximum quantity in one order shall not exceed one million lots.
3.3.11 The pricing unit for trading stocks is “price per share,” the pricing unit for trading funds is “price per fund unit,” the pricing unit for trading bonds is “price per 100 yuan bond at par value,” and the pricing unit for trading bond collateral repos is “yearly yield-to-maturity per 100 yuan.”
3.3.12 Bond transactions may be conducted by means of net price trading or overhead price trading.
“Net price trading” means that orders are made and executed at a price without accrued interest during the purchase and sale of bonds.
“Overhead price trading” means that orders are made and executed at a price containing accrued interest during the purchase and sale of bonds.
3.3.13 The tick size of the price in an order for trading A shares is 0.01 yuan, 0.001 yuan for funds, bonds and bond collateral repos, and 0.01 HK dollar for B shares.
3.3.14 The SSE may adjust the quantity in one order for trading securities and the tick size of the price in an order as needed by the market.
3.3.15 The SSE imposes price limits on the trading of stocks and funds, and both the upper and the lower limits are 10%, while stocks under special treatment such as ST shares or *ST shares are subject to a price limit of 5%. The SSE may adjust the price limit on securities with the approval of the CSRC.
3.3.16 The price limit is calculated as follows: Price reaching price limit = last closing price × (1 ± price limit).
The calculation result shall be rounded to the tick size.
Where the absolute value of the difference between the price reaching price limit and the last closing price is lower than the tick size, the last closing price increasing or decreasing by one tick size shall be the price reaching price limit.
3.3.17 Price limits do not apply under any of the following circumstances on the IPO day:
(1) IPO of shares.
(2) The listing of shares is resumed after suspension.
(3) Other circumstances as determined by the CSRC or the SSE.
3.3.18 An order is only valid on the day of placement. If an order is not fully executed at one time in auction trading, the unexecuted part of the order continues to participate in the auction on the same day, with the exception of market orders as specified in items (3), (4) and (5) of Article 3.3.4.
Section 4 Auction
3.4.1 The trading of securities by auction is conducted by call auction and continuous auction.
“Call auction” means the process of one-time centralized matching of buy and sell orders accepted during a specified period.
“Continuous auction” means the process of continuous matching of buy and sell orders on a one-by-one basis.
3.4.2 In the trading of securities subject to price limits, the valid price range for auction corresponds to the price limits, an order is valid if it is within the price limits and invalid otherwise.
3.4.3 In the trading of securities not subject to price limits, the valid price range for auction is determined as follows:
(1) For stocks, the valid price range for opening call auction is within 900% of the last closing price displayed in real time and the valid price range for continuous auction, temporary intraday trading suspension and resumption call auction, and closing call auction is within 10% of the last executed price.
(2) For bonds on their first day of trading, the valid price range for the opening call auction is within 30% of the issue price, and the valid price range for continuous auction and closing call auction is within 10% of the last executed price. On other trading days, the valid price range for the opening call auction is within 10% of the last closing price and the valid price range for continuous auction and closing call auction is within 10% of the last executed price.
(3) For bond collateral repo on a trading day other than the first day, the valid price range for the opening call auction is within 100% of the last closing price and the valid price range for the continuous auction and closing call auction is within 100% of the last executed price. The valid price range for auction on the first trading day of bond collateral repo shall be additionally provided for by the SSE.
The calculated valid price range for auction shall be rounded to the tick size.
Where the absolute value of the difference between the upper or lower limit of the valid price range for the auction of securities not subject to price limits and the last closing prices is lower than the tick size, the last closing price increasing or decreasing by one tick size shall be the valid price range for auction.
3.4.4 In the trading of securities not subject to price limits, a valid order whose quotation price exceeds the valid price range for auction is not accepted instantly by the trading mainframe for auction but lined up till when its quotation price falls within the valid price range with the fluctuation of the stock price.
3.4.5 In case no trade is executed during the call auction for securities not subject to price limits, the valid price range for the continuous trading is adjusted as follows:
(1) If the highest bid price within the valid price range is higher than the last closing price or last executed price displayed in real time, the valid price range is adjusted based on the highest bid price.
(2) If the lowest offer price within the valid price range is lower than the last closing price or last executed price displayed in real time, the valid price range is adjusted based on the lowest offer price.
3.4.6 The SSE may adjust the valid price range for securities auctions where the market so requires.
Section 5 Execution
3.5.1 In the trading of securities by auction, orders are matched and executed under the principles of priority by price and priority by time.
The principle of priority by price: priority is given to an order with a higher bid price over an order with a lower bid price and priority is given to an order with a lower offer price over an order with a higher offer price.
The principle of priority by time: for orders with the same bid price or the same offer price, priority is given to the order first placed. The sequence of orders is determined according to the time when the trading mainframe accepts such orders.
3.5.2 The executed price in the call auction shall be determined according to the following principles:
(1) The price at which the greatest trading volume is generated.
(2) The price which allows all the buy orders with a higher bid price and all the sell orders with a lower offer price to be executed.
(3) The price which allows at least all the buy orders with the same price or all the sell orders with the same price to be executed.
Where there are two or more prices meeting the aforesaid conditions, the price that minimizes the difference between the accumulated number of buy orders above the price and the accumulated number of sell orders below the price is the executed price. If the differences between accumulated numbers of buy orders and sell orders are the same, the price that is closest to the last closing price displayed in real time at the time of opening call auction is the executed price. The price that is closest to the last executed price at the time of intraday and closing call auction is the executed price.
Trades in the call auction shall be all executed at the same price.
3.5.3 The executed price in the continuous auction shall be determined according to the following principles:
(1) If the highest bid price matches the lowest offer price, such a price shall be the executed price.
(2) If the bid price is higher than the real-time lowest offer price displayed in the central orderbook, such lowest offer price shall be the executed price.
(3) If the offer price is lower than the real-time highest bid price displayed in the central orderbook, such highest bid price shall be the executed price.
3.5.4 A trade is executed after a buy order and a sell order are matched and executed by the trading mainframe. A trade executed under these Rules is effective upon execution, and both the buyer and the seller shall accept the trading results and perform their obligations of clearing and settlement.
Where any severe consequences arise from a trade as a result of a force majeure, an accident, unauthorized access to the trading system, or any other reason, the SSE may take appropriate measures or determine the trade as invalid.
Where any trade is apparently unfair, appropriate measures may be taken upon determination by the SSE.
Where any trade violates these Rules and seriously disrupts the normal operation of the securities market, the SSE may declare cancellation of such trade, and any loss incurred therefrom shall be assumed by the trader committing the violation.
3.5.5 The results of trades executed under these Rules shall be the execution data recorded in the trading mainframe.
3.5.6 The clearing and settlement of trading in securities shall be conducted according to the provisions issued by the depository and clearing institution designated by the SZSE.
Section 6 Block Trading
3.6.1 Trading of securities on the SSE may be conducted by block trading if the following conditions are met:
(1) For a single A-share trade, the trading volume is not less than 300,000 shares or the trading value is not less than two million yuan.
(2) For a single B-share trade, the trading volume is not less than 30,000 shares or the trading value is not less than 200,000 HK dollars.
(3) For a single fund trade, the trading volume is not less than two million units or the trading value is not less than two million yuan.
(4) For a single bond trade, the trading volume is not less than 5,000 lots or the trading value is not less than 500,000 yuan.
The SSE may adjust the thresholds for block trading based on market needs.
3.6.2 Block trading is conducted on the SSE by agreement-based block trading and after-hour pricing block trading.
“Agreement-based block trading” means the trading method through which both parties to block trading designate the opposite party as the counterparty, and negotiate to determine the trading price and volume.
“After-hour pricing block trading” means the trading method of continuous matching of buy and sell orders in block trading on a one-by-one basis at the closing price of securities on the same day or the trading volume-weighted average price of securities on the same day after the closing of securities trading under the principle of time priority.
3.6.3 In the case of agreement-based block trading, the SSE accepts orders from 9:15 to 11:30 and from 13:00 to 15:30 each trading day.
In the case of after-hour pricing block trading, the SSE accepts orders from 15:05 to 15:30 each trading day.
The SSE does not accept agreement-based block trading orders on securities of which the trading is suspended all day, suspended temporarily or suspended till market closing on any day.
The SSE shall not accept the after-hour pricing block trading orders on securities of which the trading is suspended all day or suspended till market closing on that day.
3.6.4 The executed price of an agreement-based block trading of securities subject to price limits shall be determined within the price limits on such securities on that day.
The executed price of an agreement-based block trading in securities not subject to price limits shall be determined within ±30% of the last closing price.
3.6.5 The SSE accepts the following types of block trading orders:
(1) Intent orders.
(2) Execution orders.
(3) Fixed-price orders.
(4) Other orders.
3.6.6 An instruction for an agreement-based block trading intent order shall include the securities account number, securities code, buy or sell, code of business unit of the party who places the order, etc. An instruction for an intent order shall not assume the execution obligation, and an instruction for an intent order may be canceled.
An instruction for an agreement-based block trading execution order shall include the securities account number, securities code, buy or sell, price, quantity, code of business unit of the counterparty, the agreement number, etc. An instruction for an execution order is required to specify the designated price and quantity. An execution order may be canceled, but it may not be canceled after the counterparty submits a matched order. The SSE shall confirm execution orders of which all factors, including the agreement numbers, securities codes, buy or sell, prices, quantities, match.
An instruction for an agreement-based block trading order shall include the securities account number, securities code, buy or sell, price, quantity, code of business unit of the party that places the order, etc. All market participants may submit a declaration for full or partial execution on the basis of designated prices and declared prices, and the SSE shall confirm executed orders according to the sequence of time. The unexecuted part of a fixed-price order may be canceled. The volume or trading value of each fixed-price order shall satisfy the requirement for the minimum limit of agreement-based block trading.
3.6.7 Executed agreement-based block trading in equity securities shall be confirmed from 15:00 to 15:30 each trading day. Executed agreement-based block trading in bonds shall be confirmed from 9:15 to 11:30 and from 13:00 to 15:30 each trading day.
3.6.8 An instruction for an after-hour pricing block trading order shall include the securities account number, securities code, business unit code, identification code of the securities brokerage branch, buy or sell, quantity, price type, etc.
The price of after-hour pricing block trading includes:
(1) Closing price of securities on the day of trading.
(2) Trading volume-weighted average price of securities on the day of trading.
During trading sessions, unexecuted orders may be cancelled.
3.6.9 During trading hours, the SSE shall, through the trading system or on its website, instantly release the following trading information:
(1) Quotation information on agreement-based block trading in bonds, including securities codes, securities abbreviations, order type, buy or sell, quantity, and prices, etc.; and the execution information on agreement-based block trading in bonds, including securities codes, securities abbreviations, last price on the day, highest price on the day, lowest price on the day, total trading volume, total trading value, and total number of execution orders, etc.
(2) Trading information on after-hour pricing block trading, including securities codes, securities abbreviations, price, accumulated trading volume on that day, accumulated trading value on that day, and quantity of real-time buy or sell orders, etc.
3.6.10 After the end of each trading day, the SSE shall, through its website, release the following trading information:
(1) Information on each order in agreement-based block trading, including securities codes, securities abbreviations, trading volumes, executed prices, and the names of member securities brokerage branches or business units of the buyer and seller.
(2) In the case of fixed-price block trading in a single security, the accumulated trading volume and accumulated executed price, the names of the brokerage branches of the top five member securities in terms of purchase value and sale value of the security on that trading day, and their respective purchase values and sale values.
(3) In the case of block trading in a single security, the accumulated trading volume and accumulated executed price, the names of the brokerage branches of the top five member securities in terms of purchase value and sale value of the security on that trading day, and their respective purchase values and sale values.
3.6.11 Block trades are not included in the SSE's real-time quotations and index calculation, and their trading volumes are added to the total turnover of the securities on the trading day upon completion of block trades.
3.6.12 Members shall guarantee that block trade participants actually have the securities or funds required for trading orders.
Section 7 Margin Trading and Short Selling Transactions
3.7.1 “Margin trading and short selling transactions” means that investors provide collaterals to members for the purpose of borrowing money to purchase securities or borrowing securities to sell them.
3.7.2 Members that plan to conduct margin trading and short selling transactions on the SSE shall apply to the SSE for the privilege to conduct margin trading and short selling transactions, and shall conduct such transactions through business units exclusively designated for margin trading and short selling.
3.7.3 Investors that conduct margin trading and short selling transactions shall open credit securities accounts as required. The opening and cancellation of credit securities accounts shall be governed by the relevant provisions for members and depository and clearing institutions designated by the SSE.
3.7.4 The SSE shall provide for the following matters on margin trading and short selling transactions:
(1) Trading business flow.
(2) Securities that may be bought or sold in margin trading and short selling.
(3) Types of securities that may be used as margins and their highest conversion ratio.
(4) Maximum term of margin trading and short selling.
(5) The proportion of initial margin and the minimum guarantee maintenance proportion.
(6) Rules for information disclosure and reporting.
(7) Measures for the control of market risks.
(8) Other matters.
3.7.5 Members shall, before conducting margin trading and short selling transactions with investors, sign margin trading and short selling contracts with them, interpret the margin trading and short selling business rules and contracts to them, and require them to sign risk disclosure statements.
3.7.6 Where any abnormal margin trading or short selling activity has endangered or may endanger market stability, the SSE may, when it deems necessary, suspend the margin trading and short selling of all or partial securities, and make an announcement thereon.
3.7.7 The specific provisions on margin trading and short selling transactions shall be additionally developed by the SSE, and be reported to the CSRC for approval and implementation.
Section 8 Bond Repo Transactions
3.8.1 Bond repo transactions include trading in bond collateral repos and other methods.
“Bond repo transactions” mean that a bond holder pledges its bonds as collateral in exchange for a loan equivalent to the standard bonds converted from such bonds at a conversion ratio and, at the same time, the parties agree that the loan funds shall be returned and the pledge shall be removed upon maturity of the repo. The trading participant that obtains capital by pledging its bonds shall be the “financing party,” while its counterparty shall be the “short-selling party.”
3.8.2 Members shall sign bond collateral repo authorization agreements with investors participating in bond collateral repo transactions, and establish detailed ledgers on standard bonds.
“Standard bonds” mean the virtual bonds converted from bonds used for collateral repos at the corresponding conversion ratio to determine the amount of funds to be used for financing. “Conversion ratio of standard bonds” means the rate of the amount of standard bonds converted from different types of spot bonds to the face value of the bonds.
The specific provisions on standard bonds and the conversion ratio of standard bonds shall be developed by the depository and clearing institutions designated by the SSE.
3.8.3 For a bond repo order, the financing party shall place the buy order, while the short-selling party shall place the sell order.
3.8.4 The SSE shall set different types of bond repos according to the repo period, and release them to the public.
3.8.5 Bond collateral repos shall be concluded once and settled twice. After the execution of repos, the settlement price in the initial settlement is 100 yuan. The settlement price in the second settlement upon maturity of repo is the repurchase price, which equals to the sum of the principal and interest of each 100 yuan capital.
The specific measures for calculating the buy-back price shall be additionally determined by the SSE.
Chapter IV Other Trading Matters
Section 1 Transfer of Custody
4.1.1 Investors may buy securities at different securities brokerage branches of one or more members with one single securities account.
4.1.2 Investors may resell securities at the business unit through which they have bought such securities. They may also give a custody transfer instruction to the business unit and, upon completion of custody transfer, resell the securities through the business unit by which the custody is transferred.
The specific rules on custody transfer shall be developed by depository and clearing institutions designated by the SSE.
Section 2 Opening Price and Closing Price
4.2.1 The opening price of a security is the first executed price of the security on that day.
4.2.2 The opening price of a security is generated by call auction, and if no opening price is generated, the opening price is generated by continuous auction.
4.2.3 The closing price of a security is generated by call auction. If the closing price cannot be generated by call auction or the closing call auction is not conducted, the closing price of a security on a trading day is the trading volume-weighted average price of all the trades of the security during the one minute before the last trade (including the last trade) on the day.
Where there is no execution of any order for the security on that day, the last closing price shall be the closing price of the security on that day.
Section 3 Listing, Delisting, and Suspension and Resumption of Trading
4.3.1 Securities are traded by listing on the SSE.
4.3.2 Upon expiry of the listing of a security or if a security no longer meets the listing conditions in accordance with the law, the SSE shall terminate the trading of the security on the SSE and delist it.
4.3.3 Where any abnormal transaction or circumstance as set forth in Article 6.1 occurs in the process of securities trading, the SSE may, as the case may be, suspend the trading of the relevant securities, issue an announcement thereon, and as required, issue the statistical information on trading, shares, and fund shares. The party obliged to make the information disclosure shall issue an announcement according to the requirements of the SSE.
The specific time for trading suspension and resumption shall be governed by the relevant announcement.
4.3.4 Where the trading in securities not subject to price limits falls under any of the following circumstances, the SSE may call an intraday trading suspension:
(1) If the intraday executed price has an initial rise or fall exceeding 10% as compared to the opening price on that day, the intraday temporary suspension shall continue for one hour.
(2) If the intraday executed price has an initial rise or fall exceeding 20% as compared to the opening price on that day, the intraday temporary suspension shall continue until 14:57.
(3) If the intraday turnover rate reaches or exceeds 50%, the intraday temporary suspension shall continue for one hour.
The specific time of intraday temporary suspension shall be governed by the announcement of the SSE, and if the intraday suspension period covers 14:57, trading shall be resumed on 14:57 and accepted orders shall be subject to trading resumption call auction, and then be subject to closing call auction.
The SSE may, according to the intraday transactions, adjust the threshold value of relevant indicators, or take further intraday risk control measures.
4.3.5 The quotations released by the SSE shall contain information about the securities suspended from trading, but exclude the information on the securities whose listing is suspended or which are delisted from the Exchange.
4.3.6 Where the trading of a security is suspended before 9:25, when the trading is resumed, an opening call auction will be conducted for all the accepted orders, and trading will be resumed on the same day.
Where the trading of a security is suspended at 9:30 or a later time, when the trading is resumed, an intraday call auction will be conducted for all the accepted orders, and trading will be resumed on the same day.
During the time of suspension, orders may be routed or cancelled.
During the time of suspension, call auction reference price, matched volume, and unmatched volume will not be displayed.
4.3.7 The SSE or the securities issuer shall announce the listing, delisting, suspension and resumption of trading of securities.
4.3.8 Other provisions on the listing, delisting, suspension and resumption of trading of securities shall be governed by the listing rules and other relevant provisions issued by the SSE.
Section 4 Ex-right and Ex-dividend
4.4.1 Where an equity distribution, transfer of reserves into share capital, and right issues are declared for listed securities, the SSE shall make ex-right and ex-dividend adjustments to the securities on the trading day following the record date (or the last trading day in the case of B-shares), unless it is otherwise specified by the SSE.
4.2.2 The ex-right (ex-dividend) reference price shall be calculated as follows:
Ex-right (ex-dividend) reference price = [(last closing price - cash dividend) + right issue price × percentage of change in shares] ÷ (1 + percentage of change in shares)
The issuer of a security may, as it deems necessary, apply to the SSE for adjustment of the aforesaid calculation formula, stating the reason for the adjustment. With the approval of the SSE, the securities issuer shall announce to the market the calculation formula for ex-right (ex-dividend) reference price applicable for the ex-right (ex-dividend).
4.4.3 Unless otherwise specified by the SSE, for the trading of securities on the ex-right (ex-dividend) date, the ex-right (ex-dividend) reference price shall be used as the basis for calculating the price change percentages.
Section 5 Trading Matters during the Period of Delisting Arrangements
4.5.1 During the period of delisting arrangements, the stocks of listed companies shall be traded on the delisting arrangements board, and shall not be displayed in the quotations on the Main Board, SME Board or ChiNext.
The convertible bonds, warrants and other derivatives of listed companies of which the stocks are traded on the delisting arrangements board may also be traded on the delisting arrangements board, and the relevant trading matters shall be additionally provided for by the SSE and be subject to the approval of the CSRC.
4.5.2 The SSE shall impose price limits of 10% on the trading of stocks during the period of delisting arrangements.
With the approval of the CSRC, the SSE may adjust the price limits to the trading of stocks during the period of delisting arrangements.
4.5.3 During the period of delisting arrangements of stocks, the SSE shall announce the names of the brokerage branches of the top five member securities in terms of the purchase value and sale value of the security on the trading day, and their respective purchase values and sale values.
4.5.4 Trading of stocks during the period of delisting arrangements shall not be included in the disclosure of open securities information and the calculation of abnormal fluctuation indicators provided for in Chapter V of these Rules.
4.5.5 Trading of stocks during the period of delisting arrangements shall not be included in the calculation of indices of the SSE, and the turnover shall be added to the total turnover of the market on the day.
Section 6 Index-Based Circuit Breaker
4.6.1 Where the CSI 300 Index falls under any of the following circumstances, the SSE may suspend the call auction of the relevant types of securities on the day of trading (hereinafter referred to as “index-based circuit breaker”).
(1) The CSI 300 Index rises or falls 5% or more but not more than 7% from its previous trading day's close for the first time, index-based circuit breaker shall be implemented for 15 minutes. If the period of index-based circuit breaker covers 11:30, the time shall continue to be calculated at 13:00. If the period of index-based circuit breaker covers 14:57, trading shall be resumed at 14:57 and closing call auction shall be conducted. If index-based circuit breaker is triggered at 14:45 or a later time, index-based circuit breaker shall be implemented until 15:00 and trading will not be resumed that day.
(2) The CSI 300 Index rises or falls 7% from its previous trading day's close for the first time, index-based circuit breaker shall be implemented until 15:00, and trading will not be resumed that day.
Under the circumstances as set forth in item (1) or (2) before 9:30, index-based circuit breaker shall be implemented from 9:30. Index-based circuit breaker will not be implemented during the period between 14:57 and 15:00.
The specific time for implementing of index-based circuit breaker shall be governed by the announcement of the SSE.
4.6.2 Where the trading day of the SSE is the closing date of stock index futures and the period of index-based circuit breaker on the trading day covers 11:30, trading shall be resumed at 13:00; and the SSE will not implement index-based circuit breaker between 13:00 and 15:00 that day.
For the purpose of this Article, “closing date of stock index futures” means the SSE 50 Index Futures, CSI 300 Index Futures, CSI 500 Stock Index Futures listed and traded on the China Financial Futures Exchange and other stock index futures prescribed by the SSE.
4.6.3 The types of securities subject to index-based circuit breaker implemented by the SSE include stocks, relevant types of funds, convertible corporate bonds, exchangeable corporate bonds, and other types of securities recognized by the SSE, and be specifically governed by the announcement of the SSE.
4.6.4 During the period of index-based circuit breaker, investors may place or cancel orders.
After trading resumes, the SSE shall conduct a call auction for all the orders accepted, and trading will be resumed the same day.
During the period of index-based circuit breaker and trading resumption, virtual reference price, matched volume, and unmatched volume will not be disclosed in call auctions.
4.6.5 Where the trading of relevant securities resumes during the period of index-based circuit breaker, the trading shall be resumed until the completion of index-based circuit breaker.
4.6.6 Where index-based circuit breaker is implemented until 15:00, the closing prices of the relevant securities shall be the trading volume-weighted average price of all transactions conducted up to one minute before the last transactions of the securities (including last transactions). If there is no execution of any order for the security that day, the last closing price of the previous trading day shall be the closing price of the security that day.
4.6.7 Where index-based circuit breaker is implemented until 15:00, block trading in the relevant securities shall not be conducted on the same day.
Chapter V Trading Information
Section 1 General Rules
5.1.1 The SSE releases real-time securities trading quotations, securities indices, open securities trading information, and other trading information every trading day.
5.1.2 The SSE prepares and releases in a timely manner various daily, weekly, monthly, and yearly statements that reflect market transactions, and have them published on the SSE's website or any other media.
5.1.3 The SSE owns all trading information generated from the market of the SSE. Without the permission of the SSE, no institution or individual may use or disseminate such information.
No institution or individual permitted by the SSE to use trading information may provide such trading information to any other institution or individual for use or dissemination without the permission of the SSE.
The specific measures for the management of securities trading information shall be additionally developed by the SSE.
Section 2 Real-time Quotations
5.2.1 The real-time quotations during the opening and ending call auctions shall include the securities codes, securities abbreviations, call auction reference prices, matched volumes, and unmatched volumes, etc.
5.2.2 The real-time quotations during the continuous auction shall include the securities codes, securities abbreviations, last closing prices, last executed prices, intra-day highest executed prices, intra-day lowest executed prices, intra-day accumulated trading volumes and trading values, the five real-time highest bid prices and corresponding volumes, and the five real-time lowest offer prices and corresponding volumes, etc.
5.2.3 The last closing price displayed in real time is the closing price of the securities on the last trading day, unless under any of the following circumstances:
(1) On the first trading day of IPO securities or bonds, the last closing price displayed in real time is the issue price.
(2) On the first trading day of resumed IPO securities, the last closing price displayed in real time is the closing price on the last trading day before listing is suspended or the last additional issue price before listing is resumed.
(3) On the first trading day of funds, the last closing price displayed in real time is the net value of fund shares of the last trading day (rounded to 0.001 yuan), unless it is otherwise provided for by the SSE.
(4) On the ex-right (ex-dividend) day, the last closing price displayed in real time is the ex-right (ex-dividend) reference price of such securities.
(5) Other circumstances as prescribed by the SSE.
5.2.4 The real-time quotations shall be transmitted through the communication system as permitted by the SZSE, and trading participants shall use the real-time quotations within the extent as permitted by the SZSE.
5.2.5 The SSE may adjust the manner of release and the contents of real-time quotations based on market needs.
Section 3 Securities Indices
5.3.1 The SSE prepares a composite index, component index, sector index, and other securities indices to track the movement and trend of the overall securities trading price or the price of a particular type of securities, and release them along with the real-time quotations.
5.3.2 The specific methods for the launch and preparation of securities indices shall be additionally developed by the SSE.
Section 4 Open Securities Trading Information
5.4.1 Where the trading in stocks or closed-end funds subject to price limits falls under any of the following circumstances, the SSE shall publish the names of the brokerage branches of the top five member securities or business units in terms of intra-day purchase value and sale value of relevant securities and their respective purchase values and sale values, respectively:
(1) The top five securities with the closing price deviation on the day reaching ±7%.
The closing price deviation is calculated as follows:
Closing price deviation = price change of a single security – price change of corresponding sector index.
Where the security's price reaches the price limit, the price shall be calculated according to the corresponding ratio of price limits.
(2) The top five securities with the intra-day price amplitude reaching 15%.
The price amplitude is calculated as follows:
Price amplitude = (intra-day highest price – intra-day lowest price) / intra-day lowest price × 100%
(3) The top five securities with the turnover rate reaching 20%.
The turnover rate is calculated as follows:
Turnover rate = trading volume of shares / total volume of shares without trading restrictions × 100%
Where the closing price deviations, price amplitudes, or turnover rates are identical, selection shall be made by trading value and trading volume in turn.
Main board A-shares, SME Board stocks, ChiNext stocks, B-shares and closed-end funds are tracked respectively by SSE A-share Index, SSE SME Composite Index, ChiNext Composite Index, SSE B-share Index and SSE Fund Index prepared by the SSE, respectively.
5.4.2 With respect to the stocks that are not subject to price limits as set out in Article 3.3.17, the SSE will disclose the names of the top five stock brokerage branches or business units of the members in terms of intra-day purchase value and sale value of such stocks, and their respective traded value.
5.4.3 Where the trading of a stock or closed-end fund by auction falls under any of the following circumstances, it is an abnormal fluctuation, and the SSE shall announce the names of the brokerage branches of the top five member securities or business units in terms of total purchase value and sale value of the stock or closed-end fund during the abnormal fluctuation period and their respective total purchase values and sale values:
(1) The accumulated closing price deviation in three consecutive trading days reaches ±20%.
(2) The accumulated closing price deviation of ST stocks and *ST stocks in three consecutive trading days reaches ±12%.
(3) The average daily turnover rate of three consecutive trading days reaches 30 times the average daily turnover rate of the previous five consecutive trading days, and the accumulated turnover rate of the securities in the three consecutive trading days reaches 20%.
(4) Other circumstances as deemed abnormal fluctuations by the CSRC or the SSE.
Abnormal fluctuation indicators shall be recalculated from the day of announcement of abnormal fluctuation or trade resumption made by the relevant party obliged to make information disclosure.
The stocks not subject to price limits as set out in Article 3.3.17 shall be excluded from the calculation of abnormal fluctuation indicators.
5.4.4 Where any open securities trading information involves special business units for institutions, the published name shall be “For the Exclusive Use of Institutions.”
Chapter VI Oversight of Securities Trading
6.1 The SSE shall give priority to the monitoring of the following matters in securities trading:
(1) Suspected insider trading, market manipulation or any other violation of law or regulation.
(2) The time, quantity, method, etc., of securities trading is restricted by any law, administrative regulation, department rule, regulatory document, business rule of the SSE, or any other relevant provision.
(3) Abnormal transactions that may affect the trading price or trading volume of securities.
(4) Evidently abnormal trading price or trading volume of securities.
(5) Other matters under priority monitoring as deemed necessary by the SSE.
6.2 Abnormal transactions that may affect the trading price or trading volume of securities include:
(1) Large or continuous purchases or sales of a security before disclosure of information that may significantly affect the trading price of the security.
(2) Large or frequent trades through one or between two or more fixed securities accounts or suspected associated securities accounts as each other's counterparties.
(3) Large orders, successive orders, or concentrated orders through one or between two or more fixed securities accounts or suspected associated securities accounts or the price clearly deviates from the last executed price in the securities market.
(4) Huge orders or successive orders at prices with upper or lower price limits placed independently or in conclusion with others, which leads to the fact that the securities trading price reaches or maintains at the upper or lower limit.
(5) Frequent submission or cancellation of orders, or cancellation of huge orders to affect the trading prices of securities or mislead other investors.
(6) Placing buy orders at a price that is evidently higher than the last closing price and canceling orders during the period of call auction, and placing sell orders of such securities; or placing sell orders at a price which is evidently lower than the last closing price, and then canceling orders, and placing buy orders of such securities.
(7) Successive trades of a single securities type in large quantity during a certain period of time.
(8) Large or frequent intraday turnaround trades of a same securities account, a same member or clients of a same securities brokerage branch.
(9) Large or frequent “buy high, sell low” trades.
(10) Abnormal orders within the sensitive securities price period, which affects the trading price, settlement price or reference value of the relevant securities or their derivatives.
(11) Independently or in conclusion with others, purchasing or selling relevant securities before the issuance of investment analysis, forecast or advice, of securities transactions contrary to the investment analysis, forecast or advice issued by it to the public.
(12) False orders or other orders that disrupt the market order placed through the comprehensive agreement-based trading platform.
(13) Other abnormal trading activities under priority monitoring as deemed necessary by the SSE.
6.3 Evidently abnormal trading price or trading volume of securities includes:
(1) Concentrated purchase or sale of a relatively large amount of a same security by a same securities brokerage branch or the securities brokerage branches in a same region.
(2) Successively significant rise or fall of securities trading price clearly deviating from the amount of increase or decrease of relevant indices of the same period, and the listing company has no announcement on major matters.
(3) Other abnormal trading activities under priority monitoring as deemed necessary by the SSE.
6.4 The SSE may, where the market so requires, conduct investigation into the circumstance as set forth in item (10) of Article 6.2 together with other securities and futures exchanges and other institutions.
6.5 Where a member discovers any client involved in any of the matters under priority monitoring as set out in Article 6.1, and such matters may seriously affect the order of the securities market, the member shall warn such client and report it to the SSE in a timely manner.
6.6 The SZSE may conduct on-site or off-site investigation of the matters under priority monitoring in securities trading, and members and their securities brokerage branches, other trading participants, and investors shall cooperate.
6.7 When conducting on-site or off-site investigation, the SZSE may, as needed, require relevant members and their securities brokerage branches, other trading participants, and investors to provide the following documents and materials in a timely, accurate, and complete manner:
(1) Investors' account opening information, power of attorney, cash account information, and trading information on relevant securities accounts, among others.
(2) A statement on the actual controllers and operators of the relevant securities accounts or fund accounts, the fund sources, and whether there are any affiliations among the relevant accounts, among others.
(3) An explanation on the matters under priority monitoring in securities trading.
(4) Other materials relating to the matters under priority monitoring of the SZSE.
6.8 For key monitoring matters with serious circumstances as listed in Article 6.1, the SSE may take the following measures according to the specific circumstances:
(1) Oral or written warning.
(2) Interview with the parties involved.
(3) Requiring the submission of a written commitment.
(4) Restricting trading under the involved securities accounts.
(5) Reporting to the CSRC.
Where the party involved raises any objection to the foregoing measure (4), it may apply to the SSE for review within 15 days as of receipt of the notice of enforcement of the relevant measure. Enforcement of the said measure shall not be suspended pending review.
Chapter VII Handling of Extraordinary Circumstances during Trading
7.1 Where any of the following extraordinary circumstances disables part or all of the trading activities, the SSE may decide to take separate or concurrent measures, such as suspending settlement and imposing a technical suspension or temporary closure of the market.
(1) Force majeure.
(2) Accident.
(3) Technical failure.
(4) Other extraordinary circumstances as determined by the SSE.
7.2 Under the circumstance where orders cannot be submitted or quotation transmission is interrupted, members shall report to the SSE in a timely manner. If the number of securities brokerage branches where orders cannot be submitted or quotation transmission is interrupted exceeds 10% of the total number of all member securities brokerage branches of the SSE, the SSE may impose temporary closure of the market.
7.3 Where the SSE believes that any of the extraordinary circumstances as set out in Article 7.1 and Article 7.2 is likely to occur and have a serious impact on normal trading activities, the SSE may decide to impose a technical suspension or temporary closure of the market.
The SSE shall impose a temporary closure of the market as required by the CSRC.
7.4 The SSE shall issue an announcement of its settlement suspension, technical suspension or temporary market closure decision.
The SSE may decide to resume trading and issue an announcement after the cause of the technical suspension or temporary market closure is eliminated.
7.5 The SSE shall not be obliged to pay indemnity for any loss arising from extraordinary circumstances and corresponding measures taken by the SSE.
7.6 The specific provisions on the handling of extraordinary circumstances shall be additionally developed by the SSE.
Chapter VIII Trading Disputes
8.1 Where any trading disputes arise between members or between members and their clients, the members involved and other trading participants shall record the relevant information for inspection by the SZSE. If the trading disputes affect the normal trading activities, the members and other trading participants shall report to the SZSE in a timely manner.
8.2 Where any disputes arise between trading participants or between members and their clients, the SZSE may provide necessary trading data according to the relevant provisions.
8.3 Members are obliged to coordinate and deal with clients who have any doubt about their transactions.
Chapter IX Trading Fees
9.1 Investors shall, according to the relevant provisions, pay commissions to members for executed securities transactions.
9.2 Trading participants shall, according to the relevant provisions, pay trading fees and other relevant charges to the SZSE; and members shall also, according to the relevant provisions, pay membership fees to the SZSE.
9.3 The fee items and fee standards for trading in securities and the management thereof shall be governed by the relevant provisions.
Chapter X Supplementary Provisions
10.1 Disciplinary action shall be taken by the SZSE in accordance with the  HYPERLINK "javascript:ESLC(247609,0)" Member Management Rules of the Shenzhen Stock Exchange and other relevant provisions against trading participants that violate these Rules.
10.2 The relevant provisions of these Rules shall apply, mutatis mutandis, to securities issuance, subscription, redemption, exercise of warrants, and other businesses conducted through the SSE's trading system; unless it is otherwise differently prescribed by the CSRC and the SSE.
10.3 The members may input orders through their traders dispatched to the trading floor with the consent of the SSE.
Only the following persons are admitted to the trading floor:
(1) Registered traders.
(2) Floor supervisors.
(3) Personnel specially permitted by the SSE.
10.4 With the approval of the CSRC, the agreement-based transactions of specific trading instruments may be conducted through the SSE's comprehensive agreement-based trading platform, and the specific provisions shall be additionally developed by the SSE.
10.5 The time as mentioned in these Rules means the time in the SSE's trading mainframe.
10.6 The following terms in these Rules shall have the following meanings:
(1) “Market” means any securities trading market established by the SSE.
(2) “Instruction” means that an investor authorizes a specific member to buy or sell securities.
(3) “Order routing” means that a trading participant sends buy or sell orders for securities to the SSE's trading mainframe.
(4) “Central orderbook” means the queue of all unexecuted buy or sell orders at a certain point of time that are arranged in the SSE's trading mainframe according to buy or sell and priority by price and time with the valid price range for auction.
(5) “Opposite side (same side) best price” means the buyer's highest bid price or the seller's lowest offer price in the central orderbook.
(6) “Reference prices for call auction” means the virtual executed prices disclosed during call auction generated under relevant rules by all the orders in the central orderbook.
(7) “Matched volume” means the virtually executed volume generated under call auction rules by all the orders in the central orderbook.
(8) “Unmatched volume” means the remainder of buy or sell orders in the central orderbook that cannot be executed at the call auction reference price under call auction rules.
(9) “Securities price sensitive period” means the specific period for the calculation of trading price, settlement price, and reference value of relevant securities and their derivatives, including the specific time for calculating and correcting convertible bonds transferred to stock price, the specific time for calculating the additional issue price of securities, the specific time for calculating the unit net value of securities, and the specific time for calculating the settlement price of derivatives, etc.
10.7 The terms not defined in these Rules shall be interpreted according to the applicable laws, administrative regulations, departmental rules, regulatory documents and the relevant rules of the SSE.
10.8 The terms “exceed,” “lower than” and “less than” in these Rules do not include the given figures, whereas the term “reach,” “more than,” and “below” includes the given figures.
10.9 These Rules and any amendment thereto shall come into force after being adopted by the board of governors of the SSE and approved by the CSRC.
10.10 These Rules shall be subject to interpretation by the SSE.
10.11 These Rules shall come into force on January 1, 2016.