If securities adopt bidding trading, the opening call auction time is from 9:15 to 9:25 on each trading day, the continuous bidding time is from 9:30 to 11:30 and 13:00 to 14:57, and the continuous bidding time is from 14:57 to 15 :00 is the closing call auction time.

2. Securities trading

1. Commission

1) Investor requirements

When investors buy and sell securities, they should open securities accounts and capital accounts in a real-name manner, and sign a securities trading agency agreement with members. After the agreement takes effect, the investor will be a client of the member's brokerage business.

2) Delegation method

Investors can entrust members to buy and sell securities through self-service entrustment methods such as writing, telephone, self-service terminals, and the Internet. If investors participate in securities trading through self-service entrustment, members shall sign a self-service entrustment agreement with them.

3) Membership requirements

Investors who conduct self-service entrustment through telephone, self-service terminals, Internet, etc. shall operate in accordance with relevant regulations. Members should record the phone number, network card address, IP address and other information entrusted by investors.

4) Investors’ entrustment instructions

(1) Securities account number;

(2) Securities code;

(3) Buying and selling direction;

(4) Entrusted quantity;

(5) Commission price;

(6) Commission type;

(7) Other content required by the firm and its members

5) Limit order and market order

(1) Limit order

It means that investors entrust members to buy and sell securities at a price specified by them, and members must declare to buy securities at a price specified at or below the specified price.

(2) Market price order

Investors entrust members to buy and sell securities at market prices

2. Declaration

1 )Declaration time

9：15~9：25，9：30~11：30，13：00~15：00

Among them, cancellation declarations for participating in bidding transactions are not accepted between 9:20~9:25 and 14:57~15:00.

2 ) Limit price declaration and market price declaration

3 ) Acceptable market price declaration types

(1) The counterparty’s best price declaration;

(2) The party’s best price declaration;

(3) The best five levels of immediate transaction remaining cancellation declaration;

(4) Immediate transaction remaining cancellation declaration;

(5) Complete the transaction in full or cancel the declaration;

(6) Other types specified by the Exchange.

4 ) Price limit declaration requirements

The price limit declaration instruction shall include securities account number, securities code, trading unit code, securities business department identification code, buying and selling direction, quantity, price, etc.

5 ) Buying and selling quantity restrictions

The number of buy orders should be 100 shares or an integral multiple thereof. When selling, if less than 100 shares are sold, a one-time declaration for sale should be made.

6 ) Minimum change unit of declared price

The minimum unit change in the declared price of A-share transactions is RMB 0.01; the minimum unit change in the declared price of funds is RMB 0.001; and the minimum unit change in the declared price of B-shares is HKD 0.01.

7 ) Price limit

The price limit for Main Board stocks is 10%, and the price limit for GEM stocks is 20%.

The fund's price limit is 10%. Index ETFs and LOFs whose tracking index constituent stocks are only ChiNext stocks or other stocks subject to a 20% price limit, and assets that stipulate in the fund contract to invest in ChiNext stocks or other stocks subject to a 20% price limit account for non-cash For LOFs whose fund asset ratio is no less than 80%, the price increase or decrease limit is 20%.

3. Bidding and transaction

1 ) Call bidding

It refers to the one-time centralized matching of buy and sell orders accepted within a period of time.

2 ) Principles for determining transaction price during collective bidding

Volume priority

(1) The maximum trading volume can be achieved;

(2) All buy orders higher than the price and sell orders lower than the price are completed;

(3) At least one of the buyers or sellers with the same price has completed the transaction.

3 ) Continuous bidding

The trading orders are matched continuously on a transaction-by-transaction basis.

4 ) In continuous bidding, the principles for determining the transaction price are:

Price priority, time priority

(1) The highest buy order price is the same as the lowest sell order price, and that price shall be the transaction price;

(2) When the buy order price is higher than the lowest sell order price in the centralized order book at that time, the lowest sell order price in the centralized order book at that time shall be the transaction price;

(3) When the sell order price is lower than the highest buy order price in the centralized order book at that time, the highest buy order price in the centralized order book at that time shall be the transaction price.

4. Bulk transactions

1 ) Conditions

(1) The number of A-share transactions in a single transaction is not less than 300,000 shares, or the transaction amount is not less than RMB 2 million;

(2) The number of single transactions of B shares is not less than 30,000 shares, or the transaction amount is not less than 200,000 Hong Kong dollars;

(3) The number of single fund transactions shall not be less than 2 million, or the transaction amount shall not be less than 2 million yuan.

2 ) Agreement block transaction

Both parties to a large transaction designate each other as counterparties and determine the transaction price and quantity through negotiation.

3 ) After-hours block trading

After the market closes, in accordance with the principle of time priority, large quantities will be placed in a continuous matching transaction method based on the closing price of the day or the average price of formaldehyde in the trading volume of the day.

If the after-hours pricing block trading method is adopted, the time for the Exchange to accept orders is from 15:05 to 15:30 on each trading day.

5. GEM after-hours fixed price trading

After the GEM stock trading closes, in accordance with the principle of time priority, the trading method is to match the closing price of the day with the post-market fixed price purchase and sale orders one by one.

The after-hours fixed price trading hours are from 15:05 to 15:30 on each trading day. The after-hours fixed price transaction declaration time is from 9:15 to 11:30 and 13:00 to 15:30 on each trading day.

6. Margin and securities lending transactions

Investors provide collateral to members, borrow funds to buy securities, or borrow securities and sell them.

3. Other transaction matters

1. Transfer to hosting

The securities purchased by investors can be entrusted to be sold through the trading unit where the securities were originally purchased, or they can be issued a custody transfer instruction to the trading unit where the securities were originally purchased. After the custody transfer is completed, they can be entrusted to be sold through the transferred trading unit.

2. Opening price and closing price

The opening price of a security is the first transaction price of that security on that day. The opening price of a security is generated through collective bidding. If it cannot be generated through collective bidding, it is generated through continuous bidding. Unless otherwise provided in these rules, the closing price of securities is generated through call auction. If the closing call auction cannot produce a closing price or no closing call auction is conducted, the volume-weighted average price of all transactions one minute before the last transaction of the security on that day (including the last transaction) will be the closing price. If there is no transaction on the day, the previous closing price shall be the closing price of the day.

3. Listing, delisting, suspension and resumption of trading

4. Ex-rights and ex-dividends

Let’s talk about “ex-rights and ex-dividends” (qq.com)

4. Transaction information

1 . General provisions

Publish real-time securities trading quotes and securities indexes every trading day, and publish securities trading public information and other trading information.

2. Real-time quotes

3.Index Securities

4. Public information on securities bidding transactions

5. Supervision of securities transactions

1. Focus on monitoring

(1) Suspected of insider trading, trading using undisclosed information, market manipulation and other illegal activities;

(2) The time, quantity, and method of securities trading are restricted by laws, regulations, the Exchange’s business rules, and other relevant provisions;

(3) Abnormal trading behaviors that may affect securities trading prices or securities trading volumes;

(4) The securities trading price or securities trading volume is obviously abnormal;

(5) Other matters that the China Securities Regulatory Commission or the Exchange deems necessary to focus on monitoring.

2. Abnormal trading thatbehaviors affect securities trading prices or securities trading volumes

(1) False declarations, that is, making large quantities of declarations and cancellations without the purpose of completing transactions, in order to induce, mislead or influence the normal trading decisions of other investors;

(2) Pushing and suppressing, that is, large-scale orders, continuous orders, intensive orders, or orders and transactions at a price that significantly deviates from the latest transaction price of securities, during which the transaction price of securities significantly increases or decreases;

(3) Maintain price limits on price increases (decreases), that is, maintain securities trading prices at price limits on price increases (down) through large-volume declarations, continuous declarations, and intensive declarations;

(4) A large number of or frequent self-buying, self-selling, counterparty transactions or reverse transactions between a single account, accounts actually controlled by oneself, or suspected related accounts;

(5) Intention of exacerbating abnormal fluctuations in securities prices or affecting the normal trading order of the Exchange through large-volume declarations, continuous declarations, intensive declarations, or declarations at prices that clearly deviate from reasonable values.

(6) Automatically generate or issue trading instructions through computer programs to conduct programmed transactions, affecting the security of the Exchange’s system or normal trading order;

(7) The transaction price obviously deviates from the reasonable value, and it is suspected of conveying interests through securities transactions;

(8) During the security price-sensitive period, through abnormal declarations, the transaction price, settlement price or reference value of relevant securities or their derivatives will be affected;

(9) Conducting large and continuous transactions on a single security within a period of time;

(10) Use transactions in other related markets to affect securities transactions, or use securities market transactions to affect transactions in other related markets;

(11) Other abnormal trading behaviors that the China Securities Regulatory Commission or the Exchange deems necessary to focus on monitoring.

3. Obvious abnormal situation

(1) The same securities business department or securities business departments in the same region collectively buy or sell the same securities in large quantities;

(2) The securities transaction price rises or falls continuously, significantly deviating from the rise or fall of the relevant index during the same period, and the listed company has no major announcements;

(3) Other abnormal trading situations that the China Securities Regulatory Commission or the Exchange deems necessary to focus on monitoring.

Shenzhen Exchange Securities Trading Rules

1. Trading market

1. Securities tradable on the Shenzhen Stock Exchange

1) Stocks

2) Depository receipts

3) Fund

4) Warrants

5) Other trading products approved by the China Securities Regulatory Commission

2. Transaction participants

3.Trading hours