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Quotation Requirements and Restrictions for Shanghai Connect Orders

SHANGHAI CONNECT – NORTHBOUND TRADING 

Quotation Requirements and Restrictions for China Connect Orders

Terms used herein have the same meanings as defined in the Rules of the Exchange.  References to a rule are references to a rule of the Rules of the Exchange.

 

In relation to China Connect Securities on the SSE Main Board:
Trading Mode Automatic matching and execution through the SSE Market System

Trading Currency

RMB

Stock Code

6 digits

BCAN

As set out in Rule 1425A

Order Type

Only limit orders with a specified price are allowed:

  • China Connect buy orders may be executed at or lower than the specified price
  • China Connect sell orders may be executed at or higher than the specified price

Spread

RMB 0.01

Board Lot (applicable to China Connect buy orders only)

100 shares

Odd Lots

Only China Connect sell orders are allowed subject to Rule 14A06(3)

Maximum Order Size

1,000,000 shares

Price Limit

±10% (and ±5% for shares of “ST companies” and “*ST companies”) based on the previous closing price except for shares on the first day of the delisting process or being relisted where there is no price limit and in which case, the dynamic price limit* will apply and intraday suspension may be imposed by SSE

Additional Price Restrictions

As set out in Rules 14A07(12) and 14A07(13)

Turnaround Trading

Not allowed as set out in Rule 14A06(4)

Block Trades

Not allowed

Manual Trades

Not available in the SSE Market

Order Amendment

Not available in the SSE Market

Pre-trade Checking

Required as set out in Rule 14A06(5) to (10)

Naked Short Selling

Not allowed

Short Selling

Allowed subject to Rule 14A17

Margin Trading

Allowed subject to Rule 14A15

Stock Borrowing and Lending

Allowed subject to Rule 14A16

*Dynamic Price Limit (applicable to Continuous Auction session only)
±2% (including “*ST companies”) based on the benchmark price:-

  • China Connect buy order – price shall not be higher than 102% of the benchmark price
  • China Connect sell order – price shall not be lower than 98% of the benchmark price

For China Connect buy orders, the benchmark price shall be (i) the current ask price of the relevant China Connect Security; (ii) where no current ask price is available, the current bid price of the China Connect Security; (iii) where no current bid price is available, the last traded price of the China Connect Security; and (iv) where no last traded price is available, the previous closing price of the China Connect Security.

For China Connect sell orders, the benchmark price shall be (i) the current bid price of the relevant China Connect Security; (ii) where no current bid price is available, the current ask price of the China Connect Security; (iii) where no current ask price is available, the last traded price of the China Connect Security; and (iv) where no last traded price is available, the previous closing price of the China Connect Security.

(The above does not apply to securities under intraday suspension)

 

In relation to China Connect Securities on the SSE STAR Market: 

Trading Mode Automatic matching and execution through the SSE Market System

Trading Currency

RMB

Stock Code

6 digits

BCAN

As set out in Rule 1425A

Order Type

Only limit orders with a specified price are allowed:

  • China Connect buy orders maybe executed at or lower than the specified price
  • China Connect sell orders maybe executed at or higher than the specified price

Spread

RMB 0.01

Board Lot

1 share

Odd Lots

Only China Connect sell orders are allowed subject to Rule 14A06(3)

(A sale of shares of less than 200 shares is allowed provided that the China Connect sell order relates to the sale of all, and not part, of the shareholdings held.)

Maximum Order Size

100,000 shares

Minimum Order Size 200 shares
 Price Limit ±20% (including “*ST companies”) based on the previous closing price except for shares on the first day of the delisting process where there is no price limit and in which case, intraday suspension may be imposed by SSE
Dynamic Price Limit
(applicable to Continuous Auction session only)
±2% (including “*ST companies”) based on thebenchmarkprice:
  • China Connect buy order – price shall not be higher than 102% of the benchmark price
  • China Connect sell order – price shall not be lower than 98% of the benchmark price

For China Connect buy orders, the benchmark price shall be (i) the current ask price of the relevant China Connect Security; (ii) where no current ask price is available, the current bid price of the China Connect Security; (iii) where no current bid price is available, the last traded price of the China Connect Security; and (iv) where no last traded price is available,the previous closing price of the China Connect Security.

For China Connect sell orders, the benchmark price shall be (i) the current bid price of the relevant China Connect Security; (ii) where no current bid price is available, the current ask price of the China Connect Security; (iii) where no current ask price is available, the last traded price of the China Connect Security; and (iv) where no last traded price is available, the previous closing price of the China Connect Security.

(The above does not apply to securities under intraday suspension)

Additional Price Restrictions

As set out in Rules 14A07(12) and 14A07(13)

Turnaround Trading

Not allowed as set out in Rule 14A06(4)

Block Trades

Not allowed

Manual Trades

Not available in the SSE Market

Order Amendment

Not available in the SSE Market

Pre-trade Checking

Required as set out in Rule 14A06(5) to (10)

Naked Short Selling

Not allowed

Short Selling

Allowed subject to Rule 14A17(1) to (7) and 14A17(9) to (31)

Margin Trading

Allowed subject to Rule 14A15

Stock Borrowing and Lending

Allowed subject to Rule 14A16

 
 



Updated 15 Jan 2021