Quotation Requirements and Restrictions for Shenzhen Connect Orders

SHENZHEN 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 SZSE Main Board:
Trading Mode	Automatic matching and execution through the SZSE 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 14B06(4)
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, intraday suspension may be imposed by SZSE
Dynamic Price Limit (applicable to Continuous Auction session only)	±2% (including “ST companies” and “*ST companies”) based on the benchmark price: China Connect buy order – price shall not be higher than 102% of the benchmark price or 10 spreads above the benchmark price, whichever is higher; China Connect sell order – price shall not be lower than 98% of the benchmark price or 10 spreads below the benchmark price, whichever is lower. 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 14B07(8) and 14B07(9)
Turnaround Trading	Not allowed as set out in Rule 14B06(5)
Block Trades	Not allowed
Manual Trades	Not available in the SZSE Market
Order Amendment	Not available in the SZSE Market
Pre-trade Checking	Required as set out in Rule 14B06(6) to (12)
Naked Short Selling	Not allowed
Short Selling	Allowed subject to Rule 14B17
Margin Trading	Allowed subject to Rule 14B15
Stock Borrowing and Lending	Allowed subject to Rule 14B16

In relation to China Connect Securities on the SZSE ChiNext:
Trading Mode	Automatic matching and execution through the SZSE 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 14B06(4)
Maximum Order Size	300,000 shares
Price Limit	±20% (including “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, intraday suspension may be imposed by SZSE
Dynamic Price Limit (applicable to Continuous Auction session only)	±2% (including “ST companies” and “*ST companies”) based on the benchmark price: China Connect buy order - price shall not be higher than 102% of the benchmark price or 10 spreads above the benchmark price, whichever is higher; China Connect sell order - price shall not be lower than 98% of the benchmark price or 10 spreads below the benchmark price, whichever is lower. 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 14B07(8) and 14B07(9)
Turnaround Trading	Not allowed as set out in Rule 14B06(5)
Block Trades	Not allowed
Manual Trades	Not available in the SZSE Market
Order Amendment	Not available in the SZSE Market
Pre-trade Checking	Required as set out in Rule 14B06(6) to (12)
Naked Short Selling	Not allowed
Short Selling	Allowed subject to Rule 14B17
Margin Trading	Allowed subject to Rule 14B15
Stock Borrowing and Lending	Allowed subject to Rule 14B16

In relation to China Connect Securities on the SZSE ETF Market:
Trading Mode	Automatic matching and execution through the SZSE 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 0.001
Board Lot	100 units
Odd Lots	Only China Connect sell orders are allowed subject to Rule 14B06(4) (A sale of SZSE-listed ETFs of less than 100 units is allowed provided that the China Connect sell order relates to the sale of all, and not part, of the units held.)
Maximum Order Size	1,000,000 units
Price Limit	±10% (and ±20% for SZSE-listed ETFs specified by SZSE (in Chinese only)) based on the previous closing price
Dynamic Price Limit	Not applicable
Additional Price Restrictions	As set out in Rules 14B07(8) and 14B07(9)
Turnaround Trading	Not allowed as set out in Rule 14B06(5)
Block Trades	Not allowed
Manual Trades	Not available in the SZSE Market
Order Amendment	Not available in the SZSE Market
Pre-trade Checking	Required as set out in Rule 14B06(6) to (12)
Naked Short Selling	Not allowed
Short Selling	Allowed subject to Rule 14B17
Margin Trading	Allowed subject to Rule 14B15
Securities Borrowing and Lending	Allowed subject to Rule 14B16

(Effective 10 April 2023)

Updated 08 Apr 2023