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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 or the SZSE SME 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

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:

(Effective 24 August 2020)

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
  • China Connect sell order - price shall not be lower than 98% of the sell 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 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



Updated 15 Jan 2021