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.
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In relation to China Connect Securities on the SZSE Main Board:
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| Trading Mode |
Automatic matching and execution through the SZSE Market System |
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Trading Currency
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RMB
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Stock Code
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6 digits
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BCAN
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As set out in Rule 1425A
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Order Type
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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
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Spread
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RMB 0.01
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Board Lot (applicable to China Connect buy orders only)
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100 shares
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Odd Lots
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Only China Connect sell orders are allowed subject to Rule 14B06(4)
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Maximum Order Size
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1,000,000 shares
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| 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)
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Additional Price Restrictions
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As set out in Rules 14B07(8) and 14B07(9)
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Turnaround Trading
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Not allowed as set out in Rule 14B06(5)
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Block Trades
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Not allowed
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Manual Trades
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Not available in the SZSE Market
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Order Amendment
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Not available in the SZSE Market
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Pre-trade Checking
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Required as set out in Rule 14B06(6) to (12)
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Naked Short Selling
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Not allowed
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Short Selling
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Allowed subject to Rule 14B17
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Margin Trading
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Allowed subject to Rule 14B15
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Stock Borrowing and Lending
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Allowed subject to Rule 14B16
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In relation to China Connect Securities on the SZSE ChiNext:
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| 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)
|
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Maximum Order Size
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300,000 shares
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| 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
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Allowed subject to Rule 14B15
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Stock Borrowing and Lending
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Allowed subject to Rule 14B16
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In relation to China Connect Securities on the SZSE ETF Market:
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Trading Mode
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Automatic matching and execution through the SZSE Market System
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Trading Currency
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RMB
|
|
Stock Code
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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
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RMB 0.001
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Board Lot
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100 units
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Odd Lots
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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.)
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Maximum Order Size
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1,000,000 units
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Price Limit
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±10% (and ±20% for SZSE-listed ETFs specified by SZSE (in Chinese only)) based on the previous closing price
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Dynamic Price Limit
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Not applicable
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|
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
|
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Securities Borrowing and Lending
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Allowed subject to Rule 14B16
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(Effective 10 April 2023)