SSE Solicits Public Comments on Revision of the Trading Rules of Shanghai Stock Exchange

SSE Solicits Public Comments on Revision of the Trading Rules of Shanghai Stock Exchange

To further optimize the securities trading mechanism, promote stable market operation and better meet investors' needs, Shanghai Stock Exchange (SSE), under the overall guidance of China Securities Regulatory Commission (CSRC), formulated Trading Rules of Shanghai Stock Exchange (Draft for Comments)and is now soliciting public comments on relevant matters.

The revisions mainly include: First, the scope of securities eligible for after-hours fixed-price trading will be expanded from STAR Market stocks to all A-shares and exchange traded funds (ETFs). This adjustment helps satisfy investors' demand for trading at closing prices, extends trading hours for related products, and facilitates the entry of medium and long-term funds into the market. Second, the trading method for funds during the closing auction period will be adjusted from continuous auction to closing call auction, with closing prices determined through call auction, which is consistent with SSE-listed stocks. This change will further enhance price stability and pricing efficiency during the closing auction period of funds and improve consistency of market mechanisms. Third, adaptive revisions will be made in line with rule changes and business needs. These include incorporating relevant provisions of the Notice on Adjusting the Price Limit Ratio for Daily Price Movement of Risk-Warning Stocks on the Main Board and Related Matters, for which public comments were previously solicited, into this revision, raising the price limit ratio for daily price movement of Main Board risk-warning stocks from 5% to 10%; revising rule expressions; and optimizing provisions concerning disciplinary actions and other related matters.

All market participants are welcome to propose valuable suggestions on these revision arrangements. The SSE will carefully study and accept reasonable opinions and recommendations. Going forward, the SSE will, in accordance with the unified arrangements of the CSRC, continue to improve the basic trading system, strengthen trading supervision, and earnestly protect the legitimate rights and interests of investors.