关于发布《上海证券交易所交易规则》的通知

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　　《上海证券交易所交易规则》已经中国证监会批准，现予以发布。本规则自2006年7月1日起实施，相关业务细则另行公布。
　　附件：上海证券交易所交易规则
　　
　　上海证券交易所
　　二○○六年五月十五日

　　附件

　　上海证券交易所交易规则

第一章　总则

　 1.1　为规范证券市场交易行为，维护证券市场秩序，保护投资者合法权益，根据《中华人民共和国证券法》等法律、行政法规、部门规章以及《上海证券交易所章程》，制定本规则。

　 1.2　上海证券交易所（以下简称"本所"）上市的证券及其衍生品种（以下统称"证券"）的交易，适用本规则。本规则未作规定的，适用本所其他有关规定。

　 1.3　证券交易遵循公开、公平、公正的原则。

　 1.4　证券交易应当遵守法律、行政法规和部门规章及本所相关业务规则，遵循自愿、有偿、诚实信用原则。

　 1.5　证券交易采用无纸化的集中交易或经中国证券监督管理委员会（以下简称"证监会"）批准的其他方式。

　 第二章　交易市场

　 第一节　交易场所

　　2.1.1 本所为证券交易提供交易场所及设施。交易场所及设施由交易主机、交易大厅、参与者交易业务单元、报盘系统及相关的通信系统等组成。

　　2.1.2 本所设置交易大厅。本所会员（以下简称"会员"）可以通过其派驻交易大厅的交易员进行申报。

　　除经本所特许外，进入交易大厅的，仅限下列人员：

　　（一）登记在册交易员；

　　（二）场内监管人员。

　 第二节　交易参与人与交易权

　　2.2.1 会员及本所认可的机构进入本所市场进行证券交易的，须向本所申请取得相应席位和交易权，成为本所交易参与人。

　　交易参与人应当通过在本所申请开设的参与者交易业务单元进行证券交易。

　　2.2.2参与者交易业务单元，是指交易参与人据此可以参与本所证券交易，享有及行使相关交易权利，并接受本所相关交易业务管理的基本单位。

　　2.2.3 参与者交易业务单元和交易权限等管理细则由本所另行规定，报证监会批准后生效。

　 第三节　交易品种

　　2.3.1 下列证券可以在本所市场挂牌交易：

　　（一）股票；

　　（二）基金；

　　（三）债券；

　　（四）债券回购；

　　（五）权证；

　　（六）经证监会批准的其他交易品种。

　 第四节　交易时间

　　2.4.1 本所交易日为每周一至周五。

　　国家法定假日和本所公告的休市日，本所市场休市。

　　2.4.2 采用竞价交易方式的，每个交易日的9：15至9：25为开盘集合竞价时间，9：30至11：30、13：00至15：00为连续竞价时间，开市期间停牌并复牌的证券除外。

　　根据市场发展需要，经证监会批准，本所可以调整交易时间。

　　2.4.3 交易时间内因故停市，交易时间不作顺延。

　 第三章　证券买卖

　 第一节　一般规定

　　3.1.1 会员接受投资者的买卖委托后，应当按照委托的内容向本所申报，并承担相应的交易、交收责任。

　　会员接受投资者买卖委托达成交易的，投资者应当向会员交付其委托会员卖出的证券或其委托会员买入证券的款项，会员应当向投资者交付卖出证券所得款项或买入的证券。

　　3.1.2 会员通过其拥有的参与者交易业务单元和相关的报送渠道向本所交易主机发送买卖申报指令，并按本规则达成交易，交易结果及其他交易记录由本所发送至会员。

　　3.1.3 会员应当按照有关规定妥善保管委托和申报记录。

　　3.1.4 投资者买入的证券，在交收前不得卖出，但实行回转交易的除外。

　　证券的回转交易是指投资者买入的证券，经确认成交后，在交收前全部或部分卖出。

　　3.1.5 债券和权证实行当日回转交易，B股实行次交易日起回转交易。

　　3.1.6 根据市场需要，本所可以实行一级交易商制度，具体办法由本所另行规定，报证监会批准后生效。

　 第二节　指定交易

　　3.2.1 本所市场证券交易实行全面指定交易制度，境外投资者从事B股交易除外。

　　3.2.2 全面指定交易是指参与本所市场证券买卖的投资者必须事先指定一家会员作为其买卖证券的受托人，通过该会员参与本所市场证券买卖。

　　3.2.3 投资者应当与指定交易的会员签订指定交易协议，明确双方的权利、义务和责任。指定交易协议一经签订，会员即可根据投资者的申请向本所交易主机申报办理指定交易手续。

　　3.2.4 本所在开市期间接受指定交易申报指令，该指令被交易主机接受后即刻生效。

　　3.2.5 投资者变更指定交易的，应当向已指定的会员提出撤销申请，由该会员申报撤销指令。对于符合撤销指定条件的，会员不得限制、阻挠或拖延其办理撤销指定手续。

　　3.2.6 指定交易撤销后即可重新申办指定交易。

　　3.2.7 指定交易的其他事项按照本所的有关规定执行。

　 第三节　委托

　　3.3.1 投资者买卖证券，应当开立证券账户和资金账户，并与会员签订证券交易委托协议。协议生效后，投资者即成为该会员经纪业务的客户（以下简称"客户"）。

　　投资者开立证券账户，按本所指定登记结算机构的规定办理。

　　3.3.2 客户可以通过书面或电话、自助终端、互联网等自助委托方式委托会员买卖证券。电话、自助终端、互联网等自助委托应当按相关规定操作。

　　3.3.3 客户通过自助委托方式参与证券买卖的，会员应当与其签订自助委托协议。

　　3.3.4 除本所另有规定外，客户的委托指令应当包括下列内容：

　　（一）证券账户号码；

　　（二）证券代码；

　　（三）买卖方向；

　　（四）委托数量；

　　（五）委托价格；

　　（六）本所及会员要求的其他内容。

　　3.3.5 客户可以采用限价委托或市价委托的方式委托会员买卖证券。

　　限价委托是指客户委托会员按其限定的价格买卖证券，会员必须按限定的价格或低于限定的价格申报买入证券；按限定的价格或高于限定的价格申报卖出证券。

　　市价委托是指客户委托会员按市场价格买卖证券。

　　3.3.6 客户可以撤销委托的未成交部分。

　　3.3.7 被撤销和失效的委托，会员应当在确认后及时向客户返还相应的资金或证券。

　　3.3.8 会员向客户买卖证券提供融资融券服务的，应当按照有关规定办理。

　 第四节　申报

　　3.4.1 本所接受会员竞价交易申报的时间为每个交易日9：15至 9：25、9：30至11：30 、13：00至15：00。

　　每个交易日9：20至9：25的开盘集合竞价阶段，本所交易主机不接受撤单申报；其他接受交易申报的时间内，未成交申报可以撤销。撤销指令经本所交易主机确认方为有效。

　　本所认为必要时，可以调整接受申报时间。

　　3.4.2 会员应当按照客户委托的时间先后顺序及时向本所申报。

　　3.4.3 本所接受会员的限价申报和市价申报。

　　3.4.4 根据市场需要，本所可以接受下列方式的市价申报：

　　（一）最优五档即时成交剩余撤销申报，即该申报在对手方实时最优五个价位内以对手方价格为成交价逐次成交，剩余未成交部分自动撤销。

　　（二）最优五档即时成交剩余转限价申报，即该申报在对手方实时五个最优价位内以对手方价格为成交价逐次成交，剩余未成交部分按本方申报最新成交价转为限价申报；如该申报无成交的，按本方最优报价转为限价申报；如无本方申报的，该申报撤销。

　　（三）本所规定的其他方式。

　　3.4.5 市价申报只适用于有价格涨跌幅限制证券连续竞价期间的交易，本所另有规定的除外。

　　3.4.6 限价申报指令应当包括证券账号、营业部代码、证券代码、买卖方向、数量、价格等内容。

　　市价申报指令应当包括申报类型、证券账号、营业部代码、证券代码、买卖方向、数量等内容。

　　申报指令按本所规定的格式传送。本所认为必要时，可以调整申报的内容及方式。

　　3.4.7 通过竞价交易买入股票、基金、权证的，申报数量应当为100股（份）或其整数倍。

　　卖出股票、基金、权证时，余额不足100股（份）的部分，应当一次性申报卖出。

　　3.4.8 竞价交易中，债券交易的申报数量应当为1手或其整数倍，债券质押式回购交易的申报数量应当为100手或其整数倍，债券买断式回购交易的申报数量应当为1000手或其整数倍。

　　债券交易和债券买断式回购交易以人民币1000元面值债券为1手，债券质押式回购交易以人民币1000元标准券为1手。

　　3.4.9 股票、基金、权证交易单笔申报最大数量应当不超过100万股（份），债券交易和债券质押式回购交易单笔申报最大数量应当不超过1万手，债券买断式回购交易单笔申报最大数量应当不超过5万手。

　　根据市场需要，本所可以调整证券的单笔申报最大数量。

　　3.4.10 不同证券的交易采用不同的计价单位。股票为"每股价格"，基金为"每份基金价格"，权证为"每份权证价格"，债券为"每百元面值债券的价格"，债券质押式回购为"每百元资金到期年收益"，债券买断式回购为"每百元面值债券的到期购回价格"。

　　3.4.11 A股、债券交易和债券买断式回购交易的申报价格最小变动单位为0.01元人民币，基金、权证交易为0.001元人民币，B股交易为0.001美元，债券质押式回购交易为0.005元。

　　3.4.12 根据市场需要，本所可以调整各类证券单笔买卖申报数量和申报价格的最小变动单位。

　　3.4.13 本所对股票、基金交易实行价格涨跌幅限制，涨跌幅比例为10%，其中ST股票和*ST股票价格涨跌幅比例为5%。

　　股票、基金涨跌幅价格的计算公式为：涨跌幅价格＝前收盘价×（1±涨跌幅比例）。

　　计算结果按照四舍五入原则取至价格最小变动单位。

　　属于下列情形之一的，首个交易日无价格涨跌幅限制：

　　（一）首次公开发行上市的股票和封闭式基金；

　　（二）增发上市的股票；

　　（三）暂停上市后恢复上市的股票；

　　（四）本所认定的其他情形。

　　经证监会批准，本所可以调整证券的涨跌幅比例。

　　3.4.14 买卖有价格涨跌幅限制的证券，在价格涨跌幅限制以内的申报为有效申报，超过价格涨跌幅限制的申报为无效申报。

　　3.4.15 买卖无价格涨跌幅限制的证券，集合竞价阶段的有效申报价格应符合下列规定：

　　（一）股票交易申报价格不高于前收盘价格的200%，并且不低于前收盘价格的50%；

　　（二）基金、债券交易申报价格最高不高于前收盘价格的150%，并且不低于前收盘价格的70%。

　　集合竞价阶段的债券回购交易申报无价格限制。

　　3.4.16 买卖无价格涨跌幅限制的证券，连续竞价阶段的有效申报价格应符合下列规定：

　　（一）申报价格不高于即时揭示的最低卖出价格的110%且不低于即时揭示的最高买入价格的90%；同时不高于上述最高申报价与最低申报价平均数的130%且不低于该平均数的70%；

　　（二）即时揭示中无买入申报价格的，即时揭示的最低卖出价格、最新成交价格中较低者视为前项最高买入价格；

　　（三）即时揭示中无卖出申报价格的，即时揭示的最高买入价格、最新成交价格中较高者视为前项最低卖出价格。

　　当日无交易的，前收盘价格视为最新成交价格。

　　根据市场需要，本所可以调整申报价格限制的规定。

　　3.4.17 申报当日有效。每笔参与竞价交易的申报不能一次全部成交时，未成交的部分继续参加当日竞价，本规则另有规定的除外。

　 第五节　竞价

　　3.5.1 证券竞价交易采用集合竞价和连续竞价两种方式。

　　集合竞价是指在规定时间内接受的买卖申报一次性集中撮合的竞价方式。

　　连续竞价是指对买卖申报逐笔连续撮合的竞价方式。

　　3.5.2 集合竞价期间未成交的买卖申报，自动进入连续竞价。

　 第六节　成交

　　3.6.1 证券竞价交易按价格优先、时间优先的原则撮合成交。

　　成交时价格优先的原则为：较高价格买入申报优先于较低价格买入申报，较低价格卖出申报优先于较高价格卖出申报。

　　成交时时间优先的原则为：买卖方向、价格相同的，先申报者优先于后申报者。先后顺序按交易主机接受申报的时间确定。

　　3.6.2 集合竞价时，成交价格的确定原则为：

　　（一）可实现最大成交量的价格；

　　（二）高于该价格的买入申报与低于该价格的卖出申报全部成交的价格；

　　（三）与该价格相同的买方或卖方至少有一方全部成交的价格。

　　两个以上申报价格符合上述条件的，使未成交量最小的申报价格为成交价格；仍有两个以上使未成交量最小的申报价格符合上述条件的，其中间价为成交价格。

　　集合竞价的所有交易以同一价格成交。

　　3.6.3 连续竞价时，成交价格的确定原则为：

　　（一）最高买入申报价格与最低卖出申报价格相同，以该价格为成交价格；

　　（二）买入申报价格高于即时揭示的最低卖出申报价格的，以即时揭示的最低卖出申报价格为成交价格；

　　（三）卖出申报价格低于即时揭示的最高买入申报价格的，以即时揭示的最高买入申报价格为成交价格。

　　3.6.4 按成交原则达成的价格不在最小价格变动单位范围内的，按照四舍五入原则取至相应的最小价格变动单位。

　　3.6.5 买卖申报经交易主机撮合成交后，交易即告成立。符合本规则各项规定达成的交易于成立时生效，买卖双方必须承认交易结果，履行清算交收义务。

　　因不可抗力、意外事件、交易系统被非法侵入等原因造成严重后果的交易，本所可以采取适当措施或认定无效。

　　对显失公平的交易，经本所认定并经理事会同意，可以采取适当措施，并向证监会报告。

　　违反本规则，严重破坏证券市场正常运行的交易，本所有权宣布取消，由此造成的损失由违规交易者承担。

　　3.6.6 依照本规则达成的交易，其成交结果以本所交易主机记录的成交数据为准。

　　3.6.7 证券交易的清算交收业务，应当按照本所指定的登记结算机构的规定办理。

　 第七节　大宗交易

　　3.7.1 在本所进行的证券买卖符合以下条件的，可以采用大宗交易方式：

　　（一）A股单笔买卖申报数量应当不低于50万股，或者交易金额不低于300万元人民币；

　　（二）B股单笔买卖申报数量应当不低于50万股，或者交易金额不低于30万元美元；

　　（三）基金大宗交易的单笔买卖申报数量应当不低于300万份，或者交易金额不低于300万元；

　　（四）国债及债券回购大宗交易的单笔买卖申报数量应当不低于1万手，或者交易金额不低于1000万元；

　　（五）其他债券单笔买卖申报数量应当不低于1000手，或者交易金额不低于100万元。

　　本所可以根据市场情况调整大宗交易的最低限额。

　　3.7.2 本所接受大宗交易申报的时间为每个交易日9：30至11：30、13：00至15：30。

　　3.7.3 大宗交易的申报包括意向申报和成交申报。

　　意向申报指令应包括证券账号、证券代码、买卖方向等。

　　成交申报指令应包括证券代码、证券账号、买卖方向、成交价格、成交数量等。

　　3.7.4 意向申报应当真实有效。申报方价格不明确的，视为至少愿以规定的最低价格买入或最高价格卖出；数量不明确的，视为至少愿以大宗交易单笔买卖最低申报数量成交。

　　3.7.5 当意向申报被会员接受（包括其他会员报出比意向申报更优的价格）时，申报方应当至少与一个接受意向申报的会员进行成交申报。

　　3.7.6 有涨跌幅限制证券的大宗交易成交价格，由买卖双方在当日涨跌幅价格限制范围内确定。

　　无涨跌幅限制证券的大宗交易成交价格，由买卖双方在前收盘价的上下30%或当日已成交的最高、最低价之间自行协商确定。

　　3.7.7 买卖双方达成协议后，向本所交易系统提出成交申报，申报的交易价格和数量必须一致。

　　成交申报一经本所确认，不得变更或撤销，买卖双方必须承认交易结果。

　　3.7.8 会员应保证大宗交易参与者实际拥有与意向申报和成交申报相对应的证券或资金。

　　3.7.9 本所债券大宗交易实行一级交易商制度。

　　经本所认可的会员，可以担任一级交易商，通过本所大宗交易系统进行债券双边报价业务。

　　3.7.10 大宗交易不纳入本所即时行情和指数的计算，成交量在大宗交易结束后计入该证券成交总量。

　　3.7.11 每个交易日大宗交易结束后，属于股票和基金大宗交易的，本所公告证券名称、成交价、成交量及买卖双方所在会员营业部的名称等信息；属于债券和债券回购大宗交易的，本所公告证券名称、成交价和成交量等信息。

　 第八节　债券回购交易

　　3.8.1 债券回购交易包括债券买断式回购交易和债券质押式回购交易等。

　　3.8.2 债券买断式回购交易是指债券持有人将债券卖给购买方的同时，交易双方约定在未来某一日期，卖方再以约定价格从买方购回相等数量同种债券的交易。

　　债券质押式回购交易是指债券持有人在将债券质押的同时，将相应债券以标准券折算比率计算出的标准券数量为融资额度而进行的质押融资，交易双方约定在回购期满后返还资金和解除质押的交易。

　　3.8.3 债券回购交易的期限按日历时间计算。如到期日为非交易日，顺延至下一个交易日结算。

　 第四章　其他交易事项

　 第一节　开盘价与收盘价

　　4.1.1 证券的开盘价为当日该证券的第一笔成交价格。

　　4.1.2 证券的开盘价通过集合竞价方式产生，不能产生开盘价的，以连续竞价方式产生。

　　4.1.3 证券的收盘价为当日该证券最后一笔交易前一分钟所有交易的成交量加权平均价（含最后一笔交易）。当日无成交的，以前收盘价为当日收盘价。

　 第二节　挂牌、摘牌、停牌与复牌

　　4.2.1 本所对上市证券实行挂牌交易。

　　4.2.2 证券上市期届满或依法不再具备上市条件的，本所终止其上市交易，并予以摘牌。

　　4.2.3 股票、封闭式基金交易出现异常波动的，本所可以决定停牌，直至相关当事人作出公告当日的上午10：30予以复牌。

　　根据市场发展需要，本所可以调整停牌证券的复牌时间。

　　4.2.4 本所可以对涉嫌违法违规交易的证券实施特别停牌并予以公告，相关当事人应按照本所的要求提交书面报告。

　　特别停牌及复牌的时间和方式由本所决定。

　　4.2.5 证券停牌时，本所发布的行情中包括该证券的信息；证券摘牌后，行情中无该证券的信息。

　　4.2.6 证券开市期间停牌的，停牌前的申报参加当日该证券复牌后的交易；停牌期间，可以继续申报，也可以撤销申报；复牌时对已接受的申报实行集合竞价，集合竞价期间不揭示虚拟开盘参考价格、虚拟匹配量、虚拟未匹配量。

　　4.2.7 证券挂牌、摘牌、停牌与复牌的，本所予以公告。

　　4.2.8 证券挂牌、摘牌、停牌与复牌的其他规定，按照本所上市规则或其他有关规定执行。

　 第三节　除权与除息

　　4.3.1 上市证券发生权益分派、公积金转增股本、配股等情况，本所在权益登记日（B股为最后交易日）次一交易日对该证券作除权除息处理，本所另有规定的除外。

　　4.3.2 除权（息）参考价格的计算公式为：

　　除权（息）参考价格＝[（前收盘价格-现金红利）＋配（新）股价格×流通股份变动比例]÷（1＋流通股份变动比例）。

　　证券发行人认为有必要调整上述计算公式的，可向本所提出调整申请并说明理由。本所可以根据申请决定调整除权（息）参考价格计算公式，并予以公布。

　　除权（息）日即时行情中显示的该证券的前收盘价为除权（息） 参考价。

　　4.3.3 除权（息）日证券买卖，按除权（息）参考价格作为计算涨跌幅度的基准，本所另有规定的除外。

　 第五章　交易信息

　 第一节　一般规定

　　5.1.1 本所每个交易日发布证券交易即时行情、证券指数、证券交易公开信息等交易信息。

　　5.1.2 本所及时编制反映市场成交情况的各类日报表、周报表、月报表和年报表，并予以发布。

　　5.1.3 本所市场产生的交易信息归本所所有。未经本所许可，任何机构和个人不得使用和传播。

　　经本所许可使用交易信息的机构和个人，未经本所同意，不得将本所交易信息提供给其他机构和个人使用或予以传播。

　　5.1.4 证券交易信息的管理办法由本所另行规定。

　 第二节　即时行情

　　5.2.1 每个交易日9：15至9：25开盘集合竞价期间，即时行情内容包括：证券代码、证券简称、前收盘价格、虚拟开盘参考价格、虚拟匹配量和虚拟未匹配量。

　　5.2.2 连续竞价期间，即时行情内容包括：证券代码、证券简称、前收盘价格、最新成交价格、当日最高成交价格、当日最低成交价格、当日累计成交数量、当日累计成交金额、实时最高五个买入申报价格和数量、实时最低五个卖出申报价格和数量。

　　5.2.3 首次上市证券上市首日，其即时行情显示的前收盘价格为其发行价，本所另有规定的除外。

　　5.2.4 即时行情通过通信系统传输至各会员，会员应在本所许可的范围内使用。

　　5.2.5 根据市场发展需要，本所可以调整即时行情发布的方式和内容。

　 第三节　证券指数

　　5.3.1 本所编制综合指数、成份指数、分类指数等证券指数，以反映证券交易总体价格或某类证券价格的变动和走势，随即时行情发布。

　　5.3.2 证券指数的编制遵循公开透明的原则。

　　5.3.3 证券指数设置和编制的具体方法由本所另行规定。

　 第四节　证券交易公开信息

　　5.4.1 有价格涨跌幅限制的股票、封闭式基金竞价交易出现下列情形之一的，本所公布当日买入、卖出金额最大的五家会员营业部的名称及其买入、卖出金额：

　　（一）日收盘价格涨跌幅偏离值达到±7%的各前三只股票（基金）；

　　收盘价格涨跌幅偏离值的计算公式为：收盘价格涨跌幅偏离值＝单只股票（基金）涨跌幅-对应分类指数涨跌幅。

　　（二）日价格振幅达到15%的前三只股票（基金）；

　　价格振幅的计算公式为：价格振幅＝（当日最高价格-当日最低价格）/当日最低价格×100%。

　　（三）日换手率达到20%的前三只股票（基金）；

　　换手率的计算公式为：换手率＝成交股数（份额）/流通股数（份额）×100%。

　　收盘价格涨跌幅偏离值、价格振幅或换手率相同的，依次按成交金额和成交量选取。

　　对应分类指数包括本所编制的上证A股指数、上证B股指数和上证基金指数等。

　　对3.4.13规定的无价格涨跌幅限制的股票、封闭式基金，本所公布当日买入、卖出金额最大的五家会员营业部的名称及其买入、卖出金额。

　　5.4.2 股票、封闭式基金竞价交易出现下列情形之一的，属于异常波动，本所分别公告该股票、封闭式基金交易异常波动期间累计买入、卖出金额最大五家会员营业部的名称及其买入、卖出金额：

　　（一）连续三个交易日内日收盘价格涨跌幅偏离值累计达到±20%的；

　　（二）ST股票和*ST股票连续三个交易日内日收盘价格涨跌幅偏离值累计达到±15%的；

　　（三）连续三个交易日内日均换手率与前五个交易日的日均换手率的比值达到30倍，并且该股票、封闭式基金连续三个交易日内的累计换手率达到20%的；

　　（四）本所或证监会认定属于异常波动的其他情形。

　　异常波动指标自复牌之日起重新计算。

　　对3.4.13规定的无价格涨跌幅限制的股票、封闭式基金不纳入异常波动指标的计算。

　　5.4.3 本所根据第4.2.4条对证券实施特别停牌的，根据需要可以公布以下信息：

　　（一）成交金额最大的五家会员营业部的名称及其买入、卖出数量和买入、卖出金额；

　　（二）股份统计信息；

　　（三）本所认为应披露的其他信息。

　　5.4.4 证券交易公开信息涉及机构的，公布名称为"机构专用"。

　　5.4.5 根据市场发展需要，本所可以调整证券交易公开信息的内容。

　 第六章　交易行为监督

　 6.1　本所对下列可能影响证券交易价格或者证券交易量的异常交易行为，予以重点监控：

　　（一）可能对证券交易价格产生重大影响的信息披露前，大量买入或者卖出相关证券；

　　（二）以同一身份证明文件、营业执照或其他有效证明文件开立的证券账户之间，大量或者频繁进行互为对手方的交易；

　　（三）委托、授权给同一机构或者同一个人代为从事交易的证券账户之间，大量或者频繁进行互为对手方的交易；

　　（四）两个或两个以上固定的或涉嫌关联的证券账户之间，大量或者频繁进行互为对手方的交易；

　　（五）大笔申报、连续申报或者密集申报，以影响证券交易价格；

　　（六）频繁申报或频繁撤销申报，以影响证券交易价格或其他投资者的投资决定；

　　（七）巨额申报，且申报价格明显偏离申报时的证券市场成交价格；

　　（八）一段时期内进行大量且连续的交易；

　　（九）在同一价位或者相近价位大量或者频繁进行回转交易；

　　（十）大量或者频繁进行高买低卖交易；

　　（十一） 进行与自身公开发布的投资分析、预测或建议相背离的证券交易；

　　（十二）在大宗交易中进行虚假或其他扰乱市场秩序的申报；

　　（十三）本所认为需要重点监控的其他异常交易。

　 6.2　会员及其营业部发现投资者的证券交易出现6.1条所列异常交易行为之一，且可能严重影响证券交易秩序的，应当予以提醒，并及时向本所报告。

　 6.3　出现6.1条所列异常交易行为之一，且对证券交易价格或者交易量产生重大影响的，本所可采取非现场调查和现场调查措施，要求相关会员及其营业部提供投资者开户资料、授权委托书、资金存取凭证、资金账户情况、相关交易情况等资料；如异常交易涉及投资者的，本所可以直接要求其提供有关材料。

　 6.4　会员及其营业部、投资者应当配合本所进行相关调查，及时、真实、准确、完整地提供有关文件和资料。

　 6.5　对情节严重的异常交易行为，本所可以视情况采取下列措施：

　　（一）口头或书面警示；

　　（二）约见谈话；

　　（三）要求相关投资者提交书面承诺；

　　（四）限制相关证券账户交易；

　　（五）报请证监会冻结相关证券账户或资金账户；

　　（六）上报证监会查处。

　　如对第（四）项措施有异议的，可以向本所提出复核申请。复核期间不停止相关措施的执行。

　 第七章　交易异常情况处理

　 7.1　发生下列交易异常情况之一，导致部分或全部交易不能进行的，本所可以决定技术性停牌或临时停市：

　　（一）不可抗力；

　　（二）意外事件；

　　（三）技术故障；

　　（四）本所认定的其他异常情况。

　 7.2　出现行情传输中断或无法申报的会员营业部数量超过营业部总数10%以上的交易异常情况，本所可以实行临时停市。

　 7.3　本所认为可能发生第7.1条、第7.2条规定的交易异常情况，并会严重影响交易正常进行的，可以决定技术性停牌或临时停市。

　 7.4　本所对技术性停牌或临时停市决定予以公告。

　 7.5　技术性停牌或临时停市原因消除后，本所可以决定恢复交易。

　 7.6　除本所认定的特殊情况外，技术性停牌或临时停市后当日恢复交易的，技术性停牌或临时停市前交易主机已经接受的申报有效。交易主机在技术性停牌或临时停市期间继续接受申报，在恢复交易时对已接受的申报实行集合竞价交易。

　 7.7　因交易异常情况及本所采取的相应措施造成的损失，本所不承担责任。

　 第八章　交易纠纷

　 8.1　会员之间、会员与客户之间发生交易纠纷，相关会员应当记录有关情况，以备本所查阅。交易纠纷影响正常交易的，会员应当及时向本所报告。

　 8.2　会员之间、会员与客户之间发生交易纠纷，本所可以按有关规定，提供必要的交易数据。

　 8.3　客户对交易有疑义的，会员应当协调处理。

　 第九章　交易费用

　 9.1　投资者买卖证券成交的，应当按规定向代其进行证券买卖的会员交纳佣金。

　 9.2　会员应当按规定向本所交纳会员费、交易经手费及其他费用。

　 9.3　证券交易的收费项目、收费标准和管理办法按照有关规定执行。

　 第十章　纪律处分

　 10.1　会员违反本规则的，本所责令其改正，并视情节轻重单处或并处：

　　（一）在会员范围内通报批评；

　　（二）在证监会指定的媒体上公开谴责；

　　（三）暂停或者限制交易；

　　（四）取消交易资格；

　　（五）取消会员资格。

　 10.2　会员对前条（二）、（三）、（四）、（五）项处分有异议的，可以自接到处分通知之日起15日内向本所理事会申请复核。复核期间不停止相关处分的执行。

　 第十一章　附则

　 11.1　交易型开放式指数基金、债券、债券回购、权证等品种的其他交易事项，由本所另行规定。

　 11.2　本规则中所述时间，以本所交易主机的时间为准。

　 11.3　本所有关股票、基金交易异常波动的规定与本规则不一致的，按本规则执行。

　 11.4　本规则下列用语含义：

　　（一）市场：指本所设立的证券交易市场。

　　（二）上市交易：指证券在本所挂牌交易。

　　（三） 委托：指投资者向会员进行具体授权买卖证券的行为。

　　（四）申报：指会员向本所交易主机发送证券买卖指令的行为。

　　（五）标准券：指由不同债券品按相应折算率折算形成的，用以确定可利用质押式回购交易进行融资的额度。

　　（六）最优价：指集中申报簿中买方的最高价或卖方的最低价。集中申报簿指交易主机中某一时点按买卖方向以及价格优先、时间优先顺序排列的所有未成交申报队列。

　　（七）虚拟开盘参考价格：指特定时点的所有有效申报按照集合竞价规则虚拟成交并予以即时揭示的价格。

　　（八）虚拟匹配量：指特定时点按照虚拟开盘参考价格虚拟成交并予以即时揭示的申报数量。

　　（九）虚拟未匹配量：指特定时点不能按照虚拟开盘参考价格虚拟成交并予以即时揭示的买方或卖方剩余申报数量。

　 11.5　本规则经本所理事会通过，报证监会批准后生效。修改时亦同。

　 11.6　本规则由本所负责解释。

　 11.7　本规则自2006年7月1日起施行。


 

The "Trading Rules of the Shanghai Stock Exchange", which have been adopted by the China Securities Regulatory Commission, are hereby promulgated. These Rules shall be effective as of July 1, 2006. The relevant detailed practice rules shall be formulated separately.
   
Shanghai Stock Exchange
May 15, 2006

Trading Rules of the Shanghai Stock Exchange

【Promulgation Date】2006-05-15
【Effective Date】2006-07-01

Chapter I General Principles
 
1.1 In order to regulate the trading activities in the securities market, maintain the securities market order, and protect the legitimate rights and interests of the investors, these Rules are formulated in accordance with the "Securities Law of the People's Republic of China" and other laws, administrative regulations, departmental rules and the "Articles of Association of the Shanghai Stock Exchange".
 
1.2 The trading of the securities and the derivatives thereof which are listed on the Shanghai Stock Exchange (hereinafter referred to as the "Stock Exchange") shall be governed by these Rules. With regard to the matters on which these Rules are silent, they shall be governed by other relevant provisions of this Stock Exchange.
 
1.3 The securities trading shall adhere to the principles of openness, fairness and impartiality.
 
1.4 The laws, administrative regulations, departmental rules and the relevant business rules shall be observed and the principles of voluntariness, non-gratuitousness and integrity shall be adhered to in respect of securities trading.
 
1.5 The securities shall be traded in a paperless centralized trading manner or in other manners approved by the China Securities Regulatory Commission (hereinafter referred to as the "CSRC").
 
 
Chapter II Trading Markets
 
Section I Trading Place
 
2.1.1 This Stock Exchange shall provide trading place and facilities for securities trading. The trading halls and facilities shall be composed of exchange server, trading halls, trading units of participants, quotation system and relevant communication system.
 
2.1.2 The trading hall shall be set up in this Stock Exchange. The members of this Stock Exchange (hereinafter referred to as the "Members") may make the declaration through the trading members who are designated to station at the trading hall.
 
Only the following members can be allowed to enter the trading hall unless otherwise specifically approved by this Stock Exchange:
 
(1) the trading members who have been registered; and
 
(2) the supervisory and regulatory personnel in the trading place.
 
Section II Trading Participants and Trading Rights
 
2.2.1 If the Members or institutions recognized by this Stock Exchange enter into this Stock Exchange for trading of securities, they shall apply for corresponding seats and trading rights at this Stock Exchange to become the trading participants of this Stock Exchange.
 
The trading participants shall trade the securities through the trading units of the participants which are established upon the application at this Stock Exchange.
 
2.2.2 The trading units of the participants refers to the basic units base on which the trading participants may participate in the securities trading on this Stock Exchange, and enjoy and exercise the relevant trading rights, and subject to the management of this Stock Exchange in terms of the relevant trading business.
 
2.2.3 The rules on administration of trading units of participants and trading authority shall be prescribed by this Stock Exchange separately and shall come into effect upon the approval of the CSRC.
 
Section III Trading Varieties
 
2.3.1 The following securities may be listed and traded on this Stock Exchange:
 
(1) Shares;
 
(2) Funds;
 
(3) Bonds;
 
(4) Repurchase of bonds;
 
(5) Warrants; and
 
(6) Other trading varieties approved by the CSRC.
 
Section IV Time for Trading
 
2.4.1 The trading days of this Stock Exchange shall be from Monday to Friday every week.
 
This Stock Exchange shall suspend trading on the national statutory holidays and the non-trading days as announced by this Stock Exchange.
 
2.4.2 Where the auction trading is adopted, the time for aggregate auction shall be from 9:15 to 9:25 of every trading day, the time for continuous auction shall be from 13:00 to 15:00, except for the securities which are suspended and resumed for trading in the opening period.
 
In light of the developing needs of the market, this Stock Exchange may adjust the trading time upon the approval of the CSRC.
 
2.4.3 If the listing is suspended for some reasons during the trading time, the trading time will not be deferred.
 
 
Chapter III Sales and Purchase of Securities
 
Section I General Provisions
 
3.1.1 After accepting the sales and purchase entrustment from an investor, the Members shall make a declaration at this Stock Exchange based on the contents of the entrustment, and bear the corresponding liabilities for trading and settlement.
 
Where the Members accept the sales and purchase entrustment from the investor and subsequently conclude the transaction, the investor shall deliver to the members the securities entrusted for sale or the money used for purchasing the securities; the members shall then deliver to the investor the money derived from the sale of the securities or the securities purchased.
 
3.1.2 The Members shall give the sale and purchase declaration orders to the exchange server of this Stock Exchange through the trading affairs units of the participants or the relevant channels and conclude the transactions according to these Rules, and the trading results and other trading records shall be sent to the members by this Stock Exchange.
 
3.1.3 The Members shall keep the entrustment and declaration records under appropriate custody according to the relevant provisions.
 
3.1.4 The securities purchased by an investor shall not be sold before settlement, except for the reversal trading.
 
The reversal trading of securities refers to the sale of the securities purchased by the investor, and upon confirmation of the transaction, the said securities will be sold out wholly or partially prior to the settlement.
 
3.1.5 Bonds and warrants shall implement the same-day reversal trading, and B-shares shall implement the next-day reversal trading.
 
3.1.6 According to the needs of the market, this Stock Exchange may exercise the first-grade trader system, the specific measures of which shall be formulated separately by this Stock Exchange and shall come into effect upon the approval of the CSRC.
 
Section II Designated Trading
 
3.2.1 The securities trading of this Stock Exchange shall exercise a comprehensive designation trading system, except for the B-shares trading conducted by foreign investors.
 
3.2.2 A comprehensive designation trading shall mean that the investors who participate in the securities trading of this Stock Exchange must in the first place designate a Member as the entrustor of securities trading in order to participate in the securities trading in this Stock Exchange through the Members.
 
3.2.3 An investor shall conclude a designated trading agreement with the Member of designated trading defining the rights, obligations and liabilities of both parties. Once the designated trading agreement is concluded, the Member may declare the handling of the formalities for designated trading at the exchange server of this Stock Exchange pursuant to the application of the investor.
 
3.2.4 This Stock Exchange shall accept the declaration orders of designated trading during the opening hours, such orders shall become effective immediately after they are accepted by the exchange server.
 
3.2.5 In the event an investor varies the designated trading, he shall submit an application of revocation to the designated Member who shall then be responsible for declaring the order of revocation. With regard to the circumstances whereby the conditions of revoking the designation are met, members are forbidden to restrict, hinder or delay the formalities for handling the designation of revocation.
 
3.2.6 A new designated trading may be declared afresh upon revocation of the original designated trading.
 
3.2.7 Other matters relating to the designated trading shall be implemented according to the relevant provisions of this Stock Exchange.
 
Section III Entrustment
 
3.3.1 An investor who purchases or sells the securities shall open a securities account and a fund account, and sign the entrustment agreement of securities trading with a Member. The investor shall become the client of the Member in the brokerage business. ("The client")
 
When opening a securities account, an investor shall transact the formalities according to the provisions of the registration and clearing institution designated by this Stock Exchange.
 
3.3.2 The client may entrust the Member to sell or purchase the securities through the self-service entrustment methods such as written documents or telephone, self-service terminal and the internet. The self-service entrustment such as telephone, self-help terminal or the internet shall be operated according to the relevant provisions.
 
3.3.3 If a client participate in the securities trading through self-service entrustment, the Member shall sign the self-service entrustment agreement with the client.
 
3.3.4 Unless otherwise stipulated by this Stock Exchange, an entrustment order of the client shall include the following items:
 
 (1) the securities account's number;
 
 (2) the securities' codes;　
 
 (3) the trading direction;
 
 (4) the entrusted quantity;
 
 (5) the entrusted price; and
 
 (6) other items as required by this Stock Exchange and the Members.
 
3.3.5 The clients may entrust the Members to sell and purchase the securities through limit order or market order.
 
The limit order means that the clients entrust the Members to sell or purchase the securities the price of which have been limited by the clients, and the Members shall purchase the securities with the limit price or the price lower than the limit price, and sell the securities with the limit price or a price higher than the limit price.
 
The market order means that the clients entrust the Members to sell or purchase the securities at the market price.
 
3.3.6 The clients may revoke the entrustment over the un-concluded part of the transaction.
 
3.3.7 With regard to the revoked or invalid entrustments, the Members shall forthwith refund the corresponding funds or securities to the clients after ascertainment.
 
3.3.8 If the Members provide the margin trading and securities lending service to the clients to sell and purchase securities, such matters shall be transacted according to the relevant provisions.
 
Section IV Declaration
 
3.4.1 The time periods accepted by this Stock Exchange for declaring the auction trading by Members shall be 9:15 to 9:25, 9:30 to 11:30 and 13:00 to 15:00 on every trading day.
 
The exchange server of this Stock Exchange shall not accept declaration on order revocation from 9:20 to 9:25 of every trading day during which the aggregate auction is conducted. At other time for accepting trading declaration, the declaration on the un-concluded transaction may be revoked. The revocation order shall be effective upon confirmation of the exchange server of this Stock Exchange.
 
This Stock Exchange may, if necessary, adjust the time for accepting declaration.
 
3.4.2 The Members shall make the declaration at this Stock Exchange promptly based on the entrustment order.
 
3.4.3 This Stock Exchange shall accept limit declaration and market declaration from the Members.
 
3.4.4 In light of the market demands, this Stock Exchange may accept market declaration made in the following manners:
(1) Declaration in real time transaction at the best five prices with remaining being cancelled, in which the trading will be executed one by one at the price of the other parties from among the real time best five prices, the remaining unfilled part shall be cancelled automatically.
 
(2) Declaration in real time transaction at the best five prices with remaining being converted into limit price, in which the trading will be executed one by one at the price of the other parties from among the real time best five prices, the remaining unfilled part shall be declared at the limit price converted from the latest traded price of the party. In the event there is no execution in the declaration, it shall be declared at the limit price converted from the best quotation of the party. If there is no declaration of the party, the declaration shall be cancelled.
 
(3) other manners prescribed by this Stock Exchange.
 
3.4.5 The market declaration shall apply only to the trading of the securities the price of which is subject to the price rising and falling limitation during the continuous auction period, unless otherwise prescribed by this Stock Exchange.
 
3.4.6 The limit declaration orders shall include the securities account, code of the sales department, securities code, trading direction, quantity, price, etc.
 
The market declaration orders shall include the type of the declaration, securities account, code of the sales department, securities code, trading direction, quantity, etc.
 
The declaration orders shall be given according to the format prescribed by this Stock Exchange. This Stock Exchange may adjust the content and manner of the declaration if necessary.
 
3.4.7 If the shares, funds or warrants are purchased through the auction trading, the declared quantity shall be 100 shares (units) or its integral multiples.
 
When the shares, funds or warrants are being sold, the remaining part with the amount of less than 100 shares shall be sold out through declaration in a lump sum.
 
3.4.8 In the course of auction trading, the declared quantity in the bonds trading shall be one board lot or its integral multiples, the declared quantity in the bonds collateralized repurchase shall be 100 board lots or its integral multiples, the declared quantity in the buyout repurchase of the bonds shall be 1000 board lots or its integral multiples.
 
With regard to the bonds trading and the bonds buyout repurchase, the bonds with the par value of RMB 1000 shall be one board lot; with regard to the bonds collateralized repurchase, the standard bonds with the par value of RMB1000 shall be one board lot.
 
3.4.9 The maximum quantity in a single declaration for shares, funds or warrants trading shall be 1 million shares, the maximum quantity in a single declaration for bonds trading and bonds collateralized repurchase shall hot exceed 10,000 board lots, and the maximum quantity in a single declaration for bonds buyout repurchase shall not exceed 50,000 board lots.
 
In light of the market demands, this Stock Exchange may adjust the maximum quantity in a single securities declaration.
 
3.4.10 The trading of different securities shall be denominated in different units. They are the "price per share" for the shares, the "price per fund unit" for the funds, the "price per warrants" for the warrants, the "price per 100-yuan bond" for the bonds, the "Annual Yield to Maturity per 100-yuan capital" for bonds collateralized repurchase, the "expiry repurchase price per 100 bond" for bonds buyout repurchase.
 
3.4.11 The Minimum Unit for Price Variation in the A-Shares and bonds trading declaration and bonds buyout repurchase declaration is RMB 0.01, and RMB 0.001 for funds and warrants trading, USD 0.001 for B-Shares trading, and RMB 0.005 for bonds collateralized repurchase.
 
3.4.12 In light of the market demands, this Stock Exchange may adjust the declared quality in a single trading declaration for securities of various types and the Minimum Unit for Price Variation.
 
3.4.13 This Stock Exchange shall implement a price rising and falling limitation on the shares and securities trading, the proportion of the range of rising and falling shall be 10%, amongst which the proportion of the price of the range of rising and falling of ST shares and *ST shares shall be 5%.
 
The formula for calculating the price of the range of rising and falling of shares and funds is as follows:
The price of the range of rising and falling = Closing Price in the last day X (1±proportion of the range of rising and falling).
 
The result of calculation shall be rounded to the Minimum Unit for Price Variation.
 
Under any of the following situations, there shall be no limitation on price rising and falling on the first trading day:
 
 (1) shares of the initial public offering and closed-end funds;
 
 (2) increased issuance of shares for listing;
 
 (3) shares resumed for listing after suspension of listing; and
 
 (4) other situations determined by this Stock Exchange.
 
Upon the approval of the CSRC, this Stock Exchange may adjust the proportion of the range of rising and falling of the securities.
 
3.4.14 In the case of selling or purchasing the securities with the price rising and falling limitation, the declaration within the rice rising and falling limitation shall be a valid declaration, and the declaration beyond the price rising and falling limitation shall be an invalid declaration.
 
3.4.15 In the case of selling or purchasing the securities without the price rising and falling limitation, the valid declared price during the aggregate auction session shall comply with the following provisions:
 
(1) the declared price in the shares trading shall not be higher than 200% or lower than 50% of the closing price in the previous trading day; and
 
(2) the maximum declared price in the funds and bonds trading shall not be higher than 150% of the closing price in the previous trading day or lower than 70% of the closing price in the previous trading day.
 
The price restriction shall not apply to the declaration for the bonds repurchase trading during the aggregate auction session.
 
3.4.16 In the case of selling or purchasing the securities without the price rising and falling limitation, the valid declared price during the continuous auction session shall comply with the following provisions:
 
(1) the declared price shall not be higher than 110% of the lowest sold price disclosed at real time or lower than 90% of the highest purchase price disclosed at real time. Meanwhile the price shall not be higher than 130% or lower than 70% on the average between the aforesaid highest declared price and the lowest declared price;
 
(2) if there is no declared price for the purchase disclosed in real time, the lowest sold price disclosed in real time and the lower price among the latest traded prices shall be regarded as the highest purchased price mentioned in the preceding item; and
 
(3) if there is no declared price for the sale disclosed in real time, the highest purchased price disclosed in real time and the higher price among the latest traded prices shall be regarded as the lowest sold price mentioned in the preceding item.
 
If there is no trading on the current day, the last closing price shall be regarded as the latest traded price.
 
In light of the market demands, this Stock Exchange may adjust the provisions on the restriction of declared price.
 
3.4.17 Any declaration shall be valid on the current day. If a declaration for the auction trading cannot be executed in full at one time, the unfilled part shall continue to participate in the auction on the current day, unless otherwise prescribed by these Rules.
 
Section V Auction
 
3.5.1 The means of auction trading of securities shall adopt the aggregate auction and the continuous auction.
 
The aggregate auction refers to the auction in which the trading declaration accepted within the prescribed time are matched centrally at one time.
 
The continuous auction refers to the auction in which the trading declaration are matched continuously one by one.
 
3.5.2 Any unfilled trading declaration during the aggregate auction session shall enter into the continuous auction automatically.
 
Section VI Conclusion of Trade
 
3.6.1 The auction trading of securities shall be completed according to the principles of price priority and time priority.
 
The principle of price priority is that the declaration of buying with the higher price takes precedence over the declaration of purchase with the lower price, and the declaration of selling with the lower price takes precedence over the declaration of selling with the higher price.
 
The principle of time priority is that if the trading directions and prices are the same, earlier declarer takes precedence over the later ones. The order of precedence shall be determined based on the time when the exchange server accepts the declaration.
 
3.6.2 In the case of aggregate auction, the traded price shall be determined according to the following principles:
 
(1) the realizable price that can bring up the maximum trading volume;
 
(2) the price at which the declaration of buying with the prices higher than the said price and the declaration of selling with the prices lower than that which are totally executed; and
 
(3) the price at which the buyers or sellers whose declared prices are the same as the said price who conclude the trading entirely.
 
If two or more declared prices conform to the aforesaid conditions, the declared price bringing the smallest unfilled quantity shall be selected as the traded price. If there are still two or more declared prices bringing the smallest unfilled quantity and conform to the aforesaid conditions, the middle price shall be selected as the traded price.
 
All the transactions by aggregate auction shall be concluded at the same price.
 
3.6.3 In the case of continuous auction, the traded price shall be determined according to the following principles:
 
(1) If the highest declared price for buying is the same as the lowest declared price for selling, such price shall be the traded price;
 
(2) If the declared price for buying is higher than the lowest declared price for selling disclosed in real time, the latter shall be the traded price; and
 
(3) If the declared price for selling is lower than the highest declared price of buying disclosed in real time, the latter shall be the traded price.
 
3.6.4 If the price determined according to the principle of concluded transaction is not within the scope of the Minimum Unit for Price Variation, it shall be rounded to the corresponding Minimum Unit for Price Variation.
 
3.6.5 The transaction shall be concluded after the trading declaration is matched by the exchange server. The transaction completed according to the provisions of these Rules shall come into effect upon the conclusion, both buyer and seller must accept the trading results and fulfill the liquidation and settlement obligations.
 
With regard to the transactions which cause serious consequences due to force majeure, accidents, or illegal intrusion into the trading system, this Stock Exchange may take the appropriate measures or determine the transactions to be invalid.
 
With regard to the transactions which are obviously unfair, this Stock Exchange may take appropriate measures upon the determination after obtaining the consent from the Council, and report the matter to the CSRC.
 
With regard to the transactions which violate these Rules and seriously disrupt the normal operation of the securities market, this Stock Exchange shall have the right to cancel the transactions, and the losses thus caused shall be borne by the traders violating the rules.
 
3.6.6 With regard to the transactions concluded according to these Rules, the trading result shall be the trading data recorded in the exchange server of this Stock Exchange.
 
3.6.7 The liquidation and settlement business in the securities trading shall be transacted according to the provisions of the registration and clearing institution designated by this Stock Exchange.
 
Section VII Block Trades
 
3.7.1 Any securities trading conducted on this Stock Exchange which complies with the following conditions may adopt the block trade method:
 
(1) the declared quantity for a unit A-shares trading is not less than 0.5 million shares, or the trading amount is not less than RMB 3 million;
 
(2) the declared quantity for a unit B-shares trading is not less than 0.5 million shares, or the trading amount is not less than USD 0.3 million;
 
(3) the declared quantity for a unit block trade of fund is not less than 3 million shares, or the trading amount is not less than RMB 3 million;
 
(4) the declared quantity for a unit block trade of government bonds or bond repurchase is not less than 10,000 board lots, or the trading amount is not less than RMB 10 million; and
 
(5) the declared quantity for a unit trading of other bonds is not less than 10,000 board lots, or the trading amount is not less than RMB 1 million.
 
According to the market situation, this Stock Exchange may adjust the minimum amount of the block trade.
 
3.7.2 The time periods for block trade declaration accepted by this Stock Exchange shall be 9:30 to 11:30 and 13:00 to 15:30 on every trading day.
 
3.7.3 The block trade declaration shall include the intent declaration and execution declaration.
 
The intention declaration orders shall include securities account, securities code and trading direction, etc.
 
The execution declaration orders shall include securities code, securities account, trading direction, execution price, execution quantity, etc.
 
3.7.4 An intent declaration shall be truthful and valid. If the declared price is unclear, the declaration shall at least be deemed to be willing to purchase with the prescribed lowest price or sell with the highest price. If the quantity is unclear, the declaration shall at least be deemed to be willing to conclude the transaction with the lowest declared quantity in a unit block trade.
 
3.7.5 When an intent declaration is accepted by a Member (including other Members who are declaring a more preferential price than the intent declaration), the declarer shall declare and trade with at least one Member who accepts the intent declaration.
 
3.7.6 The traded price for block trade of securities with the rising and falling limitation shall be determined by the trading parties within the scope of price rising and falling limitation on the same trading day.
 
The traded price for block trade of securities without the rising and falling limitation shall be determined by the trading parties through consultation based on the upper and lower 30% of the closing price on the previous trading day or from among the highest and lowest traded price of the same trading day.
 
3.7.7 The trading parties may make the execution declaration at the exchange server of this Stock Exchange upon the conclusion of the agreement, the declared trading price must be consistent with the quantity.
 
The execution declaration shall not be changed or revoked upon confirmation by this Stock Exchange, and the trading parties shall accept the trading results.
 
3.7.8 The Members shall ensure that the participants of block trades actually possess the securities or funds corresponding to the intent declaration or execution declaration.
 
3.7.9 The block trades of securities on this Stock Exchange shall exercise the first-grade trader system.
 
A Member who is accredited by this Stock Exchange may act as a first-grade trader and engage in the bilateral quotation business of bonds.
 
3.7.10 The block trades shall not be included into the calculation of real time quotations and indices of this Stock Exchange, the traded volume shall be incorporated into the total traded volume of the securities after the completion of the block trades.
 
3.7.11 Upon the completion of the block trades on every trading day, in the case of block trades of shares or funds, this Stock Exchange shall announce the names of the securities, the traded prices, the traded volumes and the titles of the Business Departments of the Members to which the trading parties belong, etc; in the case of block trades of bonds or bonds repurchase, this Stock Exchange shall announce the names of the securities, the traded prices and the traded volume, etc.
 
Section VIII Repurchase Transaction of Bonds
 
3.8.1 The repurchase transaction of bonds shall include the buyout repurchase transaction of bonds and collateralized repurchase transaction of bonds.
 
3.8.2 The buyout repurchase transaction of bonds refers to the transaction in which at the time when the bondholders sell the bonds to the buyers, the trading parties contract that the sellers will repurchase the bonds of the same kind from the buyers at the agreed price on a certain date in the future.
 
The collateralized transaction of bonds refers to the transaction in which at the time when the bondholders pledge the bonds as collaterals to finance according to the quantity of the standard bonds calculated on the basis of their conversion ratio as finance limit, the trading parties contract to refund the capitals and discharge the pledge upon the expiry of the repurchase.
 
3.8.3 The time limit for repurchase transaction of bonds shall be calculated based on the calendar time. If the expiry date is a non-trading day, it shall be deferred to the next trading day for settlement.
 
 
Chapter IV Other Trading Matters
 
Section I Opening Price and Closing Price
 
4.1.1 The opening price of the securities shall be the first traded price of such securities on the current day.
 
4.1.2 The opening price of the securities shall be generated through aggregate auction, if it is unable to be generated through aggregate auction, it shall be generated through continuous auction.
 
4.1.3 The closing price of the securities shall be the weighted average price for the traded volume of all the transactions at one minute prior to the securities' last transaction (including the last transaction) on the current day. If there is no transaction on the same trading day, the last closing price shall be regarded as the closing price for the current day.
 
Section II Listing, Delisting, Suspension of Trading and Resumption of Trading
 
4.2.1 This Stock Exchange shall exercise the listing of listed securities.
 
4.2.2 If the time limit for listing of securities expires or the securities no longer meet the conditions for listing, this Stock Exchange shall terminate the listing of the securities and delist such securities.
 
4.2.3 If the shares or closed-end funds fluctuate abnormally, this Stock Exchange may decide to suspend the trading, and the trading shall be resumed at 10:30 a.m. on the date when the relevant parties make a public announcement about it.
 
In light of the developing needs of the market, this Stock Exchange may adjust the time for the resumption of trading of the securities which have been previously suspended for trading.
 
4.2.4 This Stock Exchange may impose a special suspension of trading against the securities which are suspected to have violated the laws or regulations in the trading and make a public announcement about it, the relevant parties shall submit a written report according to the requirements of this Stock Exchange.
 
4.2.5 If the securities are suspended for trading, the market quotations issued by this Stock Exchange shall remain the inclusion of the information relating to the said securities. However, after the delisting of such securities, the market quotations shall not include the information relating to the said securities.
 
4.2.6 If the securities are suspended for trading during the opening session, the declaration before the suspension of trading shall participate in the trading after the securities are resumed for trading. During the trading suspension period, the declaration may be continued or revoked. The declaration accepted at the time when the trading is resumed shall participate in the aggregate auction, the virtual quotation indicative prices, virtual matching volume and virtual non-matching volume shall not be disclosed during the aggregate auction session.
 
4.2.7 If the securities are listed, delisted, suspended for trading or resumed for trading, this Stock Exchange shall make a public announcement about it.
 
4.2.8 Other provisions concerning the listing, delisting, suspension of trading or resumption of trading of securities shall be implemented according to the listing rules of this Stock Exchange or other relevant Provisions.
 
Section III Ex-rights and Ex-dividends
 
4.3.1 If the listed securities involve in rights distribution, provident funds' conversion into share capital or shares allotment, this Stock Exchange shall make ex-rights and ex-dividends for these securities on the next trading day following the rights registration date (the last trading day for B-Shares), unless otherwise stipulated by this Stock Exchange.
 
4.3.2 The calculation formula for the ex-rights or ex-dividends indicative price shall be as follows:
The ex-rights or ex-dividends price = [(Closing price of the previous trading day - Cash bonus) + Price of allotted (new) shares X Variation Proportion of Negotiable Shares] ÷ (1 + Variation Proportion of Negotiable Shares).
 
If any issuer of securities considers it necessary to adjust the aforesaid formula, he may file an application for adjustment with reasons provided to this Stock Exchange. This Stock Exchange may adjust the calculation formula for the ex-rights or ex-dividends indicative prices and make a public announcement about it.
 
The closing prices of these securities on the previous trading day disclosed in real time quotations on the ex-rights or ex-dividends day shall be the ex-rights or ex-dividends indicative prices.
 
4.3.3 The securities trading on the ex-rights or ex-dividends day shall take the ex-rights or ex-dividends indicative prices as the basis of calculating the range of fluctuation, unless otherwise stipulated by this Stock Exchange.
 
 
Chapter V Trading Information
 
Section I General Provisions
 
5.1.1 This Stock Exchange shall publish trading information on every trading day such as the real time quotations for the securities trading, securities indeices, public information relating to the securities trading, etc.
 
5.1.2 This Stock Exchange shall promptly compile various kinds of daily quotations sheets, weekly quotations sheets, monthly quotations sheets and annually quotations sheets to reflect the trading execution information, and to publish such sheets.
 
5.1.3 The trading information from this Stock Exchange shall belong to this Stock Exchange. Any institutions and individuals shall not use and spread such information without the permission of this Stock Exchange.
 
Any institutions or individuals who have been granted the permission to use the trading information shall not disclose such information to other institutions or individuals for usage or spread without the prior consent of this Stock Exchange.
 
5.1.4 The measures for the administration of trading information of securities shall be formulated separately by this Stock Exchange.
 
Section II Real Time Quotations
 
5.2.1 The aggregate auction session shall be from 9:15 to 9:25 of every trading day, the contents of real time quotations shall include: securities code, abbreviation of the securities, closing price on the previous trading day, virtual quotation indicative prices, virtual matching volume and virtual non-matching volume.
 
5.2.2 During the continuous auction session, the contents of real time quotations shall include: securities code, abbreviation of the securities, closing price on the previous trading day, the latest traded price, the current day highest traded price, the current day lowest traded price, current day accumulated traded volume, current day accumulated traded amount, the five highest declared prices for purchase and the quantity thereof in real time; and the five lowest declared prices for sale and the quantity thereof in real time.
 
5.2.3 On the first listing day of the initial public offering of securities, the closing price on the previous trading day disclosed in real time quotations shall be the issuing price of the securities, unless otherwise prescribed by this Stock Exchange.
 
5.2.4 The real time quotations shall be transmitted to all Members through the communication system, and the Members shall use them within the scope permitted by this Stock Exchange.
 
5.2.5 In light of the developing needs of the market, this Stock Exchange may adjust the methods and contents of releasing the real time quotations.
 
Section III Securities Indices
 
5.3.1 This Stock Exchange shall compile the composite indices, constituent indices and classified indices to reflect the fluctuation and trends of overall prices of the securities trading or prices of certain securities, and publish such indices with real time quotations.
 
5.3.2 The compilation of securities indices shall follow the principles of openness and transparency.
 
5.3.3 The specific measures for the set-up and compilation of the securities indices shall be formulated by this Stock Exchange separately.
 
Section IV Disclosed Information of Securities Trading
 
5.4.1 If the auction trading for the shares or the closed-end funds with the price rising and falling limitation contains any of the following situations, this Stock Exchange shall announce the names of the five business departments of the Members with the largest buying or selling amount and the actual buying or selling amounts thereof:
 
(1) the first three shares (funds) whose deviation value of the rising and falling of the daily closing price reaches±7%;
 
The calculation formula for the deviation value of the rising and falling of the closing price shall be:
Deviation Value of the rising and falling of the Closing Price = Range of rising and falling of Single Share (Fund) - Corresponding range rising and falling of Classified Index
 
(2) the first three shares (funds) whose current day price amplitudes reach 15%;
 
The calculation formula for the price amplitude shall be:
Price amplitude = (current day highest price - current day lowest price) / current day lowest price×100%
 
(3) the first share (fund) whose current day turnover rate reaches 20%;
 
The calculation formula for the turnover rate shall be:
Turnover Rate = Number of Traded Shares / Number of Negotiable Shares×100%
 
If the deviation values of the rising and falling of the closing price, the price amplitudes or turnover rates are the same, the selection shall be made according to the traded amount and traded volume.
 
The corresponding classified indices shall include the Shanghai Stock Exchange (SSE) A-share index, SSE B-share index and SSE fund index which are compiled by this Stock Exchange.
 
Regarding the shares without the price rising and falling limitation and the closed-end funds prescribed by Article 3.4.13, this Stock Exchange shall announce the names of the five business departments of the Members with the largest buying or selling amount on the current day and the actual buying or selling amounts thereof.
 
5.4.2 If the auction trading of shares or closed-end funds contains any of the following situations, the situations shall fall under abnormal fluctuation, this Stock Exchange shall announce the names of the five business departments of the Members with the largest accumulated buying or selling amount during the abnormal fluctuation session for trading of such shares or closed-end funds and the actual buying or selling amounts thereof:
 
(1) the accumulated deviation value of the rising and falling of the current day closing price within three consecutive trading days reaches±20%;
 
(2) the accumulated deviation value of the rising and falling of the current day closing price of ST shares or *ST shares within three consecutive trading days reaches±15%;
 
(3) the ratio of the daily average turnover rate within three consecutive trading days to the daily average turnover rate in the previous five trading days reaches 30 times, and the accumulated turnover rate for such shares or closed-end funds within three trading days reaches 20%; and
 
(4) other situations which are deemed by this Stock Exchange or the CSRC to fall under the abnormal fluctuation.
 
The abnormal fluctuation indices shall be recalculated from the date of resumption of trading.
 
Regarding the shares without the price rising and falling limitation and closed-end funds under Article 3.4.13, they shall not be included into the calculation of the abnormal fluctuation of indices.
 
5.4.3 If this Stock Exchange exercises the special suspension of trading for the securities according to Article 4.2.4, it may publish the following information if necessary:
 
(1) the names of the five business departments of the Members with the largest traded amount and the buying and selling quantities and amounts;
 
(2) the share statistics information; and
 
(3) other information deemed to be disclosed by this Stock Exchange.
 
5.4.4 If the disclosed information in the securities trading relates to the institutions, the name shall be announced as for "Institution Only".
 
5.4.5 In light of the developing needs of the market, this Stock Exchange may adjust the contents of the disclosed information in the securities trading.
Chapter VI Supervision of Trading Behaviors
 
6.1 This Stock Exchange shall exercise the priority control over the following abnormal trading behaviors which may affect the trading prices or trading volume of the securities:
 
(1) To buy or sell large amount of securities before the disclosure of the information which may exert significant influence on the trading prices of such securities;
 
(2) to engage in massive or frequent mutual transactions among the securities accounts opened with the same identification certificates, business licenses or other valid certificate documents;
 
(3) to engage in massive or frequent mutual transactions among the securities accounts which have been entrusted or authorized to the same institutions or individuals to engage in the trading;
 
(4) to engage in massive or frequent mutual transactions among the two or more fixed or connected securities accounts;
 
(5) to make a block declaration, continuous declaration or intensive declaration to affect the trading price of the securities;
 
(6) to make a frequent declaration or revoke a declaration frequently to influence the trading prices of the securities or the investment decisions of other investors;
 
(7) to make a declaration in a huge amount of money, and the declared prices obviously deviate the traded prices of the securities market at the time when declaration is made;
 
(8) to engage in missive and consecutive trading during a certain period of time;
 
(9) to engage in massive or frequent reversal trading at the same spreads or neighboring spreads;
 
(10) to engage in massive or frequent trading in which the securities are bought at a high price and then subsequently sold at a low price;
 
(11) to engage in securities trading the pattern of which is deviating from the comments on the investment analysis, predictions or suggestions made by them;
 
(12) to make a false declaration or other declaration which disrupts the market order in the block trades; and
 
(13) Other abnormal trading which warrants major surveillance and control by this Stock Exchange.
 
6.2 If any Member or business department thereof observes that the securities trading by the investor involves any of the abnormal trading behaviors as mentioned in Article 6.1, which may seriously affect the securities trading order, it shall remind the investor of its observation and report such matter to this Stock Exchange promptly.
 
6.3 If any of the abnormal trading behaviors as mentioned in Article 6.1 occur and may exert significant influence on the trading prices or volume of the securities, this Stock Exchange may adopt the measures of off-site investigation and on-site investigation, require the relevant Member and the business department thereof to provide the information relating to the investor such as the account information, power of attorney, capital deposit certificates, capital account information and the relevant trading information. If the abnormal trading relates to the investor, this Stock Exchange may directly request him to provide the relevant information to this Stock Exchange.
 
6.4 The Member and the business department thereof and the investor shall cooperate with this Stock Exchange in any relevant investigation and tender the relevant documents and information promptly, truthfully, accurately and integrally.
 
6.5 Regarding the abnormal trading behaviors of which the circumstances are serious, this Stock Exchange may adopt the following measures in light of the circumstances:
 
(1) oral or written warning;
 
(2) discussion upon the appointment;
 
(3) requiring the relevant investors to provide written undertakings;
 
(4) restricting the trading with the relevant securities accounts;
 
(5) reporting the situation to the CSRC and request it to freeze the relevant securities account or capital account; and
 
(6) reporting the situation to the CSRC for investigation and disposal.
 
Any individual who has raised an objection against Item (4) above may file an application to this Stock Exchange for a review. The relevant measures shall remain enforceable during the review period.
 
 
Chapter VII Disposal of Abnormal Trading
 
7.1 If any of the following abnormal circumstances occur and result in the trading in whole or in part impossible, this Stock Exchange may at its discretion technically suspend the trading or provisionally suspend the listing:
 
(1) force majeure;
 
(2) accidents;
 
(3) technical difficulities; or
 
(4) other abnormal circumstances certified by this Stock Exchange.
 
7.2 If the abnormal trading such as the transmission of the real time quotations is interrupted or the number of the business departments of the Members that are unable to be declared reaches 10% or more of the total business departments occurs, this Stock Exchange may decide to take the measures of provisional suspension of listing.
 
7.3 If this Stock Exchange considers that the abnormal trading as mentioned in Articles 7.1 and 7.2 may occur and thus affect the smooth proceeding of the trading, it may at its discretion technically suspend the trading or provisionally suspend the listing.
 
7.4 This Stock Exchange shall announce to the public the decision on technical suspension of trading or provisional suspension of listing.
 
7.5 After the problems that cause the technical suspension of trading or provisional suspension of listing have been resolved, this Stock Exchange may decide to resume the trading.
 
7.6 Except for the special circumstances as determined by this Stock Exchange, if the trading is resumed on the date when the measures of technical suspension of trading or provisional suspension of listing are adopted, the declaration that have been accepted by the exchange server before the technical suspension of trading or provisional suspension of listing shall remain to be valid. The exchange server shall continue to accept the declaration during the period of technical suspension of trading or provisional suspension of listing, and exercise the aggregate auction trading for the declaration accepted at the time when the trading is resumed.
 
7.7 This Stock Exchange shall not bear any liability for the losses arisen or incurred from the abnormal trading or the corresponding measures taken by this Stock Exchange.
 
 
Chapter VIII Trading Disputes
 
8.1 Regarding the trading disputes among the Members or between the Members and the clients, the relevant Members shall record the relevant information and have it ready for inspection by this Stock Exchange. If the trading disputes affect the normal trading, the Members shall promptly report the case to this Stock Exchange.
 
8.2 If any trading disputes arise among the Members or between the Members and the clients, this Stock Exchange may provide the necessary trading data according to the relevant provisions.
 
8.3 If the clients have any doubts about the trading, the Members shall coordinate and dispose of them accordingly.
 
 
Chapter IX Trading Fees
 
9.1 If the investors conclude the securities trading, they shall pay the commission to the Members who have engaged in the securities trading on their behalf according to the relevant provisions.
 
9.2 The Members shall pay the membership fees, trading brokerage fees and other fees to this Stock Exchange according to the relevant provisions.
 
9.3 The charging items and charging standards of the securities trading and the administration measures thereof shall be implemented according to the relevant provisions.
 
 
Chapter X Disciplinary Penalties
 
10.1 If any Member violates the provisions of these Rules, this Stock Exchange shall order him to make rectification, and penalise him singly or concurrently in light of the seriousness of the circumstances:
 
(1) to circulate a notice of criticism among the Members;
 
(2) to advertise a public condemnation in the media as designated by the CSRC;
 
(3) to suspend or restrict the trading;
 
(4) to cancel the trading qualification; or
 
(5) to cancel the membership qualification.
 
10.2 If the Member raises any objection concerning the penalties as mentioned in Items (2), (3), (4) or (5), he may file an application for a review to the Council of this Stock Exchange within 15 days since the date he receives the penalty notice. The relevant penalties shall remain enforceable during the review period.
 
 
Chapter XI Supplementary Provisions
 
11.1 Other trading matters concerning the products such as the listed index open-end funds, bonds, repurchase of bonds and warrants shall be formulated separately by this Stock Exchange.
 
11.2 The time mentioned in these Rules shall be the time residing in the exchange server of this Stock Exchange.
 
11.3 If the provisions of this Stock Exchange regarding the abnormal fluctuation in the shares or funds trading are inconsistent with these Rules, the latter shall prevail.
 
11.4 The following terms used in these Rules shall mean that:
 
(1) "Market" refers to the securities transaction market established by this Stock Exchange.
 
(2) "Listing and Trading" shall mean that the securities are quoted and traded on this Stock Exchange.
 
(3) "Entrustment" refers to the behavior of an investor to make the specific authorization for securities trading to the Members.
 
(4) "Declaration" refers to the behavior of a Member to give securities buying or selling order to the exchange server of this Stock Exchange.
 
(5) "Standard Bonds" refers to the bonds converted from different bonds on the basis of corresponding conversion ratio which shall be used to determine the available finance limit in the collateralized repurchase trading;
 
(6) "Best Price" refers to the highest price of the buyer or the lowest price of the seller written in the centralized declaration book. The centralized declaration book refers to all the unfilled declaration queues residing in the exchange server at a certain time which are listed according to the trading directions as well as price priority and time priority.
 
(7) "Virtual Quotation Indicative Price" refers to the price at which all the valid declaration concludes the virtual trading under the aggregate auction rules at a specific time and is disclosed real time.
 
(8) "Virtual Matching Volume" refers to declared quantity at which the virtual trading is concluded according to the virtual quotation indicative price at a specific time and is disclosed real time.
 
(9) "Virtual Non-matching Volume" refers to the remaining declared quantity of the buyer or seller which is unable to conclude the virtual trade according to the virtual quotation indicative price at a specific time and is disclosed real time.
 
11.5 These Rules shall be effective immediately after being adopted by the Council of this Stock Exchange and approved by the CSRC, so shall be the subsequent amendments.
 
11.6 These Rules shall be interpreted by this Stock Exchange.
 
11.7 These Rules shall come into effect as of July 1, 2006.