| Notice by the Shanghai Stock Exchange of Revising the Measures of the Shanghai Stock Exchange for the Implementation of Shanghai-Hong Kong Stock Connect | | 上海证券交易所关于修订《上海证券交易所沪港通业务实施办法》的通知 |
| (No. 123 [2019] of the Shanghai Stock Exchange) | | （上证发〔2019〕123号） |
| All market participants: | | 各市场参与人： |
| In accordance with the joint announcement of the China Securities Regulatory Commission and the Hong Kong Securities and Futures Commission on implementing an investor identification code system for southbound trading of the Mainland-Hong Kong Stock Connect and the relevant arrangements, the Shanghai Stock Exchange (hereinafter referred to as the “SSE”) has revised the Measures of the Shanghai Stock Exchange for the Implementation of Shanghai-Hong Kong Stock Connect, and Article 76 is added: “Investors participating in southbound trading shall be deemed to have agreed that the SSE or the SSE's securities trading service company may provide investor information and other relevant materials to the Hong Kong Securities and Futures Commission and the Stock Exchange of Hong Kong Limited in accordance with the provisions of the relevant mainland or Hong Kong laws, administrative regulations, department rules, regulatory documents and business rules and regulatory cooperation arrangements.” The order of the subsequent articles shall be adjusted accordingly, and the content shall remain unchanged. | | 根据中国证监会和香港证监会关于实施沪深港通南向投资者识别码制度的联合公告及相关安排，上海证券交易所（以下简称本所）对《上海证券交易所沪港通业务实施办法》进行了修订，增加第七十六条：“投资者参与港股通交易，视为同意本所或本所证券交易服务公司可以根据内地或香港相关法律、行政法规、部门规章、规范性文件和业务规则的规定及监管合作安排，向香港证监会、联交所提供投资者信息等相关资料。”后续条文顺序作相应调整，内容不变。 |
| The revised Measures of the Shanghai Stock Exchange for the Implementation of Shanghai-Hong Kong Stock Connect (see the Annex for details), as deliberated and adopted by the Board of Directors of the SSE and approved by the China Securities Regulatory Commission, are hereby issued and shall come into force on January 13, 2020, upon which the Notice on Issuing the Measures of the Shanghai Stock Exchange for the Implementation of Shanghai-Hong Kong Stock Connect (2019 Revision) (No. 100 [2019], SSE) issued by the SSE on October 18, 2019 shall be repealed. | | 修订后的《上海证券交易所沪港通业务实施办法》（详见附件）已经本所理事会审议通过并报中国证监会批准，现予以发布，并自2020年1月13日起施行。本所于2019年10月18日发布的《关于发布＜上海证券交易所沪港通业务实施办法（2019年修订）＞的通知》（上证发〔2019〕100号）同时废止。 |
| | 特此通知。 |
| Annex: Measures of the Shanghai Stock Exchange for the Implementation of Shanghai-Hong Kong Stock Connect | | 附件：上海证券交易所沪港通业务实施办法 |
| Shanghai Stock Exchange | | 上海证券交易所 |
| December 20, 2019 | | 二〇一九年十二月二十日 |
| Measures of the Shanghai Stock Exchange for the Implementation of Shanghai-Hong Kong Stock Connect | | 上海证券交易所沪港通业务实施办法 |
| (Came into force on September 26, 2014, revised for the first time on July 18, 2016, revised for the second time on September 30, 2016, revised for the third time on August 6, 2018, revised for the fourth time on September 7, 2018, revised for the fifth time on October 28, 2019, and revised for the sixth time on January 13, 2020) | | （2014年9月26日实施 2016年7月18日第一次修订 2016年9月30日第二次修订 2018年8月6日第三次修订 2018年9月7日第四次修订 2019年10月28日第五次修订 2020年1月13日第六次修订） |
| Chapter I General Provisions | | 第一章 总则 |
| Article 1 For the purposes of regulating the implementation of Shanghai-Hong Kong Stock Connect, preventing risks, and protecting the lawful rights and interests of investors, these Measures are developed in accordance with the Several Provisions on the Transaction Interconnection Mechanism for the Mainland and Hong Kong Stock Markets issued by the China Securities Regulatory Commission (“CSRC”) (hereinafter referred to as the “Several Provisions”), the Trading Rules of the Shanghai Stock Exchange (hereinafter referred to as the “Trading Rules”), the Member Management Rules of the Shanghai Stock Exchange (hereinafter referred to as the “Member Management Rules”), and other relevant business rules of the Shanghai Stock Exchange (hereinafter referred to as the “SSE”). | | 第一条 为了规范沪港通业务开展，防范风险，保护投资者合法权益，根据中国证监会《内地与香港股票市场交易互联互通机制若干规定》（以下简称《若干规定》）、《上海证券交易所交易规则》（以下简称《交易规则》）、《上海证券交易所会员管理规则》（以下简称《会员管理规则》）及上海证券交易所（以下简称本所）其他相关业务规则，制定本办法。 |
| Article 2 Investors, SSE members, the securities trading service company formed in Shanghai by the Stock Exchange of Hong Kong Limited (hereinafter referred to as the “SEHK”) (hereinafter referred to as the “SEHK's securities trading service company”), the securities trading service company formed by the SSE (hereinafter referred to as the “SSE's securities trading service company”), and other market players that participate in trading under Shanghai-Hong Kong Stock Connect and relevant activities shall comply with these Measures. | | 第二条 投资者、本所会员、香港联合交易所有限公司（以下简称联交所）在上海设立的证券交易服务公司（以下简称联交所证券交易服务公司）、本所设立的证券交易服务公司（以下简称本所证券交易服务公司）及其他市场主体参与沪港通交易及相关活动，应当遵守本办法。 |
| The Trading Rules, the Member Management Rules, and other relevant business rules of the SSE shall apply to the matters on northbound trading under Shanghai-Hong Kong Stock Connect (“northbound trading”) (excluding matters on investors' instructions for trading in securities) and instructions for southbound trading under Shanghai-Hong Kong Stock Connect (“southbound trading”), client management of SSE members, and other matters, if they are not provided for in these Measures. | | 沪股通交易事项（投资者证券买卖委托事项除外）和港股通交易的委托、本所会员客户管理等事项，本办法未规定的，适用《交易规则》《会员管理规则》和本所其他相关业务规则。 |
| Article 3 The SSE shall conduct self-regulatory management of trading under Shanghai-Hong Kong Stock Connect and relevant activities. | | 第三条 本所对沪港通交易及相关活动实施自律管理。 |
| Chapter II Northbound Trading | | 第二章 沪股通交易 |
| Section 1 Participation in Northbound Trading by the SEHK's Securities Trading Service Company | | 第一节 联交所证券交易服务公司参与沪股通业务 |
| Article 4 To participate in northbound trading, the SEHK's securities trading service company shall apply for being a trading participant of the SSE and obtain a Participant Business Unit (PBU), and comply with the relevant provisions of the SSE on trading participants. | | 第四条 联交所证券交易服务公司参与沪股通业务，应当申请成为本所交易参与人并取得参与者交易业务单元，遵守本所对交易参与人的相关规定。 |
| The SEHK's securities trading service company is not a SSE member, and is not entitled to SSE members' rights under laws, administrative regulations, departmental rules, regulatory documents, the Constitution of the Shanghai Stock Exchange, the Member Management Rules, and other relevant provisions. | | 联交所证券交易服务公司不是本所会员，不享有法律、行政法规、部门规章、规范性文件和《上海证券交易所章程》《会员管理规则》等规定的本所会员权利。 |
| Article 5 To apply for being a trading participant of the SSE, the SEHK's securities trading service company shall submit the following documents: | | 第五条 联交所证券交易服务公司申请成为本所交易参与人，应当提交下列文件： |
| (1) A written application and a letter of commitment. | | （一）申请书、承诺书； |
| (2) Relevant approval documents of the CSRC and the Securities and Futures Commission of Hong Kong (“SFC”). | | （二）中国证监会、香港证券及期货事务监察委员会相关批准文件； |
| (3) Its business license for enterprise legal person. | | （三）企业法人营业执照； |
| (4) Its bylaws. | | （四）公司章程； |
| (5) The management rules and technical arrangements on northbound trading, and the arrangements on entrusting the SEHK to assume functions relating to northbound trading. | | （五）沪股通业务管理制度、技术安排，以及委托联交所承担沪股通业务相关职责的安排； |
| (6) The personal information of directors, supervisors and senior executives. | | （六）董事、监事、高级管理人员的个人资料； |
| (7) A letter of commitment, technical standards and other requirements regarding SEHK participants' participation in northbound trading. | | （七）联交所参与者参与沪股通业务的承诺书文本、技术标准及其他要求； |
| (8) The northbound trading settlement agreement between the SEHK's securities trading service company and Hong Kong Securities Clearing Company Limited (hereinafter referred to as “HKSCC”). | | （八）联交所证券交易服务公司与香港中央结算有限公司（以下简称香港结算）的沪股通结算协议； |
| (9) The list of SEHK participants that plan to participate in northbound trading, and an explanation on the aforesaid SEHK participants' compliance with technical standards and other requirements. | | （九）拟开展沪股通业务的联交所参与者名单，及上述联交所参与者符合技术标准及其他要求的情况说明； |
| (10) The methods and standards for the collection of expenses relating to northbound trading. | | （十）与沪股通有关的费用收取方式和标准； |
| (11) Other documents required by the SSE. | | （十一）本所要求的其他文件。 |
| Article 6 The SEHK's securities trading service company shall place SEHK participants' northbound trading orders as instructed by investors with the SSE and assume responsibilities relating to the trading. | | 第六条 联交所证券交易服务公司将联交所参与者根据投资者委托进行沪股通交易的订单向本所申报，并承担相应的交易责任。 |
| After a northbound trading order is executed on the SSE, the SEHK's securities trading service company shall accept the trading results, accept the transaction return, and send it to the relevant SEHK participant and HKSCC. | | 沪股通交易申报在本所达成交易后，联交所证券交易服务公司应当承认交易结果，接受成交回报并发送给相关联交所参与者和香港结算。 |
| The SEHK's securities trading service company shall administer the northbound trading of SEHK participants, and take necessary measures against regulatory violations in northbound trading according to the SSE's requirements. | | 联交所证券交易服务公司应当对联交所参与者的沪股通交易行为进行管理，并根据本所要求对沪股通违规交易行为采取必要的措施。 |
| Article 7 The SEHK's securities trading service company may entrust the SEHK to perform relevant functions prescribed in these Measures on its behalf, but it shall still assume the liability for the failure to perform relevant functions in a sufficient and appropriate manner. | | 第七条 联交所证券交易服务公司可以委托联交所代为履行本办法规定的相关职责，但仍应承担相关职责未充分、适当履行的责任。 |
| Article 8 The SEHK's securities trading service company shall develop measures for controlling risks in northbound trading, and strengthen internal control, so as to prevent business risks. | | 第八条 联交所证券交易服务公司应当建立沪股通业务风险控制措施，加强内部控制，防范业务风险。 |
| Article 9 The SEHK's securities trading service company shall develop the technical standards and other requirements for SEHK participants' participation in northbound trading, and test and assess the technical systems of SEHK participants that plan to engage in northbound trading. | | 第九条 联交所证券交易服务公司应当制定联交所参与者参与沪股通业务的技术标准及其他要求，并对拟开展沪股通业务的联交所参与者的技术系统进行测试评估。 |
| Article 10 The SEHK's securities trading service company shall require a qualified SEHK participant to sign the letter of commitment on northbound trading, including but not limited to the following contents: it will comply with the relevant laws, administrative regulations, departmental rules, regulatory documents and business rules of the mainland and Hong Kong; accept and implement the relevant requirements raised by the SEHK's securities trading service company based on the aforesaid provisions and those agreed upon by both parties, require its clients to accept and implement the relevant requirements through contracts or other arrangements; accept and, through contracts or other arrangements, require its clients to accept the relevant provisions of these Measures and other business rules of the SSE on exempting the liability of the SSE. | | 第十条 联交所证券交易服务公司应当要求符合条件的联交所参与者签署沪股通业务承诺书，承诺书应当包括但不限于以下内容：遵守内地和香港相关法律、行政法规、部门规章、规范性文件和业务规则；认可并执行联交所证券交易服务公司基于前述规定和双方约定对其提出的相关要求，以及通过合同或者其他安排要求其客户认可并执行相关要求；认可并通过合同或者其他安排要求其客户认可本办法及本所其他业务规则关于本所责任豁免的相关规定。 |
| Article 11 The SEHK's securities trading service company shall provide necessary convenience and guidance for northbound trading investors and SEHK participants to understand the relevant laws, administrative regulations, departmental rules, regulatory documents, business rules, business flow, methods and standards for the collection of fees, and other information. | | 第十一条 联交所证券交易服务公司应当为沪股通投资者、联交所参与者了解相关法律、行政法规、部门规章、规范性文件和业务规则、业务流程、费用收取方式及标准等信息，提供必要的便利和指引。 |
| Article 12 The SEHK's securities trading service company shall comply with the relevant laws, administrative regulations, departmental rules, regulatory documents and business rules of the mainland. | | 第十二条 联交所证券交易服务公司应当遵守内地相关法律、行政法规、部门规章、规范性文件和业务规则。 |
| The SEHK's securities trading service company shall take appropriate means to urge SEHK participants and require such participants to urge their clients to comply with the relevant laws, administrative regulations, departmental rules, and regulatory documents of the mainland and the SSE's business rules, and require SEHK participants to fully disclose to clients northbound trading risks and the risks of assuming liability for the violations of laws and regulations due to the violations of the aforesaid provisions. | | 联交所证券交易服务公司应当采取适当方式，督促联交所参与者并要求联交所参与者督促其客户遵守内地相关法律、行政法规、部门规章、规范性文件和本所业务规则的规定，并要求联交所参与者向客户充分揭示沪股通交易风险以及因违反前述规定承担违法或违规责任的风险。 |
| Article 13 In the case of any change in the content of materials submitted by the SEHK's securities trading service company to the SSE according to Article 5 of these Measures, it shall submit updated materials to the SSE within three northbound trading days after the change. | | 第十三条 联交所证券交易服务公司按照本办法第五条向本所提交的材料内容发生变化的，应当在变更发生后3个沪股通交易日内向本所提交更新材料。 |
| The SEHK's securities trading service company shall provide reports on the operation of northbound trading according to the SSE's requirements. | | 联交所证券交易服务公司应当按照本所要求提供沪股通业务运行相关情况的报告。 |
| Article 14 When the SEHK's securities trading service company has any major event that affects or may affect its business operation, it shall immediately report to the SSE to state the cause of the event, the current status, possible consequences and countermeasures. | | 第十四条 联交所证券交易服务公司发生影响或者可能影响其业务运行的重大事件时，应当立即向本所报告，说明事件的起因、目前的状态、可能产生的后果和应对措施。 |
| Article 15 The SEHK's securities trading service company shall properly retain all kinds of documents and materials formed in the performance of functions prescribed in these Measures, and take appropriate means to require SEHK participants to properly retain materials on northbound trading clients and their instructions, order routing activities, and other materials for not less than 20 years. | | 第十五条 联交所证券交易服务公司应当妥善保存履行本办法规定职责形成的各类文件、资料，并采取适当方式要求联交所参与者妥善保存沪股通客户资料及其委托和申报记录等资料，保存期限不少于20年。 |
| Section 2 Stocks for Northbound Trading | | 第二节 沪股通股票 |
| Article 16 Stocks for northbound trading include: | | 第十六条 沪股通股票包括以下范围内的股票： |
| (1) the constituent stocks of the Shanghai Stock Exchange 180 Index; | | （一）上证180指数成份股； |
| (2) the constituent stocks of the Shanghai Stock Exchange 380 Index; and | | （二）上证380指数成份股； |
| (3) the A shares listed on the SSE by companies listed on both the SSE and SEHK. | | （三）A＋H股上市公司的本所上市A股。 |
| The stocks of SSE-listed companies that are traded under the risk alert board (i.e. ST stocks, *ST stocks, stocks under delisting arrangements), stocks suspended from listing, stocks quoted and traded in foreign currencies (B shares) and stocks falling under any other particular circumstance recognized by the SSE shall not be included in the stocks for northbound trading. | | 在本所上市公司股票风险警示板交易的股票（即ST、﹡ST股票和退市整理股票）、暂停上市的股票、以外币报价交易的股票（即B股）和具有本所认定的其他特殊情形的股票，不纳入沪股通股票。 |
| The SSE may adjust the scope of stocks for northbound trading with the approval of the regulator. | | 经监管机构批准，本所可以调整沪股通股票的范围。 |
| Article 17 Where, due to the adjustment to the constituent stocks of relevant indices or any other reason, any stock listed on the SSE other than the stocks for northbound trading falls under the scope prescribed in paragraph 1, Article 16 and falls outside the scope prescribed in paragraph 2, Article 16 of these Measures, it shall be included in the stocks for northbound trading. | | 第十七条 沪股通股票之外的本所上市股票因相关指数实施成份股调整等原因，导致属于本办法第十六条第一款规定范围且不属于第十六条第二款规定范围的，调入沪股通股票。 |
| Where a SEHK-listed company seeks A-share listing on the SSE, or a SSE-listed company seeks H-share listing on the SEHK, or a company seeks A-share and H-share listing on the SSE and the SEHK on a same day, its A shares shall be included in the stocks for northbound trading after the lapse of ten trading days of listing of the A-share and the end of the price stability period of the corresponding H-share. | | H股上市公司在本所上市A股，或者A股在本所上市的公司在联交所上市H股，或者公司同日在本所和联交所上市A股和H股的，其A股在上市满10个交易日且相应H股价格稳定期结束后调入沪股通股票。 |
| Article 18 Where, due to adjustment to the constituent stocks of relevant indices or any other reason, any stock for northbound trading no longer falls within the scope prescribed in paragraph 1, Article 16 or falls under the scope prescribed in paragraph 2, Article 16 of these Measures, it shall be removed out of the stocks for northbound trading. | | 第十八条 沪股通股票因相关指数实施成份股调整等原因，导致不再属于本办法第十六条第一款规定范围或者属于第十六条第二款规定范围的，调出沪股通股票。 |
| Article 19 The SEHK's securities trading service company shall announce the list of stocks for northbound trading through the website designated by it, the time when relevant stocks are included in or removed out of the stocks for northbound trading shall be that announced by the SEHK's securities trading service company. | | 第十九条 联交所证券交易服务公司通过其指定网站公布沪股通股票名单，相关股票调入或者调出沪股通股票的生效时间以联交所证券交易服务公司公布的时间为准。 |
| Section 3 Particular Trading Matters | | 第三节 交易特别事项 |
| Article 20 Stocks for northbound trading shall be quoted and traded in RMB. | | 第二十条 沪股通股票以人民币报价和交易。 |
| Article 21 Northbound trading days and trading hours shall be announced by the SEHK's securities trading service company on the website designated by it. | | 第二十一条 沪股通交易日和交易时间由联交所证券交易服务公司在其指定网站公布。 |
| Article 22 Auction trading shall be adopted in northbound trading, except as otherwise provided for by the SSE. | | 第二十二条 沪股通交易采用竞价交易方式，本所另有规定的除外。 |
| Article 23 Limit orders shall be adopted in northbound trading, except as otherwise provided for by the SSE. | | 第二十三条 沪股通交易申报采用限价申报，本所另有规定的除外。 |
| An instruction for a limit order in northbound trading shall include the securities account number, broker code, broker's client code, securities code, buy or sell, quantity, price and other information. | | 沪股通限价申报指令应当包括证券账号、经纪商代码、券商客户编码、证券代码、买卖方向、数量、价格等内容。 |
| The SSE may, according to regulatory requirements, require the SEHK's securities trading service company to provide the investor information involved in its trading orders, or consult the investor information involved in a broker's client code from China Securities Depository and Clearing Co., Ltd. (“CSDC”). | | 本所根据监管需要，可以要求联交所证券交易服务公司提供其交易申报涉及的投资者信息，或者从中国结算调取券商客户编码涉及的投资者信息。 |
| Article 24 The stocks that are removed out of stocks for northbound trading according to Article 18 of these Measures but are still listed on the SSE shall not be purchased but may be sold through northbound trading. | | 第二十四条 根据本办法第十八条被调出沪股通股票且仍属于本所上市股票的，不得通过沪股通买入，但可以卖出。 |
| Article 25 The underlying stocks of margin trading and covered short selling of stocks for northbound trading shall fall under the scope of underlying securities of margin trading and short selling in the SSE market. | | 第二十五条 沪股通股票保证金交易和担保卖空的标的股票，应当属于本所市场融资融券交易的标的证券范围。 |
| Article 26 The SEHK's securities trading service company shall specifically identify covered short selling orders of stocks for northbound trading. | | 第二十六条 联交所证券交易服务公司应当对属于沪股通股票担保卖空的交易申报予以特别标识。 |
| The price of covered short selling order shall not be lower than the latest executed price of such stock; and if no order is executed on that day, the order price shall not be lower than the closing price of the stock on the previous trading day. | | 担保卖空的申报价格不得低于该股票的最新成交价；当天没有成交的，申报价格不得低于其前收盘价。 |
| The SEHK's securities trading service company shall urge SEHK participants to require their clients to sell stocks borrowed for the purpose of covered short selling before returning at an order price in compliance with the requirements of the preceding paragraph, except the part in excess of the quantity of stocks that have not been returned. | | 联交所证券交易服务公司应当促使联交所参与者要求其客户，在未归还为担保卖空而借入的股票前卖出相同股票的委托价格应当符合前款要求，但超出未归还股票数量的部分除外。 |
| Article 27 The ratio of covered short selling of a single stock for northbound trading on a single northbound trading day shall not exceed 1%; and the accrued ratio of covered short selling of a single stock for northbound trading for ten consecutive northbound trading days shall not exceed 5%. The SEHK's securities trading service company shall conduct pre-trade control according to the aforesaid ratio requirements. | | 第二十七条 单个沪股通交易日的单只沪股通股票担保卖空比例不得超过1%；连续10个沪股通交易日的单只沪股通股票担保卖空比例累计不得超过5%。联交所证券交易服务公司应当根据前述比例要求进行前端控制。 |
| The SEHK's securities trading service company shall disclose the ratio of covered short selling of stocks for northbound trading through the website designated by it at the end of each northbound trading day. | | 联交所证券交易服务公司应当于每一沪股通交易日日终，通过其指定网站披露沪股通股票担保卖空比例。 |
| The SSE may, according to market conditions, adjust the limit of covered short selling ratio prescribed in paragraph 1 of this Article, or suspend the acceptance of covered short selling orders of stocks for northbound trading. | | 本所可以根据市场情况，调整本条第一款规定的担保卖空比例限制，或者暂停接受沪股通股票担保卖空申报。 |
| Article 28 Where the SSE suspends the margin trading of a single stock for northbound trading since the monitoring indicator for the margin trading of this stock on the SSE market reaches the prescribed ratio, the SSE may require the SEHK's securities trading service company to suspend placing orders for the margin trading of the stock for northbound trading. If the SSE resumes the margin trading of this stock since the monitoring indicator for the margin trading of this stock reduces to the prescribed ratio, the SSE may notify the SEHK's securities trading service company to resume placing orders for the margin trading of the stock for northbound trading. | | 第二十八条 属于沪股通股票的单只股票，在本所市场进行融资交易的融资监控指标达到规定比例而被本所暂停融资买入的，本所可以要求联交所证券交易服务公司暂停提交该沪股通股票保证金交易申报。该股票的融资监控指标降低至规定比例而被本所恢复融资买入的，本所可以通知联交所证券交易服务公司恢复提交该沪股通股票保证金交易申报。 |
| Where the SSE suspends the short selling of a single stock for northbound trading since the balance of borrowed securities for the short selling of this stock on the SSE market reaches the prescribed ratio, the SSE may require the SEHK's securities trading service company to suspend placing orders for the covered short selling of this stock for northbound trading. If the SSE resumes the short selling of this stock since the balance of borrowed securities for the short selling of this stock reduces to the prescribed ratio, the SSE may notify the SEHK's securities trading service company to resume placing orders for the covered short selling of this stock for northbound trading. | | 属于沪股通股票的单只股票，在本所市场的融券余量达到规定比例而被本所暂停融券卖出的，本所可以要求联交所证券交易服务公司暂停提交该沪股通股票担保卖空交易申报。该股票的融券余量降低至规定比例而被本所恢复融券卖出的，本所可以通知联交所证券交易服务公司恢复提交该沪股通股票担保卖空交易申报。 |
| Article 29 The non-trade transfer of stocks for northbound trading is prohibited under any of the following circumstances: | | 第二十九条 除下列情形外，不得进行沪股通股票非交易过户： |
| (1) The borrowing and lending of stocks for northbound trading for the purpose of covered short selling with a term of not more than one month. | | （一）为担保卖空而进行的期限不超过一个月的沪股通股票借贷； |
| (2) The borrowing and lending of held stocks for northbound trading with a non-extendable term of one day for the purpose of satisfying pre-trade checking requirements. | | （二）在自身持券范围内为满足持券检查要求而进行的为期一日且不得展期的沪股通股票借贷； |
| (3) The transfer of stocks for northbound trading between SEHK participants and their clients for the purpose of correcting erroneous trades. | | （三）为处理错误交易而在联交所参与者与其交易客户之间进行的沪股通股票过户； |
| (4) A fund management institution, after purchasing stocks for northbound trading through the uniform account, distributes them to all fund accounts managed by it. | | （四）基金管理人通过统一账户买入沪股通股票后，分配至其管理的各基金账户； |
| (5) Any other circumstance prescribed by the SSE and CSDC. | | （五）本所和中国证券登记结算有限责任公司（以下简称中国结算）规定的其他情形。 |
| Article 30 The SEHK's securities trading service company shall take appropriate means to require SEHK participants to guarantee a sufficient amount of securities in clients' accounts when accepting clients' sell instructions through northbound trading, and shall not accept clients' instructions to sell securities on the market if clients do not have sufficient securities. | | 第三十条 联交所证券交易服务公司应当采取适当方式，要求联交所参与者接受客户沪股通卖出委托时须确保客户账户内有足额的证券，不得接受客户无足额证券而直接在市场上卖出证券的委托。 |
| Article 31 The stocks purchased through northbound trading shall not be sold before settlement. | | 第三十一条 通过沪股通买入的股票，在交收前不得卖出。 |
| Article 32 The SEHK's securities trading service company and SEHK participants shall not match investors' buy and sell orders of stocks for northbound trading, and shall not transfer in any other form stocks for northbound trading at any venue other than the SSE, except as otherwise provided for by the CSRC. | | 第三十二条 联交所证券交易服务公司和联交所参与者不得自行撮合投资者买卖沪股通股票的订单，不得以其他任何形式在本所以外的场所提供沪股通股票转让服务，中国证监会另有规定的除外。 |
| Article 33 The information disclosed in northbound trading conducted through the SEHK's securities trading service company shall be labeled as “exclusive for northbound trading.” | | 第三十三条 通过联交所证券交易服务公司进行的沪股通交易，证券交易公开信息中公布的名称为“沪股通专用”。 |
| Article 34 Without the approval of the SSE, the SEHK's securities trading service company shall not provide the trading information used by it with the permission of the SSE to any institution or individual other than SEHK participants and their clients for use or dissemination, and shall not use such information for developing indices or other products. | | 第三十四条 联交所证券交易服务公司未经本所同意，不得将本所许可其使用的交易信息提供给联交所参与者及其交易客户之外的其他机构和个人使用或者予以传播，也不得用于开发指数或者其他产品。 |
| The SEHK's securities trading service company shall take appropriate means to require SEHK participants and urge them to require their clients to comply with the provisions of the preceding paragraph. | | 联交所证券交易服务公司应当采取适当方式，要求联交所参与者并促使联交所参与者要求其客户遵守前款规定。 |
| Article 35 The SEHK's securities trading service company shall pay handling fees for northbound trading and other relevant expenses at the fee rates for the SSE market. | | 第三十五条 联交所证券交易服务公司应当按照本所市场收费标准交纳沪股通交易经手费等相关费用。 |
| The SEHK's securities trading service company shall enter into an agreement with HKSCC to entrust the clearing and settlement and the payment of handling fees and other relevant expenses on northbound trading. | | 联交所证券交易服务公司应当与香港结算签订协议，委托香港结算就沪股通交易进行清算交收、交纳交易经手费及其他相关费用。 |
Article 36 The securities listed on the SSE other than stocks for northbound trading, as acquired under such circumstances as the equity distribution or conversion of stocks for northbound trading or the acquisition of listed companies or under any abnormal circumstance, may be sold but not be purchased through northbound trading, except as otherwise provided for by the SSE.
．．．．．． | | 第三十六条 因沪股通股票权益分派、转换、上市公司被收购等情形或者异常情况，所取得的沪股通股票以外的本所上市证券，可以通过沪股通卖出，但不得买入，本所另有规定的除外。
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