| Trading Rules of Shanghai Stock Exchange | | 上海证券交易所交易规则 |
(Revised by the Notice of the Shanghai Stock Exchange on Revising the Trading Rules of the Shanghai Stock Exchange (No. 59 [2018] of the Shanghai Stock Exchange) on August 6, 2018) | | （根据二〇一八年八月六日上证发[2018]59号《上海证券交易所关于修订＜上海证券交易所交易规则＞的通知》修订） |
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| Chapter I General Provisions | | 第一章 总则 |
| 1.1 The Trading Rules have been formulated in accordance with the Securities Law of the People's Republic of China and other laws, administrative regulations, rules of State departments and the Constitution of Shanghai Stock Exchange in order to regulate securities trading activities, safeguard the order in the securities market and protect the legitimate rights and interests of investors. | | 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、部门规章及《上海证券交易所章程》，制定本规则。 |
| 1.2 The Trading Rules are applicable to the trading of securities and derivatives (hereinafter collectively referred to as “securities”) listed on Shanghai Stock Exchange (hereinafter referred to as the “SSE”). Any matter not specified in the Trading Rules shall be governed by other applicable rules of the SSE. | | 1.2 在上海证券交易所（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 The trading of securities shall be conducted on an open, fair, and equitable basis. | | 1.3 证券交易遵循公开、公平、公正的原则。 |
| 1.4 The trading of securities shall comply with laws, administrative regulations, rules of State departments and applicable market rules of the SSE and shall abide by the principles of free will, compensation, honesty and good faith. | | 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 Securities shall be traded on a paperless and centralized basis or by such other means as China Securities Regulatory Commission (hereinafter referred to as “CSRC”) may approve. | | 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。 |
| Chapter II Trading Market | | 第二章 交易市场 |
| Section 1 Marketplace | | 第一节 交易场所 |
| 2.1.1 The SSE provides the marketplace and facilities for securities trading. The marketplace and facilities comprise the SSE trading system, trading floor, Participant Business Unit, order routing system and relevant communication systems. | | 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 The SSE has a trading floor. Members of the SSE (hereinafter referred to as “members”) shall submit orders through their traders stationed at the trading floor. | | 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。 |
| Unless specially permitted by the SSE, only the following persons are admitted to the trading floor: | | 除经本所特许外，仅限下列人员进入交易大厅： |
| (1) registered traders; and | | （一）登记在册交易员； |
| (2) in-floor supervisors. | | （二）场内监管人员。 |
| Section 2 Trading Participants and Trading Rights | | 第二节 交易参与人与交易权 |
| 2.2.1 To trade securities on the SSE, members and the institutions approved by the SSE shall apply to the SSE for the right to trade to become trading participants of the SSE. | | 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，须向本所申请取得交易权，成为本所交易参与人。 |
| Trading participants shall trade securities through the Participant Business Unit established by the SSE and in compliance with the Trading Rules and applicable provisions of other market rules of the SSE with respect to securities trading. | | 交易参与人应当通过在本所开设的参与者交易业务单元进行证券交易，并遵守本规则以及本所其他业务规则关于证券交易业务的相关规定。 |
| 2.2.2 Participant Business Unit refers to a basic unit that allows a trading participant to trade securities on the SSE, to hold and exercise relevant trading rights and to be subject to the administration of the SSE in respect of relevant trading activities. | | 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 Detailed rules on the administration of Participant Business Unit and relevant trading rights will be separately formulated by the SSE and shall come into effect upon the approval of the CSRC. | | 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。 |
| Section 3 Trading Instruments | | 第三节 交易品种 |
| 2.3 The following securities can be listed and traded on the SSE: | | 2.3 下列证券可以在本所市场挂牌交易： |
| (1) stocks; | | （一）股票； |
| (2) funds; | | （二）基金； |
| (3) bonds; | | （三）债券； |
| (4) bond repos; | | （四）债券回购； |
| (5) warrants; and | | （五）权证； |
| (6) other instruments as approved by the CSRC. | | （六）经证监会批准的其他交易品种。 |
| Section 4 Trading Hours | | 第四节 交易时间 |
| 2.4.1 The SSE is open for trading from Monday to Friday. | | 2.4.1 本所交易日为每周一至周五。 |
| The market is closed on public holidays and other days as announced by the SSE. | | 国家法定假日和本所公告的休市日，本所市场休市。 |
| 2.4.2 Except as otherwise specified herein, with respect to auction trading, the opening call auction runs from 9:15 to 9:25 on each trading day, the continuous auction from 9:30 to 11:30 and from 13:00 to 14:57 on each trading day, and the closing auction from 14:57 to 15:00 on each trading day. | | 2.4.2 采用竞价交易方式的，除本规则另有规定外，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14：57为连续竞价时间，14：57至15：00为收盘集合竞价时间。 |
| With respect to the trading of funds, bonds or bond repos, the opening auction runs from 9:15 to 9:25 on each trading day, and the continuous auction from 9:30 to 11:30 and from 13:00 to 15:00 on each trading day. | | 基金、债券、债券回购交易，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。 |
| Securities whose trading is suspended and resumed during trading hours are excluded from those auctions. | | 开市期间停牌并复牌的证券除外。 |
| With the approval of the CSRC, the SSE may adjust trading hours based on market development. | | 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 Trading hours will not be extended in the event of a temporary market closure for reasons. | | 2.4.3 交易时间内因故停市，交易时间不作顺延。 |
| Chapter III Securities Trading | | 第三章 证券买卖 |
| Section 1 General Rules | | 第一节 一般规定 |
| 3.1.1 Upon accepting an investor's instruction, the member shall place an order with the SSE in accordance with the instruction and assume the corresponding trading and settlement obligations. | | 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。 |
| After the buy or sell order submitted by the member on behalf of the investor is executed, the investor shall deliver the purchase payment or the securities sold to the member, and the member shall deliver the securities purchased or the sale payment to the investor. | | 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 Trading participants shall send trading orders to the SSE trading system through relevant order routing system, Participant Business Units and order submission channels and effect trades according to the Trading Rules. Trading results and other records are sent to trading participants by the SSE. | | 3.1.2 交易参与人通过其相关的报盘系统、参与者交易业务单元和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交易参与人。 |
| 3.1.3 Trading participants shall properly store the records on client instructions and order submissions according to relevant provisions. | | 3.1.3 交易参与人应当按照有关规定妥善保管委托和申报记录。 |
| 3.1.4 Except for turn-around trades, securities purchased by investors shall not be resold before settlement. | | 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。 |
| A turn-around trade of securities refers to a complete or partial resale of any securities purchased by investors after confirmation of execution but before settlement. | | 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 Intraday turn-around trading is applicable to the following instruments: | | 3.1.5 下列品种实行当日回转交易： |
| (1) bonds; | | （一）债券； |
| (2) bond exchange-traded funds; | | （二）债券交易型开放式指数基金； |
| (3) money market exchange-traded funds; | | （三）交易型货币市场基金； |
| (4) gold exchange-traded funds; | | （四）黄金交易型开放式证券投资基金； |
| (5) cross-border exchange-traded funds; | | （五）跨境交易型开放式指数基金； |
| (6) cross-border listed open-ended funds; | | （六）跨境上市开放式基金； |
| (7) warrants; and | | （七）权证； |
| (8) other instruments as approved by the CSRC. | | （八）经证监会同意的其他品种。 |
| The abovementioned cross-border exchange-traded funds and cross-border listed open-ended funds shall be limited to the open-ended funds that track index constituents or underlying investments to which intraday turn-around trades are applicable. | | 前款所述的跨境交易型开放式指数基金和跨境上市开放式基金仅限于所跟踪指数成份证券或投资标的实施当日回转交易的开放式基金。 |
| Turn-around trades of B-shares are available on the next trading day. | | B股实行次交易日起回转交易。 |
| 3.1.6 The SSE may adopt a market maker system in view of market conditions. The specific rules for the system will be separately formulated by the SSE and shall come into effect upon the approval of the CSRC. | | 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。 |
| Section 2 Designation | | 第二节 指定交易 |
| 3.2.1 The SSE implements a designated trading system for all the securities traded on the SSE market, except B-shares traded by overseas investors. | | 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 Under the designated trading system, an investor who trades securities on the SSE must designate one member in advance as its agent and trade through its designated member. | | 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 An investor shall enter into an agreement with its designated member and specify therein the rights, obligations and responsibilities of both parties. After the agreement is executed, the member can complete the designation process through the SSE trading system based on the request of the investor. | | 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 The SSE accepts designation instructions during trading hours. Such instructions become valid immediately after being accepted by the SSE trading system. | | 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 An investor who intends to change its designation shall submit a cancellation request with its current designated member, who shall enter the request into the SSE trading system accordingly. The designated member may not restrict, obstruct or delay any cancellation request from an investor who meets applicable requirements. | | 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 Once a designation is cancelled, the investor may reapply to designate another member. | | 3.2.6 指定交易撤销后即可重新申办指定交易。 |
| 3.2.7 Other matters in respect of designated trading shall be governed by the relevant provisions of the SSE. | | 3.2.7 指定交易的其他事项按照本所的有关规定执行。 |
| Section 3 Client Instruction | | 第三节 委托 |
| 3.3.1 To trade securities, an investor shall open a securities account and a cash account and sign a broker-client agreement with a member. Once the agreement comes into effect, the investor will become a brokerage client (hereinafter referred to as “client”) of the member. | | 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）。 |
| Investors shall open securities accounts according to the relevant provisions of the registration and clearing institution designated by the SSE. | | 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 Clients may instruct a member to buy or sell securities on their behalf either in writing or through self-service channels such as telephone, self-service terminal or the Internet. Clients shall follow the relevant operational procedures when placing an order through self-service channels. | | 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 A member shall enter into a self-service trading agreement with any of its clients who intends to trade securities through self-service channels. | | 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 Unless otherwise specified by the SSE, an order placed by a client shall include the following: | | 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： |
| (1) securities account number of the client; | | （一）证券账户号码； |
| (2) code of the security; | | （二）证券代码； |
| (3) trading direction; | | （三）买卖方向； |
| (4) instructed quantity; | | （四）委托数量； |
| (5) instructed price; and | | （五）委托价格； |
| (6) other information as required by the SSE and the designated member. | | （六）本所及会员要求的其他内容。 |
| 3.3.5 Clients may trade securities through their members by placing limit orders or market orders. | | 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。 |
| A limit order is an instruction given by a client to a member to buy a particular security at a specified price or lower, or to sell at a specified price or higher. | | 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。 |
| A market order is an instruction given by a client to a member to buy or sell a particular security at the current best market price. | | 市价委托是指客户委托会员按市场价格买卖证券。 |
| 3.3.6 Clients may cancel the unfilled portion of their client instructions. | | 3.3.6 客户可以撤销委托的未成交部分。 |
| 3.3.7 Member shall return to its client the cash or securities corresponding to a cancelled or expired client instruction upon confirmation of the cancellation or expiry. | | 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 Margin trading and short selling services as may be provided by members to clients in securities trading shall be governed by relevant provisions. | | 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。 |
| Section 4 Order Placement | | 第四节 申报 |
| 3.4.1 The SSE trading system accepts trading participants' auction orders between 9:159:25, 9:30-11:30 and 13:00-15:00 on each trading day. | | 3.4.1 本所接受交易参与人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。 |
| The SSE trading system will not accept any order cancellation requests during the opening auction between 9:20-9:25 and the closing auction between 14:57 to 15:00 on each trading day. During other trading hours, unexecuted orders can be cancelled, effective upon the confirmation by the SSE trading system. | | 每个交易日9：20至9：25的开盘集合竞价阶段、14：57至15：00的收盘集合竞价阶段，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。 |
| The SSE may at its discretion adjust the time of order acceptance. | | 本所认为必要时，可以调整接受申报时间。 |
| 3.4.2 A member shall timely submit client orders to the SSE trading system in the order that such client orders are received. | | 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 The SSE accepts limit orders and market orders from trading participants. | | 3.4.3 本所接受交易参与人的限价申报和市价申报。 |
| 3.4.4 The SSE accepts the following types of market orders in view of market needs: | | 3.4.4 根据市场需要，本所可以接受下列方式的市价申报： |
| (1) Five Best Orders Immediate or Cancel: an order that is executed in sequence against the current five best prices on the opposite side, with the unfilled portion, if any, cancelled automatically. | | （一）最优5档即时成交剩余撤销申报，即该申报在对手方实时最优5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。 |
| (2) Five Best Orders Immediate to Limit: an order that is executed in sequence against the current five best prices on the opposite side, with the unfilled portion, if any, converted to a limit order whose limit price is set to the last executed price on the same side. If the Five Best Orders Immediate to Limit order cannot be filled at all, it is either converted to a limit order whose limit price is set to the best quotation on the same side, or, in the absence of such a quotation, cancelled; and | | （二）最优5档即时成交剩余转限价申报，即该申报在对手方实时5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。 |
| (3) other types of orders as specified by the SSE. | | （三）本所规定的其他方式。 |
| 3.4.5 Except as otherwise specified by the SSE, market orders are only available to securities with daily price limit during the continuous auction. | | 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 A limit order shall contain such information as securities account number, brokerage branch code, code of the security, trading direction, quantity, and price. | | 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。 |
| A market order shall contain such information as order type, securities account number, brokerage branch code, code of the security, trading direction, and quantity. | | 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。 |
| Orders must be routed in the format specified by the SSE. The SSE may at its discretion adjust the content of orders and the method of their submission. | | 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 When buying stocks, funds or warrants through auction trading, each order shall be in multiple of 100 shares (units). | | 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。 |
| When selling stocks, funds or warrants, any remaining quantity less than 100 shares (units) shall be sold in a single order. | | 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 During auction trading, each order for bonds shall be in multiple of 1 lot, each order for bond collateral repos shall be in multiple of 100 lots, and each order for buyout repos shall be in multiple of 1,000 lots. | | 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。 |
| Except as otherwise specified by the SSE, 1 lot equals to a bond with par value of RMB 1,000 Yuan in the trading of bonds and buyout repos, and equals to a standard bond of RMB 1,000 Yuan in the trading of bond collateral repos. | | 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。但本所另有规定的除外。 |
| 3.4.9 The maximum order size is 1 million shares (units) for stocks, funds and warrants, 100,000 lots for bonds and bond collateral repos, and 50,000 lots for buyout repos. | | 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10万手，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。 |
| The SSE may adjust the maximum order size for securities trading in view of market conditions. | | 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 The quotation unit varies by securities. Except as otherwise specified by the SSE, the quotation unit for stocks, funds, warrants, bonds, bond collateral repos, and buyout repos is, respectively, price per share, price per fund unit, price per warrant, price per RMB 100 Yuan in par value, annualized yield-to-maturity per RMB 100 Yuan, and repurchase price at maturity per RMB 100 Yuan in par value. | | 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”。但本所另有规定的除外。 |
| 3.4.11 The tick size of an order for A-shares, bonds, and bond buyout repos is RMB 0.01 Yuan, that for funds and warrants is RMB 0.001 Yuan, that for B-shares is USD 0.001, and that for bond collateral repos is RMB 0.005 Yuan. | | 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 For all types of securities, the SSE may adjust the size of each buy or sell order and the tick size in view of market conditions. | | 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 The SSE imposes daily price limit on the trading of stocks and funds in the form of a price fluctuation ratio, currently set to 10%. | | 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%。 |
| The price limit for stocks and funds is calculated as: price limit = previous closing price × (1 ± price fluctuation ratio). | | 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）。 |
| The result from this calculation shall be rounded to the nearest tick size. | | 计算结果按照四舍五入原则取至价格最小变动单位。 |
| The price limit does not apply in any of the following cases on the first trading day: | | 属于下列情形之一的，首个交易日无价格涨跌幅限制： |
| (1) IPO shares or closed-end funds; | | （一）首次公开发行上市的股票和封闭式基金； |
| (2) shares issued through secondary offerings; | | （二）增发上市的股票； |
| (3) shares whose listing is resumed after suspension; | | （三）暂停上市后恢复上市的股票； |
| (4) shares which are relisted after being delisted; and | | （四）退市后重新上市的股票； |
| (5) other cases as recognized by the SSE. | | （五）本所认定的其他情形。 |
| The SSE may adjust the price fluctuation ratio by approval of the CSRC. | | 经证监会批准，本所可以调整证券的涨跌幅比例。 |
| 3.4.14 In the trading of securities that are subject to the daily price limit, an order is valid only if its quotation is within the price limit; orders with quotations beyond the price limit are invalid. | | 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 Except as otherwise specified by the SSE, in the trading of securities that are not subject to the daily price limit, a valid quotation during auction shall meet the following requirements: | | 3.4.15 除本所另有规定外，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： |
| (1) quotation for stocks during opening auction shall not be higher than 900% or lower than 50% of the previous closing price; | | （一）股票开盘集合竞价阶段的交易申报价格不高于前收盘价格的900%，并且不低于前收盘价格的50%； |
| (2) quotation for funds and bonds during opening auction shall not be higher than 150% or lower than 70% of the previous closing price; | | （二）基金、债券开盘集合竞价阶段的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%； |
| (3) quotation for stocks during closing auction shall not be higher than 110% or lower than 90% of the last executed price. | | （三）股票收盘集合竞价阶段的交易申报价格不高于最新成交价格的110%且不低于最新成交价格的90%。 |
| In the absence of any trade on the current day, the previous closing price shall be deemed as the last executed price. | | 当日无交易的，前收盘价格视为最新成交价格。 |
| Quotation for bond repos is not subject to any restriction during opening auction. | | 开盘集合竞价阶段的债券回购交易申报无价格限制。 |
| 3.4.16 Except as otherwise specified by the SSE, in the trading of securities that are not subject to the daily price limit, a valid quotation during continuous auction and trading suspension within trading hours shall meet the following requirements: | | 3.4.16 除本所另有规定外，买卖无价格涨跌幅限制的证券，连续竞价阶段、开市期间停牌阶段的有效申报价格应符合下列规定： |
| (1) quotation for stocks during continuous auction and trading suspension within trading hours shall not be higher than 110% or lower than 90% of the last executed price. | | （一）股票连续竞价阶段、开市期间停牌阶段的交易申报价格不高于最新成交价格的110%且不低于最新成交价格的90%； |
| (2) quotation for funds, bonds and bond repos during continuous auction shall neither be higher than 110% of the currently available lowest ask nor be lower than 90% of the currently available highest bid, and shall neither be higher than 130% nor be lower than 70% of the average of the foregoing highest bid and lowest ask; In the absence of any currently available bid, the lower of the currently available lowest ask and the last executed price shall be deemed as the foregoing highest bid; In the absence of any currently available ask, the higher of the currently available highest bid and the last executed price shall be deemed as the foregoing lowest ask. | | （二）基金、债券、债券回购连续竞价阶段的交易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%；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；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。 |
| In the absence of any trade on the current day, the previous closing price shall be deemed as the last executed price. | | 当日无交易的，前收盘价格视为最新成交价格。 |
| The SSE may adjust restrictions on quotations in view of market conditions. | | 根据市场需要，本所可以调整申报价格限制的规定。 |
| 3.4.17 An order is only valid on the day of placement. Except as otherwise specified by the SSE, where an order cannot be fully filled in one trade during auction trading, the remaining portion shall continue to be enrolled in auction trading for the rest of the day. | | 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。 |
| Section 5 Auction | | 第五节 竞价 |
| 3.5.1 Auction trading of securities is conducted either as an auction or a continuous auction. | | 3.5.1 证券竞价交易采用集合竞价和连续竞价两种方式。 |
| Auction refers to the process of one-time, centralized matching of buy and sell orders accepted during a specified period. | | 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。 |
| Continuous auction refers to the process of continuous matching of buy and sell orders on an order-by-order basis. | | 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 Buy or sell orders not executed during the current auction trading session on a trading day will automatically enter the subsequent auction trading session on that day. | | 3.5.2 当前竞价交易阶段未成交的买卖申报，自动进入当日后续竞价交易阶段。 |
| Section 6 Order Execution | | 第六节 成交 |
| 3.6.1 During the auction trading of securities, orders are matched and executed based on the principles of price priority and time priority. | | 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。 |
| The principle of price priority: priority is given to orders with a higher bid or a lower ask. | | 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。 |
| The principle of time priority: for orders with the same bid or ask, priority is given to the order placed earlier. The sequence of orders is based on the time the SSE trading system accepts such orders. | | 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 During auction, the execution price shall be determined according to the following principles: | | 3.6.2 集合竞价时，成交价格的确定原则为： |
| (1) a price that will produce the highest trading volume; | | （一）可实现最大成交量的价格； |
(2) a price that allows all buy orders with a higher bid and all sell orders with a lower ask to be executed; or
．．．．．． | | （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；
．．．．．． |
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