| Notice of China Securities Depository and Clearing Co., Ltd. and the Shenzhen Stock Exchange on Issuing the Detailed Rules for the Implementation of the H-Share “Full Circulation” Pilot Program (for Trial Implementation) | | 中国证券登记结算有限责任公司、深圳证券交易所关于发布《H股“全流通”试点业务实施细则（试行）》的通知 |
| All market participants: | | 各市场参与人： |
| For the purposes of implementing the H-share “full circulation” pilot program and regulating the registration, depository and transaction settlement of shares, China Securities Depository and Clearing Co., Ltd. and the Shenzhen Stock Exchange have jointly developed the Detailed Rules for the Implementation of the H-Share “Full Circulation” Pilot Program (for Trial Implementation), which, as approved by the China Securities Regulatory Commission (CSRC), are hereby issued and shall come into force on the date of issuance. | | 为落实H股“全流通”试点，规范股份的登记存管和交易结算业务，中国证券登记结算有限责任公司和深圳证券交易所联合制定了《H股“全流通”试点业务实施细则（试行）》。现经中国证监会批准予以发布，并自发布之日起施行。
特此通知 |
| Annex: Detailed Rules for the Implementation of the H-Share “Full Circulation” Pilot Program (for Trial Implementation) | | 附件：《H股“全流通”试点业务实施细则（试行）》 |
| China Securities Depository and Clearing Co., Ltd. | | 中国证券登记结算有限责任公司 |
| Shenzhen Stock Exchange | | 深圳证券交易所 |
| April 20, 2018 | | 二○一八年四月二十日 |
| Annex: | | 附件： |
| Detailed Rules for the Implementation of the H-Share “Full Circulation” Pilot Program (for Trial Implementation) | | H股“全流通”试点业务实施细则（试行） |
| Chapter I General Provisions | | 第一章 总则 |
| Article 1 For the purposes of regulating the services relating to the pilot program on the circulation of non-overseas listed shares of H-share listed companies on the Hong Kong stock market (hereinafter referred to as “H-share ‘full circulation'”), in accordance with the Securities Law of the People's Republic of China, the Measures for the Administration of Securities Registration and Clearing, and other laws, administrative regulations, departmental rules and regulatory documents, as well as the relevant business rules of China Securities Depository and Clearing Co., Ltd. (hereinafter referred to as “CSDC”) and the Shenzhen Stock Exchange (hereinafter referred to as the “SZSE”). | | 第一条 为了规范H股上市公司非境外上市股份在香港股票市场流通（以下简称H股“全流通”）试点相关业务，根据《中华人民共和国证券法》《证券登记结算管理办法》等法律、行政法规、部门规章、规范性文件，以及中国证券登记结算有限责任公司（以下简称中国结算）和深圳证券交易所（以下简称深交所）相关业务规则，制定本细则。 |
| Article 2 After H-share listed companies that have been approved by the CSRC to participate in the H-share “full circulation” pilot program (hereinafter referred to as “pilot companies”) complete the disclosure of corresponding information, CSDC shall conduct the cross-border transfer registration of the shares relating to the H-share “full circulation” pilot program (hereinafter referred to as “shares in the H-share ‘full circulation' pilot program”) at the Hong Kong share registration institution and such shares may be listed and traded on the Hong Kong Exchanges and Clearing Limited (hereinafter referred to as the “HKEX”). | | 第二条 获中国证监会批准参加H股“全流通”试点的H股上市公司（以下简称试点公司）在完成相应信息披露后，将参加H股“全流通”试点的相关股份（以下简称H股“全流通”试点股份）由中国结算跨境转登记至香港股份登记机构，成为可在香港联合证券交易所（以下简称联交所）上市流通的股份。 |
| Pilot companies shall obtain the authorization from natural persons and institutions that hold shares in the H-share “full circulation” pilot program (hereinafter referred to as “investors”) , and on behalf of investors, entrust CSDC to be the nominees of relevant securities and handle relevant businesses. CSDC, as a nominee, shall deposit such part of securities in Hong Kong Securities Clearing Company Limited (hereinafter referred to as “HKSCC”) and provide investors with nominee services. | | 试点公司应获得持有H股“全流通”试点股份的自然人和机构（以下简称投资者）授权，代理投资者委托中国结算成为相关证券的名义持有人并办理相关业务。中国结算作为名义持有人将该部分证券存管于香港中央结算有限公司（以下简称香港结算），并向投资者提供名义持有人服务。 |
| Pilot companies shall take effective means to notify investors of matters concerning the registration, depository and transaction settlement of shares in the H-share “full circulation” pilot program, including but not limited to the arrangements for the holding of shares in the pilot program in the name of CSDC, the form of transmitting trading orders, participated domestic securities companies and overseas agency brokers. | | 试点公司应当采取有效方式将H股“全流通”试点股份登记存管和交易结算在内的相关事项安排告知投资者，包括但不限于中国结算名义持有试点股份的安排、交易委托与指令传递的方式、参与的境内证券公司和境外代理券商等。 |
| Article 3 Domestic securities companies participating in the H-share “full circulation” pilot program (hereinafter referred to as “domestic securities companies”) shall provide investors with relevant services such as sending orders for trading in shares in the H-share “full circulation” pilot program, receipt of return on transactions, and handle relevant clearing and settlement matters with CSDC as domestic clearing participants. Domestic securities companies shall fully disclose to investors the relevant business risks during the period of the H-share “full circulation” pilot program and sign entrustment agreements with investors to specify the rights and obligations of both parties. | | 第三条 参与H股“全流通”试点业务的境内证券公司（以下简称境内证券公司）为投资者提供H股“全流通”试点股份交易委托指令发送、成交回报接收等相关服务，并作为境内结算参与人与中国结算办理相关清算交收事宜。境内证券公司应当向投资者充分揭示H股“全流通”试点期间相关业务风险，并与投资者签订委托协议，明确双方的权利和义务。 |
| Article 4 Investors shall use the special H-share “full circulation” account, submit orders for the sale of shares in the H-share “full circulation” pilot program through domestic securities companies, and sell relevant shares through securities trading accounts opened by CSDC at overseas agency brokers. After transactions are concluded, overseas agency brokers and CSDC, CSDC and domestic clearing participants, domestic clearing participants and investors shall conduct settlement separately. | | 第四条 投资者使用H股“全流通”专用账户，通过境内证券公司提交H股“全流通”试点股份的卖出委托指令，相关股份通过中国结算在境外代理券商开立的证券交易账户卖出。交易达成后，境外代理券商与中国结算、中国结算与境内结算参与人、境内结算参与人与投资者之间分别进行结算。 |
| Shares can only be sold and cannot be bought through special H-share “full circulation” accounts. | | H股“全流通”专用账户只能卖出，不得买入。 |
| Article 5 The SZSE shall authorize Shenzhen Securities Communications Co., Ltd. (hereinafter referred to as the “SSSCC”) to provide services for the transmission of orders for the sale of shares in the H-share “full circulation” pilot program and return on transactions between domestic securities companies and overseas agency brokers, and related H-share real-time quotation forwarding and other services. | | 第五条 深交所授权深圳证券通信有限公司（以下简称深证通），提供境内证券公司与境外代理券商之间的H股“全流通”试点股份卖出委托指令和成交回报传递，及相关H股实时行情转发等服务。 |
| Domestic securities companies and overseas agency brokers participating in the H-share “full circulation” pilot program shall comply with the relevant technical standards and requirements of SSSCC and sign technical service agreements with SSSCC. | | 境内证券公司、境外代理券商参与H股“全流通”试点业务，应当符合深证通的相关技术标准及要求，并与深证通签订技术服务协议。 |
| Article 6 These Detailed Rules shall apply to relevant businesses such as account arrangement, cross-border transfer registration, custody and maintenance of holding details, transfer of transaction orders, and settlement involved in the H-share “full circulation” pilot program. Other business rules of CSDC and the SZSE shall apply, mutatis mutandis, to relevant businesses not provided for in these Detailed Rules. | | 第六条 H股“全流通”试点业务涉及的账户安排、跨境转登记、存管和持有明细维护、交易委托与指令传递、结算等相关业务，适用本细则。本细则未作规定的，参照中国结算、深交所其他业务规则办理。 |
| Chapter II Account Arrangements | | 第二章 账户安排 |
| Article 7 CSDC shall open a securities account at HKSCC to record nominally held securities and settle securities with overseas agency brokers. CSDC shall open securities trading accounts at overseas agency brokers to entrust overseas agency brokers to conduct transactions. | | 第七条 中国结算在香港结算开立证券账户，用于记录名义持有的证券和与境外代理券商进行证券交收。中国结算在境外代理券商开立证券交易账户，用于委托境外代理券商交易。 |
| Article 8 The pilot company that accepts investors' instructions shall, in accordance with the relevant provisions of CSDC, apply to CSDC for the establishment of a special H-share “full circulation” account for investors to make initial records of and maintain investors' securities holding details. | | 第八条 试点公司接受投资者委托，按照中国结算相关规定向中国结算申请为投资者设立H股“全流通”专用账户，用于初始记录和维护投资者的证券持有明细数据。 |
| Chapter III Cross-Border Transfer Registration | | 第三章 跨境转登记 |
| Article 9 After the application of a H-share listed company for the H-share “full circulation” pilot program has been approved by the CSRC, it shall apply to CSDC for the cancellation of corresponding non-overseas listed shares. If all non-overseas listed shares are approved for the H-share “full circulation” pilot program, the pilot company shall, in accordance with relevant provisions of CSDC, apply for the exit registration of non-overseas listed shares of the H-share listed company. | | 第九条 H股上市公司在H股“全流通”试点申请获得中国证监会批准后，应向中国结算申请注销相应的非境外上市股份。全部非境外上市股份获批H股“全流通”试点的，试点公司应按照中国结算相关规定申请办理H股上市公司非境外上市股份退出登记。 |
| Where the qualification for the H-share “full circulation” pilot program is approved together with the company's overseas listing refinancing or initial public offering application, the shares involved are overseas listed shares and there is no need to apply to CSDC for the initial registration, deregistration or exit registration, among others, of non-overseas listed shares. | | 若H股“全流通”试点资格随公司境外上市再融资或首次公开发行申请一并获批，则所涉股份属境外上市股份，无需向中国结算申请非境外上市股份的初始登记，注销登记或退出登记等。 |
| Article 10 The H-share listed company shall, in accordance with the requirements of the Hong Kong market, undergo relevant formalities at the SEHK, Hong Kong share registration institution and other institutions to complete the registration of relevant shares. | | 第十条 H股上市公司应当按照香港市场要求，在联交所、香港股份登记机构等机构履行手续，完成相关股份登记。 |
| Article 11 After the completion of cross-border transfer registration of shares in the H-share “full circulation” pilot program as overseas listed shares, they shall not be converted back to non-overseas listed shares. | | 第十一条 H股“全流通”试点股份在完成跨境转登记成为境外上市股份后，不得再转回成为非境外上市股份。 |
| Chapter IV Custody and Maintenance of Holding Details | | 第四章 存管和持有明细维护 |
Article 12 As the nominee, CSDC shall deposit the securities held by investors in the name of CSDC at HKSCC, and exercise its rights to the issuer of securities through HKSCC.
．．．．．． | | 第十二条 中国结算作为名义持有人，将投资者持有的证券以中国结算名义存管在香港结算，通过香港结算行使对证券发行人的权利。
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