| Notice of the Shanghai Stock Exchange on Matters concerning the Supervision over the Trading of Stocks in Initial Public Offerings at the Initial Stage of Listing | | 上海证券交易所关于新股上市初期交易监管有关事项的通知 |
| (No. 63 [2018] of the Shanghai Stock Exchange) | | （上证发〔2018〕63号） |
| All market participants: | | 各市场参与人： |
| For the purposes of strengthening the supervision over the trading of stocks in initial public offerings (hereinafter referred to as “stocks in IPO”) at the initial stage of their listing (the first ten days after listing, excluding all-day suspension days), preventing and controlling speculation on stocks in IPO, regulating investors in their opening of multiple securities accounts for conducting trading of stocks in IPO, maintaining the market trading order, and protecting the lawful rights and interests of investors, in accordance with the Trading Rules of the Shanghai Stock Exchange, the Detailed Rules of the Shanghai Stock Exchange for the Real-Time Monitoring of Abnormal Trading in Securities and other relevant provisions, the Shanghai Stock Exchange (“SSE”) has further prescribed the supervision over the trading of stocks in IPO at the initial stage of listing. You are hereby notified of the relevant matters as follows: | | 为了加强对首次公开发行股票（以下简称新股）上市初期（上市后的前10个交易日，不含全天停牌日）的交易监管工作，防控新股炒作，规范投资者开立多个证券账户进行新股交易，维护市场交易秩序，保护投资者合法权益，根据《上海证券交易所交易规则》《上海证券交易所证券异常交易实时监控细则》等有关规定，上海证券交易所（以下简称本所）对新股上市初期的交易监管工作做了进一步规定。现将有关事项通知如下： |
| I. On the first day of trading of stocks in IPO, the quotation price of investors shall satisfy the following requirements, and an order that is made beyond the scope of valid quotation prices shall be invalidated: | | 一、新股上市首日，投资者的申报价格应当符合以下要求，超出有效申报价格范围的申报为无效申报： |
| (1) During the opening call auction session, the valid quotation price shall not be higher than 120% or lower than 80% of the issue price. | | （一）开盘集合竞价阶段，有效申报价格不得高于发行价格的120%且不得低于发行价格的80%； |
| (2) During the continuous auction session, at suspension stage during trading hours, and during the closing call auction session, the valid quotation price shall not be higher than 144% or lower than 64% of the issue price. | | （二）连续竞价阶段、开市期间停牌阶段和收盘集合竞价阶段，有效申报价格不得高于发行价格的144%且不得低于发行价格的64%。 |
| The calculated valid quotation price shall be rounded to 0.01 yuan. | | 有效申报价格范围的计算结果按照四舍五入的原则取至0.01元。 |
| The opening price of a stock on a trading day is the first execution price on that day if the opening price fails to be generated during the opening call auction session. | | 开盘集合竞价阶段未产生开盘价的，以当日第一笔成交价格作为开盘价。 |
| II. During the continuous auction session on the first day of trading of a stock in IPO, if the intraday execution price has an initial rise or fall exceeding 10% as compared to the opening price on that day, the SSE may call an intraday temporary suspension; and if the intraday execution price has a rise or fall exceeding 20% as compared to the opening price on that day, the SSE will no longer call an intraday temporary suspension. | | 二、新股上市首日连续竞价阶段，盘中成交价格较当日开盘价首次上涨或下跌超过10%的，本所对其实施盘中临时停牌；盘中成交价格较当日开盘价上涨或下跌超过20%的，本所不再对其实施盘中临时停牌。 |
| Where an intraday temporary suspension is called in accordance with the provisions of the preceding paragraph, the suspension shall continue for 30 minutes, and if the suspension continues until 14:57 or a later time, trading shall be resumed at 14:57 on that day and the stock shall enter the closing call auction session. | | 因前款规定停牌的，停牌持续时间为30分钟，如停牌持续时间达到或超过14：57，当日14：57复牌，进入收盘集合竞价阶段。 |
| After an intraday temporary suspension is called, the SSE will issue an announcement on the specific time for trading suspension and resumption through its official website (www.sse.com.cn) and satellite transmission system. | | 实施盘中临时停牌后，本所将通过官方网站（www.sse.com.cn）和卫星传输系统，对外公告具体的停牌及复牌时间。 |
| III. At the initial stage of listing of a stock in IPO, the SSE shall mainly monitor the following abnormal transactions conducted through a single securities account or several suspected associated securities accounts: | | 三、新股上市初期，本所对单一或者涉嫌关联的多个证券账户的下列异常交易行为予以重点监控： |
| (1) The trading price of the stock in IPO is affected by such means as huge orders, high (low) price orders, successive orders, and false orders. | | （一）通过大额申报、高（低）价申报、连续申报或虚假申报等手段，影响新股交易价格； |
| (2) The trading price of the stock in IPO is affected by such means as conducting intraday converse transactions and frequent converse transactions. | | （二）通过日内反向交易或频繁隔日反向交易等手段，影响新股交易价格； |
| (3) The trading price of the stock in IPO is affected by placing huge orders by market order. | | （三）利用市价委托进行大额申报，影响新股交易价格； |
| (4) Other abnormal transactions to be subject to main monitoring as deemed necessary by the SSE. | | （四）本所认为需要重点监控的其他异常交易行为。 |
| IV. Orders under any of the following circumstances at the initial stage of listing of a stock in IPO are huge orders, high (low) price orders, successive orders or false orders as prescribed in item (1), Article 3 of this Notice: | | 四、新股上市初期，出现下列情形之一的，属于本通知第三条第（一）项规定的大额申报、高（低）价申报、连续申报、虚假申报： |
(1) During the opening call auction session, the amount purchased (sold) at a price which is 3% higher (or lower) than the previous closing price (or issue price for the first day of trading of the stock in IPO) exceeds 5‰ of the actual amount of the stock in IPO in circulation on that day.
．．．．．． | | （一）开盘集合竞价阶段，以高于（低于）前收盘价（上市首日为发行价）3%的价格申报买入（卖出）的数量超过新股当日实际上市流通量的5‰；
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