| Notice by the Shanghai Stock Exchange of Issuing the Detailed Rules of the Shanghai Stock Exchange for Real-Time Monitoring of Abnormal Stock Trading on the STAR Market (for Trial Implementation) | | 上海证券交易所关于发布《上海证券交易所科创板股票异常交易实时监控细则（试行）》的通知 |
| (No. 68 [2019] of the Shanghai Stock Exchange) | | （上证发〔2019〕68号） |
| All market participants: | | 各市场参与人： |
| For the purposes of maintaining the order of stock trading on the STAR Market, protecting the lawful rights and interests of investors, and preventing trading risks, according to the Trading Rules of the Shanghai Stock Exchange, the Special Provisions on the Trading of Stocks Listed on the STAR Market of the Shanghai Stock Exchange, the Rules of the Shanghai Stock Exchange for the Listing of Stocks on the STAR Market, and other business rules, the Shanghai Stock Exchange (hereinafter referred to as the "Exchange") developed the Detailed Rules of the Shanghai Stock Exchange for Real-Time Monitoring of Abnormal Stock Trading on the STAR Market (for Trial Implementation) (see Annex), which are hereby issued and shall come into force on the date of issuance. The relevant matters are hereby announced as follows: | | 为维护科创板股票交易秩序，保护投资者合法权益，防范交易风险，根据《上海证券交易所交易规则》《上海证券交易所科创板股票交易特别规定》《上海证券交易所科创板股票上市规则》等业务规则，上海证券交易所（以下简称本所）制定了《上海证券交易所科创板股票异常交易实时监控细则（试行）》（详见附件），现予以发布，并自发布之日起施行。现将有关事项通知如下： |
| I. The Notice of Issues concerning the Regulation of Initial Trading in New Issues (No. 63 [2018], SSE) is not applicable to stocks on the STAR Market. | | 一、科创板股票不适用《关于新股上市初期交易监管有关事项的通知》（上证发〔2018〕63号）的规定。 |
| II. Before the launch of the STAR Market Index, the arithmetic mean of the intra-day closing price movements of all the stocks listed on the STAR Market (excluding stocks traded at an unchanged price and stocks under a trading halt for the day) shall be the benchmark index movement to calculate deviation of closing price movements and thereby determine abnormal fluctuations and severe abnormal fluctuations; and within the period, the Shanghai Composite Index is not used as the corresponding benchmark index. | | 二、科创板指数发布前，以全部已上市科创板股票（剔除无价格涨跌幅股票及全天停牌股票）当日收盘价涨跌幅的算术平均值作为基准指数涨跌幅，计算收盘价格涨跌幅偏离值，并据此认定异常波动和严重异常波动情形；该期间内不使用上证综指作为对应基准指数。 |
| As from the date of the launch of the STAR Market Index, the STAR Market Index shall be the benchmark index to calculate deviation of closing price movements and thereby determine abnormal fluctuations and severe abnormal fluctuations. | | 自科创板指数发布之日起，以科创板指数作为基准指数，计算收盘价格涨跌幅偏离值，并据此认定异常波动和严重异常波动情形。 |
| III. Where any relevant provision issued by the Exchange is inconsistent with this Notice, this Notice shall prevail. | | 三、本所此前相关规定与本通知不一致的，以本通知为准。 |
| | 特此通知。 |
| Annex: Detailed Rules of the Shanghai Stock Exchange for Real-Time Monitoring of Abnormal Stock Trading on the STAR Market (for Trial Implementation) | | 附件：上海证券交易所科创板股票异常交易实时监控细则（试行） |
| Shanghai Stock Exchange | | 上海证券交易所 |
| June 14, 2019 | | 二〇一九年六月十四日 |
| Annex | | 附件 |
| Detailed Rules of the Shanghai Stock Exchange for Real-Time Monitoring of Abnormal Stock Trading on the STAR Market (for Trial Implementation) | | 上海证券交易所科创板股票异常交易实时监控细则（试行） |
| Chapter I General Provisions | | 第一章 总则 |
| Article 1 For the purposes of maintaining the order of trading in stocks and depositary receipts on the STAR Market (hereinafter collectively referred to as the "STAR Market stocks") of the Shanghai Stock Exchange (hereinafter referred to as the "Exchange"), protecting the lawful rights and interests of investors, and preventing trading risks, these Detailed Rules are developed according to the Trading Rules of the Shanghai Stock Exchange (hereinafter referred to as the "Trading Rules"), the Special Provisions on the Trading of Stocks Listed on the STAR Market of the Shanghai Stock Exchange (hereinafter referred to as the "Special Trading Provisions"), the Rules of the Shanghai Stock Exchange for the Listing of Stocks on the STAR Market (hereinafter referred to as the "Listing Rules"), and other provisions. | | 第一条 为了维护上海证券交易所（以下简称本所）科创板股票和存托凭证（以下统称科创板股票）交易秩序，保护投资者合法权益，防范交易风险，根据《上海证券交易所交易规则》（以下简称《交易规则》）、《上海证券交易所科创板股票交易特别规定》（以下简称《交易特别规定》）、《上海证券交易所科创板股票上市规则》（以下简称《上市规则》）等规定，制定本细则。 |
| Article 2 These Detailed Rules shall apply to requirements for orders to trade stocks on the STAR Market, processing of abnormal fluctuations, monitoring, supervision and management of abnormal trading conduct, and other matters. If these Detailed Rules are silent, the Detailed Rules of the Shanghai Stock Exchange for Real-Time Monitoring of Abnormal Trading in Securities shall apply. | | 第二条 科创板股票交易申报要求、异常波动处理、异常交易行为监控及监督管理等事宜，适用本细则。本细则未作规定的，适用《上海证券交易所证券异常交易实时监控细则》及其他有关规定。 |
| Article 3 An investor, when participating in stock trading on the STAR Market, shall abide by the laws and regulations and the provisions of the Exchange business rules and the brokerage service agreement, and shall neither commit abnormal trading conduct nor affect the normal order of stock trading. | | 第三条 投资者参与科创板股票交易，应当遵守法律法规、本所业务规则的规定和证券交易委托协议的约定，不得实施异常交易行为，影响股票交易正常秩序。 |
| Article 4 A member shall strengthen the management of customers' stock trading on the STAR Market, understand customers ex-ante, monitor trading in the interim, and discover, stop and report abnormal trading conduct of customers in a timely manner, so as to maintain the order of stock trading on the STAR Market. | | 第四条 会员应当加强对客户科创板股票交易行为的管理，事前了解客户、事中监控交易，及时发现、制止和报告客户异常交易行为，维护科创板股票交易秩序。 |
| Article 5 The Exchange shall implement real-time monitoring and self-regulatory management of stock trading on the STAR Market, adopt corresponding regulatory measures or disciplinary actions against any investor or member that violates these Detailed Rules, and report alleged violations of the laws and regulations such as insider trading and market manipulation to the China Securities Regulatory Commission ("CSRC") for investigation and punishment. | | 第五条 本所对科创板股票交易实行实时监控和自律管理，对违反本细则的投资者、会员采取相应监管措施或者纪律处分，对涉嫌内幕交易、市场操纵等违法违规行为，依法上报中国证监会查处。 |
| Chapter II Requirements for Orders to Trade Stocks | | 第二章 股票交易申报要求 |
| Article 6 The price of an order to buy or sell STAR Market stocks shall conform to the provisions relating to the Limit Up-Limit Down mechanism and the requirements of these Detailed Rules, otherwise the order shall be void. | | 第六条 买卖科创板股票，申报价格应当符合价格涨跌幅限制相关规定及本细则要求，否则为无效申报。 |
| Article 7 A limit order to buy or sell STAR Market stocks during a continuous auction session shall conform to the following requirements: | | 第七条 买卖科创板股票，在连续竞价阶段的限价申报，应当符合下列要求： |
| (1) The price shall not exceed 102% of the benchmark bid price, in the case of a buy order. | | （一）买入申报价格不得高于买入基准价格的102%； |
| (2) The price shall not be less than 98% of the benchmark ask price, in the case of a sell order. | | （二）卖出申报价格不得低于卖出基准价格的98%。 |
| The benchmark bid (ask) price as mentioned in the preceding paragraph is the lowest ask (bid) price disclosed immediately, or the highest bid (ask) price disclosed immediately, in the absence of the lowest ask (bid) price disclosed immediately, or the most recent execution price, in the absence of the highest bid (ask) price disclosed immediately, or the previous closing price, if there have been no executed trades on the day. | | 前款所称买入（卖出）基准价格，为即时揭示的最低卖出（最高买入）申报价格；无即时揭示的最低卖出（最高买入）申报价格的，为即时揭示的最高买入（最低卖出）申报价格；无即时揭示的最高买入（最低卖出）申报价格的，为最新成交价；当日无成交的，为前收盘价。 |
| The provisions of the preceding two paragraphs of this Article shall not apply to limit orders in a trading halt during a trading session. | | 开市期间临时停牌阶段的限价申报，不适用本条前两款规定。 |
| Based on the circumstances of the market, the Exchange may adjust the scope of valid prices of orders for STAR Market prices. | | 根据市场情况，本所可以调整科创板股票的有效申报价格范围。 |
| Article 8 A market order to buy or sell STAR Market stocks during a continuous auction session shall include the highest bid price (hereinafter referred to as the "protective bid price") or the lowest ask price (hereinafter referred to as the "protective ask price") that an investor can accept. | | 第八条 买卖科创板股票，在连续竞价阶段的市价申报，申报内容应当包含投资者能够接受的最高买价（以下简称买入保护限价）或者最低卖价（以下简称卖出保护限价）。 |
| When the trading system of the Exchange processes market orders in the preceding paragraph, the execution price of a buy order or the price of a buy order converted into a limited order shall not be higher than the protective bid price, and the execution price of a sell order or the price of a sell order converted into a limited order shall not be less than the protective ask price | | 本所交易系统处理前款规定的市价申报时，买入申报的成交价格和转为限价申报的申报价格不高于买入保护限价，卖出申报的成交价格和转为限价申报的申报价格不低于卖出保护限价。 |
| Chapter III Abnormal Fluctuations in Stock Trading | | 第三章 股票交易异常波动 |
| Article 9 Mid-session abnormal fluctuation occurs when auction trading in a STAR Market stock has any of the following circumstances, in which case the Exchange shall impose a mid-session trading halt: | | 第九条 科创板股票竞价交易出现下列情形之一的，属于盘中异常波动，本所实施盘中临时停牌： |
| (1) The first mid-session price movement of the stock traded not subject to the Limit Up-Limit Down mechanism is 30% or more from the opening price of the day. | | （一）无价格涨跌幅限制的股票盘中交易价格较当日开盘价格首次上涨或下跌达到或超过30%的； |
| (2) The first mid-session price movement of the stock traded not subject to the Limit Up-Limit Down mechanism is 60% or more from the opening price of the day. | | （二）无价格涨跌幅限制的股票盘中交易价格较当日开盘价格首次上涨或下跌达到或超过60%的； |
| (3) Any other circumstance that the CSRC or the Exchange determines to be mid-session abnormal fluctuation. | | （三）中国证监会或者本所认定属于盘中异常波动的其他情形。 |
| Article 10 A mid-session trading halt imposed under the provisions of the preceding Article shall be subject to the following provisions: | | 第十条 根据前条规定实施盘中临时停牌的，按照下列规定执行： |
| (1) A single mid-session trading halt shall span for a period of ten minutes. | | （一）单次盘中临时停牌的持续时间为10分钟； |
| (2) If such a period is to run beyond 14:57, trading shall be resumed at 14:57 on the same day. | | （二）停牌时间跨越14：57的，于当日14：57复牌； |
| (3) During a mid-session trading halt, orders may continue to be entered, or may be canceled, and orders accepted shall be matched at call auction upon resumption of trading. | | （三）盘中临时停牌期间，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撮合。 |
| Article 11 The Exchange shall, upon imposing a mid-session trading halt, publish an announcement through its official website (www.sse.com.cn) and satellite transmission system. | | 第十一条 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发布公告。 |
| The specific time for resumption of trading shall be specified by the announcement of the Exchange. | | 具体停复牌时间，以本所公告为准。 |
Article 12 Abnormal fluctuation occurs when auction trading in a STAR Market stock has any of the following circumstances, in which case the Exchange shall announce five broker members with the largest accumulative value of the buy or sell trades in the stock during the abnormal fluctuation and such value:
．．．．．． | | 第十二条 科创板股票竞价交易出现下列情形之一的，属于异常波动，本所公告该股票交易异常波动期间累计买入、卖出金额最大5家会员营业部的名称及其买入、卖出金额：
．．．．．． |
|
Dear visitor, as a premium member of this database, you will get complete access to all content.Please go premium and get more.
1. To become a premium member, please call 400-810-8266 Ext. 171.
2. Binding to the account with access to this database.
3. Apply for a trial account.
4. To get instant access to a document, you can Pay Amount 【￥700.00】 for your single purchase. | |
您好：您现在要进入的是北大法宝英文库会员专区。
如您是我们英文用户可直接 登录，进入会员专区查询您所需要的信息；如您还不是我们 的英文用户；您可通过网上支付进行单篇购买，支付成功后即可立即查看本篇内容。
Tel: +86 (10) 82689699, +86 (10) 82668266 ext. 153
Mobile: +86 13311570713
Fax: +86 (10) 82668268
E-mail:info@chinalawinfo.com
|
| | | |
| | | |