>>>welcome 河南大学, You have logged in.
Logout History Contact us  
Font Size:  A A A Search “Fabao” Window English 中文 = 简体  繁体
  Favorite   DownLoad   Print
 
Notice by the Shanghai Stock Exchange of Revising the Measures of the Shanghai Stock Exchange for the Implementation of Shanghai-Hong Kong Stock Connect (2019) [Effective]
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(2019) [现行有效]
【法宝引证码】

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。
Annex: Measures of the Shanghai Stock Exchange for the Implementation of Shanghai-Hong Kong Stock Connect 
特此通知。
Shanghai Stock Exchange 附件:上海证券交易所沪港通业务实施办法
December 20, 2019 上海证券交易所
Measures of the Shanghai Stock Exchange for the Implementation of Shanghai-Hong Kong Stock Connect 二〇一九年十二月二十日
(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) 上海证券交易所沪港通业务实施办法
 (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
Chapter I General Provisions 
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)
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”). 

第一章 总则

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。
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. 
   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。
Article 3 The SSE shall conduct self-regulatory management of trading under Shanghai-Hong Kong Stock Connect and relevant activities. 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。
Chapter II Northbound Trading   第三条 本所对沪港通交易及相关活动实施自律管理。
Section 1 Participation in Northbound Trading by the SEHK's Securities Trading Service Company 

第二章 沪股通交易

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. 

第一节 联交所证券交易服务公司参与沪股通业务

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. 
   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。
Article 5 To apply for being a trading participant of the SSE, the SEHK's securities trading service company shall submit the following documents: 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。
(1) A written application and a letter of commitment.   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:
(2) Relevant approval documents of the CSRC and the Securities and Futures Commission of Hong Kong (“SFC”). (一)申请书、承诺书;
(3) Its business license for enterprise legal person. (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;
(4) Its bylaws. (三)企业法人营业执照;
(5) The management rules and technical arrangements on northbound trading, and the arrangements on entrusting the SEHK to assume functions relating to northbound trading. (四)公司章程;
(6) The personal information of directors, supervisors and senior executives. (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;
(7) A letter of commitment, technical standards and other requirements regarding SEHK participants' participation in northbound trading. (六)董事、监事、高级管理人员的个人资料;
(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”). (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;
(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. (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;
(10) The methods and standards for the collection of expenses relating to northbound trading. (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;
(11) Other documents required by the SSE. (十)与沪股通有关的费用收取方式和标准;
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. (十一)本所要求的其他文件。
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. 
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.   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。
 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。
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. 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 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 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 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 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 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。
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. 
   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。
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. 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。
The SEHK's securities trading service company shall provide reports on the operation of northbound trading according to the SSE's requirements. 
   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。
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. 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 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。
Section 2 Stocks for Northbound Trading   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。
Article 16 Stocks for northbound trading include: 

第二节 沪股通股票

(1) the constituent stocks of the Shanghai Stock Exchange 180 Index;   第十六条 沪股通股票包括以下范围内的股票:
(2) the constituent stocks of the Shanghai Stock Exchange 380 Index; and (一)上证180指数成份股;
(3) the A shares listed on the SSE by companies listed on both the SSE and SEHK. (二)上证380指数成份股;
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. 
The SSE may adjust the scope of stocks for northbound trading with the approval of the regulator. (三)A+H股上市公司的本所上市A股。
 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。
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. 经监管机构批准,本所可以调整沪股通股票的范围。
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. 
   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。
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. 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 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。
Section 3 Particular Trading Matters   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。
Article 20 Stocks for northbound trading shall be quoted and traded in RMB. 

第三节 交易特别事项

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.   第二十条 沪股通股票以人民币报价和交易。
Article 22 Auction trading shall be adopted in northbound trading, except as otherwise provided for by the SSE.   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 23 Limit orders 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。
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. 
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”).   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。
 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。
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. 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 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 26 The SEHK's securities trading service company shall specifically identify covered short selling orders of stocks for northbound trading.   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。
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. 
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.   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。
 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。
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. 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。
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. 
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.   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。
 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。
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. 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。
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. 
   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。
Article 29 The non-trade transfer of stocks for northbound trading is prohibited under any of the following circumstances: 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。
(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.   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:
(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. (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;
(3) The transfer of stocks for northbound trading between SEHK participants and their clients for the purpose of correcting erroneous trades. (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;
(4) A fund management institution, after purchasing stocks for northbound trading through the uniform account, distributes them to all fund accounts managed by it. (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;
(5) Any other circumstance prescribed by the SSE and CSDC. (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;
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. (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 31 The stocks purchased through northbound trading shall not be sold before settlement.   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 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.   第三十一条 通过沪股通买入的股票,在交收前不得卖出。
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 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”。
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. 
   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。
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. 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。
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. 
   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。
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. 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。
The securities not listed on the SSE, as acquired through the equity distribution or conversion of stocks for northbound trading or the acquisition of listed companies, among others, shall not be purchased or sold through northbound trading. 
   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。
Article 37 The SSE may, according to market demand, adjust northbound trading methods, order types, contents and methods for placing orders, business scope, trading limits and other provisions. 因沪股通股票权益分派、转换或者上市公司被收购等所取得的非本所上市证券,不得通过沪股通买入或者卖出。
Section 4 Quota Control   第三十七条 本所可以根据市场需要,调整沪股通的交易方式、订单类型、申报内容及方式、业务范围、交易限制等规定。
Article 38 The SEHK's securities trading service company shall conduct real-time monitoring of the usage of the daily quota of northbound trading, and announce the usage of quota on the website designated by it. 

第四节 额度控制

Article 39 The formula for calculating the daily quota balance of northbound trading is: Daily quota balance = daily quota – amount of buy orders + amount of sell trades + amount of buy orders canceled and rejected by the SSE + difference between the executed price and the price in an order.   第三十八条 联交所证券交易服务公司对沪股通交易每日额度的使用情况进行实时监控,并在其指定网站公布额度使用情况。
Article 40 Once the daily quota is used up during the SSE's opening call auction session, the SEHK's securities trading service company shall suspend the acceptance of buy orders placed after the session, but may still accept sell orders. If the balance of daily quota becomes positive before the commencement of the SSE's continuous auction session because buy orders are canceled or rejected by the SSE or sell orders are executed, among others, the SEHK's securities trading service company shall resume the acceptance of subsequent buy orders.   第三十九条 沪股通交易当日额度余额的计算公式为:当日额度余额=每日额度-买入申报金额+卖出成交金额+被撤销和被本所拒绝接受的买入申报金额+买入成交价低于申报价的差额。
Once the daily quota is used up during the SSE's continuous auction session or closing call auction session, the SEHK's securities trading service company shall stop accepting the subsequent buy orders of the day, but may still accept sell orders. If the acceptance of buy orders is suspended during the aforesaid session, it will not be resumed on the day, except as otherwise specified by the SSE. 
   第四十条 当日额度在本所开盘集合竞价阶段使用完毕的,联交所证券交易服务公司暂停接受该时段后续的买入申报,但仍然接受卖出申报。此后在本所连续竞价阶段开始前,因买入申报被撤销、被本所拒绝接受或者卖出申报成交等情形,导致当日额度余额大于零的,联交所证券交易服务公司恢复接受后续的买入申报。
Article 41 The SEHK's securities trading service company shall take appropriate means to require SEHK participants to and urge them to require their clients not to maliciously use quota by such means as placing large buy orders at low prices to affect quota control when participating in northbound trading. 当日额度在本所连续竞价阶段或者收盘集合竞价阶段使用完毕的,联交所证券交易服务公司停止接受当日后续的买入申报,但仍然接受卖出申报。在上述时段停止接受买入申报的,当日不再恢复,本所另有规定的除外。
Section 5 Shareholding Ratio Limit   第四十一条 联交所证券交易服务公司应当采取适当方式,要求联交所参与者并促使联交所参与者要求其客户在参与沪股通交易时,不得通过低价大额买入申报等方式恶意占用额度,影响额度控制。
Article 42 Investors that participate in northbound trading shall abide by the shareholding ratio limit prescribed in the Several Provisions. 

第五节 持股比例限制

Article 43 The SEHK's securities trading service company shall take appropriate means to require SEHK participants to reject investors' trading instructions, close their positions or take other prohibitive and corrective measures when the investor trades in stocks for northbound trading beyond the relevant shareholding ratio limit.   第四十二条 投资者参与沪股通交易,应当遵守《若干规定》中的持股比例限制。
Article 44 When an investor performs the information disclosure obligation according to relevant provisions, the domestic and overseas listed shares held in the same listed company through northbound trading and other methods shall be calculated on a consolidated basis.   第四十三条 联交所证券交易服务公司应当采取适当方式,要求联交所参与者在投资者买卖沪股通股票违反有关持股比例限制时拒绝接受其交易委托、实施平仓或者采取其他制止和纠正措施。
Article 45 Where the total shares held by a single foreign investor in the same listed company through northbound trading and other methods exceed the prescribed ratio at the end of a trading day, the investor shall close the position of the excessive part within five northbound trading days, and perform the information disclosure obligation in a timely manner according to relevant provisions.   第四十四条 投资者根据相关规定履行信息披露义务时,其通过沪股通交易与通过其他方式持有的同一上市公司的境内、外上市股份应当合并计算。
Article 46 Where the total stocks held by all foreign investors in the same listed company through northbound trading and other methods exceed the prescribed ratio at the end of a trading day, the SSE will, under the “last in first out” principle, notify the SEHK's securities trading service company and other foreign investors to close the position. The SEHK's securities trading service company shall, in a timely manner, notify SEHK participants, and require them to notify investors. Investors shall close the position of the excessive part within five northbound trading days as of the date of receipt of such notice.   第四十五条 当日交易结束后, 单个境外投资者通过沪股通与其他方式持有同一上市公司股票合并计算超过限定比例的,应当在5个沪股通交易日内对超出部分予以平仓,并按照有关规定及时履行信息披露义务。
Where any other foreign investor actively reduces shareholding within five northbound trading days and as a result the aforesaid total shareholding drops to the prescribed ratio or below, the SEHK's securities trading service company may apply to the SSE for allowing the original shareholders to maintain their shareholding either proactively or according to the requests made through SEHK participants by northbound trading investors already notified to reduce their shareholding. 
   第四十六条 当日交易结束后,所有境外投资者通过沪股通与其他方式持有同一上市公司股票合并计算超过限定比例的,本所将按照后买先卖的原则,向联交所证券交易服务公司及其他境外投资者发出平仓通知。联交所证券交易服务公司应当及时通知联交所参与者,并要求其通知投资者。投资者应当自接到通知之日起的5个沪股通交易日内,对超出部分予以平仓。
Article 47 Where a northbound trading investor fails to dispose of shares exceeding the prescribed ratio as required, the SEHK's securities trading service company shall require relevant SEHK participants to close the position. 其他境外投资者在5个沪股通交易日内自行减持导致上述持股总数降至限定比例以下的,联交所证券交易服务公司可以主动或者根据被通知减持的沪股通投资者通过联交所参与者向其提出的请求,向本所申请由原持有人继续持有原股份。
Chapter III Southbound Trading   第四十七条 沪股通投资者未按规定对超过限定比例的股份进行处理的,联交所证券交易服务公司应当要求相关联交所参与者实施平仓。
Section 1 SSE Members' Participation in Southbound Trading 

第三章 港股通交易

Article 48 A SSE member that participates in southbound trading shall comply with the technical standards and other requirements prescribed by the SSE's securities trading service company. 

第一节 本所会员参与港股通业务

Article 49 A SSE member that participates in southbound trading shall enter into a southbound trading service contract with the SSE's securities trading service company to agree on both parties' rights and obligations.   第四十八条 本所会员参与港股通业务,应当符合本所证券交易服务公司规定的技术标准及其他要求。
Article 50 The provisions of relevant SSE members on the management of clients' transactions shall apply to SSE members' participation in southbound trading.   第四十九条 本所会员参与港股通业务,应当与本所证券交易服务公司签订港股通服务合同,约定双方的权利和义务。
Article 51 A SSE member shall fully disclose to clients the risks of investment in southbound trading, urge clients to comply with the relevant laws, administrative regulations, departmental rules, regulatory documents and business rules of the mainland and Hong Kong, and accept the SSE's supervision.   第五十条 本所会员参与港股通业务,适用本所有关会员对客户交易行为管理的规定。
Article 52 A SSE member may terminate its southbound trading service contract with the SSE's securities trading service company as agreed, but it shall make appropriate arrangements for its clients.   第五十一条 本所会员应当向客户充分揭示港股通投资风险,督促客户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,接受本所监管。
Article 53 The SSE's securities trading service company may agree upon with a SSE member that the SSE's securities trading service company has the right to suspend the provision of southbound trading services or terminate the southbound trading service contract under any of the following circumstances.   第五十二条 本所会员可以按照约定与本所证券交易服务公司终止港股通服务合同,但应当对其客户作出妥善安排。
(1) The member violates any relevant law, administrative regulation, departmental rule, regulatory document or business rule.   第五十三条 本所证券交易服务公司可以与本所会员约定,发生下列情形之一的,本所证券交易服务公司有权暂停提供港股通服务或者终止港股通服务合同:
(2) The member fails to cooperate in the SSE's inspection, investigation, evidence-taking or any other regulatory conduct of southbound trading activities. (一)会员违反相关法律、行政法规、部门规章、规范性文件和业务规则;
(3) The member is unable to provide clients with southbound trading services since its relevant business or technical system has any major failure. (二)会员不配合本所对港股通交易行为的检查、调查、取证和其他监管行为;
(4) Any other circumstance agreed upon in the contract. (三)会员相关业务、技术系统出现重大故障,无法为客户提供港股通交易服务;
Article 54 The SSE's securities trading service company may entrust the SSE 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. (四)合同约定的其他情形。
Section 2 Stocks for Southbound Trading   第五十四条 本所证券交易服务公司可以委托本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 55 Stocks for southbound trading include: 

第二节 港股通股票

(1) the constituent stocks of the Hang Seng Composite LargeCap Index;   第五十五条 港股通股票包括以下范围内的股票:
(2) the constituent stocks of the Hang Seng Composite MidCap Index; and (一)恒生综合大型股指数的成份股;
(3) the H shares of companies listed on both the SSE and SEHK. (二)恒生综合中型股指数的成份股;
SSE-listed A shares on the risk alert board, or corresponding H shares of companies listed on both the SSE and SEHK temporarily suspended from listing, stocks of issuers that have other stocks listed on the stock exchange in the mainland other than the SSE, stocks offered and traded on the SEHK in any currency other than HK dollar, and stocks falling under any other circumstance recognized by the SSE shall not be included in the stocks for southbound trading. 
With the approval of the regulator, the SSE may adjust the scope of stocks for southbound trading. (三)A+H股上市公司的H股。
 本所上市A股为风险警示板股票或者暂停上市股票的A+H股上市公司的相应H股、同时有股票在本所以外的内地证券交易所上市的发行人的股票、在联交所以港币以外货币报价交易的股票和具有本所认定的其他情形的股票,不纳入港股通股票。
Article 56 Where the stock of a company with different voting rights structure falls under the scope prescribed in subparagraphs (1) and (2) of paragraph 1 of Article 55 and falls outside the scope prescribed in subparagraph (3), it shall also meet the following conditions when it is included in stocks for southbound trading for the first time: 经监管机构批准,本所可以调整港股通股票的范围。
(1) It has been listed on the SEHK for six months or more and 20 SEHK trading days thereafter.   第五十六条 具有不同投票权架构的公司股票属于第五十五条第一款第一、二项且不属于第三项规定范围的,在首次纳入港股通股票时还应当同时满足下列条件:
(2) Its average daily market value of 183 SEHK trading days before the investigation date (inclusive) is not less than 20 billion HK dollars. (一)在联交所上市满6个月及其后20个港股交易日;
(3) Its total turnover in 183 SEHK trading days before the investigation date (inclusive) is not less than six billion HK dollars. (二)考察日前183日(含考察日当日)中的港股交易日的日均市值不低于港币200亿元;
(4) Since its listing, neither the stock issuer nor any beneficiary with different voting rights has been subject to public censure or any other public sanction by the SEHK or falls under any circumstance resulting in the termination of different voting rights due to any violation of the provisions of the SEHK in such aspects as corporate governance, information disclosure and investor guarantee measures for companies with different voting rights structure. (三)考察日前183日(含考察日当日)港股总成交额不低于港币60亿元;
(5) Other conditions determined by the SSE. (四)上市以来股票发行人和不同投票权受益人未因违反联交所对具有不同投票权架构的公司企业管治、信息披露以及投资者保障措施等方面的规定,而受到联交所公开指责、其他公开制裁或者触发不同投票权终止情形;
For the purposes of the preceding paragraph, “investigation date” means the 19th SEHK trading day six months after a company with different voting rights structure is listed on the SEHK; if the company fails to meet the inclusion conditions on the last SEHK trading day prescribed in subparagraph (1) of the preceding paragraph, the investigation date shall be the second SEHK trading day before the date when the periodical adjustments to Hang Seng Composite Index constituent stocks come into force. 
 (五)本所认定的其他条件。
Article 57 Where, due to adjustment to the constituent stocks of relevant indices or any other reason, any stock other than stocks for southbound trading falls under the scope prescribed in paragraph 1, Article 55 and Article 56 and falls outside the scope prescribed in paragraph 2, Article 55 of these Measures, such stock shall be included in the stocks for southbound trading. 前款所称考察日,是指具有不同投票权架构的公司在联交所上市满6个月后的第19个港股交易日;未能在前款第一项规定的最后一个港股交易日满足纳入条件的,则考察日为此后的恒生综合指数成份股定期调整生效日前的第2个港股交易日。
Where a SSE-listed company seeks H-share listing on the SEHK, or a SEHK-listed company seeks A-share listing on the SSE, or a company seeks A-share and H-share listing on the SSE and the SEHK on a same day, its H shares shall be included in the stocks for southbound trading after the end of the price stability period of H-share and the lapse of ten trading days after the listing of the corresponding A-share. 
   第五十七条 港股通股票之外的股票因相关指数实施成份股调整等原因,导致属于本办法第五十五条第一款和第五十六条规定范围且不属于五十五条第二款规定范围的,调入港股通股票。
Article 58 Where, due to adjustment to the constituent stocks of relevant indices or any other reason, any stock for southbound trading no longer falls within the scope prescribed in paragraph 1, Article 55 or falls under the scope prescribed in paragraph 2, Article 55 of these Measures, such stock shall be removed out of the stocks for southbound trading. A股在本所上市的公司在联交所上市H股,或者H股上市公司在本所上市A股,或者公司同日在本所和联交所上市A股和H股的,其H股在价格稳定期结束且相应A股上市满10个交易日后调入港股通股票。
Article 59 The SEHK's securities trading service company shall announce the list of stocks for southbound trading through the website designated by it, the time when relevant stocks are included in or removed out of the stocks for southbound trading shall be that announced by the SSE's securities trading service company.   第五十八条 港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五十五条第一款规定范围或者属于第五十五条第二款规定范围的,调出港股通股票。
Section 3 Particular Trading Matters   第五十九条 本所证券交易服务公司通过其指定网站公布港股通股票名单,相关股票调入或者调出港股通股票的生效时间以本所证券交易服务公司公布的时间为准。
Article 60 Investors shall conduct southbound trading through RMB ordinary stock accounts on the SSE. 

第三节 交易特别事项

Article 61 Southbound trading shall be quoted in HK dollar and investors shall conduct settlement in RMB.   第六十条 投资者应当通过沪市人民币普通股票账户进行港股通交易。
Article 62 Southbound trading days and trading hours shall be announced by the SSE's securities trading service company on the website designated by it. The trading hours of each southbound trading day include opening call auction session, continuous auction session, and closing call auction session, which shall be specifically governed by the provisions of the SEHK.   第六十一条 港股通交易以港币报价,投资者以人民币交收。
Where any particular circumstance determined by the SSE's securities trading service company occurs, which leads to or may lead to the failure to conduct southbound trading in a normal manner, the SSE's securities trading service company may adjust southbound trading days or trading hours and announce such adjustment to the market. 
   第六十二条 港股通交易日和交易时间由本所证券交易服务公司在其指定网站公布。每个港股通交易日的交易时间包括开市前时段、持续交易时段和收市竞价交易时段,具体按联交所的规定执行。
Article 63 Southbound trading shall be conducted through the SEHK's automatic order matching system, but odd lots held by investors may only be sold through the SEHK's semi-automatic order matching system for odd lot trades. 发生本所证券交易服务公司认定的特殊情形,导致或者可能导致港股通交易无法正常进行的,本所证券交易服务公司可以调整港股通交易日、交易时间并向市场公布。
Investors that trade through the SEHK's automatic order matching system shall place at-auction limit orders during the opening call auction session and closing call auction session of the SEHK, and place enhanced limit orders during the continuous auction session of the SEHK. 
   第六十三条 港股通交易通过联交所自动对盘系统进行,但投资者持有的碎股只能通过联交所半自动对盘碎股交易系统卖出。
Article 64 The number of orders placed in southbound trading shall be governed by the provisions of the SEHK. 投资者参与联交所自动对盘系统交易,在联交所开市前时段和收市竞价交易时段应当采用竞价限价盘委托,在联交所持续交易时段应当采用增强限价盘委托。
Article 65 The stocks that are removed out of the stocks for southbound trading under Article 58 of these Measures but are still listed on the SEHK shall not be purchased but may be sold through southbound trading.   第六十四条 港股通交易申报的申报数量按照联交所的规定执行。
Article 66 Stocks for southbound trading bought by investors may be sold before settlement on a same day once the transaction is confirmed.   第六十五条 根据本办法第五十八条规定被调出港股通股票且仍属于联交所上市股票的,不得通过港股通买入,但可以卖出。
Article 67 The uniform designation system for trading shall be implemented for southbound trading, and the provisions of the SSE on designations for trading shall apply.   第六十六条 投资者当日买入的港股通股票,经确认成交后,在交收前即可卖出。
Investors that initiate or change the designation for trading may conduct southbound trading since the next southbound trading day. 
   第六十七条 港股通实行全面指定交易制度,适用本所关于指定交易的相关规定。
Article 68 The provisions on A-share trading shall apply, mutatis mutandis, to the implementation of the third-party custody rules for clients' trading settlement funds in southbound trading. 投资者新办理或者变更指定交易的,自下一港股通交易日起方可进行港股通交易。
Article 69 A member that accepts a client's order for southbound trading shall ensure that the client has sufficient usable RMB funds or securities. A member shall not accept the order of buying or selling securities directly on the market from clients who do not have sufficient usable funds or securities.   第六十八条 港股通实行客户交易结算资金第三方存管制度,参照A股交易相关规定执行。
Article 70 The SSE's securities trading service company and SSE members shall not match the orders on investors' trading in stocks for southbound trading, and shall not transfer stocks for southbound trading at any venue other than the SEHK in any other form, except as otherwise provided for by the CSRC.   第六十九条 会员接受客户港股通交易委托,应当确保客户有足额可用的人民币资金或者证券。会员不得接受客户无足额可用的资金、证券而直接在市场上买入、卖出证券的委托。
Article 71 After a southbound trading order is placed, the price or quantity in the order shall not be modified, but unexecuted orders may be canceled during the sessions when cancellation is permitted by the SEHK.   第七十条 本所证券交易服务公司和本所会员不得自行撮合投资者买卖港股通股票的订单,不得以其他任何形式在联交所以外的场所提供港股通股票转让服务,中国证监会另有规定的除外。
Article 72 To participate in southbound trading, a member shall place an order to the SEHK through the SSE's securities trading service company.   第七十一条 港股通订单已经申报的,不得更改申报价格或者申报数量,但在联交所允许撤销申报的时段内,未成交申报可以撤销。
The SSE's securities trading service company shall, after receiving the trading results and other trading records sent by the SEHK, send them to members, and members shall send them to their clients. 
   第七十二条
你怀了我的猴子
 会员参与港股通业务,应当通过本所证券交易服务公司向联交所提交申报指令。
Article 73 The real-time quotations and other information on stocks for southbound trading shall be issued by the SEHK. 本所证券交易服务公司接收联交所发送的交易结果及其他交易记录后发送给会员,并由会员发送给其客户。
Without the approval of the SEHK, any SSE member or any other institution recognized by the SSE shall not provide the trading information used by it with the permission of the SEHK to any institution or individual other than clients for use or dissemination, and shall not use such information for developing indices or other products. 
   第七十三条 港股通业务中股票的即时行情等信息,由联交所发布。
Article 74 Members shall properly keep the records of instructions from clients and order routing activities and other materials according to the relevant provisions. 会员及本所认可的其他机构未经联交所同意,不得将联交所许可其使用的交易信息提供给其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。
Article 75 To conduct southbound trading, investors shall pay commissions to the members entrusted by them according to relevant provisions, and pay relevant expenses according to the relevant provisions of the SEHK market.   第七十四条 会员应当按照有关规定妥善保存委托和申报记录等资料。
Article 76 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 SEHK 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.   第七十五条 投资者进行港股通交易,应当按规定向其委托的会员交纳佣金,并按照联交所市场的有关规定交纳相关费用。
Article 77 Securities listed on the SEHK other than stocks for southbound trading, as acquired under such circumstances as the equity distribution or conversion of stocks for southbound trading and the acquisition of listed companies or under any abnormal circumstance may be sold but not be purchased through southbound trading, except as otherwise provided for by the SSE.   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。
Where the subscription right certificate of stocks listed on the SEHK, as acquired through the rights issue of stock issuers or the equity distribution or conversion of stocks for southbound trading is listed on the SEHK, such stocks may be sold but not be purchased through southbound trading, and their exercise and other matters shall be handled according to relevant provisions of the CSRC and CSDC. 
Securities not listed on the SEHK, as acquired through the equity distribution or conversion of stocks for southbound trading or the acquisition of listed companies, among others, shall not be purchased or sold through southbound trading.   第七十七条 因港股通股票权益分派、转换、上市公司被收购等情形或者异常情况,所取得的港股通股票以外的联交所上市证券,可以通过港股通卖出,但不得买入,本所另有规定的除外。
 因港股通股票发行人供股、港股通股票权益分派或者转换等所取得的联交所上市股票的认购权利凭证在联交所上市的,可以通过港股通卖出,但不得买入,其行权等事宜按照中国证监会、中国结算的相关规定处理。
Article 78 The SSE may, according to market demand, adjust the southbound trading methods, order types, business scope, trading limits and other provisions. 因港股通股票权益分派、转换或者上市公司被收购等所取得的非联交所上市证券,不得通过港股通买入或者卖出。
Section 4 Quota Control   第七十八条 本所可以根据市场需要,调整港股通的交易方式、订单类型、业务范围、交易限制等规定。
Article 79 The SSE's securities trading service company shall conduct real-time monitoring of the usage of daily quota of southbound trading, and announce the usage of quota on the website designated by it. 

第四节 额度控制

Article 80 The formula for calculating the daily quota balance of southbound trading is:   第七十九条 本所证券交易服务公司对港股通交易每日额度的使用情况进行实时监控,并在其指定网站公布额度使用情况。
Daily quota balance = daily quota - amount of buy orders + amount of sell trades + amount of buy orders canceled and rejected by the SEHK + difference between the executed price and price in buy orders. The amount of buy orders, the amount of sell trades, the amount of buy orders canceled and rejected by the SEHK, and the difference between the executed price and price in buy orders as prescribed in the preceding paragraph shall be calculated by converting HK dollar into RMB at the reference exchange rate provided by CSDC before trading commences on each trading day. 
   第八十条 港股通交易当日额度余额的计算公式为:
Article 81 Once the daily quota is used up during the SEHK's opening call auction session, the SSE's securities trading service company shall suspend the acceptance of buy orders placed after the session, but may still accept sell orders. If the balance of daily quota becomes positive because buy orders are canceled or rejected by the SEHK or sell orders are executed, among others, the SSE's securities trading service company shall resume the acceptance of subsequent buy orders before the commencement of the SEHK's continuous auction session. 当日额度余额=每日额度-买入申报金额+卖出成交金额+被撤销和被联交所拒绝接受的买入申报金额+买入成交价低于申报价的差额。前款规定的买入申报金额、卖出成交金额、被撤销和被联交所拒绝接受的买入申报金额、买入成交价低于申报价的差额,按照中国结算每日交易开始前提供的当日交易参考汇率,由港币转换为人民币计算。
Once the daily quota is used up during the SEHK's continuous auction session or closing call auction session, the SSE's securities trading service company shall stop accepting the subsequent buy orders of the day, but may still accept sell orders. If the acceptance of buy orders is suspended during the aforesaid session, it will not be resumed on the day, except as otherwise provided for by the SSE. 
   第八十一条 当日额度在联交所开市前时段使用完毕的,本所证券交易服务公司暂停接受该时段后续的买入申报,且在该时段结束前不再恢复,但仍然接受卖出申报。因买入申报被撤销、被联交所拒绝接受或者卖出申报成交等情形,导致当日额度余额大于零的,本所证券交易服务公司在联交所持续交易时段开始时恢复接受后续的买入申报。
Article 82 Investors that participate in southbound trading shall not maliciously use quota by such means as placing large buy orders at low prices to affect quota control. 当日额度在联交所持续交易时段或者收市竞价交易时段使用完毕的,本所证券交易服务公司停止接受当日后续的买入申报,但仍然接受卖出申报。在上述时段停止接受买入申报的,当日不再恢复,本所另有规定的除外。
Section 5 Investor Suitability Management   第八十二条 投资者参与港股通交易,不得通过低价大额买入申报等方式恶意占用额度,影响额度控制。
Article 83 Institutional investors that participate in southbound trading shall comply with the provisions of laws, administrative regulations, departmental rules, regulatory documents and business rules. 

第五节 投资者适当性管理

Article 84 To participate in southbound trading, an individual investor shall at least meet the following conditions:   第八十三条 机构投资者参与港股通交易,应当符合法律、行政法规、部门规章、规范性文件及业务规则的规定。
(1) The aggregate value of assets in securities account and capital account is not less than 500,000 yuan.   第八十四条 个人投资者参与港股通交易,至少应当符合下列条件:
(2) He or she has no serious bad credit record. (一)证券账户及资金账户资产合计不低于人民币50万元;
(3) He or she does not fall under any circumstance prohibiting or restricting him or her from participating in southbound trading as prescribed by any law, administrative regulation, departmental rule, regulatory document or business rule. (二)不存在严重不良诚信记录;
The SSE may adjust the conditions prescribed in the preceding paragraph according to market conditions. 
 (三)不存在法律、行政法规、部门规章、规范性文件和业务规则规定的禁止或者限制参与港股通交易的情形。
Article 85 Investors that conduct southbound trading shall be familiar with the provisions relating to the Hong Kong stock market, understand the business rules and flow on southbound trading, determine the investment objectives in light of their risk appetites, and appraise their risk tolerance in an objective manner. 本所可以根据市场情况,调整前款规定的条件。
Article 86 SSE members shall determine the standards, procedures and methods for investor suitability management in southbound trading and the measures that guarantee the implementation of investor suitability rules. The investor suitability management standards determined by members shall cover investors' asset status, knowledge level, risk tolerance and other aspects.   第八十五条 投资者进行港股通交易,应当熟悉香港证券市场相关规定,了解港股通交易的业务规则与流程,结合自身风险偏好确定投资目标,客观评估自身风险承受能力。
Article 87 SSE members shall introduce to clients the laws and regulations on the Hong Kong stock market, market characteristics and southbound trading rules and flow in a comprehensive and objective manner.   第八十六条 本所会员应当制定港股通业务投资者适当性管理的标准、程序、方法以及执行投资者适当性制度的保障措施。会员制定的投资者适当性管理标准应当包括投资者的资产状况、知识水平、风险承受能力等方面。
Article 88 A SSE member shall enter into an entrustment agreement with a client that participates in southbound trading to agree on both parties' rights and obligations.   第八十七条 本所会员应当向客户全面客观介绍香港证券市场法律法规、市场特点和港股通业务规则、流程。
A member shall, before entering into an entrustment agreement with a client, fully disclose the risks associated with southbound trading to the client, and require the client to sign the risk disclosure statement. 
The essential clauses of the entrustment agreement and the risk disclosure statement shall be otherwise developed by the SSE.   第八十八条 本所会员应当与参与港股通交易的客户签订委托协议,约定双方的权利和义务。
 会员与客户签订委托协议前,应当向客户充分揭示港股通交易风险,并要求客户签署风险揭示书。
Chapter IV Handling of Abnormal Transactions 委托协议、风险揭示书的必备条款,由本所另行规定。
Article 89 Where any abnormal transaction determined by the SSE occurs, which leads to or may lead to the failure to conduct partial or all northbound trading, the SSE may decide to take such measures as suspending trading in relevant stocks for northbound trading, suspending the acceptance of partial or all northbound trading orders, and temporarily closing the market, and make an announcement thereon. 

第四章 交易异常情况处理

Where any abnormal transaction determined by the SSE's securities trading service company occurs, which leads to or may lead to the failure to conduct partial or all southbound trading in a normal manner, the SSE's securities trading service company may decide to suspend the provision of partial or all southbound trading services, and make an announcement thereon. 
After the reason for the SSE to suspend trading or temporarily close the market or for the SSE's securities trading service company to suspend the provision of southbound trading services disappears, the SSE may decide to resume relevant northbound trading or the SSE's market trading and make an announcement thereon, and the SSE's securities trading service company may decide to resume the provision of southbound trading services, and make an announcement thereon.   第八十九条 发生本所认定的交易异常情况,导致或者可能导致部分或者全部沪股通交易不能正常进行的,本所可以决定采取对相关沪股通股票停牌、暂停接受部分或者全部沪股通交易申报、对本所市场临时停市等措施,并予以公告。
 发生本所证券交易服务公司认定的交易异常情况,导致或者可能导致部分或者全部港股通交易不能正常进行的,本所证券交易服务公司可以决定暂停提供部分或者全部港股通服务并予以公告。
Article 90 Where the amount of purchase or sale exceeds a certain amount in northbound trading within a short period of time and it constitutes an abnormal transaction prescribed in the SSE's business rules, the SSE may take corresponding handling measures according to the relevant provisions. 本所停牌、临时停市及本所证券交易服务公司暂停提供港股通服务的原因消失后,本所可以决定恢复相关沪股通交易、本所市场交易并予以公告,本所证券交易服务公司可以决定恢复港股通服务并予以公告。
Article 91 Where any abnormal transaction determined by the SEHK occurs, which leads to or may lead to the failure to conduct partial or all southbound trading, and the SEHK decides to temporarily close the SEHK market, resume trading or take other measures, the SSE shall forward the relevant announcement after receiving the notice of the SEHK.   第九十条 沪股通交易短时间内买入或者卖出超过一定金额,构成本所业务规则规定的交易异常情况的,本所可以按照规定采取相应处置措施。
Where any abnormal transaction determined by the SEHK's securities trading service company occurs, which leads to or may lead to the failure to conduct partial or all northbound trading in a normal manner, the SEHK's securities trading service company may decide to temporarily suspend the provision of northbound trading services and make an announcement thereon. After the relevant abnormal transaction is eliminated, the SEHK's securities trading service company may decide to resume the provision of northbound trading services and make an announcement thereon. 
   第九十一条 发生联交所认定的交易异常情况,导致或者可能导致部分或者全部港股通交易不能正常进行的,联交所决定对联交所市场临时停市及后续恢复交易或者采取其他措施的,本所将在接到联交所通知后对其相关公告予以转发。
Article 92 The SSE and the SSE's securities trading service company shall not assume liability for the losses resulting from abnormal transactions or the corresponding measure taken by the SSE or the SSE's securities trading service company. 发生联交所证券交易服务公司认定的交易异常情况,导致或者可能导致部分或者沪股通交易不能正常进行的,联交所证券交易服务公司可以决定暂停提供沪股通服务并予以公告。相关交易异常情况消失后,联交所证券交易服务公司可以决定恢复沪股通服务并予以公告。
Chapter V Self-regulatory Management   第九十二条 因交易异常情况及本所、本所证券交易服务公司采取的相应措施造成的损失,本所、本所证券交易服务公司不承担责任。
Article 93 The SSE and the SEHK shall, through cooperation in cross-border supervision, strengthen the supervision and administration of trading under Shanghai-Hong Kong Stock Connect and relevant information disclosure. 

第五章 自律管理

Article 94 The SSE shall, in accordance with the Trading Rules and other business rules, focus on the monitoring of abnormal transactions in northbound trading.   第九十三条 本所与联交所通过跨境监管合作加强对沪港通交易及相关信息披露行为的监督管理。
Article 95 Where the SEHK's securities trading service company finds that any abnormal transaction prescribed in the Trading Rules of the SSE and other business rules exists or may exist in northbound trading, it shall report to the SSE in a timely manner, remind SEHK participants and require them to remind their clients to take such measures as refusing to provide northbound trading services to SEHK participants as the case may be.   第九十四条 本所根据《交易规则》等业务规则的规定,对沪股通交易中的异常交易行为予以重点监控。
The SEHK's securities trading service company shall take appropriate means to require SEHK participants to remind clients who have or may have abnormal transactions as set forth in the Trading Rules of the SSE and other business rules in northbound trading, and as the case may, refuse to accept their subsequent northbound trading instructions. 
   第九十五条 联交所证券交易服务公司发现沪股通交易中存在或者可能存在本所《交易规则》等业务规则规定的异常交易行为之一的,应当及时报告本所,提醒联交所参与者并要求联交所参与者提醒其客户,并视情况采取拒绝为联交所参与者提供沪股通服务等措施。
Article 96 Where any violation of these Measures or other relevant provisions of the SSE occurs in northbound trading, or any northbound trading investor violates or may violate the information disclosure requirements or other requirements prescribed in the Stock Listing Rules of the Shanghai Stock Exchange and other business rules, the SSE may conduct investigation and require the SEHK's securities trading service company to provide relevant materials; and the SSE may also request the SEHK to take appropriate investigation measures against the relevant SEHK participant. 联交所证券交易服务公司应当采取适当方式,要求联交所参与者对于在沪股通交易中存在或者可能存在本所《交易规则》等业务规则规定的异常交易行为的客户予以提醒,并视情况拒绝接受其后续的沪股通交易委托。
Article 97 Where any violation of these Measures or other relevant provisions of the SSE occurs in northbound trading, if the circumstances are serious, the SSE may request the SEHK to take relevant regulatory measures or disciplinary actions against its participants, or request the SEHK to require its participants to give oral or written warnings to investors, and refuse to accept their northbound trading instructions.   第九十六条 沪股通交易中出现违反本办法或者本所其他相关规定的行为,或者沪股通投资者违反或可能违反《上海证券交易所股票上市规则》等业务规则规定的信息披露等要求的,本所可以进行调查,要求联交所证券交易服务公司提供相关资料;本所还可以提请联交所对相关联交所参与者采取适当的调查措施。
Article 98 Where any abnormal transaction occurs in northbound trading, which seriously disrupts the market order of the SSE, the SSE may suspend or restrict the trading privileges of the SEHK's securities trading service company, or refuse to accept the trading orders involving the relevant investors placed by the SEHK's securities trading service company.   第九十七条 沪股通交易中出现违反本办法或者本所其他相关规定的行为,情节严重的,本所可以提请联交所对其参与者实施相关监管措施、纪律处分,或者提请联交所要求其参与者对投资者进行口头警示、书面警示、拒绝接受其沪股通交易委托。
After the impact of the abnormal transaction is eliminated, the SSE may decide to resume the trading privileges of the SEHK's securities trading service company or resume the acceptance of relevant trading orders. 
   第九十八条 沪股通交易中出现异常交易行为,严重扰乱本所市场秩序的,本所可以暂停或者限制联交所证券交易服务公司交易权限,或者不予接受联交所证券交易服务公司提交的涉及相关投资者的交易申报。
Article 99 Where any northbound trading investor trades in stocks for northbound trading in violation of the information disclosure requirements prescribed in the Stock Listing Rules of the Shanghai Stock Exchange and other business rules, the SSE may take regulatory measures or disciplinary actions against the investor in accordance with relevant rules. 异常交易行为影响消除后,本所可以决定恢复联交所证券交易服务公司交易权限或者恢复接受相关交易申报。
Article 100 Southbound trading investors and SSE members that participate in southbound trading shall not violate these Measures or commit any market misconduct.   第九十九条 沪股通投资者买卖沪股通股票,违反《上海证券交易所股票上市规则》等业务规则规定的信息披露要求的,本所可以根据相关规则对其实施监管措施或者纪律处分。
Article 101 Where any SSE member discovers that an investor has or may have market misconduct in southbound trading, it shall remind the investor, and may refuse to accept the investor's order. The member shall report the relevant information to the SSE in a timely manner.   第一百条 港股通投资者、本所会员参与港股通交易,不得违反本办法的规定,不得从事市场失当行为。
Article 102 As requested by the SEHK or when the SSE deems necessary, the SSE may conduct off-site and on-site investigation of the market misconduct or any other regulatory violation of the member and its clients in southbound trading, require the relevant member and its clients to provide relevant materials, and may provide relevant information to the SEHK.   第一百〇一条 本所会员发现投资者的港股通交易存在或者可能存在市场失当行为,应当予以提醒,并可以拒绝接受其委托。会员应当将相关情况及时向本所报告。
Article 103 Where any SSE member or its client commits any market misconduct in southbound trading, if the circumstances are serious, the SSE may, as requested by the SEHK, take corresponding regulatory measures or disciplinary actions against the member or its client, including requiring the relevant SSE member to refuse to accept its clients' instructions for southbound trading.   第一百〇二条 应联交所提请或者在本所认为必要时,本所可以对会员及其客户在港股通交易中出现的市场失当行为或者其他违规行为采取非现场调查和现场调查措施,要求相关会员及其客户提供相关资料,并可向联交所提供相关信息。
Article 104 The SSE may, if necessary, inspect the risk management measures of the SEHK's securities trading service company, the safe operation of its technical system, and its implementation of the SSE's relevant business rules, among others.   第一百〇三条 本所会员及其客户在港股通交易中出现市场失当行为,情节严重的,本所应联交所提请,可以实施相应的监管措施或者纪律处分,包括要求本所相关会员拒绝接受其客户的港股通交易委托。
Article 105 Where the SEHK's securities trading service company violates these Measures or any other relevant provisions of the SSE, the SSE may take regulatory measures or disciplinary actions against the violator such as giving oral warnings, written warnings, holding regulatory talks, circulating a notice of criticism and public condemnation.   第一百〇四条 本所可以根据需要,对联交所证券交易服务公司的风险管理措施、技术系统的安全运行状况及对本所相关业务规则的执行情况等进行检查。
Article 106 Where any SSE member or its client violates these Measures or any other relevant provisions of the SSE, the SSE may take regulatory measures or disciplinary actions against the violator such as giving oral warnings, written warnings, holding regulatory talks, circulating a notice of criticism and public condemnation.   第一百〇五条 联交所证券交易服务公司违反本办法和本所其他相关规定的,本所可以实施口头警示、书面警示、监管谈话、通报批评、公开谴责等监管措施或者纪律处分。
Article 107 Where any northbound trading investor, southbound trading investor, the SEHK's securities trading service company, or SSE member participates in trading under Shanghai-Hong Kong Stock Connect in violation of the provisions of any relevant law, administrative regulation, departmental rule, regulatory document or business rule, if the circumstances are serious, the SSE may report to the CSRC for investigation and handling.   第一百〇六条 本所会员及其客户违反本办法和本所其他相关规定的,本所可以实施口头警示、书面警示、监管谈话、通报批评、公开谴责等监管措施或者纪律处分。
Article 108 In accordance with the provisions of any law, administrative regulation, departmental rule, regulatory document or business rule or the requirements of the regulator, the SSE may suspend all or partial trading under Shanghai-Hong Kong Stock Connect.   第一百〇七条 沪股通投资者、港股通投资者、联交所证券交易服务公司、本所会员参与沪港通交易,违反相关法律、行政法规、部门规章、规范性文件及业务规则的规定,情节严重的,本所可以报中国证监会查处。
Article 109 The SSE shall not assume liability for any loss caused by the SSE's formation of or amendment to business rules or performance of self-regulatory functions in accordance with business rules.   第一百〇八条 根据法律、行政法规、部门规章、规范性文件、业务规则的规定或者监管机构的要求,本所可以暂停全部或者部分沪港通交易。
SSE members and southbound trading investors shall be aware of and acknowledge the relevant provisions of the SEHK's business rules on the exemption of liability of the SEHK. 
   第一百〇九条 因本所制定、修改业务规则或者根据业务规则履行自律监管职责等造成的损失,本所不承担责任。
Chapter VI Supplemental Provisions 本所会员、港股通投资者应当知晓并认可联交所业务规则中关于联交所责任豁免的相关规定。
Article 110 The following terms as mentioned in these Measures shall have the following meanings: 

第六章 附则

(1) “Shanghai-Hong Kong Stock Connect,” i.e. “an interconnection mechanism for transactions in Shanghai and Hong Kong stock markets” means that an investor in Shanghai or Hong Kong entrusts a SSE member or a SEHK participant to trade in a prescribed range of stocks listed on the other's exchange through a securities trading service company formed by the SSE or the SEHK at the place where the other party is located. Shanghai-Hong Kong Stock Connect includes northbound trading and southbound trading.   第一百一十条 本办法下列用语含义:
(2) “Northbound trading” means that investors entrust SEHK participants to place orders with the SSE for the purpose of trading in a prescribed range of stocks listed on the SSE through the SEHK's securities trading service company. (一)沪港通:即沪港股票市场交易互联互通机制,指两地投资者委托本所会员或者联交所参与者,通过本所或者联交所在对方所在地设立的证券交易服务公司,买卖规定范围内的对方交易所上市股票。沪港通包括沪股通和港股通两部分。
(3) “Southbound trading” means southbound trading under Shanghai-Hong Kong Stock Connect, i.e. investors entrust SSE members to place orders with the SEHK for the purpose of trading in a prescribed range of stocks listed on the SEHK through the SSE's securities trading service company. (二)沪股通:指投资者委托联交所参与者,通过联交所证券交易服务公司,向本所进行申报,买卖规定范围内的本所上市股票。
(4) “Stocks for northbound trading” means a prescribed range of stocks listed on the SSE that may be traded by investors through northbound trading. (三)港股通:指沪港通下的港股通,即投资者委托本所会员,通过本所证券交易服务公司,向联交所进行申报,买卖规定范围内的联交所上市股票。
(5) “Stocks for southbound trading” means a prescribed range of stocks listed on the SEHK that may be traded by investors through southbound trading. (四)沪股通股票:指投资者可以通过沪股通买卖的规定范围内的在本所上市的股票。
(6) “Northbound trading investors” means the investors that entrust SEHK participants to trade in stocks for northbound trading or directly trade in stocks for northbound trading through northbound trading. (五)港股通股票:指投资者可以通过港股通买卖的规定范围内的在联交所上市的股票。
(7) “Southbound trading investors” means the investors that entrust SSE members to trade in stocks for southbound trading or directly trade in stocks for southbound trading through southbound trading. (六)沪股通投资者:指委托联交所参与者或者直接通过沪股通买卖沪股通股票的投资者。
(8) “Trading day” means a trading day on the SSE market. (七)港股通投资者:指委托本所会员或者直接通过港股通买卖港股通股票的投资者。
(9) “Northbound trading day” means a northbound trading day announced by the SEHK's securities trading service company. (八)交易日:指本所市场的交易日。
(10) “Southbound trading day” means a southbound trading day announced by the SSE's securities trading service company. (九)沪股通交易日:指联交所证券交易服务公司公布的沪股通交易日。
(11) “Members” means the securities companies qualified as ordinary SSE members. (十)港股通交易日:指本所证券交易服务公司公布的港股通交易日。
(12) “SEHK participants” means the exchange participants of the SEHK defined by the Rules of the Stock Exchange of Hong Kong Limited issued by the SEHK. (十一)会员:指取得本所普通会员资格的证券公司。
(13) “A shares” means the RMB common stocks listed on the SSE. (十二)联交所参与者:指符合联交所《交易所规则》定义的交易所参与者。
(14) “H shares” means the stocks issued by companies registered within China and listed on the SEHK. (十三)A股:指在本所上市的人民币普通股票。
(15) “Companies listed on both the SSE and SEHK” means the companies which are registered in China and of which the stocks are listed on both the SSE and the SEHK. (十四)H股:指境内注册的公司发行并在联交所上市的股票。
(16) “Stocks under delisting arrangements” means the stocks on which the SSE makes a listing termination decision, which are under delisting arrangements and have not been removed from the market yet. (十五)A+H股上市公司:指在境内注册、其股票同时在本所和联交所上市的公司。
(17) “At-auction limit order” means at-auction limit orders of southbound trading placed by entrusted SSE members in compliance with the provisions of the Rules of the SEHK. (十六)退市整理股票:指被本所作出终止上市决定但处于退市整理期尚未摘牌的股票。
(18) “Enhanced limit order” means enhanced limit orders of southbound trading placed by entrusted SSE members in compliance with the provisions of the Rules of the SEHK. (十七)竞价限价盘委托:指委托本所会员申报符合联交所规则规定的竞价限价盘的港股通交易委托。
(19) “Odd lots” means securities of less than one trading unit. (十八)增强限价盘委托:指委托本所会员申报符合联交所规则规定的增强限价盘的港股通交易委托。
(20) “Price stability period” means the price stability period applicable to stocks as set forth in their prospectus. (十九)碎股:指不足一个买卖单位的证券。
(21) “Margin trading of stocks for northbound trading” means the purchase of stocks for northbound trading with funds obtained by northbound trading investors through securities margin financing on the Hong Kong market. (二十)价格稳定期:指在招股文件中载明的适用于该股票的稳定价格期间。
(22) “Covered short selling of stocks for northbound trading” means that northbound trading investors, after borrowing stocks for northbound trading through stock borrowing and lending on the Hong Kong market, sell such stocks through northbound trading. (二十一)沪股通股票保证金交易:指沪股通投资者在香港市场通过证券保证金融资获得资金买入沪股通股票。
(23) “Lending of stocks for northbound trading” means that SEHK participants lend stocks for northbound trading to their clients or other SEHK participants, or qualified institutions lend stocks for northbound trading to SEHK participants on the Hong Kong market. (二十二)沪股通股票担保卖空:指沪股通投资者在香港市场通过股票借贷借入沪股通股票后,通过沪股通将其卖出。
(24) “Covered short selling ratio of stocks for northbound trading” means the ratio of covered short selling volume of a single stock for northbound trading on a single northbound trading day to the total shares of such stock for northbound trading held by HKSCC as the nominal shareholder on the previous northbound trading day. (二十三)沪股通股票借贷:指在香港市场,联交所参与者向其交易客户或者其他联交所参与者出借沪股通股票,或者符合条件的机构向联交所参与者出借沪股通股票的行为。
(25) “Non-trade transfer of stocks for northbound trading” means the change of the actual equity owner of stocks for northbound trading other than trading on the SSE market. (二十四)沪股通股票担保卖空比例:指单个沪股通交易日单只沪股通股票的担保卖空量,占前一沪股通交易日香港结算作为名义持有人持有的该只沪股通股票总量的比例。
(26) “Rights issue” means that a company listed on the SEHK places rights issue offers to existing stockholders to enable them to subscribe for a company's stocks at their shareholding ratio, and the subscription right certificate may be transferred through the secondary market. (二十五)沪股通股票非交易过户:指在本所市场交易之外,对沪股通股票的实际权益拥有人进行变更。
(27) “Open offer” means that a company listed on the SEHK places offers to existing stockholders to enable them to subscribe for the company's stock, however, publicly offered rights and interests shall not be transferred. (二十六)供股:指联交所上市公司向现有股票持有人作出供股要约,使其可以按持有股票的比例认购该公司股票,且认购权利凭证可以通过二级市场进行转让。
(28) “Market misconduct” means insider trading, false trading, price manipulation, disclosure of materials on prohibited trading, disclosure of false or misleading materials to induce trading, manipulation of the securities market, and other market misconduct prescribed by laws of Hong Kong, the SFC and the SEHK, among others. (二十七)公开配售:指联交所上市公司向现有股票持有人作出要约,使其可以认购该公司股票,但公开配售权益不能转让。
(29) “Broker's client code” means a unique digital code assigned by a SEHK participant to its client for identifying the investor. (二十八)市场失当行为:指香港地区法律及香港证券及期货事务监察委员会、联交所等规定的内幕交易、虚假交易、操控价格、披露关于受禁交易的资料、披露虚假或具误导性的资料以诱使进行交易、操纵证券市场及其他市场失当行为。
Article 111 Whoever leases a PBU of the SSE from a SSE member to participate in southbound trading shall enter into a southbound trading service contract with the SSE's securities trading service company, and be governed by the provisions on participation in southbound trading by SSE members, except the provisions involving the brokerage business of SSE members. (二十九)券商客户编码:指联交所参与者分配给其客户的唯一的、可据以识别投资者身份的数字编码。
Members' participation in southbound trading through proprietary trading, asset management and other non-brokerage business, and the participation in southbound trading by institutions prescribed in the preceding paragraph shall comply with the provisions of the relevant regulator. 
   第一百一十一条 向本所会员租用本所参与者交易业务单元的机构参与港股通交易,应当与本所证券交易服务公司签订港股通服务合同,并适用本所会员参与港股通业务的相关规定,但涉及本所会员经纪业务的规定除外。
Article 112 The information disclosure of the issuer of a stock for northbound trading or southbound trading and relevant parties with information disclosure obligations shall be regulated by the stock exchange at the place where the stock is listed, and be governed by the laws, administrative regulations, departmental rules, regulatory documents and business rules of the stock exchange at the place where the stock is listed. 会员自营、资产管理等非经纪业务参与港股通交易,以及前款规定的机构参与港股通交易,应当符合相关监管机构的规定。
Article 113 Where a change in the stocks for northbound trading held by HKSCC as the nominal holder reaches the standards for change in a listed company's equity shares, the provisions of the SSE on the information disclosure of change in equity shares of listed companies shall not apply.   第一百一十二条 沪股通股票、港股通股票发行人及相关信息披露义务人的信息披露等行为监管,由股票上市地的证券交易所负责监管,适用股票上市地的法律、行政法规、部门规章、规范性文件和证券交易所业务规则。
Article 114 Northbound trading investors may consult the information disclosed by the issuers of stocks for northbound trading and relevant parties with information disclosure obligations through the SSE's website and other information disclosure media designated by the CSRC.   第一百一十三条 香港结算作为名义持有人持有的沪股通股票变动达到上市公司股份权益变动标准的,不适用本所有关上市公司股份权益变动信息披露的规定。
Article 115 Southbound trading investors may consult the information disclosed by the issuers of stocks for southbound trading and relevant parties with information disclosure obligations through the website HKExnews and the websites of relevant issuers.   第一百一十四条 沪股通投资者可以通过本所网站以及中国证监会指定的其他信息披露媒体,查询沪股通股票发行人及相关信息披露义务人披露的信息。
Article 116 HKSCC shall, in its name, exercise the rights of issuers of stocks for northbound trading according to the opinions of northbound trading investors.   第一百一十五条 港股通投资者可以通过联交所“披露易”网站和相关发行人网站,查询港股通股票发行人及相关信息披露义务人披露的信息。
The specific matters on the participation in online voting at the shareholders' meeting of a listed company of the SSE by HKSCC as the nominal holder shall be otherwise prescribed by the SSE. 
   第一百一十六条 香港结算应当以自己的名义,按照沪股通投资者的意见行使对沪股通股票发行人的权利。
Article 117 Where a company listed on the SSE allots shares to northbound trading investors with the approval of the regulator, HKSCC shall participate in subscription as the nominal holder, and the specific matters shall be governed by the provisions of the SSE on the offering and subscription of shares. 香港结算作为名义持有人参与本所上市公司股东大会网络投票的具体事项,由本所另行规定。
Where a company listed on the SEHK conducts rights issue and open offer for southbound trading investors with the approval of the regulator, the specific matters on southbound trading investors' participation in subscription shall be governed by relevant provisions of the CSRC and CSDC. 
   第一百一十七条 本所上市公司经监管机构批准向沪股通投资者进行配股的,由香港结算作为名义持有人参与认购,具体事宜适用本所有关股份发行认购的规定。
Article 118 The matters on the provision of margin trading and short selling services by SSE members for southbound trading shall be otherwise provided for by the SSE. 联交所上市公司经监管机构批准向港股通投资者进行供股、公开配售的,港股通投资者参与认购的具体事宜按照中国证监会、中国结算的相关规定执行。
Article 119 Where the currency for the settlement of Shenzhen-Hong Kong Stock Connect is otherwise prescribed by the relevant regulator, such provisions shall apply.   第一百一十八条 本所会员为港股通交易提供融资融券服务的相关事宜,由本所另行规定。
Article 120 For securities that can be sold but cannot be purchased through Shanghai-Hong Kong Stock Connect in accordance with these Measures, the provisions of these Measures on stocks for northbound trading and stocks for southbound trading shall apply, mutatis mutandis, to the matters such as their trading, the limit of shareholding ratio, the exercise of shareholders' rights and interests, and information disclosure.   第一百一十九条 有关监管机构对沪港通交收货币另有规定的,从其规定。
Article 121 For the purposes of these Measures, “exceed,” “over,” “lower” and “less than” shall exclude the figure itself, and “reach” and “not more than” shall include the figure itself.   第一百二十条 根据本办法只能通过沪港通卖出而不能买入的证券,其交易、持股比例限制、股东权益行使、信息披露等事项参照适用本办法关于沪股通股票、港股通股票的规定。
Article 122 These Measures and any amendment thereto shall come into force after being adopted by the Board of Directors of the SSE and approved by the CSRC.   第一百二十一条 本办法所称“超过”“大于”“低于”“少于”“不足”不含本数,“达到”“以下”含本数。
Article 123 These Measures shall be subject to interpretation by the SSE.   第一百二十二条 本办法经本所理事会通过,报中国证监会批准,修改时亦同。
Article 124 These Measures shall come into force on September 26, 2014.聊五分钱的天吗   第一百二十三条 本办法由本所负责解释。
   第一百二十四条 本办法自2014年9月26日起施行。
     
     
Scan QR Code and Read on Mobile
【法宝引证码】        北大法宝en.pkulaw.cn
Message: Please kindly comment on the present translation.
 
Confirmation Code:
Click image to reset code
 
  Translations are by lawinfochina.com, and we retain exclusive copyright over content found on our website except for content we publish as authorized by respective copyright owners or content that is publicly available from government sources.

Due to differences in language, legal systems, and culture, English translations of Chinese law are for reference purposes only. Please use the official Chinese-language versions as the final authority. Lawinfochina.com and its staff will not be directly or indirectly liable for use of materials found on this website.

We welcome your comments and suggestions, which assist us in continuing to improve the quality of our materials as we dynamically expand content.
 
Home | About us | Disclaimer | Chinese