CINXE.COM

<!DOCTYPE html> <html> <head>   <meta charset="utf-8"> <title>SHANGHAI STOCK EXCHANGE</title> <meta name="description" content=""> <meta name="author" content="上海证券交易所"> <meta name="renderer" content="webkit"> <meta http-equiv="X-UA-Compatible" content="IE=edge,chrome=1"> <meta name="apple-mobile-web-app-capable" content="yes"> <meta name="mobile-web-app-capable" content="yes"> <meta name="viewport" content="width=device-width, initial-scale=1, maximum-scale=1, user-scalable=0"> <meta name="apple-mobile-web-app-title" content="SHANGHAI STOCK EXCHANGE"> <link rel="shortcut icon" href="/xhtml/images/favicon.ico"> <script> var channelId = "13273"; var channelCode = "intro"; var displayName = "Introduction"; var channelName = "Introduction"; var websiteid = "43"; var col_id = channelId; var col_old_id = channelId; var pageTitle = displayName; </script> <link rel="stylesheet" href="/xhtml/css/sse.min.css">  </head> <body> <div class="head"> <header class="header-back">  <nav class="navbar navbar-expand-md navbar-light js_nav-pc hidden-mobile"> <div class="container common_container"> <div class="brand_block"> <a href="/home/" class="navbar-brand"> </a> </div> <div class="menu_block"> <button class="navbar-toggler" type="button" data-toggle="collapse" data-target="#collapsibleNavbar" aria-expanded="false"> <span class="navbar-toggler-icon"></span> </button> <div class="collapse navbar-collapse justify-content-center"> <ul class="navbar-nav first-menu" style="margin: auto;"> <li class="nav-item"><a tie="12182" colid="12182" class="nav-tab" href="/" target="_self">Home</a> <ul class="second-menu second-menu-area" style="display: none;"> <li style="display:none" class="second-menu-tab"><a tie="12182,12256" colid="12256" class="second-title" href="/home/focus/" target="_self">focus</a></li> <li style="display:none" class="second-menu-tab"><a tie="12182,12257" colid="12257" class="second-title" href="/home/highlights/" target="_self">Highlights</a></li> <li style="display:none" class="second-menu-tab"><a tie="12182,12258" colid="12258" class="second-title" href="/home/performance/" target="_self">performance</a> <ul class="third-menu third-menu-area" style="display: none;"> <li style="display:none" class="third-menu-tab"><a tie="12182,12258,12259" colid="12259" class="third-title" href="/home/performance/mainboard/" target="_self">mainboard</a></li> <li style="display:none" class="third-menu-tab"><a tie="12182,12258,12260" colid="12260" class="third-title" href="/home/performance/star/" target="_self">star</a></li> </ul></li> <li style="display:none" class="second-menu-tab"><a tie="12182,12261" colid="12261" class="second-title" href="/home/search/" target="_self">Search</a></li> <li style="display:none" class="second-menu-tab"><a tie="12182,12366" colid="12366" class="second-title" href="/home/subgroup/" target="_self">subgroup</a> <ul class="third-menu third-menu-area" style="display: none;"> <li style="display:none" class="third-menu-tab"><a tie="12182,12366,12388" colid="12388" class="third-title" href="/home/subgroup/topbar/" target="_self">topbar</a></li> </ul></li> <li style="display:none" class="second-menu-tab"><a tie="12182,12390" colid="12390" class="second-title" href="/home/trademark/" target="_self">Trademark</a></li> <li style="display:none" class="second-menu-tab"><a tie="12182,12391" colid="12391" class="second-title" href="/home/feedback/" target="_self">Feedback</a></li> <li style="display:none" class="second-menu-tab"><a tie="12182,12392" colid="12392" class="second-title" href="/home/disclaimer/" target="_self">Disclaimer</a></li> </ul></li> <li class="nav-item"><a tie="12183" colid="12183" class="nav-tab" href="javascript:void(0);" target="_self">About</a> <ul class="second-menu second-menu-area" style="display: none;"> <li class="second-menu-tab"><a tie="12183,12185" colid="12185" class="second-title" href="/aboutsse/overview/" target="_self">Overview</a> <ul class="third-menu third-menu-area" style="display: none;"> <li style="display:none" class="third-menu-tab"><a tie="12183,12185,12246" colid="12246" class="third-title" href="/aboutsse/overview/history-development/" target="_self">history-development</a></li> <li style="display:none" class="third-menu-tab"><a tie="12183,12185,12247" colid="12247" class="third-title" href="/aboutsse/overview/culturevalue/" target="_self">culturevalue</a></li> </ul></li> <li class="second-menu-tab"><a tie="12183,12186" colid="12186" class="second-title" href="/aboutsse/organization/" target="_self">Organization Structure</a></li> <li class="second-menu-tab" ishover="true"><a tie="12183,12187" colid="12187" class="second-title" href="/aboutsse/internationalization/access/" target="_self">Internationalization<i class="fe fe-chevron-right"></i></a> <ul class="third-menu third-menu-area" style="display: none;"> <li class="third-menu-tab"><a tie="12183,12187,12188" colid="12188" class="third-title" href="/aboutsse/internationalization/access/" target="_self">International Access</a></li> <li class="third-menu-tab"><a tie="12183,12187,12189" colid="12189" class="third-title" href="/aboutsse/internationalization/cooperation/" target="_self">International Cooperation</a> <ul class="fourth-menu fourth-menu-area" style="display: none;"> <li style="display:none" class="fourth-menu-tab"><a tie="12183,12187,12189,12248" colid="12248" class="fourth-title" href="/aboutsse/internationalization/cooperation/membership/" target="_self">SSE Membership in International Organizations</a></li> <li style="display:none" class="fourth-menu-tab"><a tie="12183,12187,12189,12249" colid="12249" class="fourth-title" href="/aboutsse/internationalization/cooperation/mou/" target="_self">Memorandum of Understanding</a></li> <li style="display:none" class="fourth-menu-tab"><a tie="12183,12187,12189,12250" colid="12250" class="fourth-title" href="/aboutsse/internationalization/cooperation/collaborations/" target="_self">International Collaborations</a></li> </ul></li> </ul></li> <li class="second-menu-tab"><a tie="12183,12190" colid="12190" class="second-title" href="/aboutsse/milestone/" target="_self">Milestone</a></li> </ul></li> <li class="nav-item"><a tie="12191" colid="12191" class="nav-tab" href="javascript:void(0);" target="_self">News</a> <ul class="second-menu second-menu-area" style="display: none;"> <li class="second-menu-tab" ishover="true"><a tie="12191,12192" colid="12192" class="second-title" href="/news/newsrelease/news/" target="_self">News Release<i class="fe fe-chevron-right"></i></a> <ul class="third-menu third-menu-area" style="display: none;"> <li class="third-menu-tab"><a tie="12191,12192,14683" colid="14683" class="third-title" href="/news/newsrelease/news/" target="_self">SSE News</a></li> <li class="third-menu-tab"><a tie="12191,12192,14684" colid="14684" class="third-title" href="/news/newsrelease/voice/" target="_self">Media Voice</a></li> </ul> </li> <li class="second-menu-tab"><a tie="12191,12193" colid="12193" class="second-title" href="/news/publications/sseinfrastructure/" target="_self">Publications</a> <ul class="third-menu third-menu-area" style="display: none;"> <li style="display:none" class="third-menu-tab"><a tie="12191,12193,12252" colid="12252" class="third-title" href="/news/publications/sseinfrastructure/" target="_self">SSE Market and Infrastructure</a></li> <li style="display:none" class="third-menu-tab"><a tie="12191,12193,12253" colid="12253" class="third-title" href="/news/publications/newsletter/" target="_self">Newsletter</a></li> <li style="display:none" class="third-menu-tab"><a tie="12191,12193,12255" colid="12255" class="third-title" href="/news/publications/monthly/" target="_self">Monthly Statistics</a> <ul class="fourth-menu fourth-menu-area" style="display: none;"> <li style="display:none" class="fourth-menu-tab"><a tie="12191,12193,12255,12364" colid="12364" class="fourth-title" href="/news/publications/monthly/intro/" target="_self">intro</a></li> </ul></li> </ul></li> <li class="second-menu-tab"><a tie="12191,12194" colid="12194" class="second-title" href="/news/mediagalleries/" target="_self">Media Gallery</a> <ul class="third-menu third-menu-area" style="display: none;"> <li style="display:none" class="third-menu-tab"><a tie="12191,12194,12195" colid="12195" class="third-title" href="/news/mediagalleries/meeting/" target="_self">Meetings</a></li> </ul></li> </ul></li> <li class="nav-item"><a tie="12197" colid="12197" class="nav-tab" href="javascript:void(0);" target="_self">Markets and Products</a> <ul class="second-menu second-menu-area" style="display: none;"> <li class="second-menu-tab" ishover="true"><a tie="12197,12198" colid="12198" class="second-title" href="/markets/indices/overview/" target="_self">Indices<i class="fe fe-chevron-right"></i></a> <ul class="third-menu third-menu-area" style="display: none;"> <li class="third-menu-tab"><a tie="12197,12198,12262" colid="12262" class="third-title" href="/markets/indices/overview/" target="_self">Overview</a> <ul class="fourth-menu fourth-menu-area" style="display: none;"> <li style="display:none" class="fourth-menu-tab"><a tie="12197,12198,12262,12560" colid="12560" class="fourth-title" href="/markets/indices/overview/indexblock/" target="_self">indexblock</a> <ul class="fifth-menu fifth-menu-area" style="display: none;"> <li style="display:none" class="fifth-menu-tab"><a tie="12197,12198,12262,12560,13166" colid="13166" class="fifth-title" href="/markets/indices/overview/indexblock/equity/" target="_self">Equity Indices</a></li> <li style="display:none" class="fifth-menu-tab"><a tie="12197,12198,12262,12560,13167" colid="13167" class="fifth-title" href="/markets/indices/overview/indexblock/fixed/" target="_self">Fixed Income Indices</a></li> </ul></li> <li style="display:none" class="fourth-menu-tab"><a tie="12197,12198,12262,13168" colid="13168" class="fourth-title" href="/markets/indices/overview/linkbar/" target="_self">linkbar</a></li> </ul></li> <li class="third-menu-tab"><a tie="12197,12198,12199" colid="12199" class="third-title" href="/markets/indices/data/" target="_self">Market Data</a> <ul class="fourth-menu fourth-menu-area" style="display: none;"> <li style="display:none" class="fourth-menu-tab"><a tie="12197,12198,12199,12263" colid="12263" class="fourth-title" href="/markets/indices/data/" target="_self">List</a> <ul class="fifth-menu fifth-menu-area" style="display: none;"> <li style="display:none" class="fifth-menu-tab"><a tie="12197,12198,12199,12263,12264" colid="12264" class="fifth-title" href="/markets/indices/data/list/basic/" target="_self">Basic</a></li> <li style="display:none" class="fifth-menu-tab"><a tie="12197,12198,12199,12263,12265" colid="12265" class="fifth-title" href="/markets/indices/data/list/constituents/" target="_self">Constituents</a></li> <li style="display:none" class="fifth-menu-tab"><a tie="12197,12198,12199,12263,12266" colid="12266" class="fifth-title" href="/markets/indices/data/list/trade/" target="_self">Trade</a></li> <li style="display:none" class="fifth-menu-tab"><a tie="12197,12198,12199,12263,12267" colid="12267" class="fifth-title" href="/markets/indices/data/list/performance/" target="_self">Performance</a></li> </ul></li> </ul></li> <li class="third-menu-tab"><a tie="12197,12198,12479" colid="12479" class="third-title" href="/markets/indices/indexnews/" target="_self">Index News</a></li> <li class="third-menu-tab"><a tie="12197,12198,12398" colid="12398" class="third-title" href="/markets/indices/index/" target="_self">Index Calculation and Maintenance</a></li> </ul></li> <li class="second-menu-tab" ishover="true"><a tie="12197,12200" colid="12200" class="second-title" href="/markets/equities/overview/" target="_self">Equities<i class="fe fe-chevron-right"></i></a> <ul class="third-menu third-menu-area" style="display: none;"> <li class="third-menu-tab"><a tie="12197,12200,12201" colid="12201" class="third-title" href="/markets/equities/overview/" target="_self">Overview</a> <ul class="fourth-menu fourth-menu-area" style="display: none;"> <li style="display:none" class="fourth-menu-tab"><a tie="12197,12200,12201,12268" colid="12268" class="fourth-title" href="/markets/equities/overview/info/" target="_self">info</a></li> <li style="display:none" class="fourth-menu-tab"><a tie="12197,12200,12201,12356" colid="12356" class="fourth-title" href="/markets/equities/overview/performance/" target="_self">performance</a></li> </ul></li> <li class="third-menu-tab"><a tie="12197,12200,12203" colid="12203" class="third-title" href="/markets/equities/data/" target="_self">Securities Prices</a></li> <li class="third-menu-tab"><a tie="12197,12200,12204" colid="12204" class="third-title" href="/markets/equities/highlights/bluechipmarket/" target="_self">Highlights</a> <ul class="fourth-menu fourth-menu-area" style="display: none;"> <li style="display:none" class="fourth-menu-tab"><a tie="12197,12200,12204,12269" colid="12269" class="fourth-title" href="/markets/equities/highlights/bluechipmarket/" target="_self">Bluechipmarket</a> <ul class="fifth-menu fifth-menu-area" style="display: none;"> <li style="display:none" class="fifth-menu-tab"><a tie="12197,12200,12204,12269,12271" colid="12271" class="fifth-title" href="/markets/equities/highlights/bluechipmarket/market/" target="_self">market</a></li> <li style="display:none" class="fifth-menu-tab"><a tie="12197,12200,12204,12269,12353" colid="12353" class="fifth-title" href="/markets/equities/highlights/bluechipmarket/active/" target="_self">active</a></li> <li style="display:none" class="fifth-menu-tab"><a tie="12197,12200,12204,12269,12354" colid="12354" class="fifth-title" href="/markets/equities/highlights/bluechipmarket/bluechip/" target="_self">bluechip</a></li> <li style="display:none" class="fifth-menu-tab"><a tie="12197,12200,12204,12269,12355" colid="12355" class="fifth-title" href="/markets/equities/highlights/bluechipmarket/highbluechip/" target="_self">highbluechip</a></li> </ul></li> <li style="display:none" class="fourth-menu-tab"><a tie="12197,12200,12204,12270" colid="12270" class="fourth-title" href="/markets/equities/highlights/neweconomy/" target="_self">Neweconomy</a> <ul class="fifth-menu fifth-menu-area" style="display: none;"> <li style="display:none" class="fifth-menu-tab"><a tie="12197,12200,12204,12270,12272" colid="12272" class="fifth-title" href="/markets/equities/highlights/neweconomy/market/" target="_self">market</a></li> </ul></li> </ul></li> <li class="third-menu-tab"><a tie="12197,12200,12202" colid="12202" class="third-title" href="/markets/equities/announcements/" target="_self">Listed Company Announcements</a></li> <li style="display:none" class="third-menu-tab"><a tie="12197,12200,12273" colid="12273" class="third-title" href="/markets/equities/data/" target="_self">List</a> <ul class="fourth-menu fourth-menu-area" style="display: none;"> <li style="display:none" class="fourth-menu-tab"><a tie="12197,12200,12273,12274" colid="12274" class="fourth-title" href="/markets/equities/list/overview/" target="_self">Overview</a></li> <li style="display:none" class="fourth-menu-tab"><a tie="12197,12200,12273,12275" colid="12275" class="fourth-title" href="/markets/equities/list/quotation/" target="_self">Quotation</a></li> <li style="display:none" class="fourth-menu-tab"><a tie="12197,12200,12273,12276" colid="12276" class="fourth-title" href="/markets/equities/list/announcements/" target="_self">Announcements</a></li> </ul></li> </ul></li> <li class="second-menu-tab" ishover="true"><a tie="12197,12205" colid="12205" class="second-title" href="/markets/bonds/overview/" target="_self">Bonds<i class="fe fe-chevron-right"></i></a> <ul class="third-menu third-menu-area" style="display: none;"> <li class="third-menu-tab"><a tie="12197,12205,12277" colid="12277" class="third-title" href="/markets/bonds/overview/" target="_self">Overview</a> <ul class="fourth-menu fourth-menu-area" style="display: none;"> <li style="display:none" class="fourth-menu-tab"><a tie="12197,12205,12277,12278" colid="12278" class="fourth-title" href="/markets/bonds/overview/Introduction/" target="_self">Introduction</a></li> <li style="display:none" class="fourth-menu-tab"><a tie="12197,12205,12277,12378" colid="12378" class="fourth-title" href="/markets/bonds/overview/timeline/" target="_self">timeline</a></li> <li style="display:none" class="fourth-menu-tab"><a tie="12197,12205,12277,12379" colid="12379" class="fourth-title" href="/markets/bonds/overview/investors/" target="_self">investors</a></li> <li style="display:none" class="fourth-menu-tab"><a tie="12197,12205,12277,12380" colid="12380" class="fourth-title" href="/markets/bonds/overview/process/" target="_self">process</a></li> </ul></li> <li class="third-menu-tab"><a tie="12197,12205,12279" colid="12279" class="third-title" href="/markets/bonds/bondslist/" target="_self">Bond List</a></li> <li class="third-menu-tab"><a tie="12197,12205,12280" colid="12280" class="third-title" href="/markets/bonds/bondbuybacklist/" target="_self">Bond Repo List</a></li> </ul></li> <li class="second-menu-tab" ishover="true"><a tie="12197,12206" colid="12206" class="second-title" href="/markets/funds/overview/" target="_self">Funds<i class="fe fe-chevron-right"></i></a> <ul class="third-menu third-menu-area" style="display: none;"> <li class="third-menu-tab"><a tie="12197,12206,12281" colid="12281" class="third-title" href="/markets/funds/overview/" target="_self">Overview</a> <ul class="fourth-menu fourth-menu-area" style="display: none;"> <li style="display:none" class="fourth-menu-tab"><a tie="12197,12206,12281,12283" colid="12283" class="fourth-title" href="/markets/funds/overview/introduction/" target="_self">introduction</a></li> </ul></li> <li class="third-menu-tab"><a tie="12197,12206,12282" colid="12282" class="third-title" href="/markets/funds/fundlist/" target="_self">Fund List</a></li> <li class="third-menu-tab"><a tie="12197,12206,13272" colid="13272" class="third-title" href="/markets/funds/reits/intro/" target="_self">Publicly Offered Infrastructure REITs</a></li> </ul></li> <li class="second-menu-tab" ishover="true"><a tie="12197,12207" colid="12207" class="second-title" href="/markets/derivatives/overview/50etf/" target="_self">Derivatives<i class="fe fe-chevron-right"></i></a> <ul class="third-menu third-menu-area" style="display: none;"> <li class="third-menu-tab"><a tie="12197,12207,12284" colid="12284" class="third-title" href="/markets/derivatives/overview/50etf/" target="_self">Overview</a> <ul class="fourth-menu fourth-menu-area" style="display: none;"> <li style="display:none" class="fourth-menu-tab"><a tie="12197,12207,12284,14799" colid="14799" class="fourth-title" href="/markets/derivatives/overview/50etf/" target="_self">SSE 50ETF Options</a></li> <li style="display:none" class="fourth-menu-tab"><a tie="12197,12207,12284,14800" colid="14800" class="fourth-title" href="/markets/derivatives/overview/300etf/" target="_self">CSI 300ETF Options</a></li> <li style="display:none" class="fourth-menu-tab"><a tie="12197,12207,12284,14801" colid="14801" class="fourth-title" href="/markets/derivatives/overview/500etf/" target="_self">CSI 500ETF Options</a></li> </ul></li> <li class="third-menu-tab"><a tie="12197,12207,12287" colid="12287" class="third-title" href="/markets/derivatives/statistic/day/" target="_self">Statistics</a> <ul class="fourth-menu fourth-menu-area" style="display: none;"> <li style="display:none" class="fourth-menu-tab"><a tie="12197,12207,12287,12288" colid="12288" class="fourth-title" href="/markets/derivatives/statistic/day/" target="_self">Day</a></li> <li style="display:none" class="fourth-menu-tab"><a tie="12197,12207,12287,12289" colid="12289" class="fourth-title" href="/markets/derivatives/statistic/month/" target="_self">Month</a></li> </ul></li> <li class="third-menu-tab"><a tie="12197,12207,12290" colid="12290" class="third-title" href="/markets/derivatives/quotation/" target="_self">Quotation</a></li> </ul></li> <li class="second-menu-tab"><a tie="12197,12208" colid="12208" class="second-title" href="/markets/greensecurities/" target="_self">Green Securities</a> <ul class="third-menu third-menu-area" style="display: none;"> <li style="display:none" class="third-menu-tab"><a tie="12197,12208,12291" colid="12291" class="third-title" href="/markets/greensecurities/info/" target="_self">info</a></li> </ul></li> <li class="second-menu-tab" ishover="true"><a tie="12197,12209" colid="12209" class="second-title" href="/markets/dataservice/products/" target="_self">Data Services<i class="fe fe-chevron-right"></i></a> <ul class="third-menu third-menu-area" style="display: none;"> <li class="third-menu-tab"><a tie="12197,12209,12210" colid="12210" class="third-title" href="/markets/dataservice/products/" target="_self">Market Data Products</a> <ul class="fourth-menu fourth-menu-area" style="display: none;"> <li style="display:none" class="fourth-menu-tab"><a tie="12197,12209,12210,12292" colid="12292" class="fourth-title" href="/markets/dataservice/products/products/" target="_self">products</a> <ul class="fifth-menu fifth-menu-area" style="display: none;"> <li style="display:none" class="fifth-menu-tab"><a tie="12197,12209,12210,12292,12293" colid="12293" class="fifth-title" href="/markets/dataservice/products/products/infomation/" target="_self">infomation</a></li> <li style="display:none" class="fifth-menu-tab"><a tie="12197,12209,12210,12292,12294" colid="12294" class="fifth-title" href="/markets/dataservice/products/products/significance/" target="_self">significance</a></li> <li style="display:none" class="fifth-menu-tab"><a tie="12197,12209,12210,12292,12295" colid="12295" class="fifth-title" href="/markets/dataservice/products/products/transmission/" target="_self">transmission</a></li> <li style="display:none" class="fifth-menu-tab"><a tie="12197,12209,12210,12292,12296" colid="12296" class="fifth-title" href="/markets/dataservice/products/products/dissemination/" target="_self">dissemination</a></li> </ul></li> <li style="display:none" class="fourth-menu-tab"><a tie="12197,12209,12210,12297" colid="12297" class="fourth-title" href="/markets/dataservice/products/data/" target="_self">data</a></li> <li style="display:none" class="fourth-menu-tab"><a tie="12197,12209,12210,12298" colid="12298" class="fourth-title" href="/markets/dataservice/products/contact/" target="_self">contact</a></li> <li style="display:none" class="fourth-menu-tab"><a tie="12197,12209,12210,12299" colid="12299" class="fourth-title" href="/markets/dataservice/products/contactabroad/" target="_self">contactabroad</a></li> </ul></li> <li class="third-menu-tab"><a tie="12197,12209,12211" colid="12211" class="third-title" href="/markets/dataservice/list/" target="_self">Overseas Client List</a></li> <li class="third-menu-tab"><a tie="12197,12209,12868" colid="12868" class="third-title" href="/markets/dataservice/xbrl/" target="_self">XBRL</a> <ul class="fourth-menu fourth-menu-area" style="display: none;"> <li style="display:none" class="fourth-menu-tab"><a tie="12197,12209,12868,12869" colid="12869" class="fourth-title" href="/markets/dataservice/xbrl/" target="_self">Companyinfo</a> <ul class="fifth-menu fifth-menu-area" style="display: none;"> <li style="display:none" class="fifth-menu-tab"><a tie="12197,12209,12868,12869,12870" colid="12870" class="fifth-title" href="/markets/dataservice/xbrl/companyinfo/note/" target="_self">note</a></li> </ul></li> </ul></li> </ul></li> </ul></li> <li class="nav-item"><a tie="12212" colid="12212" class="nav-tab" href="javascript:void(0);" target="_self">Getting Started</a> <ul class="second-menu second-menu-area" style="display: none;"> <li class="second-menu-tab" ishover="true"><a tie="12212,12213" colid="12213" class="second-title" href="/start/listing/overview/" target="_self">Public Offering and Listing<i class="fe fe-chevron-right"></i></a> <ul class="third-menu third-menu-area" style="display: none;"> <li class="third-menu-tab"><a tie="12212,12213,12214" colid="12214" class="third-title" href="/start/listing/overview/" target="_self">Overview</a> <ul class="fourth-menu fourth-menu-area" style="display: none;"> <li style="display:none" class="fourth-menu-tab"><a tie="12212,12213,12214,12359" colid="12359" class="fourth-title" href="/start/listing/overview/market/" target="_self">market</a></li> <li style="display:none" class="fourth-menu-tab"><a tie="12212,12213,12214,12360" colid="12360" class="fourth-title" href="/start/listing/overview/standard/" target="_self">standard</a></li> <li style="display:none" class="fourth-menu-tab"><a tie="12212,12213,12214,12361" colid="12361" class="fourth-title" href="/start/listing/overview/companies/" target="_self">companies</a></li> <li style="display:none" class="fourth-menu-tab"><a tie="12212,12213,12214,12362" colid="12362" class="fourth-title" href="/start/listing/overview/rights/" target="_self">rights</a></li> <li style="display:none" class="fourth-menu-tab"><a tie="12212,12213,12214,12300" colid="12300" class="fourth-title" href="/start/listing/overview/requirements/" target="_self">requirements</a></li> </ul></li> <li class="third-menu-tab"><a tie="12212,12213,12215" colid="12215" class="third-title" href="/start/sserules/stocks/listing/" target="_self">Offering and Listing Rules</a></li> </ul></li> <li class="second-menu-tab" ishover="true"><a tie="12212,12216" colid="12216" class="second-title" href="/start/trading/schedule/" target="_self">Trading<i class="fe fe-chevron-right"></i></a> <ul class="third-menu third-menu-area" style="display: none;"> <li class="third-menu-tab"><a tie="12212,12216,12217" colid="12217" class="third-title" href="/start/trading/schedule/" target="_self">Trading Schedule</a> <ul class="fourth-menu fourth-menu-area" style="display: none;"> <li style="display:none" class="fourth-menu-tab"><a tie="12212,12216,12217,12301" colid="12301" class="fourth-title" href="/start/trading/schedule/calendar/" target="_self">calendar</a></li> <li style="display:none" class="fourth-menu-tab"><a tie="12212,12216,12217,12302" colid="12302" class="fourth-title" href="/start/trading/schedule/hours/" target="_self">hours</a></li> </ul></li> <li class="third-menu-tab"><a tie="12212,12216,12218" colid="12218" class="third-title" href="/start/trading/mechanism/" target="_self">Trading Mechanism</a> <ul class="fourth-menu fourth-menu-area" style="display: none;"> <li style="display:none" class="fourth-menu-tab"><a tie="12212,12216,12218,12357" colid="12357" class="fourth-title" href="/start/trading/mechanism/stock/" target="_self">stock</a></li> <li style="display:none" class="fourth-menu-tab"><a tie="12212,12216,12218,12358" colid="12358" class="fourth-title" href="/start/trading/mechanism/order/" target="_self">order</a></li> </ul></li> <li class="third-menu-tab"><a tie="12212,12216,12219" colid="12219" class="third-title" href="/start/sserules/stocks/trading/" target="_self">Trading Rules</a></li> <li class="third-menu-tab"><a tie="12212,12216,12220" colid="12220" class="third-title" href="/start/trading/membership/" target="_self">Membership</a></li> </ul></li> <li class="second-menu-tab" ishover="true"><a tie="12212,12221" colid="12221" class="second-title" href="/start/settlement/depository/" target="_self">Registration and Settlement<i class="fe fe-chevron-right"></i></a> <ul class="third-menu third-menu-area" style="display: none;"> <li class="third-menu-tab"><a tie="12212,12221,12222" colid="12222" class="third-title" href="/start/settlement/depository/" target="_self">Registration and Depository</a></li> <li class="third-menu-tab"><a tie="12212,12221,12223" colid="12223" class="third-title" href="/start/settlement/clearing/" target="_self">Clearing and Settlement</a></li> </ul></li> <li class="second-menu-tab"><a tie="12212,12224" colid="12224" class="second-title" href="/start/taxes/" target="_self">Fees and Taxes</a> <ul class="third-menu third-menu-area" style="display: none;"> <li style="display:none" class="third-menu-tab"><a tie="12212,12224,12307" colid="12307" class="third-title" href="/start/taxes/fees/" target="_self">fees</a></li> <li style="display:none" class="third-menu-tab"><a tie="12212,12224,12308" colid="12308" class="third-title" href="/start/taxes/taxes/" target="_self">taxes</a></li> </ul></li> <li class="second-menu-tab" ishover="true"><a tie="12212,13142" colid="13142" class="second-title" href="/start/sserules/stocks/review/" target="_self">Rules and Regulations<i class="fe fe-chevron-right"></i></a> <ul class="third-menu third-menu-area" style="display: none;"> <li class="third-menu-tab"><a tie="12212,13142,13143" colid="13143" class="third-title" href="/start/sserules/stocks/review/" target="_self">Stocks</a></li> <li class="third-menu-tab"><a tie="12212,13142,13154" colid="13154" class="third-title" href="/start/sserules/bonds/listing/" target="_self">Bonds</a></li> <li class="third-menu-tab"><a tie="12212,13142,13157" colid="13157" class="third-title" href="/start/sserules/funds/listing/" target="_self">Funds</a></li> <li class="third-menu-tab"><a tie="12212,13142,13160" colid="13160" class="third-title" href="/start/sserules/reits/" target="_self">REITs</a></li> <li class="third-menu-tab"><a tie="12212,13142,13161" colid="13161" class="third-title" href="/start/sserules/options/" target="_self">Options</a></li> <li class="third-menu-tab"><a tie="12212,13142,13162" colid="13162" class="third-title" href="/start/sserules/icbb/shhksc/" target="_self">Innovative Cross-border Businesses</a></li> <li class="third-menu-tab"><a tie="12212,13142,13165" colid="13165" class="third-title" href="/start/sserules/member/" target="_self">Member Management</a></li> </ul></li> </ul></li> <li class="nav-item"><a tie="12226" colid="12226" class="nav-tab" href="javascript:void(0);" target="_self">Access to SSE</a> <ul class="second-menu second-menu-area" style="display: none;"> <li class="second-menu-tab" ishover="true"><a tie="12226,12227" colid="12227" class="second-title" href="/access/qfiirqfii/introduction/" target="_self">QFII/RQFII<i class="fe fe-chevron-right"></i></a> <ul class="third-menu third-menu-area" style="display: none;"> <li class="third-menu-tab"><a tie="12226,12227,12228" colid="12228" class="third-title" href="/access/qfiirqfii/introduction/" target="_self">Introduction</a> <ul class="fourth-menu fourth-menu-area" style="display: none;"> <li style="display:none" class="fourth-menu-tab"><a tie="12226,12227,12228,12327" colid="12327" class="fourth-title" href="/access/qfiirqfii/introduction/news/" target="_self">news</a></li> </ul></li> <li class="third-menu-tab"><a tie="12226,12227,12229" colid="12229" class="third-title" href="/access/qfiirqfii/quota/" target="_self">License and Quota</a> <ul class="fourth-menu fourth-menu-area" style="display: none;"> <li style="display:none" class="fourth-menu-tab"><a tie="12226,12227,12229,12328" colid="12328" class="fourth-title" href="/access/qfiirqfii/quota/qfii/" target="_self">qfii</a></li> <li style="display:none" class="fourth-menu-tab"><a tie="12226,12227,12229,12329" colid="12329" class="fourth-title" href="/access/qfiirqfii/quota/rqfii/" target="_self">rqfii</a></li> <li style="display:none" class="fourth-menu-tab"><a tie="12226,12227,12229,12330" colid="12330" class="fourth-title" href="/access/qfiirqfii/quota/investment/" target="_self">investment</a></li> <li style="display:none" class="fourth-menu-tab"><a tie="12226,12227,12229,12331" colid="12331" class="fourth-title" href="/access/qfiirqfii/quota/process/" target="_self">process</a></li> </ul></li> <li class="third-menu-tab"><a tie="12226,12227,12230" colid="12230" class="third-title" href="/access/qfiirqfii/scope/" target="_self">Investment Scope</a></li> <li class="third-menu-tab"><a tie="12226,12227,12231" colid="12231" class="third-title" href="/access/qfiirqfii/settlement/" target="_self">Trading, Clearing & Settlement</a></li> <li class="third-menu-tab"><a tie="12226,12227,12233" colid="12233" class="third-title" href="/access/qfiirqfii/rules/" target="_self">Rules and Regulations</a> <ul class="fourth-menu fourth-menu-area" style="display: none;"> <li style="display:none" class="fourth-menu-tab"><a tie="12226,12227,12233,12332" colid="12332" class="fourth-title" href="/access/qfiirqfii/rules/key/" target="_self">key</a></li> <li style="display:none" class="fourth-menu-tab"><a tie="12226,12227,12233,12333" colid="12333" class="fourth-title" href="/access/qfiirqfii/rules/taxation/" target="_self">taxation</a></li> <li style="display:none" class="fourth-menu-tab"><a tie="12226,12227,12233,12334" colid="12334" class="fourth-title" href="/access/qfiirqfii/rules/sse/" target="_self">sse</a></li> <li style="display:none" class="fourth-menu-tab"><a tie="12226,12227,12233,12374" colid="12374" class="fourth-title" href="/access/qfiirqfii/rules/csrc/" target="_self">csrc</a></li> <li style="display:none" class="fourth-menu-tab"><a tie="12226,12227,12233,12375" colid="12375" class="fourth-title" href="/access/qfiirqfii/rules/safe/" target="_self">safe</a></li> </ul></li> </ul></li> <li class="second-menu-tab" ishover="true"><a tie="12226,12234" colid="12234" class="second-title" href="/access/stockconnect/introduction/" target="_self">Shanghai-Hong Kong Stock Connect<i class="fe fe-chevron-right"></i></a> <ul class="third-menu third-menu-area" style="display: none;"> <li class="third-menu-tab"><a tie="12226,12234,12235" colid="12235" class="third-title" href="/access/stockconnect/introduction/" target="_self">Introduction</a> <ul class="fourth-menu fourth-menu-area" style="display: none;"> <li style="display:none" class="fourth-menu-tab"><a tie="12226,12234,12235,12336" colid="12336" class="fourth-title" href="/access/stockconnect/introduction/news/" target="_self">news</a></li> <li style="display:none" class="fourth-menu-tab"><a tie="12226,12234,12235,12337" colid="12337" class="fourth-title" href="/access/stockconnect/introduction/framework/" target="_self">framework</a> <ul class="fifth-menu fifth-menu-area" style="display: none;"> <li style="display:none" class="fifth-menu-tab"><a tie="12226,12234,12235,12337,12367" colid="12367" class="fifth-title" href="/access/stockconnect/introduction/framework/timesroll/" target="_self">timesroll</a></li> <li style="display:none" class="fifth-menu-tab"><a tie="12226,12234,12235,12337,12368" colid="12368" class="fifth-title" href="/access/stockconnect/introduction/framework/doc/" target="_self">doc</a></li> </ul></li> </ul></li> <li class="third-menu-tab"><a tie="12226,12234,12236" colid="12236" class="third-title" href="/access/stockconnect/eligibility/" target="_self">Eligibility</a></li> <li class="third-menu-tab"><a tie="12226,12234,12237" colid="12237" class="third-title" href="/access/stockconnect/quota/" target="_self">Quota</a></li> <li class="third-menu-tab"><a tie="12226,12234,12238" colid="12238" class="third-title" href="/access/stockconnect/settlement/" target="_self">Trading, Clearing & Settlement</a> <ul class="fourth-menu fourth-menu-area" style="display: none;"> <li style="display:none" class="fourth-menu-tab"><a tie="12226,12234,12238,12341" colid="12341" class="fourth-title" href="/access/stockconnect/settlement/arrangement/" target="_self">arrangement</a></li> <li style="display:none" class="fourth-menu-tab"><a tie="12226,12234,12238,12342" colid="12342" class="fourth-title" href="/access/stockconnect/settlement/calendar/" target="_self">calendar</a></li> <li style="display:none" class="fourth-menu-tab"><a tie="12226,12234,12238,12343" colid="12343" class="fourth-title" href="/access/stockconnect/settlement/fees/" target="_self">fees</a></li> <li style="display:none" class="fourth-menu-tab"><a tie="12226,12234,12238,12344" colid="12344" class="fourth-title" href="/access/stockconnect/settlement/settlement/" target="_self">settlement</a></li> <li style="display:none" class="fourth-menu-tab"><a tie="12226,12234,12238,12345" colid="12345" class="fourth-title" href="/access/stockconnect/settlement/flownorth/" target="_self">flownorth</a></li> <li style="display:none" class="fourth-menu-tab"><a tie="12226,12234,12238,12346" colid="12346" class="fourth-title" href="/access/stockconnect/settlement/flowsouth/" target="_self">flowsouth</a></li> </ul></li> <li class="third-menu-tab"><a tie="12226,12234,12239" colid="12239" class="third-title" href="/access/stockconnect/statistics/day/" target="_self">Statistics</a> <ul class="fourth-menu fourth-menu-area" style="display: none;"> <li style="display:none" class="fourth-menu-tab"><a tie="12226,12234,12239,12338" colid="12338" class="fourth-title" href="/access/stockconnect/statistics/day/" target="_self">Day</a></li> <li style="display:none" class="fourth-menu-tab"><a tie="12226,12234,12239,12339" colid="12339" class="fourth-title" href="/access/stockconnect/statistics/month/" target="_self">Month</a></li> <li style="display:none" class="fourth-menu-tab"><a tie="12226,12234,12239,12340" colid="12340" class="fourth-title" href="/access/stockconnect/statistics/year/" target="_self">Year</a></li> </ul></li> <li class="third-menu-tab"><a tie="12226,12234,12240" colid="12240" class="third-title" href="/access/stockconnect/rules/" target="_self">Rules and Regulations</a> <ul class="fourth-menu fourth-menu-area" style="display: none;"> <li style="display:none" class="fourth-menu-tab"><a tie="12226,12234,12240,12347" colid="12347" class="fourth-title" href="/access/stockconnect/rules/connect/" target="_self">connect</a></li> <li style="display:none" class="fourth-menu-tab"><a tie="12226,12234,12240,12348" colid="12348" class="fourth-title" href="/access/stockconnect/rules/rules/" target="_self">rules</a></li> </ul></li> <li class="third-menu-tab"><a tie="12226,12234,14445" colid="14445" class="third-title" href="/access/stockconnect/faq/" target="_self">FAQ</a> <ul class="fourth-menu fourth-menu-area" style="display: none;"> <li style="display:none" class="fourth-menu-tab"><a tie="12226,12234,14445,14446" colid="14446" class="fourth-title" href="/access/stockconnect/faq/solt/" target="_self">FAQ for A Share Odd Lot Trading</a></li> </ul></li> </ul></li> <li class="second-menu-tab" ishover="true"><a tie="12226,13358" colid="13358" class="second-title" href="/access/via/overview/" target="_self">ETF via Shanghai-Hong Kong Stock Connect<i class="fe fe-chevron-right"></i></a> <ul class="third-menu third-menu-area" style="display: none;"> <li class="third-menu-tab"><a tie="12226,13358,13359" colid="13359" class="third-title" href="/access/via/overview/" target="_self">Overview</a></li> <li class="third-menu-tab"><a tie="12226,13358,13360" colid="13360" class="third-title" href="/access/via/eligible/" target="_self">Eligible ETFs</a></li> <li class="third-menu-tab"><a tie="12226,13358,13361" colid="13361" class="third-title" href="/access/via/edu/" target="_self">Education and Resources</a></li> <li class="third-menu-tab"><a tie="12226,13358,13362" colid="13362" class="third-title" href="/access/via/faq/" target="_self">FAQ</a></li> </ul></li> <li class="second-menu-tab" ishover="true"><a tie="12226,12241" colid="12241" class="second-title" href="/access/slsc/introduction/" target="_self">Depository Receipts under the Stock Connect<i class="fe fe-chevron-right"></i></a> <ul class="third-menu third-menu-area" style="display: none;"> <li class="third-menu-tab"><a tie="12226,12241,12242" colid="12242" class="third-title" href="/access/slsc/introduction/" target="_self">Introduction</a></li> <li class="third-menu-tab"><a tie="12226,12241,12243" colid="12243" class="third-title" href="/start/sserules/icbb/slsc/" target="_self">Rules and Regulations</a></li> </ul></li> <li class="second-menu-tab"><a tie="12226,12244" colid="12244" class="second-title" href="/access/etf/" target="_self">ETF Connectivity</a> <ul class="third-menu third-menu-area" style="display: none;"> <li style="display:none" class="third-menu-tab"><a tie="12226,12244,12350" colid="12350" class="third-title" href="/access/etf/connectivity/" target="_self">connectivity</a></li> <li style="display:none" class="third-menu-tab"><a tie="12226,12244,12351" colid="12351" class="third-title" href="/access/etf/framework/" target="_self">framework</a></li> <li style="display:none" class="third-menu-tab"><a tie="12226,12244,12352" colid="12352" class="third-title" href="/access/etf/listed/" target="_self">listed</a></li> </ul></li> <li class="second-menu-tab"><a tie="12226,12232" colid="12232" class="second-title" href="/access/statistics/" target="_self">Overseas Investors Ownership Statistics</a></li> <li class="second-menu-tab"><a tie="12226,14528" colid="14528" class="second-title" href="/access/directaccess/" target="_self">Bond Market Direct Access</a> <ul class="third-menu third-menu-area" style="display: none;"> <li style="display:none" class="third-menu-tab"><a tie="12226,14528,14529" colid="14529" class="third-title" href="/access/directaccess/eligibility/" target="_self">Eligibility</a></li> <li style="display:none" class="third-menu-tab"><a tie="12226,14528,14530" colid="14530" class="third-title" href="/access/directaccess/trading/" target="_self">Trading, Clearing and Settlement</a></li> <li style="display:none" class="third-menu-tab"><a tie="12226,14528,14531" colid="14531" class="third-title" href="/access/directaccess/information/" target="_self">Information Submission</a></li> <li style="display:none" class="third-menu-tab"><a tie="12226,14528,14532" colid="14532" class="third-title" href="/access/directaccess/rules/" target="_self">Rules and Regulations</a></li> <li style="display:none" class="third-menu-tab"><a tie="12226,14528,14533" colid="14533" class="third-title" href="/access/directaccess/contact/" target="_self">Contact information</a></li> </ul></li> </ul></li> <li class="nav-item"><a tie="13177" colid="13177" class="nav-tab" href="javascript:void(0);" target="_self">Global Investor Services</a> <ul class="second-menu second-menu-area" style="display: none;"> <li class="second-menu-tab" ishover="true"><a tie="13177,12196" colid="12196" class="second-title" href="/events/conference/past/" target="_self">Conference <i class="fe fe-chevron-right"></i></a> <ul class="third-menu third-menu-area" style="display: none;"> <li class="third-menu-tab"><a tie="13177,12196,14802" colid="14802" class="third-title" href="#" target="_self">Upcoming Conferences</a></li> <li class="third-menu-tab"><a tie="13177,12196,14803" colid="14803" class="third-title" href="/events/conference/past/" target="_self">Past Conferences</a></li> </ul> </li> <li class="second-menu-tab"><a tie="13177,14804" colid="14804" class="second-title" href="/events/newsletter/" target="_self">Newsletter</a></li> <li class="second-menu-tab"><a tie="13177,14536" colid="14536" class="second-title" href="http://roadshow.sseinfo.com/en/roadshowList.do?downId=2" target="_self">Performance Briefings</a></li> </ul></li> </ul> </div> </div> <div class="search_block"> <div class="search"> <input type="hidden" name="desksearchIndex" id="desksearchIndex" value="0"> <input type="hidden" name="deskmaxIndex" id="deskmaxIndex" value="0"> <input placeholder="Search" type="search" class="search_input js_all_ia" onfocus="deskonblurShowHiosty();" name="" id="serinpt"> <div class="bdsug" id="js_autocomplete"> <ul class="search-history" id="js_panMenu_history"></ul> <ul class="search_list" id="js_panMenu_list"></ul> </div> <button class="search_button search_btn" onclick="searchinpt();"><i class="icon-search"></i></button> </div> </div> <div class="translate_block"> <a href="//www.sse.com.cn/" class="chinese">中文</a> </div> </div> </nav>  <nav class="navbar navbar-light hidden-pc js_nav-mobile navbar-offcanvas"> <div class="container"> <a href="/home/" div class="navbar-brand" > </a> <a href="http://www.sse.com.cn/" class="chinese mobile_chinese">CN</a> <button class="navbar-toggler navbar-toggler-right navbar-icon collapsed" type="button" aria-controls="collapsibleNavbar" data-target="#collapsibleNavbar" aria-expanded="false"> <span class="icon-bar bar1"></span> <span class="icon-bar bar2"></span> <span class="icon-bar bar3"></span> </button> <div class="hidden-pc sibleNavbar_pc" id="collapsibleNavbar"> <ul class="navbar-nav first-menu"> <li class="first-nav-item"><a href="/" class="menu_style_0">Home</a></li> <li class="first-nav-item"><i class="fe fe-chevron-right"></i><a href="javascript:void(0);" class="hasMenu menu_style_ " onclick="showLevel(0,this);">About</a> <ul class="second-menu" style="display: none;"> <li class="second-nav-item"><a href="/aboutsse/overview/" class="menu_style_ ">Overview</a></li> <li class="second-nav-item"><a href="/aboutsse/organization/" class="menu_style_0">Organization Structure</a></li> <li class="second-nav-item"><i class="fe fe-chevron-right"></i><a href="javascript:void(0);" class="hasMenu menu_style_0" onclick="showLevel(1,this);">Internationalization</a> <ul class="third-menu" style="display: none;"> <li class="third-nav-item"><a href="/aboutsse/internationalization/access/" class="menu_style_ ">International Access</a></li> <li class="third-nav-item"><a href="/aboutsse/internationalization/cooperation/" class="menu_style_ ">International Cooperation</a></li> </ul></li> <li class="second-nav-item"><a href="/aboutsse/milestone/" class="menu_style_0">Milestone</a></li> </ul></li> <li class="first-nav-item"><i class="fe fe-chevron-right"></i><a href="javascript:void(0);" class="hasMenu menu_style_ " onclick="showLevel(0,this);">News</a> <ul class="second-menu" style="display: none;"> <li class="second-nav-item"><i class="fe fe-chevron-right"></i><a href="javascript:void(0);" class="hasMenu menu_style_ " onclick="showLevel(1,this);">News Release</a> <ul class="third-menu" style="display: none;"> <li class="third-nav-item"><a href="/news/newsrelease/news/" class="menu_style_0">SSE News</a></li> <li class="third-nav-item"><a href="/news/newsrelease/voice/" class="menu_style_0">Media Voice</a></li> </ul></li> <li class="second-nav-item"><a href="/news/publications/sseinfrastructure/" class="menu_style_0">Publications</a></li> <li class="second-nav-item"><a href="/news/mediagalleries/" class="menu_style_0">Media Gallery</a></li> </ul></li> <li class="first-nav-item"><i class="fe fe-chevron-right"></i><a href="javascript:void(0);" class="hasMenu menu_style_ " onclick="showLevel(0,this);">Markets and Products</a> <ul class="second-menu" style="display: none;"> <li class="second-nav-item"><i class="fe fe-chevron-right"></i><a href="javascript:void(0);" class="hasMenu menu_style_0" onclick="showLevel(1,this);">Indices</a> <ul class="third-menu" style="display: none;"> <li class="third-nav-item"><a href="/markets/indices/overview/" class="menu_style_0">Overview</a></li> <li class="third-nav-item"><a href="/markets/indices/data/" class="menu_style_ ">Market Data</a></li> <li class="third-nav-item"><a href="/markets/indices/indexnews/" class="menu_style_0">Index News</a></li> <li class="third-nav-item"><a href="/markets/indices/index/" class="menu_style_0">Index Calculation and Maintenance</a></li> </ul></li> <li class="second-nav-item"><i class="fe fe-chevron-right"></i><a href="javascript:void(0);" class="hasMenu menu_style_ " onclick="showLevel(1,this);">Equities</a> <ul class="third-menu" style="display: none;"> <li class="third-nav-item"><a href="/markets/equities/overview/" class="menu_style_ ">Overview</a></li> <li class="third-nav-item"><a href="/markets/equities/data/" class="menu_style_0">Securities Prices</a></li> <li class="third-nav-item"><a href="/markets/equities/highlights/bluechipmarket/" class="menu_style_0">Highlights</a></li> <li class="third-nav-item"><a href="/markets/equities/announcements/" class="menu_style_ ">Listed Company Announcements</a></li> </ul></li> <li class="second-nav-item"><i class="fe fe-chevron-right"></i><a href="javascript:void(0);" class="hasMenu menu_style_0" onclick="showLevel(1,this);">Bonds</a> <ul class="third-menu" style="display: none;"> <li class="third-nav-item"><a href="/markets/bonds/overview/" class="menu_style_0">Overview</a></li> <li class="third-nav-item"><a href="/markets/bonds/bondslist/" class="menu_style_0">Bond List</a></li> <li class="third-nav-item"><a href="/markets/bonds/bondbuybacklist/" class="menu_style_0">Bond Repo List</a></li> </ul></li> <li class="second-nav-item"><i class="fe fe-chevron-right"></i><a href="javascript:void(0);" class="hasMenu menu_style_0" onclick="showLevel(1,this);">Funds</a> <ul class="third-menu" style="display: none;"> <li class="third-nav-item"><a href="/markets/funds/overview/" class="menu_style_0">Overview</a></li> <li class="third-nav-item"><a href="/markets/funds/fundlist/" class="menu_style_0">Fund List</a></li> <li class="third-nav-item"><a href="/markets/funds/reits/intro/" class="menu_style_0">Publicly Offered Infrastructure REITs</a></li> </ul></li> <li class="second-nav-item"><i class="fe fe-chevron-right"></i><a href="javascript:void(0);" class="hasMenu menu_style_0" onclick="showLevel(1,this);">Derivatives</a> <ul class="third-menu" style="display: none;"> <li class="third-nav-item"><a href="/markets/derivatives/overview/50etf/" class="menu_style_0">Overview</a></li> <li class="third-nav-item"><a href="/markets/derivatives/statistic/day/" class="menu_style_0">Statistics</a></li> <li class="third-nav-item"><a href="/markets/derivatives/quotation/" class="menu_style_0">Quotation</a></li> </ul></li> <li class="second-nav-item"><a href="/markets/greensecurities/" class="menu_style_ ">Green Securities</a></li> <li class="second-nav-item"><i class="fe fe-chevron-right"></i><a href="javascript:void(0);" class="hasMenu menu_style_0" onclick="showLevel(1,this);">Data Services</a> <ul class="third-menu" style="display: none;"> <li class="third-nav-item"><a href="/markets/dataservice/products/" class="menu_style_ ">Market Data Products</a></li> <li class="third-nav-item"><a href="/markets/dataservice/list/" class="menu_style_0">Overseas Client List</a></li> <li class="third-nav-item"><a href="/markets/dataservice/xbrl/" class="menu_style_0">XBRL</a></li> </ul></li> </ul></li> <li class="first-nav-item"><i class="fe fe-chevron-right"></i><a href="javascript:void(0);" class="hasMenu menu_style_ " onclick="showLevel(0,this);">Getting Started</a> <ul class="second-menu" style="display: none;"> <li class="second-nav-item"><i class="fe fe-chevron-right"></i><a href="javascript:void(0);" class="hasMenu menu_style_0" onclick="showLevel(1,this);">Public Offering and Listing</a> <ul class="third-menu" style="display: none;"> <li class="third-nav-item"><a href="/start/listing/overview/" class="menu_style_ ">Overview</a></li> <li class="third-nav-item"><a href="/start/sserules/stocks/listing/" class="menu_style_0">Offering and Listing Rules</a></li> </ul></li> <li class="second-nav-item"><i class="fe fe-chevron-right"></i><a href="javascript:void(0);" class="hasMenu menu_style_0" onclick="showLevel(1,this);">Trading</a> <ul class="third-menu" style="display: none;"> <li class="third-nav-item"><a href="/start/trading/schedule/" class="menu_style_ ">Trading Schedule</a></li> <li class="third-nav-item"><a href="/start/trading/mechanism/" class="menu_style_ ">Trading Mechanism</a></li> <li class="third-nav-item"><a href="/start/sserules/stocks/trading/" class="menu_style_0">Trading Rules</a></li> <li class="third-nav-item"><a href="/start/trading/membership/" class="menu_style_0">Membership</a></li> </ul></li> <li class="second-nav-item"><i class="fe fe-chevron-right"></i><a href="javascript:void(0);" class="hasMenu menu_style_0" onclick="showLevel(1,this);">Registration and Settlement</a> <ul class="third-menu" style="display: none;"> <li class="third-nav-item"><a href="/start/settlement/depository/" class="menu_style_undefined">Registration and Depository</a></li> <li class="third-nav-item"><a href="/start/settlement/clearing/" class="menu_style_undefined">Clearing and Settlement</a></li> </ul></li> <li class="second-nav-item"><a href="/start/taxes/" class="menu_style_ ">Fees and Taxes</a></li> <li class="second-nav-item"><i class="fe fe-chevron-right"></i><a href="javascript:void(0);" class="hasMenu menu_style_0" onclick="showLevel(1,this);">Rules and Regulations</a> <ul class="third-menu" style="display: none;"> <li class="third-nav-item"><a href="/start/sserules/stocks/review/" class="menu_style_0">Stocks</a></li> <li class="third-nav-item"><a href="/start/sserules/bonds/listing/" class="menu_style_0">Bonds</a></li> <li class="third-nav-item"><a href="/start/sserules/funds/listing/" class="menu_style_0">Funds</a></li> <li class="third-nav-item"><a href="/start/sserules/reits/" class="menu_style_0">REITs</a></li> <li class="third-nav-item"><a href="/start/sserules/options/" class="menu_style_0">Options</a></li> <li class="third-nav-item"><a href="/start/sserules/icbb/shhksc/" class="menu_style_0">Innovative Cross-border Businesses</a></li> <li class="third-nav-item"><a href="/start/sserules/member/" class="menu_style_0">Member Management</a></li> </ul></li> </ul></li> <li class="first-nav-item"><i class="fe fe-chevron-right"></i><a href="javascript:void(0);" class="hasMenu menu_style_ " onclick="showLevel(0,this);">Access to SSE</a> <ul class="second-menu" style="display: none;"> <li class="second-nav-item"><i class="fe fe-chevron-right"></i><a href="javascript:void(0);" class="hasMenu menu_style_0" onclick="showLevel(1,this);">QFII/RQFII</a> <ul class="third-menu" style="display: none;"> <li class="third-nav-item"><a href="/access/qfiirqfii/introduction/" class="menu_style_ ">Introduction</a></li> <li class="third-nav-item"><a href="/access/qfiirqfii/quota/" class="menu_style_ ">License and Quota</a></li> <li class="third-nav-item"><a href="/access/qfiirqfii/scope/" class="menu_style_undefined">Investment Scope</a></li> <li class="third-nav-item"><a href="/access/qfiirqfii/settlement/" class="menu_style_undefined">Trading, Clearing & Settlement</a></li> <li class="third-nav-item"><a href="/access/qfiirqfii/rules/" class="menu_style_ ">Rules and Regulations</a></li> </ul></li> <li class="second-nav-item"><i class="fe fe-chevron-right"></i><a href="javascript:void(0);" class="hasMenu menu_style_0" onclick="showLevel(1,this);">Shanghai-Hong Kong Stock Connect</a> <ul class="third-menu" style="display: none;"> <li class="third-nav-item"><a href="/access/stockconnect/introduction/" class="menu_style_ ">Introduction</a></li> <li class="third-nav-item"><a href="/access/stockconnect/eligibility/" class="menu_style_ ">Eligibility</a></li> <li class="third-nav-item"><a href="/access/stockconnect/quota/" class="menu_style_ ">Quota</a></li> <li class="third-nav-item"><a href="/access/stockconnect/settlement/" class="menu_style_ ">Trading, Clearing & Settlement</a></li> <li class="third-nav-item"><a href="/access/stockconnect/statistics/day/" class="menu_style_0">Statistics</a></li> <li class="third-nav-item"><a href="/access/stockconnect/rules/" class="menu_style_0">Rules and Regulations</a></li> <li class="third-nav-item"><a href="/access/stockconnect/faq/" class="menu_style_0">FAQ</a></li> </ul></li> <li class="second-nav-item"><i class="fe fe-chevron-right"></i><a href="javascript:void(0);" class="hasMenu menu_style_0" onclick="showLevel(1,this);">ETF via Shanghai-Hong Kong Stock Connect</a> <ul class="third-menu" style="display: none;"> <li class="third-nav-item"><a href="/access/via/overview/" class="menu_style_0">Overview</a></li> <li class="third-nav-item"><a href="/access/via/eligible/" class="menu_style_0">Eligible ETFs</a></li> <li class="third-nav-item"><a href="/access/via/edu/" class="menu_style_0">Education and Resources</a></li> <li class="third-nav-item"><a href="/access/via/faq/" class="menu_style_0">FAQ</a></li> </ul></li> <li class="second-nav-item"><i class="fe fe-chevron-right"></i><a href="javascript:void(0);" class="hasMenu menu_style_0" onclick="showLevel(1,this);">Depository Receipts under the Stock Connect</a> <ul class="third-menu" style="display: none;"> <li class="third-nav-item"><a href="/access/slsc/introduction/" class="menu_style_ ">Introduction</a></li> <li class="third-nav-item"><a href="/start/sserules/icbb/slsc/" class="menu_style_0">Rules and Regulations</a></li> </ul></li> <li class="second-nav-item"><a href="/access/etf/" class="menu_style_ ">ETF Connectivity</a></li> <li class="second-nav-item"><a href="/access/statistics/" class="menu_style_0">Overseas Investors Ownership Statistics</a></li> <li class="second-nav-item"><a href="/access/directaccess/" class="menu_style_0">Bond Market Direct Access</a></li> </ul></li> <li class="first-nav-item"><i class="fe fe-chevron-right"></i><a href="javascript:void(0);" class="hasMenu menu_style_0" onclick="showLevel(0,this);">Global Investor Services</a> <ul class="second-menu" style="display: none;"> <li class="second-nav-item"><i class="fe fe-chevron-right"></i><a href="javascript:void(0);" class="hasMenu menu_style_ " onclick="showLevel(1,this);">Conference</a> <ul class="third-menu" style="display: none;"> <li class="third-nav-item"><a href="#" class="menu_style_0">Upcoming Conferences</a></li> <li class="third-nav-item"><a href="/events/conference/past/" class="menu_style_0">Past Conferences</a></li> </ul></li> <li class="second-nav-item"><a href="/events/newsletter/" class="menu_style_0">Newsletter</a></li> <li class="second-nav-item"><a href="http://roadshow.sseinfo.com/en/roadshowList.do?downId=2" class="menu_style_0">Performance Briefings</a></li> </ul></li> </ul> </div> </div> </nav> </header> </div> <main class="main mainbg"> <div class="banner js_page_banner"> <div class="container"> <h1>Introduction</h1> </div> </div> <div class="container"> <ul class="path"></ul> </div> <div class="container page_content"> <div class="row"> <div class="col-sm-3 slider"> <div class="lev1_marginblock "> <div class="lev1_paddingblock_noborder "> <div class="rulesmenu js_reitsmenu"></div> </div> </div> </div> <div class="col-sm-9"> <div class="lev1_marginblock "> <div class="title_1 "> <h1>Introduction of Publicly Offered Infrastructure REITs</h1> </div> <div class="lev1_paddingblock_noborder "> <p><strong>Ⅰ Definition of Publicly Offered Infrastructure REITs</strong></p> <p>The publicly offered infrastructure securities investment funds (hereinafter as publicly offered infrastructure REITs) refer to standardized financial products that are publicly raised from investors to form fund assets in accordance with the law, and hold infrastructure projects through special purpose vehicles such as infrastructure asset-backed securities, whose fund managers actively manage the above-mentioned infrastructure projects and distribute most of the income generated to investors. According to regulations, the publicly offered infrastructure REITs are listed and traded on the stock exchange.</p> <p>Infrastructure asset-backed securities refer to those issued to investors representing infrastructure property or a share of property rights and interests that use the cash flow generated by infrastructure projects as the source of reimbursement and the infrastructure asset-backed special plans as the carrier according to the Regulations on the Asset Securitization Business of Subsidiaries of Securities Companies and Fund Management Companies and other relevant regulations. Infrastructure projects mainly include warehousing and logistics, transportation facilities such as toll roads, airports and ports, municipal facilities such as water, electricity and heat, pollution control, information networks, industrial parks and other infrastructure.</p> <p><strong>Ⅱ Significance of Publicly Offered Infrastructure REITs</strong></p> <p>Publicly offered infrastructure REITs are internationally accepted assets. They have the characteristics of high liquidity, relatively stable returns, and strong security. They can effectively revitalize existing assets, fill the gaps in current financial products, broaden social capital investment channels, and increase the proportion of direct financing, hence enhancing the quality and efficiency of capital market services for the real economy. In the short term, it helps extensively raise project capital and reduce debt risks as an effective policy tool to stabilize investment and make up for shortcomings; in the long term, it facilitates the conversion from savings into investment and deleveraging of the real economy, and promotes the healthy development of infrastructure investment financing towards a market-based and standardized direction.</p> <p><strong>Ⅲ Structure Features of Publicly Offered REITs</strong></p> <p>First, over 80% of the fund’s assets are invested in infrastructure asset-backed securities and hold all of its shares; the fund holds all the equity of the infrastructure project company through infrastructure asset-backed securities;</p> <p>Second, the fund obtains full ownership or operating rights of infrastructure projects through special purpose vehicles such as asset-backed securities and project companies;</p> <p>Third, fund managers take the initiative to operate and manage infrastructure projects, with the main purpose of obtaining stable cash flows such as rent and fees for infrastructure projects;</p> <p>Fourth, closed-end operation is adopted and the income distribution ratio shall not be less than 90% of the annual distributable amount of the combined fund.</p> <p><img src="/markets/funds/reits/intro/c/10115086/images/68ee6b1ba45c4d7181c0e22d95c47fab.png" alt="" width="100%"></p> <p style="text-align: center;">Structure of Publicly Offered Infrastructure REITs</p> <p><strong>Ⅳ Product Features of Publicly Offered Infrastructure REITs</strong></p> <p>Publicly offered infrastructure REITs can be classified as a kind of securities that go in tandem with stocks, bonds, funds, and derivatives. The products have the following characteristics:</p> <p>First, publicly offered REITs can revitalize existing assets with increased valuation and a liquidity premium. At the same time, the product can provide incremental investment funds and improve debt levels through deleveraging, and help companies transform to "asset-light" operating models. In this way, the capital market can better serve the real economy;</p> <p>Second, publicly offered REITs products use 90% of the fund’s annual distributable profits for distribution, with a high proportion of dividends. And because of the clear ownership of infrastructure projects, the cash flow is continuous and stable, making a satisfactory return on investment, filling the gap among existing financial products. The investment varieties are diversified and investors can easily invest in infrastructure projects with poor liquidity;</p> <p>Third, the rules for publicly offered REITs products are transparent and sound. A listing review system has been established in accordance with the requirements for public offerings of securities, and complete specific business rules for sale, listing, transaction, acquisition, information disclosure, and delisting have been formulated. Infrastructure projects can use the open and transparent mechanism of the capital market to guide financial funds to participate in the construction of physical projects through capital market financing to achieve high-quality development.</p> <p><strong>Ⅴ Practice of Private REITs on the Shanghai Stock Exchange</strong></p> <p>The Shanghai Stock Exchange has actively explored and practiced, and has initially established a diverse and stable private REITs market. By the end of 2020, the SSE private REITs products have covered a variety of real estate types such as highways, warehousing and logistics, industrial parks, rental housing, commercial properties, etc. And the first infrastructure private REIT has been launched, which leads rounds of innovation in shelf-type and expandable products in the domestic market, accumulating rich practical experience for pilot publicly offered REITs.</p> <p>In addition, the size of the Shanghai Stock Exchange's fund market accounts for more than 70% of the exchange market, whose underlying products cover multiple asset classes such as stocks, bonds, gold, currencies, etc., connecting exchange and OTC markets, domestic and overseas markets. The asset types of the ABSs cover all major basic assets such as accounts receivable, financial leasing, consumer finance, and infrastructure. The issuance scale exceeds 3 trillion yuan, and the market size accounts for about 70% of the exchange market.</p> </div> </div> </div> </div> </div> </main>  <footer> <div class="container"> <div class="link_block"> <img src="/xhtml/images/ft_logo.png" style="float: left;"> <a href="/home/trademark/">TRADEMARK</a> <a href="/home/feedback/">FEEDBACK</a> <a href="/home/disclaimer/">DISCLAIMER</a> <a href="/markets/dataservice/list/">OVERSEAS VENDORS</a> </div> <p>Support <img src="/xhtml/images/IPV6.png" style="margin-bottom:2px;"> ©2019 SHANGHAI STOCK EXCHANGE. ALL RIGHTS RESERVED.<a target="_blank" href="https://beian.miit.gov.cn/" style="text-decoration: none;color: #555">沪ICP备05004045号-2</a></p> <p><a target="_blank" href="http://www.beian.gov.cn/portal/registerSystemInfo?recordcode=31011502016333" style="text-decoration: none;color: #555"><img src="/xhtml/images/beian.png"> 沪公网安备 31011502016333号</a> </p> </div> </footer> <script type="text/javascript"> var require = { urlArgs: 'v=dev_V3.1.2' }; var webVersion = require.urlArgs; var sseQueryURL, hq_queryUrl; sseQueryURL = "//query.sse.com.cn/", mySseURL = '//my.sse.com.cn/'; if (location.protocol == "http:") { hq_queryUrl = "//yunhq.sse.com.cn:32041/"; } else { hq_queryUrl = "//yunhq.sse.com.cn:32042/"; } </script> <script src="//www.sse.com.cn/js/lib/gdp-full.js?v=3.1.1"></script> <script type='text/javascript'> gdp('init', 'ba17301551dcbaf9', 'a168b8a269f3dd7e', { host: 'prod-ua.sseinfo.com', version: '1.0.0', scheme: 'https', debug: false }); gdp('send'); </script> <script type="text/javascript" src="/xhtml/js/lib/jquery.min.js"></script>  <script type="text/javascript" src="//www.sse.com.cn/js/common/ssesuggestdata.js"></script> <script type="text/javascript" src="//www.sse.com.cn/js/common/ssesuggestTbonddata.js"></script> <script type="text/javascript" src="//www.sse.com.cn/js/common/ssesuggestEbonddata.js"></script> <script type="text/javascript" src="//www.sse.com.cn/js/common/ssesuggestdataAll.js"></script> <script type="text/javascript" src="//www.sse.com.cn/js/common/ssesuggestfunddata.js"></script> <script type="text/javascript" src="//www.sse.com.cn/js/common/systemDate_global.js"></script>   <script type="text/javascript" src="/xhtml/js/english_full.js"></script> <script type="text/javascript" src="/xhtml/js/config/queryconfig.js?v=20240420"></script> <script type="text/javascript" src="/xhtml/js/lib/bootstrap.min.js"></script> <script type="text/javascript" src="/xhtml/js/sse_en_menuFn.js" charset="utf-8"></script> <script type="text/javascript" src="/xhtml/js/top_search.js?v=20240420"></script> <script data-main="/xhtml/js/main" src="/xhtml/js/lib/require.js"></script> <script type="text/javascript" src="/xhtml/js/common/elementInit.js?v=20240420"></script>  <script type="text/javascript"> if (/micromessenger/.test(navigator.userAgent.toLowerCase())){ require(['/xhtml/js/app/sse_wechatassistant.js'],function(sseWechatAssistant){ sseWechatAssistant.init('wxbd901886916b9057'); }); } </script>  </body> </html>