Article 47 Fund shares of a closed fund may be traded on the securities exchange upon application of the fund manager and ratification of the securities regulatory department under the State Council.

The securities regulatory department under the State Council may authorize the securities exchange to ratify the trading of fund shares on the market pursuant to the statutory conditions and procedures.

Article 48 The following conditions shall be satisfied for the listing and trading of fund shares:

1. The raising of fund complies with the provisions hereof;
2. The valid term of the fund contract is 5 years or more;
3. The capital raised is no less than 200 million RMB;
4. There are no less than 1,000 fund share holders;
5. Other conditions set forth in the listing rules of fund shares.

Article 49 The listing and trading rules of fund shares shall be formulated by the securities exchange and be submitted to the securities regulatory department under the State Council for ratification.

Article 50 After the listing of fund shares, if any of the following circumstances occurs, the securities exchange shall terminate its listing and report to the securities regulatory department under the State Council for archival purposes:

1. The conditions for listing prescribed in Article 48 hereof are not long met;
2. The fund contract expires;
3. The fund share holders'' meeting decides to terminate the listing prior to the due date;
4. Other circumstances under which the listing shall be terminated as stipulated in the fund contract or provided for in the listing rules of fund shares.