Trading Time

Shanghai B Shares' centralized group auction is from 9.15am - 9.25am every Monday to Friday and consecutive bidding is carried out from 9.30am - 11.30am and 1.00pm - 3.00pm. The market is closed on Saturdays, Sundays and domestic public holidays.

The B-share market of SSE is closed on Saturdays, Sundays and domestic public holidays, while the B- share market of SZSE is closed on Saturdays, Sundays, and domestic and HK public holidays.

Trading Units

Pricing of trading for Shanghai B Shares is calculated in US dollars. Pricing of trading for buying or selling shares is based upon the price of a single share and the minimum unit of change for a buying or selling price is US$ 0.001. Trading volume is based on lots of 100 shares or its round sum multiples as a unit. Odd lots of less than 100 shares can be sold during trading time but can not be bought.

Pricing of trading for Shenzhen B Shares is calculated in HK dollars. Pricing of trading for buying or selling shares is based upon the price of a single share and the minimum unit of change for a buying or selling price is HK$ 0.01. Trading volume is based on lots of 1,000 shares or its round sum multiples as a unit. Odd lots of less than 1,000 shares can be sold during trading time but can not be bought.

Regulations for the Number of Orders

When issued in SSE, prices are calculated in US dollars and subsequent listing, trading and clearing are all handled using US dollars. Buy orders must be in round multiples of 100 shares, orders for trading of less than 100 shares are called odd-lot trades. Presently, the SSE has prescribed that buy orders cannot be made for odd-lots but selling of odd lots is allowed.

When issued in SZSE, prices are calculated in HK dollars and subsequent listing, trading and clearing are all handled using HK dollars. Buy orders must be in round multiples of 1,000 shares, orders for trading of less than 1,000 shares are called odd-lot trades. Presently, the SZSE has prescribed that buy orders cannot be made for odd-lots but selling of odd lots is allowed.

Bidding

Bidding for SSE B Shares is divided into centralized group auction and consecutive bidding.

Centralized group auction is a group auction method of centralizing and matching orders received within a certain period. The principles of centralized group auction are:

1. The largest price-level of trade volume;
2. Purchase orders higher than the concluded price and sell orders lower than the concluded price are all concluded;
3. When at least one of either the buyers or sellers at the same price as the concluded price is fully concluded and when two or more price levels conform with the above conditions, the middle price is taken as the current rate.

For consecutive bidding, the principles of concluded prices are:

1. Buying price is same as selling price;
2. When the buy (sell) order is higher (lower) than the lowest (highest) sell (buy) order, the price level is determined according to the currently displayed lowest (highest) sell (buy) order.

Bidding for SZSE B Shares is divided into centralized group auction and contra transaction.

In SZSE, contra transaction refers to the transaction that B-share brokers match the purchase commission and sell commission of the same B-share between after-market-opening and 5-minute-before-market-closing, which then confirmed by the stock exchanges. Contra transaction is limited to the aggreed transfer of shares entrusted in the same securities broker and transferred between different investors. Each transaction volume is required to be more than 50,000 shares. Secutities brokers should promptly report the share transaction to the stock exchanges, and after the transaction is accepted in the stock exchange trading system, it will be irrevocable. Maximal price of the contra transaction refers to the price of the previous close tradingday plus 20 price stages, or the highest price of the current trading day, the higher one shall prevail, while the minimal price refers to the price of the previous close trading day minor 20 price stages, or the lowest price of the current trading day, the lower one shall prevail.

Trading Fees

The trading fees of Shanghai B-share include:

1. a maximum commission is 0.3% of the trading value;
2. the amount of stamp duty, 0.1% of the trading value;
3. clearing costs, 0.05% of the trading value.

The trading fee of Shenzhen B-share include:

1. a maximum commission is 0.3% of trading value;
2. the amount of stamp duty, 0.1% of the trading value;
3. specified trading fees, 0.0341%of the trading value.