On March 25, in order to further promote the institutional opening of the capital market and deepen the interconnection of domestic and foreign markets, the Shanghai Stock Exchange revised the Interim Measures for the Listing and Trading of Depository Receipts for the Interconnection between the Shanghai Stock Exchange and the London Stock Exchange. It was renamed the Interim Measures for the Listing and Trading of Depository Receipts for Interconnection between Shanghai Stock Exchange and Overseas Stock Exchanges, and came into force on the date of promulgation.

On the same day, in order to regulate the listing, trading, cross-border conversion and information disclosure of depositary receipts interconnected between Shenzhen Stock Exchange and overseas stock exchanges, maintain market order, and protect the legitimate rights and interests of investors, Shenzhen Stock Exchange formulated the "Shenzhen Securities Exchange". Interim Measures for the Listing and Trading of Depository Receipts Connected by the Exchange and Overseas Stock Exchanges.

The "Measures" pointed out that an overseas issuer applying for the first listing of CDRs on the Shanghai Stock Exchange must meet the requirement that the average market value of the overseas issuer calculated on the basis of the closing price of the underlying stock in the 120 trading days prior to the issuance application date is not less than RMB 20 billion; It has been listed for three years and other listing conditions agreed upon by the China Securities Regulatory Commission and overseas securities regulators according to the market stratification of the overseas underlying stock listing place (hereinafter referred to as the overseas listing place). Finally, the number of CDRs applying for listing must be no less than 50 million and the corresponding underlying stock market value is no less than RMB 500 million.

Individual investors participating in CDR transactions shall meet the following requirements: 1. The daily assets in the securities account and capital account for the 20 trading days prior to the opening of the application authority shall not be less than RMB 500,000 (excluding the investor’s trading through margin financing and securities lending) 2. Participated in securities trading for more than 24 months; 3. There is no serious bad credit record; 4. There is no circumstance that prohibits or restricts participation in securities trading as stipulated by domestic laws and the business rules of the Exchange.

At the same time, the "Measures" require that CDRs are listed and traded on the Shanghai Stock Exchange, with RMB as the denomination currency, the price unit is "the price of each CDR", and the minimum change unit of the declared price is 0.01 yuan. In case of buying or selling CDRs through auction transactions, the number of declarations shall be 100 or an integer multiple thereof, and the maximum number of a single declaration shall not exceed 1 million. If the balance of the sale is less than 100 copies, it shall be declared for sale at one time.

In addition, the Shanghai Stock Exchange stipulates that the CDRs bought by investors on the same day cannot be sold on the same day, and the price fluctuation limit is imposed on the transactions of CDRs, and the rate of increase and decrease is 10%. If the Shanghai Stock Exchange is closed for 7 natural days or more throughout the day, the ratio of ups and downs on the first trading day after that is 20%.

The "Measures" stipulate that if the number of declarations for a single transaction of CDRs is not less than 300,000 copies, or the transaction amount is not less than 2 million yuan, block transactions may be adopted.

The relevant provisions for the termination of listing are that the Shanghai Stock Exchange shall, within 15 trading days after receiving the application documents for the voluntary termination of listing of CDRs submitted by the overseas issuer, make a decision on whether to accept it and notify the overseas issuer. If an overseas issuer fails to provide the application documents in accordance with the provisions of this section, the Exchange will not accept its application for voluntary termination of listing of CDRs. After receiving the decision, the overseas issuer shall disclose the relevant content of the decision in a timely manner, and publish a risk warning announcement on whether its depositary receipt may be terminated from listing. Within 30 trading days after the acceptance of the overseas issuer's application for voluntary termination of listing, make a decision on whether to approve the termination of listing of its CDR.

The relevant regulations for trading suspension and resumption are that the Shanghai Stock Exchange shall, within 15 trading days after receiving the application for suspension or resumption of trading of CDRs from overseas issuers, make a decision on whether to suspend or resume trading in their CDRs, promptly notify the overseas issuer and notify the foreign issuer. Make relevant announcements.

The overseas issuer shall, after receiving the decision of the Exchange to suspend or resume trading of its CDRs, promptly disclose the announcement of the suspension or resumption of trading of CDRs. Within 5 trading days after the overseas issuer discloses the CDR trading resumption announcement, its CDR trading resumes.

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