SSE Newsletter. August Vol. 18. Highlights:

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1 Vol. 18 SSE Newsletter August 2014 Highlights: SSE Composite of August 2014 generally remained stable, while trading volume showed significant increase compared with that of the previous month SSE held two sessions of Entering the SSE for international investors, introducing the latest development of China s capital market and SSE s innovative business areas. SSE also presented on the Shanghai-Hong Kong Stock Connect and answered questions from overseas investors. Starting from the beginning of September, SSE and the Stock Exchange of Hong Kong will co-hold a series of international road shows, in order to introduce the Stock Connect and its relevant arrangements to investors from North America, Europe and the Middle East

2 1. Overview of SSE Market For the last 12 months (September 2013 August 2014), the SSE Composite Index reached the highest at (closing price, hereinafter inclusive) on September 12 th, 2013 and the lowest at on January 20 th, In August 2014, the index generally remained stable. There have been 265 trading days from September 2013 to August The daily average turnover value was USD billion for the period. The single day turnover value peaked at USD billion on July 28 th, 2014 and reached the lowest at USD 7.73 billion on January 20 th, The daily average turnover was USD billion for August, which showed a significant increase compared to that of the previous month. In terms of industry-wide accumulated turnover of August 2014, the top 3 sectors were Manufacturing (USD billion), Finance & Insurance (USD 50.0 billion), and Mining (USD 34.9 billion).

3 For the last 12 months (September 2013 August 2014), the monthly average number of A share new holder accounts was 230,000. The single month number of new holder accounts peaked at 340,000 in March 2014, and reached the lowest at 147,000 in May As of August 2014, the total number of A-share holder accounts was million. In August 2014, the daily average trading volume of ETF was USD 2,854 million, which represented a growth rate of 502% compared with USD 474 million in August The volume reached its highest point at USD 3,628 million on August 27 th, 2014 and the lowest at USD 2,134 million on August 6 th, 2014.

4 2. SSE Updates On August 1 st and August 28 th 29 th, the (SSE) held two sessions of Entering the SSE for international investors. Heads of Asia-Pacific trading business of 14 top institutional investors and 80 representatives from other well-know overseas investment institutions participated in the event, in which the SSE introduced the latest development of China s capital market and the innovative business areas of the SSE. The SSE also presented on the Shanghai-Hong Kong Stock Connect and answered questions from overseas investors. Besides, overseas investment institutions expressed their willingness to participate in the Stock Connect, as well as introduced in detail about their relevant work plans and preparation. Representatives from the Department of Market Supervision of the China Securities Regulatory Commission (CSRC), from the SSE s Stock Connect business line, and from the Shanghai Branch of the China Securities Depository and Clearing Corporation Limited (CSDC) discussed the mechanism and relevant arrangements of the Stock Connect with the overseas investment institutions in an extensive and in-depth way. Personnel from the SSE introduced that, according to the requirements of the Joint Announcement co-issued by securities regulatory commissions in Mainland and Hong Kong, the SSE is promoting comprehensive work in areas including business line, rules, market, supervision, technology, and investor education. Currently, the SSE is accelerating the drafting of relevant business regulations and will release them to the market as soon as they are completed. Since August, the SSE has been carrying out tests for the Stock Connect, such as access test, all-day test, and entire network test. Moreover, institutional investors attending the event exchanged opinions with participants from the CSRC, the SSE, and the CSDC on an array of issues such as protection of rights and interests of shareholders under the Stock Connect, pre-trade check, shareholding limits, disclosure requirements, and corporate actions. After the meeting, it was widely held among the overseas investment institutions that activities of this kind would help them participate in China s capital market, and learn more about the trading and clearing mechanism of the Stock Connect, as well as add to their confidence in participating in trading through the Stock Connect. They also hoped that more diversified activities and in-depth exchange programs with the SSE would be held in the future. Institutional investors said that, this activity helped them better understand China s capital market, and showed the openness of the SSE in building itself into a top exchange in the world and serving the building of the Shanghai international financial center. Starting from the beginning of September, the SSE and the Stock Exchange of Hong Kong will co-hold a series of international road shows, in order to introduce the Stock Connect and its relevant arrangements to investors from North America, Europe and the Middle East. Besides, more events will be held by the SSE in order to strengthen communication with overseas investors and to lay the foundation for the successful launch of the Stock Connect.

5 3. Key Statistics of China CPI has risen after decline in the last twelve months, and has been falling again in the past three months. The YoY growth rate of CPI was 3.20% in October 2013, which is the peak during the period. CPI decreased to 1.80% in April 2014, the lowest in the time interval. From September 2013 to August 2014, M0 generally remained stable, with the only sharp rise to USD 1.21 trillion in January 2014, and fell back to USD 0.92 trillion in August M2 generally kept its increasing momentum, rising from USD 17.1 trillion in September 2013 to USD 19.0 trillion in August Ratio of raised funds to new loan was volatile on China s exchange market. The average from September 2013 to August 2014 was 6.1%, with the highest at 12.7% in December 2013 and the lowest at 2.3% in October 2013.

6 4. Updates on China s Capital Market Bond issuance January through August, bond market issuance volume totaled 7.5 trillion yuan, up 21.3 percent year on year. Among this total, issuance volume on the interbank bond market posted 7.3 trillion yuan, up 25.2 percent year on year. In August, bond issuance posted 1.15 trillion yuan, up 32.5 percent year on year and 25.9 percent month on month, including 1.12 trillion yuan which was issued on the interbank bond market, up 42.7 percent year on year and 24.7 percent month on month. As of the end of August, bonds deposited in the trust depository and clearing companies reached 33.3 trillion yuan, among which 31 trillion yuan of bonds or 93.1 percent was deposited in the interbank bond market. In the bond holding of inter-bank market investors, the share of commercial banks decreased 0.3 percentage points from end of 2013 to 63.9 percent in end of August, and the share of non-bank financial institutions shed 0.3 percentage points to 11.4 percent, while the combined share of non-legal-person institutional investors and other investors increased 0.6 percentage points to 24.8 percent. In the holding of corporate debenture bonds, the share of commercial banks, non-bank financial institutions, non-legal-person institutional investors and other investors was 46 percent, 12.1 percent, 39.7 percent and 2.3 percent respectively. Bond market performance January through August, the spot bond transactions on the interbank bond market posted 24.6 trillion yuan, with daily trading volume averaging billion yuan, down 29.7 percent year on year. In August, the spot bond transactions totaled 3.4 trillion yuan on the interbank bond market, with daily trading volume averaging billion yuan, up percent year on year and down 6.6 percent month on month. Stock market performance At the end of August, the Composite Index closed at points, up 16 points or 0.71 percent month on month; the Shenzhen Stock Exchange Component Index closed at points, down 115 points or 1.45 percent month on month. In August, the had an average daily turnover of billion yuan, an increase of billion yuan month on month while the Shenzhen Stock Exchange had an average daily turnover of billion yuan, an increase of 25.5 billion yuan month on month.

7 5. QFII, RQFII & QDII As of August 31 st, 2014, the approved quota for QFII, RQFII and QDII were USD billion, USD billion and USD billion respectively. The newly approved quota for QFII and RQFII in August 2014 was USD 1.7 billion and USD 3.3 billion respectively. The approved quota for QDII did not change in August 2014.

8 You may sign up for a free subscription to this newsletter by sending your name, company name, job title and telephone number to: globalbusiness@sse.com.cn. Please feel free to contact Mr. Wen Hu at , or send an to wenhu@sse.com.cn if you have any query. Disclaimer This newsletter is provided by the (hereinafter referred to as SSE ) and intended only for those whom it is addressed to. Any unauthorized quotation, reprinting and/or distribution to a third party may be held legally liable. The contents and comments herein are for information purposes only and SSE makes no guarantees of their accuracy and completeness. The contents, comments and forecasts are subject to change at any time by SSE without prior notice. SSE holds the copyright of this newsletter and reserves all rights. Any reproduction, replication, quotation and/or reprinting by any individual or entity is prohibited without prior written consent of SSE; otherwise, SSE reserves the right to take any legal action at any time. No. 528 South Pudong Road, Shanghai, , P. R. China

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