SSE Newsletter. August Vol. 27. Highlights:

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1 Vol. 27 SSE Newsletter August 2015 Highlights: SSE Composite fell by 12.49% in August 2015, while trading volume showed significant decrease compared with that of the previous month SSE revised Article 15 of SSE Detailed Rules for Implementation of Margin Trading and Securities Lending (revised 2015) CSRC announced that China Securities Finance agreed to transfer stocks to be held by the Central Huijin for a long period of time CSRC announced that Mainland securities firms and securities investment advisory institutions further open up to Hong Kong and Macau stakeholders

2 1. Overview of SSE Market For the last 12 months (September 2014 August 2015), the SSE Composite Index reached the highest at (closing price, same below) on June 12 th, 2015 and the lowest at on September 1 st, In August 2015, the index fell by 12.49%. There have been 245 trading days from September 2014 to August The daily average turnover value was USD billion for the period. The single day turnover value peaked at USD billion on June 8 th, 2015 and reached the lowest at USD billion on October 27 th, The daily average turnover was USD billion for August 2015, which showed a significant decrease compared to that of the previous month. In terms of industry-wide accumulated turnover of August 2015, the top 3 sectors were Manufacturing (USD billion), Finance & Insurance (USD billion), and Transportation (USD billion).

3 For the last 12 months (September 2014 August 2015), the monthly average number of new A share accounts was 2,796,600. The single month number of new accounts peaked at 7,198,600 in April 2015, and reached the lowest at 417,300 in October As of August 2015, the total number of A-share accounts was million. In August 2015, the daily average trading volume of ETF was USD 5.72 billion, which represented an increase of 100% compared with USD 2.85 billion in August The volume reached its highest point at USD 7.44 billion on August 21 st, 2015 and the lowest at USD 4.09 billion on August 11 th, 2015.

4 2. SSE Updates On August 3 rd, the (SSE) announced that as approved by the China Securities Regulatory Commission, the SSE modified Article 15 of the SSE Detailed Rules for Implementation of Margin Trading and Securities Lending (Revised in 2015), in order to enhance risk management on the business of margin trading and securities lending, propel growth of the business and maintain order of the market. The modified article is as follows: Article 15 After short sale, the client may, starting from the next trading day, repay the financed securities to the member by purchasing securities, or directly repay the securities. Repaying securities by purchasing securities refers to the way in which the client applies to purchase securities through its credit securities account, and the securities purchased are directly transferred to the member s securities account for securities lending in the settlement. For the way of directly repaying the financed securities, it will be subject to the agreement between the member and the client as well as the relevant regulations of the depository and clearing institution designated by the SSE. If trading suspension is imposed on the securities of the client s short sale, the client may, according to the agreement, repay the financed securities to the member in cash or in other ways. The modified article shall come into effect since the date of announcement.

5 3. Key Statistics of China CPI has remained at a low level in the last twelve months. The YoY growth rate of CPI was 1.96% in August 2015, which is the peak during the period. CPI decreased to 0.76% in January 2015, the lowest during the period. From September 2014 to August 2015, M0 generally remains stable and is at USD 0.94 trillion in August M2 increased steadily, rising from USD 19.1 trillion in September 2014 to USD 21.5 trillion in August Ratio of raised funds on China s exchange market to amount of new loan was volatile. The average in the past 12 months was 9.4%, with the highest at 19.5% in December 2014 and the lowest at 2.8% in January 2015.

6 4. Updates on China s Capital Market On August 14 th, the China Securities Regulatory Commission (CSRC) announced that in the previous period of time, the China Securities Finance Corporation bought stocks in the market to maintain its stability and prevent systematic risk. As the market is coming back to normal, it is more important to let the market adjust by itself, and to continuously improve the internal stabilizing mechanism of the market through deepening reforms. In the next few years, the China Securities Finance Corporation will not exit the market and will keep its role of stabilizing the market, but will not operate in the market in normal times. When the market encounters dramatic abnormal volatility and possible systematic risk, the China Securities Finance Corporation will continue to perform its stabilizing role in various ways. The announcement also states that on the same day, the China Securities Finance Corporation transferred some stocks to Central Huijin Investment Ltd according to relevant rules of the stock exchanges. This will help the China Securities Finance Corporation better perform its role of stabilizing the market, and will help the market better recover its functions and create conditions for the stock market to develop in the long run in a stable and healthy fashion. On August 21 st, the CSRC announced that according to the Amendment Agreement 10 of Closer Economic Partnership Arrangement (CEPA) signed between the Mainland, Hong Kong and Macau, Mainland securities companies and securities investment advisory institutions will further open up to Hong Kong and Macau. First, is to allow eligible Hong Kong and Macau financial institutions to establish a joint stock full license securities company in Shanghai, Guangdong and Shenzhen according to Mainland rules. Hong Kong and Macau stakeholder can hold at most 51% of the JSC, and Mainland stakeholder is not limited to securities companies. Second, is to allow eligible Hong Kong and Macau financial institutions to open a new joint stock full license securities company in one of the pilot zones for financial reform in Mainland. The Mainland stakeholder is not limited to securities companies, and Hong Kong and Macau stakeholder can hold at most 49% of the JSC. No single Mainland stakeholder is required to hold a 49% stake. Third, is to allow Hong Kong and Macau securities companies to hold more than 50% in joint stock securities investment advisory firms in the pilot zones for financial reform in Mainland.

7 5. QFII, RQFII & QDII As of August 28 th, 2015, 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 2015 were USD 0.13 billion and USD 0.87 billion respectively. There was no newly approved quota for QDII. 6.Shanghai-Hong Kong Stock Connect In August 2015, the average daily quota usage percentage for Shanghai Stock Connect was 8.78%. The daily quota usage percentage on August 24 th was 63.55%, which was the peak during the period. The daily quota usage percentage on August 28 th was %, the lowest during the period. In August 2015, the average daily quota usage percentage for Hong Kong Stock Connect was 2.67%. The daily quota usage percentage on August 12 th was 7.76%, which was the peak during the period. The daily quota usage percentage on August 25 th was -2.75%, the lowest during the period.

8 You may sign up for a free subscription to this newsletter by sending your name, company name, job title and telephone number to: Please feel free to contact Mr. Wen Hu at , or send an to 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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