Notice Of Releasing “Shanghai Stock Exchange And China Securities Depository & Clearing Corp Administrative Measures On Risk Control Of Stock Option Pilot Program”

With an aim of standardizing the pilot program of stock option, the Shanghai Stock Exchange (SSE) and China Securities Depository & Clearing Corp., Ltd. (CSDC) have jointly formulated the “SSE and CSDC Administrative Measures on Risk Control of Stock Option Pilot Program” (the “Risk Control Measures” for short) in accordance with the “Administrative Measures on Pilot Program of Stock Option Trading” of the China Securities Regulatory Commission and other related regulations. The SSE hereby releases the “Risk control Measures” and notifies relevant issues as follows:

1. The “Risk Control Measures” shall take effect from the date of issuance. Option dealers should complete business and technical preparations in accordance with the regulations as soon as possible.

2. Regulations on portfolio strategy (Section 4, Chapter 2) will be implemented after the related technical development and testing are completed, with specific implementation time subject to further notice.

3. Regulations on securities margin (Section 5, Chapter 2) will not be implemented presently. The SSE and CSDC will formulate specific stipulations, with specific implementation time subject to further notice.