Shanghai Stock Exchange: Qualified overseas investors can participate in the trading of ETF options listed on this Exchange.

Notice on Relevant Matters Concerning Qualified Foreign Institutional Investors and Renminbi Qualified Foreign Institutional Investors Participating in Stock Options Trading Shanghai Stock Exchange [2025] No. 112 To all market participants: In accordance with the "Measures for the Administration of Securities and Futures Investment by Qualified Foreign Institutional Investors and Renminbi Qualified Foreign Institutional Investors in China," the "Announcement on the Participation of Qualified Foreign Institutional Investors and Renminbi Qualified Foreign Institutional Investors in Stock Options Trading," the "Shanghai Stock Exchange Pilot Trading Rules for Stock Options," the "Shanghai Stock Exchange Rules for Qualified Foreign Institutional Investors and Renminbi Qualified Foreign Institutional Investors," and the "Shanghai Stock Exchange Position Limit Management Guidelines for Stock Options," notification is hereby given on matters related to the participation of qualified foreign institutional investors and Renminbi qualified foreign institutional investors (collectively referred to as qualified foreign investors) in stock options trading on the Shanghai Stock Exchange (hereinafter referred to as the Exchange): 1. Qualified foreign investors may participate in trading exchange-traded open-end index fund options (ETF options) listed on the Exchange, with the purpose of hedging. 2. Qualified foreign investors may apply for position limits for long hedging and short hedging in the spot market. 3. Qualified foreign investors should report the Shanghai A-share securities account intended for use in their plan to the Exchange through the appointed options trading institution, and only open a corresponding derivative contract account as a dedicated account for hedging once the report is approved. 4. Qualified foreign investors should apply for hedging limits for the relevant options varieties through the appointed options trading institution. Only after the limit is approved by the Exchange can they engage in hedging trading, and they should continue to meet the Exchange's requirements for stock options hedging trading. 5. Options trading institutions accepting the mandates of qualified foreign investors should act diligently and strengthen compliance management of the business applications and trading behaviors of qualified foreign investors. 6. If qualified foreign investors and options trading institutions violate the requirements of this notification or engage in other misconduct, the Exchange may take measures such as verbal warnings, written warnings, adjusting position limits, restricting new positions, or conducting verbal reminders in accordance with relevant business rules. 7. From the date of this notification, the Exchange will start processing applications for qualified foreign investors to participate in stock options trading. This serves as notification. Shanghai Stock Exchange September 30, 2025 This article is compiled from the "Shanghai Stock Exchange official website," edited by Xu Wenqiang for GMTEight.