Guidelines Regarding the Standards for Statistical Indicators in the
Securities and Futures Industry
China Securities Regulatory Commission
January 2013
1
General Table of Contents
Notes to Preparation............................................................................................................................... 5
Stock Market ........................................................................................................................................... 7
SK-I: Market Size ................................................................................................................................... 7
SK-I-1: Number of Listed Companies ............................................................................................. 7
SK-I-2: Share Capital of Listed Companies ..................................................................................... 8
SK-I-3: Number of Companies Obtaining Funding by Offering Shares ........................................ 10
SK-I-4: Proceeds Raised through Offering of Shares .................................................................... 12
SK-I-5: Market Capitalization of Shares ........................................................................................ 14
SK-I-6: Market Capitalization of Listed Companies ...................................................................... 15
SK-I-7: Number of Stock Accounts ............................................................................................... 16
SK-I-8: Number of Stock Investors................................................................................................ 18
SK-II: Stock Trading ............................................................................................................................ 18
SK-II-1: Range of Fluctuation........................................................................................................ 18
SK-II-2: Volatility .......................................................................................................................... 19
SK-II-3: Trading Volume ............................................................................................................... 21
SK-II-4: Trading Value ................................................................................................................... 21
SK-II-5: Turnover Ratio ................................................................................................................. 22
SK-II-6: Price-to-Earnings Ratio (P/E Ratio)................................................................................. 24
SK-II-7: Price-to-Book Ratio (P/B Ratio) ...................................................................................... 26
SK-II-8: Market Capitalization of Shares Held in Accounts .......................................................... 27
SK-II-9: Net Value Derived from the Trading of Shares through Stock Accounts ......................... 28
SK-III: Function and Effect................................................................................................................. 28
SK-III-1: Securitization Ratio ........................................................................................................ 28
SK-III-2: Total Amount of Tax Paid by Listed Companies ............................................................ 29
SK-III-3: Total Amount of Dividends Distributed by Listed Companies ....................................... 29
SK-III-4: Dividend Yield Ratio ...................................................................................................... 31
SK-III-5: Stock Trading Costs ........................................................................................................ 32
SK-III-6: Number of Companies with an Equity Incentive Plan ................................................... 33
SK-III-7: Number of Companies Undertaking Significant Asset Restructuring ............................ 34
SK-III-8: Amount Involved in Significant Asset Restructuring ..................................................... 35
SK-IV:
Finance of Listed Companies .............................................................................................. 36
SK-IV-1: Total Net Profits of Listed Companies ........................................................................... 36
SK-IV-2: Average Return on Equity (ROE) of Listed Companies ................................................. 36
SK-IV-3: Cash Dividend Payout Ratio ........................................................................................... 37
SK-V:
Margin Trading .................................................................................................................... 38
SK-V-1: Amount Involved in Margin Trading ............................................................................... 38
SK-V-2: Balance of Margin Financing and Securities Lending ..................................................... 39
SK-V-3: Maintenance Margin Ratio .............................................................................................. 40
SK-V-4: Value of Securities Bought with Borrowed Money ......................................................... 41
SK-V-5: Value of Securities Borrowed and Sold Short .................................................................. 42
SK-V-6: Number of Margin Trading Accounts .............................................................................. 43
Bond Market ......................................................................................................................................... 44
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BD-I: Market Size................................................................................................................................. 44
BD-I-1: Number of Bonds Issued .................................................................................................. 44
BD-I-2: Value of Bonds Issued ...................................................................................................... 44
BD-I-3: Value of Bonds under Custody ......................................................................................... 45
BD-I-4: Number of Bonds Listed ................................................................................................... 46
BD-I-5: Amount of Proceeds Raised from Issue of Bonds ............................................................ 46
BD-I-6: Number of Accounts Holding Bonds ................................................................................ 47
BD-II: Bond Trading ............................................................................................................................ 47
BD-II-1: Value of Bonds Traded .................................................................................................... 47
BD-II-2: Total Value of Standard Bonds ........................................................................................ 48
BD-II-3: Ratio of Standard Bonds Used in Repo Transactions ...................................................... 49
BD-II-4: Fixed Repurchase Rate .................................................................................................... 49
BD-II-5: Value of Repurchase Agreements Not Settled ................................................................. 49
BD-II-6: Amount of Payments ....................................................................................................... 50
BD-II-7: Total Amount of Bond Principal Not Repaid within the Current Year ............................ 50
Fund Market ......................................................................................................................................... 52
FD-I: Market Size ................................................................................................................................. 52
FD-I-1: Number of Funds .............................................................................................................. 52
FD-I-2: Number of Listed Funds ................................................................................................... 52
FD-I-3: Fund Shares ....................................................................................................................... 53
FD-I-4: Size of Fund Assets ........................................................................................................... 53
FD-I-5: Market Capitalization of Listed Funds .............................................................................. 54
FD-I-6: Number of Fund Accounts ................................................................................................ 55
FD-I-7: Number of Fund Investors ................................................................................................ 55
FD-I-8: Value of Fund Shares Subscribed to and Value of Proceeds Raised from Issuance of Funds
....................................................................................................................................................... 56
FD-II: Fund Trading ............................................................................................................................ 56
FD-II-1: Value of Fund Shares Purchased and Value of fund shares Redeemed ............................ 56
FD-II-2: Value of Listed Funds Traded .......................................................................................... 57
FD-II-3: Average Discount (Premium) Rate .................................................................................. 57
FD-III: Fund Performance and Dividend .......................................................................................... 58
FD-III-1: Fund Profits .................................................................................................................... 58
FD-III-2: Amount of Fund Dividends Distributed ......................................................................... 58
FD-III-3: Total Holding Costs ........................................................................................................ 59
FD-IV: QFII and Other Indicators ..................................................................................................... 60
FD-IV-1: Number of QFIIs, Number of RQFIIs and Number of QDIIs ........................................ 60
FD-IV-2: QFII Investment Quota, RQFII Investment Quota and QDII Investment Quota ............ 61
Futures Market ..................................................................................................................................... 62
FS-I: Market Size ................................................................................................................................. 62
FS-I-1: Margin ............................................................................................................................... 62
FS-I-2: Number of Futures Exchange Members ............................................................................ 65
FS-I-3: Number of Futures Accounts ............................................................................................. 65
FS-I-4: Number of Customers ........................................................................................................ 67
FS-II: Futures Trading ......................................................................................................................... 67
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FS-II-1: Range of Fluctuation ........................................................................................................ 67
FS-II-2: Volatility ........................................................................................................................... 69
FS-II-3: Trading Volume ................................................................................................................ 70
FS-II-4: Trading Value ................................................................................................................... 71
FS-II-5: Positions ........................................................................................................................... 71
FS-II-6: Value of Positions ............................................................................................................. 72
FS-II-7: Basis ................................................................................................................................. 73
FS-II-8: Delivery Quantity ............................................................................................................. 74
FS-II-9: Delivery Ratio .................................................................................................................. 75
FS-II-10: Leverage Ratio ............................................................................................................... 75
FS-II-11: Proportion of Positions Held by Corporate Customers ................................................... 76
Dealers ................................................................................................................................................... 78
PI-I: Dealer Size .................................................................................................................................... 78
PI-I-1: Number of Securities Firms ................................................................................................ 78
PI-I-2: Number of Securities Business Departments ...................................................................... 78
PI-I-3: Number of Branch Offices of Securities Firms .................................................................. 79
PI-I-4: Number of Fund Management Companies ......................................................................... 79
PI-I-5: Number of Futures Companies ........................................................................................... 80
PI-I-6: Number of Futures Business Departments ......................................................................... 81
PI-I-7: Number of Practitioners...................................................................................................... 81
PI-II: Dealers’ Finance ......................................................................................................................... 82
PI-II-1: Total Assets ....................................................................................................................... 82
PI-II-2: Net Assets .......................................................................................................................... 82
PI-II-3: Average Financial Leverage .............................................................................................. 83
PI-II-4: Operating Revenue ............................................................................................................ 83
PI-II-5: Operating Expenses ........................................................................................................... 83
PI-II-6: Total Profits ....................................................................................................................... 84
PI-II-7: Net Profits ......................................................................................................................... 84
PI-III: Risk Control .............................................................................................................................. 85
PI-III-1: Total Net Capital .............................................................................................................. 85
PI-III-2: Securities Firms’ Total Risk-based Capital Provisions .................................................... 85
PI-III-3: Securities Firms’ Risk Coverage Ratio ............................................................................ 86
PI-IV: Dealers’ Businesses ................................................................................................................... 86
PI-IV-1: Total Customer Assets under Custody.............................................................................. 86
PI-IV-2: Total Value of Securities Traded on a Commission Basis ................................................ 87
PI-IV-3: Size of Asset Management Business ................................................................................ 87
PI-IV-4: Total Value of Futures Companies’ Customer Equity ...................................................... 88
Appendix I: Rapid Calculation Formulas for Range of Fluctuations .............................................. 89
Appendix II: Relevant Rules and Regulations ................................................................................... 91
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Notes to Preparation
1. The Guidelines Regarding the Standards for Statistical Indicators in the Securities and
Futures Industry (the "Guidelines") is established in accordance with such laws,
administrative regulations and ministerial rules as the Securities Law of the People’s Republic
of China, the Statistics Law of the People's Republic of China and the Administrative
Measures for the Statistics of Securities and Futures Markets.
2. The Guidelines is used to regulate the internal statistical work within the securities and
futures regulatory system. All entities and departments within the regulatory system shall
prepare， report and publish any statistic data in the field of securities and futures in
accordance with the uniform criteria specified by the Guidelines. Except that other market
participants shall comply with the requirements of the Guidelines in submitting statistical data
to regulators, they may apply the Guidelines on a voluntary basis and are not compelled to use
it.
3. The statistical indicators contained in the Guidelines fall into the following five categories:
stock market indicators, bond market indicators, fund market indicators, futures market
indicators and securities and futures dealer indicators.
4. The structure of an indicator consists of such parts as "name of indicator", "basic
definition", "statistical attributes", "category of indicator", "notes", and "relevant Rules and
Regulations".
5. Financial indicators referred to in the Guidelines are generally used for the purpose of
summary statistics.
6. While trading volume and value referred to in the Guidelines are calculated on a one-way
basis, transaction volume and value referred to herein are calculated on a two-way basis.
Positions in futures contracts and value of positions referred to herein are calculated on a
one-way basis.
7. With regard to market-wide indicators referred to in the Guidelines, their calculation results
are made publicly available and published by the statistical administration department of the
CSRC.
8. The 9 indicators, including dividend yield ratio, which are referred to in the Guidelines
Regarding the Standards for Statistical Indicators in the Securities and Futures Industry No.1
(Trial Implementation) issued by the CSRC in June 2012 have been incorporated into the
Guidelines and are subject to the provisions of the Guidelines.
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9. The industry classification of listed companies set out in the Guidelines is made with
reference to the Guidelines for the Industry Classification of Listed Companies.
10. If any conflict or ambiguity in the calculation of a statistical indicator arises as a result of
any regime or product innovation or a change in regulations, the statistical administration
department of the CSRC shall negotiate a provisional solution with the relevant reporting
entity.
11. The statistical administration department of the CSRC shall revise the Guidelines on a
periodic basis.
12. The CSRC shall be responsible for the interpretation of the Guidelines.
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Stock Market
SK-I: Market Size
SK-I-1: Number of Listed Companies
I. Basic Definition
The term “number of listed companies” refers to the number of joint stock limited companies
which have listed their issued shares on the Shanghai and Shenzhen Stock Exchanges by the
end of the statistical calculation period.
II. Statistical Attributes
(1) Basic frequency: day;
(2) Basic measurement unit: number; and
(3) Commonly used dimensions:
1. Type of share (A shares, B shares, etc.);
2. Board (main board, SME board, and growth enterprise board (GEB))
3. Category of industry;
4. Stock exchange; and
5. Regulatory jurisdiction and administrative division.
III. Category of Indicator
According to the listing and trading status of shares of listed companies, the number of listed
companies is divided into the following categories:
(1) Number of existing listed companies
The term “number of existing listed companies” refers to the number of joint stock limited
companies which have listed their issued shares on Shanghai and Shenzhen Stock Exchanges
by the end of the statistical calculation period.
(2) Number of suspended listed companies
The term “number of suspended listed companies” refers to the number of joint stock limited
companies whose issued shares have been suspended from being listed on a stock exchange
by the end of the statistical calculation period.
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(3) Number of delisted companies
The term “number of delisted companies” refers to the number of joint stock limited
companies whose issued shares have been terminated from being listed on a stock exchange
by the end of the statistical calculation period.
IV. Notes
(1) The number of existing listed companies, the number of suspended listed companies, and
the number of delisted companies shall be calculated respectively based on the date of listing,
the date of suspension of listing, and the date of termination of listing (the delisting date).
(2) Any listed company which has simultaneously issued A shares and B shares shall be
treated as one company when making such calculation.
SK-I-2: Share Capital of Listed Companies
I. Basic Definition
The term “share capital of listed companies”, also known as total share capital of listed
companies, refers to the aggregate quantity of all shares issued by listed companies at the end
of the statistical calculation period.
For the convenience of statistical calculation, the share capital of listed companies herein only
refers to the quantity of shares issued by listed companies in China, including the share
capital of A shares, B shares and other non-tradable domestic shares.
The term “share capital of A shares” refers to the quantity of RMB-denominated ordinary
shares issued by listed companies.
The term “share capital of B shares” refers to the quantity of RMB-denominated special
shares (shares denominated in RMB and traded in any foreign currency) issued by listed
companies.
II. Statistical Attributes
(1) Basic frequency: day;
(2) Basic measurement unit: share; and
(3) Commonly used dimensions:
1. Type of share (A shares, B shares, etc.); and
2. Board (main board, SME board, and GEB)
III. Category of Indicator
Depending on different limitations on the trading of shares of listed companies, the share
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capital of listed companies is divided into the following categories:
(1) Restricted share capital
The term “restricted share capital” refers to the total quantity of restricted shares still being
locked at the end of the statistical calculation period, including the share capital of restricted
A shares, the non-tradable share capital of companies which have not undergone the
split-share structure reform and the non-tradable share capital of companies which have only
issued S shares.
(2) Non-restricted share capital
Non-restricted share capital generally is also known as tradable share capital. The calculation
formula is as follows:
Non-restricted share capital= share capital of listed companies-restricted share capital
(3) Tradable share capital of A shares
The term “tradable share capital of A shares”, i.e. non-restricted share capital of A shares,
refers to the total quantity of A shares among non-restricted share capital of listed companies.
The calculation formula is as follows:
Tradable share capital of A shares= share capital of A shares- restricted share capital of A
shares
(4) Freely tradable share capital
The term “freely tradable share capital” refers to the quantity of A shares available to be
freely traded by investors on a stock exchange.
The calculation formula of freely tradable share capital is as follows:
Freely tradable share capital=share capital of A shares- restricted share capital of A
shares-non-restricted share capital among the six categories of share capital (if the combined
holdings exceed 5%);
The six categories of share capital include: 1. shares possessed by company founders, their
family members and senior officers as long-term shareholders; 2. state-owned shares; 3.
shares owned by strategic investors; 4. frozen shares; 5. restricted shares held by employees;
and 6. shares cross-held by listed companies.
The combined holdings refer to the combined quantity of restricted shares and non-restricted
shares held by the shareholders of the above six categories of share capital and persons acting
in concert.
5% refers to the ratio of share capital involved in the combined holding to share capital of A
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shares.
IV. Notes
The share capital of listed companies shall be calculated based on the date of listing.
V. Relevant Rules and Regulations
(1) Standards for the Contents and Formats of Information Disclosure by Companies Publicly
Offering Securities No. 5- Contents and Formats of Reports on Changes in Shares of the
Companies (Zheng Jian Gong Si Zi [2007] No.98);
(2) Rules for the Compilation of CSI 300 Index (2012) issued by China Securities Index Co.,
Ltd.
SK-I-3: Number of Companies Obtaining Funding by Offering Shares
I. Basic Definition
The term “number of companies obtaining funding by offering shares” refers to the number of
listed companies which get financing through issuing shares during the statistical calculation
period.
II. Statistical Attributes
(1) Basic frequency: day;
(2) Basic measurement unit: number; and
(3) Commonly used dimensions:
1. Type of share (A shares, B shares, etc.);
2. Board (main board, SME board and GEB);
3. Category of industry;
4. Stock exchange; and
5. Regulatory jurisdiction and administrative division.
III. Category of Indicator
Depending on whether listed companies obtain financing by making an IPO, this indicator is
divided into the number of companies obtaining financing by IPO and the number of
companies obtaining financing by subsequent offerings. The number of companies obtaining
financing by subsequent offerings can be further divided into the number of companies
obtaining funding by follow-on offerings, the number of companies obtaining funding by
rights issues and the number of companies obtaining funding by exercise, etc.
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(1) Number of companies obtaining funding by IPO
The term “number of companies obtaining funding by IPO” refers to the number of
companies which get financing through IPO during the statistical calculation period.
Companies which get listed through such means as merger and split-off and have not obtained
funding by publicly offering new shares shall not be included in the number of companies
obtaining funding by IPO.
(2) Number of companies obtaining funding by subsequent Offerings
The term “number of companies obtaining funding by subsequent offerings” refers to the
number of listed companies which get financing by such means as follow-on offerings
(including public offerings and private placements), rights issues and exercise.
1. Number of companies getting funding by follow-on offerings
The term “number of companies getting funding by follow-on offerings” refers to the number
of listed companies which get financing through follow-on offerings during the statistical
calculation period.
According to different investors targeted in follow-on offerings, the number of companies
making follow-on offerings can be divided into two indicators: the number of companies
getting financing by public follow-on offerings and the number of companies getting
financing by private placements.
2. Number of companies obtaining funding by rights issues
The term “number of companies obtaining funding by rights issues” refers to the number of
listed companies which get financing through placing shares to original shareholders during
the statistical calculation period.
3. Number of companies obtaining funding by exercise
The number of companies obtaining funding by exercise includes the number of companies
which get financing through the exercise of warrants (options) and the number of companies
which get financing by conversion of convertible bonds during the statistical calculation
period.
Getting financing through the exercise of warrants (options) refers to any activity in which
holders of warrants (or options) granted by a listed company subscribe to its shares in
accordance with the agreement, thereby increasing the quantity of shares of the listed
company.
IV. Notes
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(1) The statistical indicator shall be calculated based on the date of listing of shares.
(2) When a company raises funds on multiple occasions during the statistical calculation
period, the indicator shall be one.
V. Relevant Rules and Regulations
(1) Administrative Measures for IPO and Listing of Stocks (CSRC’s Decree No.32)
(2) Tentative Administrative Measures for IPO and Listing on GEB (CSRC’s Decree No. 61)
(3) Administrative Measures for Offering of Securities by Listed Companies (CSRC’s Decree
No. 30).
SK-I-4: Proceeds Raised through Offering of Shares
I. Basic Definition
The term “proceeds raised through offering of shares” refers to the total amount of funds
raised through offering of shares during the statistical calculation period.
II. Statistical Attributes
(1) Basic frequency: day;
(2) Basic measurement unit: number; and
(3) Commonly used dimensions:
1. Type of share (A shares, B shares, etc.);
2. Board (main board, SME board and GEB);
3. Category of industry;
4. Stock exchange; and
5. Regulatory jurisdiction and administrative division.
III. Category of Indicator
Depending on whether an IPO is involved in the obtainment of financing, the proceeds raised
through offering of shares is divided into two indicators: proceeds raised through IPO and
proceeds raised through subsequent offerings. The proceeds raised through subsequent
offerings can be further divided into such indicators as proceeds raised through follow-on
offerings, proceeds raised through rights issues, and proceeds raised by exercise, etc. (see
Number of Companies Obtaining Funding by Offering Shares).
(1) Proceeds raised through IPO
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The term “proceeds raised through IPO” refer to the total amount of funds raised through IPO
during the statistical calculation period.
Proceeds raised through IPO=∑( issuing price per share* quantity of shares being issued).
For proceeds raised by a company which issued shares as the merging party and has been
listed, the calculation formula is as follows:
Proceeds raised through IPO (merger) =issuing price per share *(quantity of shares being
issued - quantity of shares being exchanged).
For an IPO attached with the over-allotment option, proceeds raised through the IPO shall be
retrospectively adjusted based on the actual exercise of the over-allotment option.
(2) Proceeds raised through subsequent offerings
The term “proceeds raised through subsequent offerings” refers to the aggregate amount of
funds raised through such means as follow-on offerings (public offerings and private
placements), rights issues and exercise during the statistical calculation period.
1. Proceeds raised through follow-on offerings
The term “proceeds raised through follow-on offerings” refers to the aggregate amount of
funds raised by listed companies through follow-on offerings during the statistical calculation
period.
Proceeds raised through follow-on offerings =∑ (follow-on offering price per share* quantity
of shares being issued).
Based on different subscribers of shares being issued, proceeds raised through follow-on
offerings can be divided into proceeds raised through public follow-on offerings and proceeds
raised through private placements.
Depending on whether shares being issued are subscribed to in cash, proceeds raised through
follow-on offerings can be divided into proceeds (via subscription made in cash)and those
(via subscription made in non-cash assets) .
2. Proceeds raised through rights issues
The term “proceeds raised through rights issues” refers to the aggregate amount of funds
raised by listed companies through placing shares to their original shareholders during the
statistical calculation period.
Proceeds raised through rights issues=∑ (rights issue price * quantity of shares being
offered )=∑(rights issue price*quantity of shares issued and outstanding* rights issue ratio)
3. Proceeds raised through exercise
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Proceeds raised through exercise include proceeds raised through exercise of warrants
(options) and proceeds raised through conversion of convertible bonds.
Proceeds raised through exercise=∑ (exercise price* quantity of shares subscribed to by
exercise) ++∑(conversion price * quantity of convertible bonds being converted).
IV. Notes
(1) The statistical indicator shall be calculated based on the date of listing of shares.
V. Relevant Rules and Regulations
(1) Administrative Measures for IPO and Listing of Stocks (CSRC’s Decree No.32)
(2) Tentative Administrative Measures for IPO and Listing on GEB (CSRC’s Decree No. 61)
(3) Administrative Measures for Offering of Securities by Listed Companies (CSRC’s Decree
No. 30).
SK-I-5: Market Capitalization of Shares
I. Basic Definition
The term “market capitalization of shares” refers to the total value of equity calculated based
on the price of shares issued by listed companies and the quantity of such shares at the end of
the statistical calculation period.
II. Statistical Attributes
(1) Basic frequency: day;
(2) Basic measurement unit: yuan; and
(3) Commonly used dimensions:
1. Type of share (A shares, B shares, etc.);
2. Board (main board, SME board and GEB);
3. Category of industry and stock index;
4. Stock exchange; and
5. Regulatory jurisdiction and administrative division.
III. Category of Indicator
(1) Market capitalization of A-shares
The term “market capitalization of A-shares” refers to the total value of equity calculated
based on the price of A-shares issued by listed companies and the quantity of their A-shares.
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(2) Market capitalization of tradable A-shares
The term “market capitalization of tradable A-shares” refers to the total value of equity
calculated based on the price of A-shares issued by listed companies and the share capital of
their restricted A-shares.
(3) Market capitalization of tradable B-shares
The term “market capitalization of tradable B-shares” refers to the total value of equity
calculated based on the price of B-shares issued by listed companies and the share capital of
their tradable B-shares.
In making statistical calculation, market capitalization of tradable B-shares is generally
expressed in RMB.
(4) Free-float market capitalization
The term “free-float market capitalization” refers to the total value of equity calculated based
on the price of A-shares issued by listed companies and the share capital of their freely
tradable A-shares.
IV. Notes
(1) In the absence of a trading price on the day, the closing price of the final trading day shall
be adopted; the price of shares issued by a suspended listed company shall be treated as zero.
(2) The market capitalization of non-tradable shares issued by a company which has not
undergone the split-share structure reform shall be calculated at the price of tradable A-shares
issued by the company.
(3) For any listed company which has only issued B-shares, the market capitalization of its
shares shall not include its non-tradable shares.
(4) In calculating the market capitalization of shares going ex-rights on the day, shares to be
delivered (those which have been registered but have not been listed) are required to be
included.
SK-I-6: Market Capitalization of Listed Companies
I. Basic Definition
The term “market capitalization of listed company” refers to the total value of equity
calculated based on the price of shares issued by listed companies and their share capital at
the end of the statistical calculation period.
II. Statistical Attributes
(1) Basic frequency: day;
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(2) Basic measurement unit: yuan; and
(3) Commonly used dimensions:
1. Type of share (A shares, B shares, etc.);
2. Board (main board, SME board and GEB);
3. Category of industry and stock index;
4. Stock exchange; and
5. Regulatory jurisdiction and administrative division.
III. Category of Indicator
(1)Market capitalization of listed companies
Market capitalization of listed companies equals to the sum of the market capitalization of
listed companies’ A-shares and that of their B-shares.
CAP  CAPa  CAPb  Pa  SHR a  Pb  SHR b  R
In which:
Pa and Pb represent respectively the prices of A shares and B shares;
SHRa and SHRb represent respectively the share capital of A shares and S shares; and
R represents the exchange rate between RMB and USD or HKD.
(2) Market capitalization of listed companies’ tradable shares
The term “market capitalization of listed companies’ tradable shares” refers to the sum of the
market capitalization of listed companies’ tradable A-shares and that of their tradable B
shares.
SK-I-7: Number of Stock Accounts
I. Basic Definition
The term “number of stock accounts” refers to the total number of stock accounts which have
been opened with China Securities Depository and Clearing Company Limited by the end of
the statistical calculation period, including accounts for A-shares and B-shares,.
II. Statistical Attributes
(1) Basic frequency: day;
(2) Basic measurement unit: number; and
16
(3) Commonly used dimensions:
1. Type of share (A shares, B shares, etc.);
2. Stock exchange;
3. Type of investor (individual and institutional investors); and
4. Region where an investor opens a stock account.
III. Category of Indicator
(1) Number of newly opened accounts
The term “number of newly opened accounts” refers to the number of new stock accounts
opened during the statistical calculation period.
(2) Number of newly canceled accounts
The term “number of newly canceled accounts” refers to the number of stock accounts
canceled during the statistical calculation period.
(3) Number of dormant accounts
The term “number of dormant accounts” refers to the number of accounts which has a zero
balance in the case of securities accounts or has a balance of less than RMB 100 in the case of
capital accounts and by which no trade has been transacted over the past three years or so in a
row.
(4) Number of valid accounts
The term “number of valid accounts” refers to the number of stock accounts less dormant
accounts at the end of the statistical calculation period.
(5) Number of accounts with the function of trading on GEB
The term “number of accounts with the function of trading on GEB” refers to the number of
accounts with the function of trading on GEB among the valid accounts for A-shares at the
end of the statistical calculation period.
(6) Number of accounts involved in stock trading
The term “number of accounts involved in stock trading” refers to the number of valid
accounts involved in stock trading through which at least one purchase or sale has been made.
(7) Number of accounts holding shares
The term “number of accounts holding shares” refers to the number of accounts which hold
any shares at the end of the statistical calculation period.
17
(8) Proportion of accounts involved in stock trading
The term “proportion of accounts involved in stock trading” refers to the ratio of the number
of accounts involved in stock trading during the statistical calculation period to the number of
valid stock accounts at the end of the statistical calculation period.
V. Relevant Rules and Regulations
Circular on Further Standardizing the Administration of Accounts (2007)
SK-I-8: Number of Stock Investors
I. Basic Definition
The term “number of stock investors” refers to the number of investors who have opens a
stock account by the end of the statistical calculation period. The statistical calculation shall
be made by making sure that "both the full name of investor and the certificate code are
consistent."
II. Statistical Attributes
(1) Basic frequency: day;
(2) Basic measurement unit: number; and
(3) Commonly used dimensions:
1. Type of share (A shares, B shares, etc.);
2. Stock exchange;
3. Type of investor (individual and institutional investors); and
4. Region where an investor opens a stock account.
III. Category of Indicator
Number of new stock investors
The term “number of new stock investors” refers to the number of investors who have
initially opens a stock account during the statistical calculation period.
SK-II: Stock Trading
SK-II-1: Range of Fluctuation
I. Basic Definition
The term “range of fluctuation” refers to the range of changes in the ending price of shares
relative to the beginning price during the statistical calculation period.
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 P

R   t  1 100%
 P0

R-Range of Fluctuation;
Pt- Closing price at the end of the period; and
Po-Closing price before the beginning of the period
II. Statistical Attributes
(1) Basic frequency: day;
(2) Basic measurement unit: %; and
(3) Commonly used dimensions:
1. Type of share (A shares, B shares, etc.);
2. Category of industry, place of trade and stock index; and
3. Board (main board, SEM board and GEB).
III. Notes
(1) Range of fluctuations in the share indexes shall use the range of fluctuation in the price of
shares as a reference.
(2) In calculating the interval range of fluctuations in the price of shares, it is required to
subject the price of shares to the rights restoration process. Rights restoration factors include,
inter alia, distribution of dividends, issue of bonus shares and rights issue. The formula for the
rights restoration price is as follows:
Rights restoration price=current price*(1+bonus share ratio + rights issue ratio) + dividends
per share-rights issue price* rights issue ratio
If there are more than one distribution of dividends, issue of bonus shares, or rights issue
during the statistical calculation period, the rights restoration price shall be calculated based
on the recursive method.
In calculating the rights restoration price, a rapid calculation is generally made by multiplying
range of fluctuations by segment within the interval or rights restoration factors (see
Appendix for the rapid calculation formula)
SK-II-2: Volatility
I. Basic Definition
The term “volatility” refers to the extent of variation in the price of shares during the
statistical calculation period, which is calculated by indicating the range of shift of the
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maximum price difference within the interval from the basis price.
II. Statistical Attributes
(1) Basic frequency: day;
(2) Basic measurement unit: %; and
(3) Commonly used dimensions:
1. Type of share (A shares, B shares, etc.);
2. Category of industry, place of trade and stock index; and
3. Board (main board, SEM board and GEB).
III. Category of Indicator
(1) Volatility (lowest price)
Volatility (lowest price) is calculated based on the ratio of the maximum share price
difference within the interval to the lowest price within the interval.
  Ph -Pl  
A= 
 100%
Pl


In which:
A —volatility;
Ph
—the highest rights restoration price within the interval; and
Pl
—the lowest rights restoration price within the interval.
(2) Volatility (closing price before the rights restoration process)
Volatility (closing price before the rights restoration process) is calculated based on the ratio
of the maximum share price difference within the interval during the statistical calculation
period to the closing price before the rights restoration process at the beginning of the period
A=
 Ph -Pl   100%
Ppreclose
In which:
—volatility;
—the highest rights restoration price within the interval;
20
—the lowest rights restoration price within the interval; and
—closing price before the rights restoration process at the beginning of the period.
IV. Notes
(1) Volatility of share indexes shall be calculated with reference to the volatility of stocks
(2) If the date on which the period begins is the first day on which the shares are listed, the
basis for the closing price before right restoration shall be inapplicable.
V. Relevant Rules and Regulations
(1) Trading Rules of Shanghai Stock Exchange (2012);
(2) Trading Rules of Shenzhen Stock Exchange (2012).
SK-II-3: Trading Volume
I. Basic Definition
The term “trading volume” refers to the total quantity of all shares traded during the statistical
calculation period.
II. Statistical Attributes
(1) Basic frequency: day;
(2) Basic measurement unit: share; and
(3) Commonly used dimensions:
1. Type of share (A shares, B shares, etc.);
2. Category of industry, place of trade and stock index;
3. Board (main board, SME board, and GEB); and
4. Stock exchange.
III. Notes
In making statistical calculation for trading volume, auction trade and trade by agreement
(block trade) shall be included.
SK-II-4: Trading Value
I. Basic Definition
The term “trading value” refers to the total value of all shares traded during the statistical
calculation period.
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II. Statistical Attributes
(1) Basic frequency: day;
(2) Basic measurement unit: yuan; and
(3) Commonly used dimensions:
1. Type of share (A shares, B shares, etc.);
2. Category of industry, place of trade and stock index;
3. Board (main board, SME board, and GEB); and
4. Stock exchange.
III. Notes
In making statistical calculation for trading value, auction trade and trade by agreement
(block trade) shall be included.
SK-II-5: Turnover Ratio
I. Basic Definition
The term “turnover ratio” refers to the ratio of the trading volume (or trading value) of shares
to the share capital (or market capitalization) of such shares.
II. Statistical Attributes
(1) Basic frequency: day;
(2) Basic measurement unit: %; and
(3) Commonly used dimensions:
1. Type of share (A shares, B shares, etc.);
2. Category of industry, place of trade and stock index;
3. Board (main board, SME board, and GEB); and
4. Stock exchange.
III. Category of Indicator
(1) Turnover ratio of share capital
The term “turnover ratio of share capital” refers to the ratio of the volume of shares being
traded on the day to the share capital of their tradable shares. The calculation formula is as
follows:
22
 TVod 
TR d = 
 100%
 TSd 
In which:
—turnover ratio of share capital
—quantity of shares being traded on the day; and
—tradable shares
In addition, the turnover ratio of share capital may also be calculated based on the ratio of the
volume of shares being traded on the day to the share capital of their freely tradable shares.
The turnover ratio within the interval is generally calculated based on the total turnover ratios
of shares on all trading days during the statistical calculation period.
(2) Turnover ratio of market capitalization
The term “turnover ratio of market capitalization” refers to the ratio of the value of shares
being traded on the day to the market capitalization of their tradable shares. The calculation
formula is as follows:
 TVa d 
TR d  
 100%
 CAPd 
In which:
—turnover ratio of market capitalization
—value of shares being traded on the day; and
—market capitalization of tradable shares
In addition, the turnover ratio of market capitalization may also be calculated based on the
ratio of the value of shares being traded on the day to the market capitalization of their freely
tradable shares.
The turnover ratio within the interval is generally calculated based on the total turnover ratios
of market capitalization on all trading days during the statistical calculation period.
IV. Notes
(1) Generally, turnover ratio of share capital shall be adopted for an individual stock and
turnover ratio of market capitalization for a group of stocks.
(2) In calculating the turnover ratio of a group of stocks, stocks being suspended from being
listed shall not be included.
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SK-II-6: Price-to-Earnings Ratio (P/E Ratio)
I. Basic Definition
The term “P/E ratio” refers to the ratio of a listed company's price per share to its earnings per
share. P/E ratio is generally calculated by using the ratio of the market capitalization of a
listed company's shares to net profits for such shares attributable to shareholders of its parent
company.
PE 
P
CAP

EPS
NP
In which:
PE—P/E ratio
P—price per share
EPS—earnings per share
CAP—market capitalization of shares; and
NP—net profits for such shares attributable to shareholders of any parent company
II. Statistical Attributes
(1) Basic frequency: day;
(2) Basic measurement unit: times; and
(3) Commonly used dimensions:
1. Type of share (A shares, B shares, etc.);
2. Category of industry, place of trade and stock index;
3. Board (main board, SME board, and GEB); and
4. Stock exchange.
III. Category of Indicator
Depending on different earnings per share selected with respect to shares, P/E ratio mainly
includes the following three indicators:
(1) Static P/E ratio
The term “static P/E ratio” refers to the ratio of a listed company's price per share at the end
of the statistical calculation period to earnings per share disclosed in its latest annual financial
report. Static P/E ratio is generally calculated by using the ratio of the market capitalization of
a listed company's shares to net profits disclosed in its latest annual financial report as
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attributable to shareholders of its parent company.
(2) Rolling P/E ratio
The term “rolling P/E ratio” refers to the ratio of a listed company's price per share at the end
of the statistical calculation period to the aggregate earnings per share generated in the latest
four quarters in a row. Rolling P/E ratio is generally calculated by using the ratio of the
market capitalization of a listed company's shares to the total net profits attributable to
shareholders of its parent company in the latest four quarters in a row.
(3) Prospective P/E ratio
The term “prospective P/E ratio” refers to the ratio of a listed company's price per share at the
end of the statistical calculation period to the prospective earnings per share. Prospective
earnings per share are calculated by using the following methods:
Prospective earnings per share =earnings per share realized in the first-quarter financial report
*4；
Prospective earnings per share= earnings per share realized in the semi-annual financial report
*2；
Prospective earnings per share = earnings per share realized in the third-quarter financial
report *4/3。
In making such calculation, the latest financial report shall be used.
IV. Notes
(1) Data on earnings per share and net profits shall be updated in a centralized manner on the
day immediately following the deadline for the public release of the financial report.
(2) Only shares which have positive earnings per share shall be included in the calculation of
P/E ratio for an individual share.
(3) The static P/E ratio is widely used for general purposes; the rolling P/E ratio and the
prospective P/E ratio are used for analysis purpose.
(4) In calculating the average P/E ratio for several shares, the ratio of the total market
capitalization of the listed companies' shares to total net profits attributable to the
shareholders of their parent companies (except for the shares of suspended listed companies):
n
 CAP
i
PE=
i=1
n
 NP
i
i=1
In which:
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PE-P/E ratio
n-number of shares
—market capitalization of the No. i listed company's shares; and
—net profits for the No. i listed company’s shares attributable to shareholders of its parent
company
SK-II-7: Price-to-Book Ratio (P/B Ratio)
I. Basic Definition
The term “P/B ratio” refers to the ratio of a listed company's price per share to its net assets
per share. P/B ratio is generally calculated by using the ratio of the market capitalization of a
listed company's shares to equity attributable to shareholders of its parent company.
PB 
P
CAP

BPS
NA
In which:
PB-P/B ratio;
P-price per share;
BPS- net assets per share;
CAP-market capitalization of shares; and
NA-equity attributable to shareholder of the parent company.
II. Statistical Attributes
(1) Basic frequency: day;
(2) Basic measurement unit: times; and
(3) Commonly used dimensions:
1. Type of share (A shares, B shares, etc.);
2. Category of industry, place of trade and stock index;
3. Board (main board, SME board, and GEB); and
4. Stock exchange.
III. Notes
(1) Data on net assets per share shall be updated in a centralized manner on the day
immediately following the deadline for the public release of the financial report.
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(2) Net assets per share provided in the latest financial report are generally be used to
calculate the P/B ratio
(3) Only shares which have positive earnings per share be included in the calculation of P/B
ratio for an individual share.
(4) In calculating the average P/B ratio for several shares, the ratio of the total market
capitalization of the listed companies' shares to total equity attributable to shareholders of
their parent companies (except for the shares of suspended listed companies):
n
 CAP
i
PB=
i=1
n
 NA
i
i=1
In which:
PB-P/B ratio;
n- number of shares;
CAPi-market capitalization of the No. i listed company’s shares; and
NAi-equity attributable to shareholders of the parent company of the No. i listed company
SK-II-8: Market Capitalization of Shares Held in Accounts
I. Basic Definition
The term “market capitalization of shares held in accounts” refers to the total market
capitalization of shares held in stock accounts at the end of the statistical calculation period.
TCAP 
n
P
i 1
i
 SHR i
In which:
TCAP-market capitalization of shares held in accounts
n- number of shares;
Pi
—price of the No.i share; and
SHR i
—amount of the No. i share
II. Statistical Attributes
(1) Basic frequency: day;
(2) Basic measurement unit: yuan; and
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(3) Commonly used dimensions:
1. Type of investor (individual and institutional investors);
2. Region where an investor opens a stock account;
3. Type of share (A shares, B shares, etc.); and
4. Stock exchange.
III. Notes
The price of shares of a suspended listed company shall be calculated based on the closing
price of the final trading day.
SK-II-9: Net Value Derived from the Trading of Shares through Stock Accounts
I. Basic Definition
The term “net amount derived from the trading of shares through stock accounts” refers to the
net value derived after the netting of the value of shares bought and sold on a stock exchange
through a group of stock accounts during the statistical calculation period.
Net value derived from the trading of shares through stock accounts=total value of shares
bought-total value of shares sold
II. Statistical Attributes
(1) Basic frequency: day;
(2) Basic measurement unit: yuan; and
(3) Commonly used dimensions:
1. Type of investor (individual and institutional investors); and
2. Region where an investor opens a stock account.
SK-III: Function and Effect
SK-III-1: Securitization Ratio
I. Basic Definition
The term “securitization ratio” refers to the ratio of the total market capitalization of all listed
companies to the gross domestic production (GDP). Securitization ratio is an important
indicator in evaluating the development of the securities market. The calculation formula is as
follows:
28
SR 
MCAP
 100%
GDP
In which:
SR-securitization Ratio;
MCAP- market capitalization of all listed companies; and
GDP-gross domestic production.
II. Statistical Attributes
(1) Basic frequency: year; and
(2) Basic measurement unit: %
III. Notes
GDP published by the National Bureau of Statistics shall be used to calculate the GDP
involved in this indicator.
SK-III-2: Total Amount of Tax Paid by Listed Companies
I. Basic Definition
The term “total amount of tax paid by listed company” refers to the aggregate amount of taxes
paid by listed companies during the statistical calculation period.
II. Statistical Attributes
(1) Basic frequency: year;
(2) Basic measurement unit: yuan; and
(3) Commonly used dimensions:
1. Board (main board, SME board and GEB);
2. Category of industry; and
3. Regulatory jurisdiction and administrative division.
III. Relevant Rules and Regulations
Standards for the Contents and Formats of Information Disclosure by Companies Publicly
Offering Securities
SK-III-3: Total Amount of Dividends Distributed by Listed Companies
I. Basic Definition
29
The term “total amount of dividends distributed by listed companies” refers to the aggregate
sum of cash dividends distributed by listed companies during the statistical calculation period,
including dividends distributed to holders of common shares and those of preferred shares.
II. Statistical Attributes
(1) Basic frequency: day;
(2) Basic measurement unit: yuan; and
(3) Commonly used dimensions:
1. Board (main board, SME board and GEB);
2. Type of share (A shares, B shares, etc.);
3. Category of industry;
4. Stock exchange; and
5. Regulatory jurisdiction and administrative division.
III. Category of Indicator
Depending on whether dividends have been distributed, this indicator is divided into the total
amount of dividends actually distributed, the total amount of dividends proposed to be
distributed, and the total amount of dividends distributed pursuant to the dividend distribution
plan:
(1) Total amount of dividends actually distributed
The term “total amount of dividends actually distributed” refers to the aggregate amount of
cash dividends distributed by listed companies within the latest 12 months.
(2) Total amount of dividends to be distributed pursuant to the dividend distribution plan
The term “total amount of dividends to be distributed pursuant to the dividend distribution
plan” refers to the aggregate amount of dividends calculated based on the amount of cash
dividends proposed to be distributed in the dividend distribution plan of each financial report
within a financial year.
(3) Total amount of dividends distributed pursuant to the dividend distribution plan
The term “total amount of dividends distributed pursuant to the dividend distribution plan”
refers to the aggregate amount of dividends already distributed pursuant to the dividend
distribution plan of each financial report within a financial year.
IV. Notes
30
(1) Tax shall be included in the total amount of cash dividends distributed.
(2) The total amount of dividends to be distributed pursuant to the dividend distribution plan
shall exclude the amount of special dividends not disclosed in the financial reports.
(3) The amount of cash dividends distributed by listed companies shall be valued in RMB
(4) The total amount of dividends actually distributed shall be calculated on the ex-dividend
date
(5) The period of "the latest 12 months" shall be calculated in the following rule: if the
statistical calculation period ends on the final natural day of a month, the month shall be
included in the statistical calculation period; otherwise, the month shall be excluded
therefrom.
V. Relevant Rules and Regulations
(1) Decision on Revising Certain Rules for the Distribution of Cash Dividends by Listed
Companies (CSRC’s Decree No. 57)
(2) Circular on Further Handling Matters Relating to the Distribution of Cash Dividends by
Listed Companies (Zheng Jian Fa No. [2012] 37)
SK-III-4: Dividend Yield Ratio
I. Basic Definition
The term “dividend yield ratio” refers to the ratio of cash dividends per share to share price.
In order to eliminate the effect of any change in the share capital, the ratio of the
corresponding total amount of dividends actually distributed to the market capitalization of
shares at the end of the statistical calculation period is generally used to calculate the dividend
yield ratio:
DP =
DY
 100%
CAP
In which:
DP-dividend yield ratio;
DY-the corresponding total amount of cash dividends distributed within the statistical
calculation period; and
CAP-market capitalization of sample shares at the end of the period.
In addition, the ratio of the total amount of dividends to be distributed pursuant to the
dividend distribution plan to the market capitalization of shares at the end of the statistical
calculation period may also be adopted to calculate the dividend yield ratio for the dividends
31
to be distributed pursuant to the dividend distribution plan.
II. Statistical Attributes
(1) Basic frequency: day;
(2) Basic measurement unit: %; and
(3) Commonly used dimensions:
1. Board (main board, SME board and GEB);
2. Category of industry and stock index; and
3. Stock exchange.
III. Notes
(1) Suspended listed companies shall be excluded from the statistical calculation.
(2) The total approach shall generally be used to calculate the average dividend yield ratio of
a group of shares:


DP(avg) = 





  100%
n
CAPi 


i

n
 DY
i
i
In which:
DP（avg）- average dividend yield ratio;
n-number of shares;
DYi—total amount of cash dividends distributed on the No. i share; and
CAPi—market capitalization of the No.i share at the end of the period.
SK-III-5: Stock Trading Costs
I. Basic Definition
The term “stock trading costs” refers to the total amount of taxes and expenses paid by an
investor when trading shares during the statistical calculation period, including, inter alia,
stock trading commissions, transaction handling charges, transfer fees, charges for
supervision of stock trading and stamp duty.
II. Statistical Attributes
(1) Basic frequency: day;
(2) Basic measurement unit: yuan; and
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(3) Commonly used dimensions:
1. Type of share (A shares, B shares, etc.);
2. Type of investor (individual and institutional investors)
3. Stock exchange; and
4. Regulatory jurisdiction and administrative division.
III. Relevant Rules and Regulations
Schedule of Fee Standards for Capital Settlement (2012) issued by Shanghai and Shenzhen
Stock Exchanges.
SK-III-6: Number of Companies with an Equity Incentive Plan
I. Basic Definition
The term “number of companies with an equity incentive plan” refers to the number of listed
companies whose equity incentive plan has been approved at the shareholders' meeting or has
been implemented during the statistical calculation period.
An equity incentive plan may include, among other things, the granting of stock options and
restricted stocks.
II. Statistical Attributes
(1) Basic frequency: month;
(2) Basic measurement unit: number; and
(3) Commonly used dimensions:
1. Board (main board, SME board and GEB);
2. Incentive plan:
3. Stock exchange; and
4. Regulatory jurisdiction and administrative division.
III. Category of Indicator
(1) Number of companies with an equity incentive plan (approved at the shareholders'
meeting)
The term “number of companies with an equity incentive plan (approved at the shareholders'
meeting)” refers to the number of listed companies whose equity incentive plan has been
approved at the shareholders' meeting during the statistical calculation period. The date of
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statistical calculation for this indicator shall be the day on which on the equity incentive plan
is approved at the shareholders' meeting.
(2) Number of companies with an equity incentive plan (implemented)
The term “number of companies with an equity incentive plan (implemented)” refers to the
number of listed companies whose equity incentive plan has been implemented during the
statistical calculation period. The date of statistical calculation for this indicator shall be the
day on which the equity incentive starts to be implemented.
V. Relevant Rules and Regulations
Administrative Measures for Equity Incentive Plans of Listed Companies (Trial
Implementation) (Zheng Jian Gong Si Zi No. [2005] 151)
SK-III-7: Number of Companies Undertaking Significant Asset Restructuring
I. Basic Definition
The term “number of companies undertaking significant asset restructuring” refers to the
number of listed companies which have undertaken significant asset restructuring during the
statistical calculation period.
II. Statistical Attributes
(1) Basic frequency: month;
(2) Basic measurement unit: number; and
(3) Commonly used dimensions:
1. Board (main board, SME board and GEB);
2. Category of industry;
3. Stock exchange; and
4. Regulatory jurisdiction and administrative division.
III. Notes
Any of the following dates may be chosen to calculate the number of companies undertaking
significant asset restructuring: the day on which the board of directors' plan is publicly
released, the day on which the plan is approved at the shareholders' meeting, the day on which
the plan is approved by the CSRC or the day on which the implementation of the plan is
completed.
IV. Relevant Rules and Regulations
34
Administrative Measures for Significant Asset Restructuring of Listed Companies (CSRC’s
Decree No. 73).
SK-III-8: Amount Involved in Significant Asset Restructuring
I. Basic Definition
The term “amount involved in significant asset restructuring” refers to the total transaction
amount involved in significant asset restructuring carried out during the statistical calculation
period, including asset transaction amount and amount of supportive financing.
II. Statistical Attributes
(1) Basic frequency: year;
(2) Basic measurement unit: yuan; and
(3) Commonly used dimensions:
1. Board (main board, SME board and GEB);
2. Category of industry;
3. Stock exchange; and
4. Regulatory jurisdiction and administrative division.
III. Category of Indicator
(1) Amount involved in significant asset restructuring (amount of supportive financing)
The term “amount of supportive financing” refers to the amount of supportive funds raised by
offering shares and used to buy assets in the process of significant asset restructuring.
(2) Amount involved in significant asset restructuring (asset transaction amount)
The term “asset transaction amount” refers to amount involved in significant asset
restructuring other than amount of supportive financing.
IV. Notes
Any of the following dates may be chosen to calculate the amount involved in significant
asset restructuring: the day on which the board of directors' plan is publicly released, the day
on which the plan is approved at the shareholders' meeting, the day on which the plan is
approved by the CSRC or the day on which the implementation of the plan is completed.
V. Relevant Rules and Regulations
Administrative Measures for Significant Asset Restructuring of Listed Companies (CSRC’s
Decree No. 73).
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SK-IV: Finance of Listed Companies
SK-IV-1: Total Net Profits of Listed Companies
I. Basic Definition
The term “total net profits of listed companies” refers to the aggregate amount of net profits
realized by listed companies during the statistical calculation period.
II. Statistical Attributes
(1) Basic frequency: quarter;
(2) Basic measurement unit: yuan; and
(3) Commonly used dimensions:
1. Type of share (A shares, B shares, etc.);
2. Board (main board, SME board and GEB);
3. Category of industry and stock index;
4. Stock exchange; and
5. Regulatory jurisdiction and administrative division.
III. Relevant Rules and Regulations
Interpretative Announcement on Information Disclosure by Companies Publicly Offering
Securities No. 1 -Non-recurring Gains and Losses (2008) (CSRC's Announcement No. [2008]
43)
SK-IV-2: Average Return on Equity (ROE) of Listed Companies
I. Basic Definition
The term “average ROE of listed companies” refers to the ratio of the total net profits of listed
companies to their total net assets.
The calculation formula is as follows:
n
ROE 
 NP
i 1
n
 NA
i 1
In which:
ROE-return on equity;
36
i
i
n-number of listed companies;
NPi- net profits of the No. i listed company; and
NAi-net assets of the No.i listed company.
II. Statistical Attributes
(1) Basic frequency: year;
(2) Basic measurement unit: %; and
(3) Calculation dimensions:
1. Type of share (A shares, B shares, etc.);
2. Board (main board, SME board and GEB);
3. Category of industry and stock index; and
4. Regulatory jurisdiction and administrative division.
III. Notes
When comparing the average ROE of listed companies under the topics of board, category of
industry and others, the sample shares shall be consistent.
IV. Relevant Rules and Regulations
Rules for the Compilation and Submission of Information Disclosure by Companies Publicly
Offering Securities No. 9-Calculation and Disclosure of Return on Equity and Earnings per
Share (CSRC's Announcement No. [2010] 2).
SK-IV-3: Cash Dividend Payout Ratio
I. Basic Definition
The term “cash dividend payout ratio” refers to the ratio of the total dividends planned to be
distributed by listed companies to their annual total net profits.
II. Statistical Attributes
(1) Basic frequency: year;
(2) Basic measurement unit: %; and
(3) Commonly used dimensions:
1. Type of share (A shares, B shares, etc.);
2. Board (main board, SME board and GEB);
37
3. Category of industry and stock index;
4. Stock exchange; and
5. Regulatory jurisdiction and administrative division.
III. Relevant Rules and Regulations
Interpretative Announcement on Information Disclosure by Companies Publicly Offering
Securities No. 1 -Non-recurring Gains and Losses (2008) (CSRC's Announcement No. [2008]
43)
SK-V:
Margin Trading
SK-V-1: Amount Involved in Margin Trading
I. Basic Definition
The term “amount involved in margin trading” refers to the value of securities traded on the
market through margin financing and securities lending during the statistical calculation
period.
Amount involved in margin trading = amount of margin financing+amount of securities
lending
=value of securities bought with borrowed money + amount of repayments made with
proceeds from the short selling of securities + amount of forced position liquidation in margin
financing + value of securities borrowed and sold short + value of securities returned with
securities purchased +amount of forced position liquidation in securities lending
II. Statistical Attributes
(1) Basic frequency: day;
(2) Basic measurement unit: yuan; and
(3) Commonly used dimensions:
1. Type of securities (stock, fund, etc.);
2. Type of business (margin financing and securities lending);
3. Side (opening or closing a position); and
4. Stock exchange and intermediary.
III. Notes
Transaction indicators such as securities bought through margin financing, repayments made
38
through short selling of securities, securities sold short through securities lending, forced
position liquidation in margin financing, forced position liquidation in securities lending are
calculated based on the tags of orders transmitted in the trading system and other forced
position liquidation specified in the contracts is not included.
V. Relevant Rules and Regulations
(1) Administrative Measures for the Margin Financing and Securities Lending Business of
Securities Companies (CSRC's Announcement No. [2011] 31)
(2) Internal Control Guidelines for the Margin Financing and Securities Lending Business of
Securities Companies (CSRC's Announcement No. [2011] 32)
(3) Implementation Rules for Margin Financing and Securities Lending Transactions issued
by the Shanghai and Shenzhen Stock Exchanges (2011)
(4) Implementation Rules of China Securities Depository and Clearing Corporation Limited
for the Depository and Clearing Process of Margin Financing and Securities Lending
Transactions (2011)
SK-V-2: Balance of Margin Financing and Securities Lending
I. Basic Definition
The term “balance of margin financing and securities lending” refers to the amount involved
in margin financing and securities lending transactions unsettled by an investor at the end of
the statistical calculation period.
Balance of margin financing and securities lending=balance of margin financing +balance of
securities lending=∑ (value of securities bought with borrowed money-amount of repayments
of borrowed money) + ∑ (value of securities borrowed and sold short –value of securities
returned)
II. Statistical Attributes
(1) Basic frequency: day;
(2) Basic measurement unit: yuan; and
(3) Commonly used dimensions:
1. Type of securities (stock, fund, etc.);
2. Type of business (margin financing and securities lending); and
3. Stock exchange and intermediary.
III. Notes
39
(1) Repayment of margin loan also includes direct repayment, repayment with proceeds from
the selling of securities, forced position liquidation in margin financing and adjustment of
positive or negative equity in margin financing.
(2) Return of borrowed securities also include return of borrowed securities with securities
purchased, direct return of borrowed securities, forced position liquidation in margin
financing, transfer of surplus securities and adjustment of positive or negative equity in
securities lending.
(3) Interest accrued and expenses incurred are not included
IV. Relevant Rules and Regulations
(1) Administrative Measures for the Margin Financing and Securities Lending Business of
Securities Companies (CSRC's Announcement No. [2011] 31)
(2) Internal Control guidelines for the Margin Financing and Securities Lending Business of
Securities Companies (CSRC's Announcement No. [2011] 32)
(3) Implementation Rules for Margin Financing and Securities Lending Transactions issued
by the Shanghai and Shenzhen Stock Exchanges (2011)
(4) Implementation Rules of China Securities Depository and Clearing Corporation Limited
for the Depository and Clearing Process of Margin Financing and Securities Lending
Transactions (2011)
SK-V-3: Maintenance Margin Ratio
I. Basic Definition
The term “maintenance margin ratio” refers to the ratio of the value of a customer's collateral
at the end of the statistical calculation period to the debt incurred as a result of margin
financing and securities lending.
The calculation formula is as follows:
Maintenance margin ratio=value of collateral/debt incurred as a result margin financing and
securities lending*100%
=cash+∑ value of securities in the credit account/balance of margin financing + balance of
securities lending + interest and costs*100%
II. Statistical Attributes
(1) Basic frequency: day;
(2) Basic measurement unit: %; and
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(3) Commonly used dimensions:
1. Type of investor (individual and institutional investors); and
2. Intermediary.
III. Notes
(1) For securities held in margin trading accounts, because of their use as margin securities,
suspension of their trading, debt-equity treatment and other reasons, their market
capitalization can be calculated based on the agreed-upon fair price or through any other
means.
(2) In the statistical calculation of maintenance margin ratios required by stock exchanges,
cash, interest and other costs are not considered.
IV. Relevant Rules and Regulations
(1) Administrative Measures for the Margin Financing and Securities Lending Business of
Securities Companies (CSRC's Announcement No. [2011] 31)
(2) Internal Control guidelines for the Margin Financing and Securities Lending Business of
Securities Companies (CSRC's Announcement No. [2011] 32)
(3) Implementation Rules for Margin Financing and Securities Lending Transactions issued
by the Shanghai and Shenzhen Stock Exchanges (2011)
(4) Implementation Rules of China Securities Depository and Clearing Corporation Limited
for the Registration of Settlement of Margin Financing and Securities Lending Transactions
(2011)
SK-V-4: Value of Securities Bought with Borrowed Money
I. Basic Definition
The term “value of securities bought with borrowed money” refers to the value of underlying
securities purchased by an investor with funds borrowed from a securities firm during the
statistical calculation period.
II. Statistical Attributes
(1) Basic frequency: day;
(2) Basic measurement unit: yuan; and
(3) Commonly used dimensions:
1. Type of securities (stock, fund, etc.);
41
2. Type of investor (individual and institutional investors); and
3. Stock exchange and intermediary.
III. Notes
The value of securities bought with borrowed money is calculated based on the tags of orders
transmitted in the trading system
V. Relevant Rules and Regulations
(1) Administrative Measures for the Margin Financing and Securities Lending Business of
Securities Companies (CSRC's Announcement No. [2011] 31)
(2) Internal Control guidelines for the Margin Financing and Securities Lending Business of
Securities Companies (CSRC's Announcement No. [2011] 32)
(3) Implementation Rules for Margin Financing and Securities Lending Transactions issued
by the Shanghai and Shenzhen Stock Exchanges (2011)
(4) Implementation Rules of China Securities Depository and Clearing Corporation Limited
for the Depository and Clearing Process of Margin Financing and Securities Lending
Transactions (2011)
SK-V-5: Value of Securities Borrowed and Sold Short
I. Basic Definition
The term “value of securities borrowed and sold short” refers to the value of securities
borrowed from a securities firm and sold short by an investor during the statistical calculation
period.
II. Statistical Attributes
(1) Basic frequency: day;
(2) Basic measurement unit: yuan; and
(3) Commonly used dimensions:
1. Type of securities (stock, fund, etc.);
2. Type of investor (individual and institutional investors); and
3. Stock exchange and intermediary.
III. Notes
The value of securities borrowed and sold short is calculated based on the tags of orders
transmitted in the trading system.
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IV. Relevant Rules and Regulations
(1) Administrative Measures for the Margin Financing and Securities Lending Business of
Securities Companies (CSRC's Announcement No. [2011] 31)
(2) Internal Control guidelines for the Margin Financing and Securities Lending Business of
Securities Companies (CSRC's Announcement No. [2011] 32)
(3) Implementation Rules for Margin Financing and Securities Lending Transactions issued
by the Shanghai and Shenzhen Stock Exchanges (2011)
(4)Implementation Rules of China Securities Depository and Clearing Corporation Limited
for the Registration of Settlement of Margin Financing and Securities Lending Transactions
(2011)
SK-V-6: Number of Margin Trading Accounts
I. Basic Definition
The term “number of margin trading accounts” refers to the total number of margin trading
accounts opened by investors for the purpose of participating in margin financing and
securities lending transactions at the end of the statistical calculation period.
II. Statistical Attributes
(1) Basic frequency: day;
(2) Basic measurement unit: number; and
(3) Commonly used dimensions:
1. Type of investor (individual and institutional investors); and
2. Stock exchange and intermediary.
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Bond Market
BD-I: Market Size
BD-I-1: Number of Bonds Issued
I. Basic Definition
The term “number of bonds issued” refers to the number of bonds successfully issued during
the statistical calculation period.
II. Statistical Attributes
(1) Basic frequency: day;
(2) Basic measurement unit: number; and
(3) Commonly used dimensions:
1. Type of bond;
2. Duration;
3. Type of interest rate; and
4. Issuer's registered place.
III. Notes
(1) For the purpose of this section, the term “bond” only refers to bonds on the
exchange-traded bond market (the same below).
(2) Bond fall into the categories of Treasury bonds, local government bonds, enterprise bonds,
corporate bonds, warrant bonds, convertible bonds, private placement bonds, asset-backed
bonds, etc. and the corporate bonds generally refer to CSRC-approved corporate bonds (the
same below).
(3)The number of bonds issued is usually calculated based on the initial registration dates of
these bonds. In addition, the statistical calculation may be done based on the first day of
offering, the date of termination of offering, the dated date and the date of listing.
BD-I-2: Value of Bonds Issued
I. Basic Definition
The term “value of bonds issued” refers to the total par value of various bonds issued during
44
the statistical calculation period.
II. Statistical Attributes
(1) Basic frequency: day;
(2) Basic measurement unit: yuan; and
(3) Commonly used dimensions:
1. Type of bond;
2. Duration;
3. Type of interest rate; and
4. Issuer's registered place.
III. Notes
The number of bonds issued is usually calculated based on the initial registration dates of
these bonds. In addition, the statistical calculation may be done based on the first day of
offering, the date of termination of offering, the dated date and the date of listing.
BD-I-3: Value of Bonds under Custody
I. Basic Definition
The term “value of bonds under custody” refers to the total par value of various bonds kept by
the bond registration and settlement agency at the end of the statistical calculation period.
II. Statistical Attributes
(1) Basic frequency: day;
(2) Basic measurement unit: yuan; and
(3) Commonly used dimensions:
1. Type of bond;
2. Remaining duration; and
3. Type of interest rate.
III. Notes
The bond registration and settlement agency refers to the China Securities Depository and
Clearing Co., Ltd.
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BD-I-4: Number of Bonds Listed
I. Basic Definition
The term “number of bonds listed” refers to the number of bonds listed (including those
transferred) on a stock exchange at the end of the statistical calculation period.
II. Statistical Attributes
(1) Basic frequency: day;
(2) Basic measurement unit: number; and
(3) Commonly used dimensions:
1. Type of bond;
2. Duration;
3. Type of interest rate;
4. Transaction mode (spot and repurchase transactions); and
5. Stock exchange.
III. Notes
Number of bonds listed is calculated based on the date of their listing (or the dates of their
transfer). The number of bonds involved in the spot trade and the number of bonds involved
in the repurchase trade are included.
BD-I-5: Amount of Proceeds Raised from Issue of Bonds
I. Basic Definition
The term “amount of proceeds raised from issue of bonds” refers to the total sum of funds
raised from offering of bonds during the statistical calculation period.
II. Statistical Attributes
(1) Basic frequency: day;
(2) Basic measurement unit: yuan; and
(3) Commonly used dimensions:
1. Type of bond;
2. Duration;
3. Type of interest rate; and
46
4. Issuer's registered place.
III. Notes
(1) Generally, CSRC-approved corporate bonds (including SME private placement bonds
filed with stock exchanges) are included in the statistical calculation of amount of proceeds
raised from issue of bonds.
(2) The amount of proceeds raised from issue of bonds is calculated based on their initial
registration date. In addition, the statistical calculation may be done based on the first day of
offering, the date of termination of offering, the dated date and the date of listing.
BD-I-6: Number of Accounts Holding Bonds
I. Basic Definition
The term “number of accounts holding bonds” refers to the number of securities accounts
which hold bonds (including those deposited into the bank of bonds involved in collateralized
repurchases).
II. Statistical Attributes
(1) Basic frequency: day;
(2) Basic measurement unit: number; and
(3) Commonly used dimensions:
1. Type of bond;
2. Type of interest rate; and
3. Type of investor (individual and institutional investors).
BD-II: Bond Trading
BD-II-1: Value of Bonds Traded
I. Basic Definition
The term “value of bonds traded” refers to the total value of various bonds traded during the
statistical calculation period, including the value of bonds traded in spot transactions and the
value of bonds traded in repo transactions.
II. Statistical Attributes
(1) Basic frequency: day;
(2) Basic measurement unit: yuan; and
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(3) Commonly used dimensions:
1. Transaction mode (spot and repurchase transactions);
2. Type of bond;
3. Type of repo transaction; and
4. Intermediary.
III. Category of Indicator
(1) Value of bonds traded in spot transactions
Value of bonds traded in spot transactions=∑ (trading price * quantity of bonds being traded
(in spot transactions))
(2) Value of bonds traded in repo transactions
Value of bonds traded in repo transactions=∑ (quantity of bonds being traded (in repo
transactions)*1000)
IV. Notes
(1)The quantity of bonds traded in spot transactions is expressed in number.
(2) The quantity of bonds traded in repo transactions is expressed in lots, with each lot
containing ten bonds.
(3) Bond repo transactions include collateralized repo transactions, buyout repo transactions,
quotation-based repo transactions and pre-arranged buy-back transactions.
BD-II-2: Total Value of Standard Bonds
I. Basic Definition
The term “total value of standard bonds” refers to the total value of bonds available for
financing purposes which are generated by converting collateralized bonds at a corresponding
conversion rate.
II. Statistical Attributes
(1) Basic frequency: day;
(2) Basic measurement unit: yuan; and
(3) Commonly used dimensions:
1. Mode of repo transaction (collateralized repo transactions and quotation-based repo
transactions);
48
2. Type of bond to be collateralized; and
3. Intermediary.
III. Relevant Rules and Regulations
Administrative Measures for Conversion Rates of Standard Bonds (2012) issued by the China
Securities Depository and Clearing Co., Ltd.
BD-II-3: Ratio of Standard Bonds Used in Repo Transactions
I. Basic Definition
The term “ratio of standards bonds used in repo transactions” refers to the ratio of the value of
repurchase agreements not settled at the end of the statistical calculation period to the total
value of standard bonds collateralized in repo transactions.
II. Statistical Attributes
(1) Basic frequency: day;
(2) Basic measurement unit: %; and
(3) Commonly-used dimension: type of investor (individual and institutional investors)
BD-II-4: Fixed Repurchase Rate
I. Basic Definition
The term “fixed repurchase rate” refers to the basis reference for repurchase price calculated
based on bond repurchase rates. The calculation formula is as follows:
II. Statistical Attributes
(1) Basic frequency: day;
(2) Basic measurement unit: %; and
(3) Commonly-used dimension: term of repo transaction
BD-II-5: Value of Repurchase Agreements Not Settled
I. Basic Definition
The term “value of repurchase agreements not settled” refers to the total value of repurchase
agreements not settled at the end of the statistical calculation period.
II. Statistical Attributes
(1) Basic frequency: day;
(2) Basic measurement unit: yuan; and
49
(3) Commonly used dimensions:
1. Term of repo transaction; and
2. Mode of repo transaction (collateralized repo transaction, buyout repo transaction,
quotation-based repo transaction and pre-arranged repo transaction).
BD-II-6: Amount of Payments
I. Basic Definition
The term “amount of payments” refers to the total sum of principal and interest paid as agreed
by a bond issuer to bond investors during the statistical calculation period.
II. Statistical Attributes
(1) Basic frequency: month;
(2) Basic measurement unit: yuan; and
(3) Commonly used dimensions:
1. Type of bond;
2. Remaining duration;
3. Type of interest rate; and
4. Issuer's registered place.
III. Category of Indicator
Amount of payments is divided into amount of principal payments and amount of interest
payments.
IV. Notes
(1) The amount of principal payments is calculated based on the date of maturity; the amount
of interest payments is calculated based on the interest payment date.
(2)If the principal and interest of bonds are to be paid beyond the statistical calculation period,
the amount of payments only includes the amount of payments actually made for the bonds
during the statistical calculation period.
BD-II-7: Total Amount of Bond Principal Not Repaid within the Current Year
I. Basic Definition
The term “total amount of bond principal not repaid within the current year” refers to the total
sum of bond principal which has not been repaid during the current year.
50
II. Statistical Attributes
(1) Basic frequency: day;
(2) Basic measurement unit: yuan; and
(3) Commonly used dimensions:
1. Type of bond;
2. Type of interest rate; and
3. Issuer's registered place
III. Notes
(1) Bond principal whose date of repayment lies within the statistical calculation period
(which lasts to the end of the current year)
(2) As perpetual bonds do not have a specified time limit for the repayment of principal, they
are not included in the statistical calculation of the total amount of bond principal not paid
within the current year.
(3) If bond principal is repaid in installments and the date of repayment for the current
installment is within the statistical calculation period, the amount of bond principal payable
will be included in the total amount of bond principal not paid within the current year.
51
Fund Market
FD-I: Market Size
FD-I-1: Number of Funds
I. Basic Definition
The term “number of funds” refers to the number of fund products on the fund market at the
end of the statistical calculation period.
II. Statistical Attributes
(1) Basic frequency: day;
(2) Basic measurement unit: number; and
(3) Commonly used dimensions:
1. Type of investment (stocks, bonds, hybrid, currencies, etc.);
2. Type of operation (closed-end fund, open-end fund, LOF, and ETF); and
3. Fund management company.
III. Notes
(1) A fund is included in the statistical calculation of this indicator as of the effective date of
the fund contract (or the fund's date of establishment) and is excluded from the statistical
calculation on the date of termination of the fund contract.
(2) The number of funds is generally calculated pursuant to the main code (funds' master
contract) specifications of the CSRC.
FD-I-2: Number of Listed Funds
I. Basic Definition
The term “number of listed funds” refers to the number of fund products listed on a stock
exchange at the end of the statistical calculation period.
II. Statistical Attributes
(1) Basic frequency: day;
(2) Basic measurement unit: number; and
52
(3) Commonly used dimensions:
1. Type of operation (LOF, ETF and closed-end fund);and
2. Stock exchange.
III. Notes
(1) A fund is included in the statistical calculation of the number of listed funds from the date
on which the fund is listed on a stock exchange and is excluded from the statistical calculation
on the date of termination of listing (or the date of delisting).
(2) The number of listed funds is calculated based on their listing codes assigned by a stock
exchange.
(3) Funds which are only subscribed to and redeemed on the floor of a stock exchange are not
included in the statistical calculation of this indicator.
FD-I-3: Fund Shares
I. Basic Definition
The term “fund shares” refers to total fund shares on the fund market at the end of the
statistical calculation period.
II. Statistical Attributes
(1) Basic frequency: month;
(2) Basic measurement unit: number; and
(3) Commonly used dimensions:
1. Type of investment (stocks, bonds, hybrid, currencies, etc.);
2. Type of operation (closed-end fund, open-end fund, LOF, and ETF); and
3. Fund management company.
III. Notes
(1) No fund of funds or feeder fund is included in the statistical calculation of this indicator.
(2) In calculating the units of classified funds, only the units of FOF are considered.
FD-I-4: Size of Fund Assets
I. Basic Definition
The term “size of fund assets” refers to the total amount of fund assets on the market at the
end of the statistical calculation period.
53
II. Statistical Attributes
(1) Basic frequency: month;
(2) Basic measurement unit: yuan; and
(3) Commonly used dimensions:
1. Type of investment (stocks, bonds, hybrid, currencies, etc.);
2. Type of operation (closed-end fund, open-end fund, LOF, and ETF); and
3. Fund management company.
III. Notes
(1) No fund of funds or feeder fund is included in the statistical calculation of this indicator.
(2) In calculating the size of fund assets with respect to classified funds which are uniformly
offered and automatically split, only the size of FOF's assets is considered. In calculating the
size of fund assets with respect to classified funds which are separately offered, the size of
assets of different underlying funds are considered simultaneously.
IV. Relevant Rules and Regulations
(1) Circular on Issues Related to Valuation Business and Computation of Net Asset Value
Carried out by Securities Investment Funds Pursuant to the Accounting Standards for
Business Enterprises (Zheng Jian Kuai Ji Zi No. [2007] 21);
(2) Rules for the Compilation and Submission of Information Disclosure by Securities
Investment Funds No. 1 -Calculation and Disclosure of Major Financial Indicators (Zheng
Jian Ji Jin Zi No. [2003] 104).
FD-I-5: Market Capitalization of Listed Funds
I. Basic Definition
The term “market capitalization of listed funds” refers to the total market capitalization of
funds listed on a stock exchange at the end of the statistical calculation period.
II. Statistical Attributes
(1) Basic frequency: day;
(2) Basic measurement unit: yuan; and
(3) Commonly used dimensions:
1. Type of investment (stocks and bonds)
54
2. Type of operation (closed-end fund, open-end fund, LOF, and ETF); and
3. Stock exchange.
FD-I-6: Number of Fund Accounts
I. Basic Definition
A fund account is generally referred to as fund transfer agent (TA) account. The term “number
of fund accounts” refers to the number of accounts established by a registrant for investors at
the end of the statistical calculation period which are used to manage and record fund shares
held by the investors.
II. Statistical Attributes
(1) Basic frequency: day;
(2) Basic measurement unit: number; and
(3) Commonly used dimensions:
1. Type of investor (individual and institutional investors); and
2. Fund management company.
III. Notes
(1) Fund accounts are included in the statistical calculation of this indicator from the date on
which a registrant confirms the completion of its registration.
(2) Among fund accounts, those opened with the China Securities Depository and Clearing
Co., Ltd. do not include original closed-end fund accounts.
FD-I-7: Number of Fund Investors
I. Basic Definition
The term “number of fund investors” refers to the number of investors who have opened a
fund account at the end of the statistical calculation period. The number of fund investors is
calculated by making sure that “both the full name of investor and the certificate code are
consistent”.
II. Statistical Attributes
(1) Basic frequency: day;
(2) Basic measurement unit: number; and
(3) Commonly used dimensions:
55
1. Type of investor (individual and institutional investors); and
2. Fund management company.
FD-I-8: Value of Fund Shares Subscribed to and Value of Proceeds Raised from Issuance
of Funds
I. Basic Definition
The term “value of fund shares subscribed to” refers to the value of fund shares investors
have purchased within the offer period from fund managers during the statistical calculation
period.
Value of proceeds raised from issuance of funds refers to the sum of proceeds actually raised
from issuance of funds, less relevant costs within the offer period, and interest accrued
thereon within the offer period, during the statistical calculation period.
II. Statistical Attributes
(1) Basic frequency: month;
(2) Basic measurement unit: yuan; and
(3) Commonly used dimensions:
1. Type of investment (stock, bond, hybrid, currency, etc.);
2. Type of operation (closed-end fund, open-end fund, LOF, and ETF); and
3. Fund management company.
FD-II: Fund Trading
FD-II-1: Value of Fund Shares Purchased and Value of fund shares Redeemed
I. Basic Definition
(1)Value of fund shares purchased
The term “value of fund shares purchased” refers to the value of fund shares investors affirm
to have purchased after the effectiveness of the open-end fund contract during the statistical
calculation period.
(2) Value of fund shares redeemed
Value of fund shares redeemed refers to the value of open-end fund shares possessed by fund
holders which they have requested fund managers to redeem during the statistical calculation
period
56
II. Statistical Attributes
(1) Basic frequency: month;
(2) Basic measurement unit: yuan; and
(3) Commonly used dimensions:
1. Type of investment (stock, bond, hybrid, currency, etc.);
2. Type of operation (open-end fund, LOF, and ETF); and
3. Fund management company.
FD-II-2: Value of Listed Funds Traded
I. Basic Definition
The term “value of listed funds traded” refers to the total value of various funds listed on a
stock exchange which are traded during the statistical calculation period.
II. Statistical Attributes
(1) Basic frequency: day;
(2) Basic measurement unit: yuan; and
(3) Commonly used dimensions:
1. Type of operation (closed-end fund, LOF, and ETF); and
2. Stock exchange.
FD-II-3: Average Discount (Premium) Rate
I. Basic Definition
The term “average discount (or premium) rate” refers to the rate of gap between the market
capitalization of funds listed on a stock exchange at the end of the statistical calculation
period and the size of their assets.
Average discount (or premium) rate=fund price *fund shares / fund unit’s net asset
value*fund shares-1*100%
Usually, it is referred to as the average premium rate in the case of a positive result and as the
average discount rate in the case of a negative result.
II. Statistical Attributes
(1) Basic frequency: day;
(2) Basic measurement unit: %; and
57
(3) Commonly-used dimension: type of operation (closed-end fund, LOF, and ETF).
FD-III: Fund Performance and Dividend
FD-III-1: Fund Profits
I. Basic Definition
The term “fund profits” refers to the sum of a fund's interest income, investment income,
gains and losses from changes in fair value and other income less relevant costs.
The calculation formula is as follows:
Fund profits =interest income + investment income + gains and losses from changes in fair
value + other income-relevant costs
II. Statistical Attributes
(1) Basic frequency: quarter;
(2) Basic measurement unit: yuan; and
(3) Commonly used dimensions:
1. Type of investment (stocks, bonds, hybrid, currencies, etc.); and
2. Fund management company.
FD-III-2: Amount of Fund Dividends Distributed
I. Basic Definition
The term “amount of fund dividends distributed” refers to the total sum of dividends
distributed by a fund to fund-holders during the statistical calculation period.
II. Statistical Attributes
(1) Basic frequency: quarter;
(2) Basic measurement unit: yuan; and
(3) Commonly used dimensions:
1. Type of investment (stocks, bonds, hybrid, currencies, etc.); and
2. Fund management company.
III. Notes
The amount of fund dividends distributed includes the amount of cash dividends distributed
and the amount of dividends reinvested.
58
IV. Relevant Rules and Regulations
(1) Administrative Measures for the Operation of Securities Investment Funds (CSRC’s
Decree No. 79)
(2) Tentative Rules for the Administration of Money Market Funds (Zheng Jian Fa No. [2004]
78)
(3) Circular on Issues Related to the Investments and Other Matters of Money Market Funds
(Zheng Jian Ji Jin Zi No. [2005] 41)
FD-III-3: Total Holding Costs
I. Basic Definition
The term “total holding costs” refers to all expenses undertaken by a fund investor when
making investments in the fund during the statistical calculation period, including
management fees, custodian fees, purchase (subscription) fees, redemption fees, sales service
fees and other operating expenses.
II. Statistical Attributes
(1) Basic frequency: month;
(2) Basic measurement unit: yuan; and
(3) Commonly used dimensions:
1. Type of investment (stocks, bonds, hybrid, currencies, etc.);
2. Fund management company; and
3. Type of cost.
III. Notes
The total holding costs can be divided into the following two categories:
(1) Fund-holder's costs which refers to costs undertaken by a single fund-holder, deducted
from its cash account to cover various transactions, mainly including purchase (subscription)
fees, redemption fees and fund conversion fees, etc.
(2) Fund operating costs which refers to costs undertaken by all fund holders, deducted from
the fund assets to cover various management and service expenses, mainly including
management fees, custodian fees, sale service fees and other operating costs (including
securities transaction fees, information disclosure fees, audit fees, attorney's fees and annual
listing fees, etc.)
IV. Relevant Rules and Regulations
59
(1) Administrative Measures for the Operation of Securities Investment Funds (CSRC’s
Decree No. 79)
(2) Administrative Measures for the Operation of Securities Investment Funds (CSRC’s
Decree No. 72)
(3) Tentative Rules for the Administration of Money Market Funds (Zheng Jian Fa No. [2004]
78)
(4) Circular on Issues Related to the Investments and Other Matters of Money Market Funds
(Zheng Jian Ji Jin Zi No. [2005] 41)
FD-IV: QFII and Other Indicators
FD-IV-1: Number of QFIIs, Number of RQFIIs and Number of QDIIs
I. Basic Definition
The term “number of QFIIs” refers to the number of qualified foreign institutional investors at
the end of the statistical calculation period.
The term “number of RQIIs” refers to the number of Renminbi qualified foreign institutional
investors at the end of the statistical calculation period.
The term “number of QDIIs” refers to the number of qualified domestic institutional investors
at the end of the statistical calculation period.
II. Statistical Attributes
(1) Basic frequency: month;
(2) Basic measurement unit: number; and
(3) Commonly-used dimension: investor’s region.
III. Relevant Rules and Regulations
(1) Administrative Measures for Securities Investments in China by Qualified Foreign
Institutional Investors (CSRC’s Decree No. 36)
(2) Measures for the Pilot Programs of Making Securities Investments in China by Fund
Management Companies and Securities Firms as Reminbi Qualified Foreign Institutional
Investors (CSRC’s Decree No.76)
(3) Trial Administrative Measures for Overseas Securities Investments by Qualified Domestic
Institutional Investors (CSRC’s Decree No.46)
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FD-IV-2: QFII Investment Quota, RQFII Investment Quota and QDII Investment
Quota
I. Basic Definition
The term “QFII investment quota” refers to the investment quota approved by the State
Administration of Foreign Exchange at the end of the statistical calculation period for a
qualified foreign institutional investor to make investments in the securities market of China.
The term “RQFII investment quota” refers to the investment quota approved by the State
Administration of Foreign Exchange for a Renminbi qualified foreign institutional investor to
make investments in the securities market of China.
The term “QDII investment quota” refers to the investment quota approved by the State
Administration of Foreign Exchange for a qualified domestic institutional investor to make
overseas securities investments.
II. Statistical Attributes
(1) Basic frequency: month;
(2) Basic measurement unit: USD; and
(3) Commonly-used dimension: investor’s region
III. Relevant Rules and Regulations
(1) Administrative Measures for Securities Investments in China by Qualified Foreign
Institutional Investors (CSRC’s Decree No. 36)
(2) Measures for the Pilot Programs of Making Securities Investments in China by Fund
Management Companies and Securities Firms as Reminbi Qualified Foreign Institutional
Investors (CSRC’s Decree No.76)
(3) Trial Administrative Measures for Overseas Securities Investments by Qualified Domestic
Institutional Investors (CSRC’s Decree No.46)
61
Futures Market
FS-I: Market Size
FS-I-1: Margin
I. Basic Definition
The term “margin” refers to funds any party to any futures transaction is required to deposit in
line with the specified requirements to ensure the performance of the clearing process and the
fulfillment of the futures contract.
II. Statistical Attributes
(1) Basic frequency: day;
(2) Basic measurement unit: yuan; and
(3) Commonly used dimensions:
1. Futures exchange;
2. Futures products; and
3. Type of contract.
III. Category of Indicator
Depending on different types of margin, there are primarily the following 4 margin-related
indicators:
(1) Trading margin
Trading margin refers to margin which has been occupied by contracts at the end of the
statistical calculation period.
TM  CV  MR
In which:
TM-trading margin;
CV- contract value; and
MR-trading margin ratio required by a futures exchange
(2) Clearing margin
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Clearing margin refers to margin which has not been occupied by contracts at the end of the
statistical calculation period.
In which:
SM- clearing margin;
MM- minimum clearing margin balance required by a futures exchange; and
MB- clearing margin balance on the day.
(3)Total exchange-required margin
Total exchange-required margin refers to the total amount of funds paid by members as
required to a futures exchange to ensure the performance of the clearing process and the
fulfillment of future contracts.
M  TM  SM
In which:
M-total exchange-required margin;
TM-trading margin; and
SM- clearing margin
(4) Additional margin
Additional margin refers to funds required to bring the clearing margin balance of a clearing
member to the minimum clearing margin balance if the former is below the latter after the
completion of the clearing process at the end of the statistical calculation period.
0

MC  
 MM  MB
MB  MM
MB  MM
In which:
MC-additional margin;
MM- minimum clearing margin balance required by a futures exchange; and
MB-clearing margin balance on the day.
IV. Notes
(1) Contract value
Commodity futures contract value=settlement price trading unit number of futures contracts
63
Stock index futures contract value=settlement price contract multiplier number of futures
contracts
For the definitions of commodity futures contact's trading unit and stock index future
contact's multiplier, see the relevant provisions concerning futures contracts traded on futures
exchanges.
(2) Trading margin ratio
The margin policy is applied to the risk management of futures exchanges. Despite of the
minimum trading margin ratio set by exchanges, they may adjust the trading margin
requirements for different contracts in light of market conditions.
(3) Clearing margin balance
The mark-to-market policy is applied to futures trading. Under the mark-to-market policy, at
the end of each trading day, an exchange shall settle the profit/loss, trading margin, and
expenses, including commissions, of all contracts according to the settlement price on the day,
calculate the clearing balance, and transfer net accounts receivable and payable in one
operation, so as to correspondingly increase or decrease clearing members’ clearing margin.
1.Commodity futures clearing margin balance =clearing margin balance on the previous
trading day + trading margin on the previous trading day－trading margin on the day + funds
actually available on the day to be used as margin－funds actually available on the previous
trading day to be used as margin + profits and losses on the day + deposits－withdrawals－
commissions and other costs ;
2. Stock index futures clearing margin balance =clearing margin balance on the previous
trading day + trading margin on the previous trading day－trading margin on the day+ profits
and losses on the day + deposits－withdrawals－commissions and other costs.
(4) Only trading margin can be calculated on the basis of futures product and type of contract.
(5) For a group of contracts, the margin is the total amount of funds deposited as margin in
the margin account with respect to each contract.
V. Relevant Rules and Regulations
(1) Clearing Rules issued by Shanghai Futures Exchange, Dalian Commodity Exchange,
Zhengzhou Commodity Exchange and China Financial Futures Exchange;
(2) Risk Management Rules issued by by Shanghai Futures Exchange, Dalian Commodity
Exchange, Zhengzhou Commodity Exchange and China Financial Futures Exchange
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FS-I-2: Number of Futures Exchange Members
I. Basic Definition
The term “number of futures exchange members” refers to the number of enterprises with
legal person status and other economic organizations registered in the People's Republic of
China which have been approved by futures exchanges by the end of the statistical calculation
period to act as a broker for futures transactions, perform the clearing process and engage in
futures trading in the exchanges.
II. Statistical Attributes
(1) Basic frequency: month;
(2) Basic measurement unit: number; and
(3) Commonly used dimensions:
1. Futures exchange; and
2. Regulatory jurisdiction and administrative division.
III. Notes
(1) Commodity futures exchange members include members who are a futures company and
those who are not a futures company.
(2) China Financial Futures Exchange members include trading and clearing members,
general clearing members, special clearing members, and trading members
IV. Relevant Rules and Regulations
(1) Measures for Membership Management issued by Shanghai Futures Exchange, Dalian
Commodity Exchange, Zhengzhou Commodity Exchange and China Financial Futures
Exchange
FS-I-3: Number of Futures Accounts
I. Basic Definition
The term “number of futures accounts” refers to the total number of futures accounts
registered with China Futures Margin Monitoring Center Co., Ltd.
II. Statistical Attributes
(1) Basic frequency: month;
(2) Basic measurement unit: number; and
(3) Commonly-used dimension: future exchange.
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III. Category of Indicator
(1) Number of newly opened accounts
Number of newly opened accounts refers to the number of accounts newly established during
the statistical calculation period.
(2) Number of valid accounts
Number of valid accounts refers to the number of futures accounts less dormant accounts and
accounts not standardized within the specified time limit at the end of the statistical
calculation period.
(3) Number of corporate customer accounts
Number of corporate customer accounts refers to the number of corporate customer accounts
which have been registered by the end of the statistical calculation period.
IV. Notes
(1) Any account which meets the following conditions shall be determined as a dormant
account by China Futures Margin Monitoring Center Co., Ltd. s: 1. the account has been
established for more than one year; 2. no position has been held through the account during
the previous one year or so; 3. no transaction has been made through the account during the
previous one year or so; and 4. the account carries a customer equity of less than RMB 1000
(inclusive) on the date of determination. Customer equity shall be determined based on the
internal asset accounts of a future company.
(2) Account not standardized within the specified time limit refers to any old account whose
information fails to be submitted to China Futures Margin Monitoring Center Co., Ltd, which
fails to pass the examination of China Futures Margin Monitoring Center Co., Ltd and a
futures exchange or has received a negative feedback during the period required for the
account standardization task
(3) Corporate customer account refers to any account which has been approved by a futures
exchange and to which a customer trading code has been assigned, upon an establishment
application submitted in the name of a corporate customer. Corporate customers include,
among others, securities firms, fund management companies, trust companies and other
financial institutions as well as social security companies and qualified foreign institutional
investors.
V. Relevant Rules and Regulations
Administrative Measures for Establishment of Accounts by Customers in the Futures Market
(CSRC's Announcement No. [2012] 1)
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FS-I-4: Number of Customers
I. Basic Definition
The term “number of customers” refers to the number of customers who have opened an
account in the futures market by the end of the statistical calculation period and are calculated
on a consolidated basis by making sure that "both the full name of investor and the certificate
code are consistent."
II. Statistical Attributes
(1) Basic frequency: month;
(2) Basic measurement unit: number; and
(3) Commonly used dimensions:
1. Type of customer (corporate and individual customers); and
2. Future exchange.
III. Relevant Rules and Regulations
(1) Decision on Standardizing Accounts in the Futures Market (CSRC’s Announcement No.
[2011] 20)
(2) Administrative Rules for Establishment of Accounts by Customers in the Futures Market
(CSRC's Announcement No. [2012] 1)
(3) Measures for the Administration of Futures Companies (CSRC’s Decree No. 43).
FS-II: Futures Trading
FS-II-1: Range of Fluctuation
I. Basic Definition
The term “range of fluctuation” refers to the level of change between the settlement price
(closing price) of a future contract and its last settlement price during the statistical
calculation period.
II. Statistical Attributes
(1) Basic frequency: day;
(2) Basic measurement unit: %; and
(3) Commonly used dimensions:
1. Type of contract; and
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2. Futures products.
III. Category of Indicator
(1) Range of fluctuation (settlement price)
CHG 
Stm - St 0-1
 100%
St 0-1
In which:
CHG-range of fluctuation;
Stm-settlement price on the final trading day within the interval; and
St0-1-settlement price on the trading day prior to the interval.
(2) range of fluctuation (closing price)
CHG 
Ptm - St 0-1
 100%
St 0-1
In which:
CHG-range of fluctuation;
Ptm-closing price on the final trading day within the interval; and
St0-1-settlement price on the trading day prior to the interval.
IV. Notes
(1) The relevant rules of all futures exchanges shall be referred to for the definitions of
settlement price and closing price.
(2) The range of fluctuation in the price of a futures product shall be calculated based on the
price of its corresponding dominate contract, that is, the range of fluctuation in the dominant
contract's price is used to indicate the level of change in the price of the futures product.
(3) Among contracts with different maturities, the contract on which the largest number of
positions is held at the end of the statistical calculation period shall generally be chosen as the
dominant contract. Among two contracts on which the same number of positions is held, the
one with the largest trading volume shall be chosen as the dominant contract.
If no deal has been transacted and no position has been held in any contract on the futures
product, the contract most proximate to the end of the statistical calculation period and on
which the largest number of positions are held shall be chosen as the dominant contract.
(4) If the date on which the dominant contract is listed lies within the statistical calculation
period, the settlement price on the trading day immediately preceding the interval shall be the
68
listing price.
(5) If there is no deal recorded in the dominant contract on the trading day immediately
preceding the interval, the settlement price on the most recent trading day from the beginning
of the period which has any deal recorded shall be the settlement price on the trading day
immediately preceding the interval.
V. Relevant Rules and Regulations
(1) Clearing Rules issued by Shanghai Futures Exchange, Dalian Commodity Exchange,
Zhengzhou Commodity Exchange and China Financial Futures Exchange;
(2) Trading Rules issued by Shanghai Futures Exchange, Dalian Commodity Exchange,
Zhengzhou Commodity Exchange and China Financial Futures Exchange;
FS-II-2: Volatility
I. Basic Definition
The term “volatility” refers to the extent of variation in the price of a futures contract during
the statistical calculation period, which is calculated by indicating the range of change of the
maximum price difference within the interval relative to the settlement price.
APT=
HP  LP
 100%
St 0 -1
In which:
APT-volatility;
HP- highest contract price within the interval;
LP-lowest contract price within the interval; and
St0-1-closing price on the trading day immediately preceding the interval.
II. Statistical Attributes
(1) Basic frequency: day;
(2) Basic measurement unit: %; and
(3) Commonly used dimensions:
1. Type of contract;
2. Futures products.
III. Notes
(1) The volatility in the price of a futures product shall be calculated based on the price of its
69
corresponding dominate contract, that is, the volatility in the dominant contract's price is used
to indicate the level of movements in the price of the futures product.
(2) If the date on which the dominant contract is listed lies within the statistical calculation
period, the settlement price on the trading day immediately preceding the interval shall be the
listing price.
(3) If there is no deal recorded in the dominant contract on the trading day immediately
preceding the interval, the settlement price on the most recent trading day from the beginning
of the period which has any deal recorded shall be the settlement price on the trading day
immediately preceding the interval.
(4) The range of fluctuation’s Notes shall be referred to for the rules on the selection of the
dominant contract.
IV. Relevant Rules and Regulations
(1) Clearing Rules issued by Shanghai Futures Exchange, Dalian Commodity Exchange,
Zhengzhou Commodity Exchange and China Financial Futures Exchange;
(2) Trading Rules issued by Shanghai Futures Exchange, Dalian Commodity Exchange,
Zhengzhou Commodity Exchange and China Financial Futures Exchange.
FS-II-3: Trading Volume
I. Basic Definition
The term “trading volume” refers to the total number of all futures contracts traded during the
statistical calculation period.
II. Statistical Attributes
(1) Basic frequency: day;
(2) Basic measurement unit: lot; and
(3) Commonly used dimensions:
1. Futures products;
2. Type of contract; and
3. Futures exchange.
III. Notes
The trading volume of a futures product means the total volume of all contracts with different
maturities on the futures product traded during the statistical calculation period.
70
IV. Relevant Rules and Regulations
Trading Rules issued by Shanghai Futures Exchange, Dalian Commodity Exchange,
Zhengzhou Commodity Exchange and China Financial Futures Exchange;
FS-II-4: Trading Value
I. Basic Definition
The term “trading value” refers to the total value of all futures contracts traded during the
statistical calculation period.
II. Statistical Attributes
(1) Basic frequency: day;
(2) Basic measurement unit: yuan; and
(3) Commonly used dimensions:
1. Futures products;
2. Type of contract; and
3. Futures exchange.
III. Notes
The trading value of a futures product shall be the total value of all contracts with different
maturities on the futures product traded during the statistical calculation period.
IV. Relevant Rules and Regulations
Trading Rules issued by Shanghai Futures Exchange, Dalian Commodity Exchange,
Zhengzhou Commodity Exchange and China Financial Futures Exchange;
FS-II-5: Positions
I. Basic Definition
The term “positions” refers to the total number of futures contracts not liquidated at the end of
the statistical calculation period.
II. Statistical Attributes
(1) Basic frequency: day;
(2) Basic measurement unit: lot; and
(3) Commonly used dimensions:
1. Futures products;
71
2. Type of contract; and
3. Futures exchange.
III. Notes
(1) Future contract not liquidated refers to any futures contract in which an investor holds a
position and which does not terminate the contract obligations as a result of such reasons as
expiration of the contract, completion of commodity and cash delivery or reverse operation.
(2) Positions on a futures product mean total positions held in all contracts with different
maturities on the futures products at the end of the statistical calculation period.
(3) Positions in the futures market means total positions held in all futures products at the end
of the statistical calculation period.
IV. Relevant Rules and Regulations
Trading Rules issued by Shanghai Futures Exchange, Dalian Commodity Exchange,
Zhengzhou Commodity Exchange and China Financial Futures Exchange;
FS-II-6: Value of Positions
I. Basic Definition
The term “value of positions” refers to the total value of futures contracts not liquidated at the
end of the statistical calculation period.
VOI 
n
 (OI
i 1
i,t
 TU i , t  Si , t )
In which:
VOI-value of positions;
OIi,t- position in the No.i futures contract on the T-day;
TUi,t- trading unit or multiplier of the No.i futures contract on the T-day;
Si,t-settlement price of the No.i futures contract; and
i-the No.i futures contract.
II. Statistical Attributes
(1) Basic frequency: day;
(2) Basic measurement unit: yuan; and
(3) Commonly used dimensions:
72
1. Futures products;
2. Type of contract; and
3. Futures exchange.
III. Notes
(1) The value of positions in a futures product means the aggregate value of positions held in
all contracts with different maturities on the futures product at the end of the statistical
calculation period.
(2) The value of positions in the futures market means the aggregate value of positions held in
all futures contracts at the end of the statistical calculation period.
(3) While trading units involved in previous futures transactions are used in the statistical
calculation of commodity futures contracts, contract multipliers involved previous futures
transactions are used in the statistical calculation of stock index futures contracts.
IV. Relevant Rules and Regulations
Trading Rules issued by Shanghai Futures Exchange, Dalian Commodity Exchange,
Zhengzhou Commodity Exchange and China Financial Futures Exchange;
FS-II-7: Basis
I. Basic Definition
The term “basis” refers to the difference between the price of a futures contract and the
underlying commodity's spot price.
II. Statistical Attributes
(1) Basic frequency: day;
(2) Basic measurement unit: yuan; and
(3) Commonly-used dimension: futures product.
III. Category of Indicator
(1) Basis (dominant contract price)
Basis (dominant contract price) refers to the difference between the day settlement price of a
dominant futures contract and the underlying commodity's spot price.
Basis (dominant contract price) =the underlying commodity's spot price-price of the dominant
futures contract
(2) Basis (contract price in the nearby delivery month)
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Basis (contract price in the nearby delivery month) refers to the difference between the price
of a futures contract in the nearby delivery month and the underlying commodity's spot price.
Basis (contract price in the nearby delivery month) =the underlying commodity's spot
price-contract price in the nearby delivery month
IV. Notes
The spot price of the commodity underlying the CSI 300 Index contract among financial
futures is the level of CSI 300 Index.
In selecting the spot price of the commodity underlying a commodity futures contract, the
data's availability, market recognition, update frequency, authority of its publisher, and other
aspects of the data are required to be taken into consideration.
V. Relevant Rules and Regulations
(1) Clearing Rules issued by Shanghai Futures Exchange, Dalian Commodity Exchange,
Zhengzhou Commodity Exchange and China Financial Futures Exchange;
(12) Trading Rules issued by Shanghai Futures Exchange, Dalian Commodity Exchange,
Zhengzhou Commodity Exchange and China Financial Futures Exchange;
FS-II-8: Delivery Quantity
I. Basic Definition
The term “delivery” refers to the process of settling a matured non-liquidated contract by a
futures investor. The term “delivery quantity” refers to the quantity of futures contracts being
delivered.
Delivery quantity= quantity of contracts being delivered*contract unit
II. Statistical Attributes
(1) Basic frequency: month;
(2) Basic measurement unit: lot, ton, etc.; and
(3) Commonly-used dimension: futures product.
III. Notes
The delivery quantity of a futures product means the total quantity of all contracts with
different maturities on the futures product delivered during the statistical calculation period.
IV. Relevant Rules and Regulations
(1) Delivery Rules issued by Shanghai Futures Exchange, Dalian Commodity Exchange and
74
Zhengzhou Commodity Exchange;
(2) Clearing Rules of China Financial Futures Exchange (2010)
FS-II-9: Delivery Ratio
I. Basic Definition
The term “delivery ratio” refers to the ratio of the delivery quantity of a futures product to its
trading volume during the statistical calculation period.
Delivery ratio=delivery quantity/total trading volume of contracts after being listed*100%
II. Statistical Attributes
(1) Basic frequency: month;
(2) Basic measurement unit: %; and
(3) Commonly-used dimension: futures product.
III. Notes
Total trading volume of contracts upon being listed refers to the total volume of all futures
contracts on the underlying commodity delivered during the statistical calculation period
being traded within their listing cycles.
IV. Relevant Rules and Regulations
(1) Delivery Rules issued by Shanghai Futures Exchange, Dalian Commodity Exchange and
Zhengzhou Commodity Exchange;
(2) Clearing Rules of China Financial Futures Exchange
FS-II-10: Leverage Ratio
I. Basic Definition
The term “leverage ratio” refers to the ratio of the value of positions to the trading margin for
the corresponding futures contracts at the end of the statistical calculation period.
LR=


n
i 1
n
OAi
100%
TM i
i 1
In which:
LR-leverage ratio;
OA-value of positions;
75
TMi-trading margin;
sample future contract; and
n-number of sample future contracts
II. Statistical Attributes
(1) Basic frequency: day;
(2) Basic measurement unit: %; and
(3) Commonly used dimensions:
1. Futures products;
2. Type of contract; and
3. Futures exchange.
III. Relevant Rules and Regulations
(1) Clearing Rules issued by Shanghai Futures Exchange, Dalian Commodity Exchange and
Zhengzhou Commodity Exchange and the Clearing Rules of China Financial Futures
Exchange.
(2) Measures for the Management of Risks issued by Shanghai Futures Exchange, Dalian
Commodity Exchange, Zhengzhou Commodity Exchange and China Financial Futures
Exchange.
FS-II-11: Proportion of Positions Held by Corporate Customers
I. Basic Definition
The term “proportion of positions held by corporate customers” refers to the percentage of
positions held through corporate customer accounts in positions held in the futures market.
II. Statistical Attributes
(1) Frequency: month;
(2) Basic measurement unit: %; and
(3) Commonly used dimensions:
1. Long or short;
2. Futures products;
3. Type of contract; and
4. Futures exchange.
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III. Category of Indicator
Depending on different types of positions held by corporate customers, it is mainly divided
into the following 3 indicators:
(1) Proportion of long (or short) positions held by corporate customers
Proportion of number of long (or short) positions held by corporate customers refers to the
percentage of the number of long (or short) positions held through corporate customer
accounts in the number of long (or short) positions held in the futures market at the end of the
statistical calculation period.
(2) Proportion of value of long (or short) positions held by corporate customers
Proportion of value of long (or short) positions held by corporate customers refers to the
percentage of value of long (or short) positions held through corporate customer accounts in
the value of long (or short) positions held in the futures market at the end of the statistical
calculation period.
(3) Proportion of daily average long (or short) positions held by corporate customers
Proportion of daily average long (or short) positions held by corporate customers refers to the
percentage of the number (or value) of daily average long (or short) positions held through
corporate customer accounts to the number (or value) of daily average long (or short)
positions held in the futures market at the end of the statistical calculation period.
V. Relevant Rules and Regulations
(1) Administrative Regulations for Futures Trading (State Council's Decree No. 627)
(2) Administrative Rules for Establishment of Accounts by Customers in the Futures Market
(CSRC's Announcement No. [2012] 1)
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Dealers
PI-I: Dealer Size
PI-I-1: Number of Securities Firms
I. Basic Definition
The term “number of securities firms” refers to the total number of securities firms to which
the CSRC has granted a securities business license by the end of the statistical calculation
period.
II. Statistical Attributes
(1) Basic frequency: month;
(2) Basic measurement unit: number; and
(3) Commonly used dimensions:
1. Regulatory jurisdiction and administrative division; and
2. Classification results of securities firms.
III. Notes
Only securities firms which have obtained a securities business license shall be included in
the number of securities firms and those which have underwent the cancellation process shall
be excluded from the statistical calculation.
IV. Relevant Rules and Regulations
Rules for the Regulatory Oversight of Securities Firms by Category (CSRC’s Announcement
No. [2010] 17)
PI-I-2: Number of Securities Business Departments
I. Basic Definition
The term “number of securities business departments” refers to the total number of business
outlets which have been approved by the CSRC and established under the law by the end of
the statistical calculation period to engage in securities business.
II. Statistical Attributes
(1) Basic frequency: month;
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(2) Basic measurement unit: number; and
(3) Commonly used dimensions:
1. Security Firm;
2. Classification results of securities firms; and
3. Regulatory jurisdiction and administrative division.
III. Notes
Only securities business departments which have obtained a securities business license shall
be included in the number of securities business departments and those which have underwent
the cancellation process shall be excluded from the statistical calculation.
IV. Relevant Rules and Regulations
Rules for the Regulatory Oversight of Securities Firms by Category (CSRC’s Announcement
No. [2010] 17).
PI-I-3: Number of Branch Offices of Securities Firms
I. Basic Definition
The term “number of branch offices of securities firms” refers to the total number of branch
offices of securities firms which have been approved by the CSRC and established under the
law by the end of the statistical calculation period to engage in securities business.
II. Statistical Attributes
(1) Basic frequency: month;
(2) Basic measurement unit: number; and
(3) Commonly used dimensions:
1. Security Firm;
2. Classification results of securities firms; and
3. Regulatory jurisdiction and administrative division.
III. Relevant Rules and Regulations
Rules for the Regulatory Oversight of Securities Firms by Category (CSRC’s Announcement
No. [2010] 17).
PI-I-4: Number of Fund Management Companies
I. Basic Definition
79
The term “number of fund management companies” refers to the total number of fund
management companies which have been approved by the CSRC and obtained a fund
management qualification certificate by the end of the statistical calculation period.
II. Statistical Attributes
(1) Basic frequency: month;
(2) Basic measurement unit: number; and
(3) Commonly-used dimension: Regulatory jurisdiction and administrative division
III. Notes
Only fund management companies which have obtained a fund management qualification
certificate shall be included in the number of fund management companies and those which
have underwent the fund management qualification certificate cancellation process shall be
excluded from the statistical calculation.
PI-I-5: Number of Futures Companies
I. Basic Definition
The term “number of futures companies” refers to the total number of futures companies
which have been approved and granted a futures business license by the end of the statistical
calculation period.
II. Statistical Attributes
(1) Basic frequency: month;
(2) Basic measurement unit: number; and
(3) Commonly used dimensions:
1. Regulatory jurisdiction and administrative division; and
2. Classification results of futures companies.
III. Notes
Only futures companies which have obtained a futures business license shall be included in
the number of futures companies and those which have underwent the cancellation process
shall be excluded from the statistical calculation.
IV. Relevant Rules and Regulations
Rules for the Regulatory Oversight of Futures Companies by Category (CSRC 's
Announcement No. [2011] 9).
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PI-I-6: Number of Futures Business Departments
I. Basic Definition
The term “number of futures business departments” refers to the total number of business
outlets which have been approved by the CSRC and established under the law by the end of
the statistical calculation period to engage in futures business.
II. Statistical Attributes
(1) Basic frequency: month
(2) Basic measurement unit: number
(3) Commonly used dimensions:
1. Futures Firm;
2. Classification results of futures companies;
3. Regulatory jurisdiction and administrative division.
III. Notes
Only futures business departments which have obtained a futures business license shall be
included in the number of futures business departments and those which have underwent the
cancellation process shall be excluded from the statistical calculation.
IV. Relevant Rules and Regulations
Rules for the Regulatory Oversight of Futures Companies by Category (CSRC 's
Announcement No. [2011] 9).
PI-I-7: Number of Practitioners
I. Basic Definition
The term “number of employees” refers to the total number of practitioners employed by
securities firms, fund management companies and futures companies at the end of the
statistical calculation period.
II. Statistical Attributes
(1) Basic frequency: month;
(2) Basic measurement unit: person; and
(3) Commonly used dimensions:
1. Type of institution (securities firm, fund management company and futures company);
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2. Practice qualification; and
3. Regulatory jurisdiction and administrative division.
PI-II: Dealers’ Finance
PI-II-1: Total Assets
I. Basic Definition
The term “total asset” refers to the aggregate amount of all assets owned by securities and
futures dealers at the end of the statistical calculation period.
II. Statistical Attributes
(1) Basic frequency: month;
(2) Basic measurement unit: number; and
(3) Commonly used dimensions:
1. Type of institution (securities firm, fund management company and futures company); and
2. Regulatory jurisdiction and administrative division.
III. Notes
(1) Securities and futures dealers include securities firms, fund management companies and
futures companies.
(2) Total assets and other financial data contained in the Guidelines come from the financial
statements of all dealers and referral shall be made to the Accounting Standards for Business
Enterprises, the Standards for the Contents and Formats of Financial Reports of Securities
Firms (Revised in 2008) (CSRC's Announcement No. [2008] 1) for the specific criteria for
their calculation
PI-II-2: Net Assets
I. Basic Definition
The term "net assets" refers to the aggregate amount of net assets owned by securities and
futures dealers at the end of the statistical calculation period.
II. Statistical Attributes
(1) Basic frequency: month;
(2) Basic measurement unit: yuan;
(3) Commonly used dimensions:
82
1. Type of institution (securities firm, fund management company and futures company);and
2. Regulatory jurisdiction and administrative division.
PI-II-3: Average Financial Leverage
I. Basic Definition
The term "average financial leverage" refers to the ratio of the total assets of securities and
futures dealers to their net assets at the end of the statistical calculation period.
Average financial leverage= total assets/net assets
II. Statistical Attributes
(1) Basic frequency: month;
(2) Basic measurement unit: times; and
(3) Commonly used dimensions:
1. Type of institution (securities firm, fund management company and futures company); and
2. Regulatory jurisdiction and administrative division.
PI-II-4: Operating Revenue
I. Basic Definition
The term "operating revenue" refers to the total sum of operating revenue of securities and
futures dealers during the statistical calculation period. It includes net fee and commission
income, net income from customer asset management business, net interest income,
investment income, income from changes in fair value, net exchange income and other
business income.
II. Statistical Attributes
(1) Basic frequency: month;
(2) Basic measurement unit: yuan; and
(3) Commonly used dimensions:
1. Type of institution (securities firm, fund management company and futures company); and
2. Regulatory jurisdiction and administrative division.
PI-II-5: Operating Expenses
I. Basic Definition
The term "operating expenses" refers to the total amount of operating expenses of securities
83
and futures dealers during the statistical calculation period.
II. Statistical Attributes
(1) Basic frequency: month;
(2) Basic measurement unit: yuan; and
(3) Commonly used dimensions:
1. Type of institution (securities firm, fund management comp any and futures company); and
2. Regulatory jurisdiction and administrative division.
PI-II-6: Total Profits
I. Basic Definition
The term "total profits" refers to the total amount of profits made by securities and futures
dealers during the statistical calculation period.
II. Statistical Attributes
(1) Basic frequency: month;
(2) Basic measurement unit: yuan; and
(3) Commonly used dimensions:
1. Type of institution (securities firm, fund management company and futures company); and
2. Regulatory jurisdiction and administrative division.
PI-II-7: Net Profits
I. Basic Definition
The term "net profits" refers to the total amount of net profits made by securities and futures
dealers during the statistical calculation period.
II. Statistical Attributes
(1) Basic frequency: month;
(2) Basic measurement unit: yuan; and
(3) Commonly used dimensions:
1. Type of institution (securities firm, fund management company and futures company); and
2. Regulatory jurisdiction and administrative division.
84
PI-III: Risk Control
PI-III-1: Total Net Capital
I. Basic Definition
The term "total net capital" refers to the aggregate amount of net capital of securities firms
and futures companies at the end of the statistical calculation period.
II. Statistical Attributes
(1) Basic frequency: month;
(2) Basic measurement unit: yuan; and
(3) Commonly used dimensions:
1. Type of institution (securities firm and futures company); and
2. Classification results of securities firms and futures companies.
III. Notes
For the calculation of securities firms' net capital, see the Administrative Measures for the
Risk Control Indicators of Securities Firms (CSRC' s Decree No. 55)and relevant rules and
for the calculation of futures companies' net capital, see the Trial Administrative Measures for
the Risk Management Indicators of Futures Companies (Zheng Jian Fa No. [2007] 55) and
relevant rules.
PI-III-2: Securities Firms’ Total Risk-based Capital Provisions
I. Basic Definition
The term" securities firms’ total risk-based capital provisions" refers to the aggregate amount
of risk-based capital provisions of all securities firms at the end of the statistical calculation
period.
II. Statistical Attributes
(1) Basic frequency: month;
(2) Basic measurement unit: yuan; and
(3) Commonly used dimensions:
1. Regulatory jurisdiction; and
2. Classification results of securities firms.
III. Notes
85
For the risk-based capital provisions of a single securities firm, see "sum of all risk-based
capital provisions" set out in the calculation table of securities firms' risk-based capital
provisions.
IV. Relevant Rules and Regulations
Rules on the Standards for the Calculation of Securities Firms' Risk-based capital Provisions
(CSRC's Announcement No. [2012] 36)
PI-III-3: Securities Firms’ Risk Coverage Ratio
I. Basic Definition
The term "securities firm's risk coverage ratio" refers to the ratio of the total net capital of
securities firms to their various risk-based capital provisions at the end of the statistical
calculation period.
Securities firms’ risk coverage ratio=(total net capital/various risk-based capital
provisions)*100%
II. Statistical Attributes
(1) Basic frequency: month;
(2) Basic measurement unit: %; and
(3) Commonly used dimensions:
1. Classification results of securities firms; and
2. Regulatory jurisdiction and administrative division.
PI-IV: Dealers’ Businesses
PI-IV-1: Total Customer Assets under Custody
I. Basic Definition
The term “total customer assets under custody” refers to the sum of the market capitalization
of customer assets under custody and the total customer transactions settlement funds
involved in the securities brokerage business at the end of the statistical calculation period.
II. Statistical Attributes
(1) Basic frequency: month;
(2) Basic measurement unit: yuan; and
(3) Commonly used dimensions:
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1. Securities firms or business departments;
2. Type of investor (individual and institutional investors); and
3. Regulatory jurisdiction and administrative division.
III. Notes
(1) Market capitalization of customer assets under custody refers to the market capitalization
of securities under the possession of an investor which the investor place under the custody of
a securities firm.
(2) Market capitalization of customer assets under the custody of securities firms does not
include the market capitalization of securities available on their leased trading units.
(3) Customer transaction settlement funds include the funds deposited to guarantee settlement
in full, the total amount earned from selling securities (less brokerage commissions and other
appropriate fees), the dividends, cash dividends, bond interest derived as a result of securities
held by the customer, the interest accrued on the above funds, and other funds determined by
the CSRC.
PI-IV-2: Total Value of Securities Traded on a Commission Basis
I. Basic definition
The term “total value of securities trade on a commission basis” refers to the total amount of
funds involved in the trading of securities conducted by securities firms on behalf of investors
during the statistical calculation period.
II. Statistical Attributes
(1) Basic frequency: month;
(2) Basic measurement unit: yuan; and
(3) Commonly used dimensions:
1. Type of securities (stocks, funds, bonds, etc.); and
2. Regulatory jurisdiction and administrative division.
III. Notes
Total value of securities traded on a commission basis includes the value of securities traded
on the leased marketing units of securities firms.
PI-IV-3: Size of Asset Management Business
I. Basic Definition
87
The term “size of asset management business” refers to the total value of assets to which
securities firms, fund management companies and futures companies have provided
specialized asset management services by the end of the statistical calculation period,
generally calculated on a fair value basis.
II. Statistical Attributes
(1) Basic frequency: month;
(2) Basic measurement unit: yuan; and
(3) Commonly used dimensions:
1. Type of institution (securities firm, fund management company and futures company); and
2. Regulatory jurisdiction and administrative division.
PI-IV-4: Total Value of Futures Companies’ Customer Equity
I. Basic definition
The term “total value of futures companies’ customer equity” refers to the total value of
customer assets placed under the management of futures companies for futures transactions
on behalf of customers at the end of the statistical calculation period, including margin
occupied by contracts and available funds not occupied by any contract.
II. Statistical Attributes
(1) Basic frequency: day;
(2) Basic measurement unit: yuan; and
(3) Commonly used dimensions:
1. Futures company;
2. Classification results of futures companies; and
3. Regulatory jurisdiction and administrative division.
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Appendix I: Rapid Calculation Formulas for Range of Fluctuations
Formula One: Geometric Multiplicative of Range of Fluctuations by Segment within the
Interval
Under normal conditions,
PreClosei
= Close
i 1
, unless the transaction date “i” falls on the
ex-rights date. Therefore, the formula can be simplified as follows:
 n  Pclose, jt
R  
 j1  Ppreclose, j1




 1  100%





In which:
R—range of fluctuations; and
j—the No.j interval within the statistical calculation period
The first interval during the statistical calculation period begins from the initial transaction
date within the period and ends on the first ex-rights date after the initial transaction date and
other intervals are left-closed and right-opened intervals with ex-rights dates as the dividing
line.
Pclose,jt—closing price of the final trading day within the No.j interval; and
Ppreclose,j1—previous closing price of the first trading day within the No.j interval
Formula Two: Range of Fluctuations in Rights Restoration Price
 P

R   close,i,adj  1  100%
 Ppreclose,1,adj



In which:
R—range of fluctuations;
Pclose,i,adj—closing price of the final trading day after the rights restoration process within
the statistical calculation period; and
Ppreclose,1,adj—closing price of the first trading day before the rights restoration process
within the statistical calculation period
The rights restoration process for a single stock is as follows:
Pclose,i ,adj  Pclose,i  AFi
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Ppreclose,i,adj  Ppreclose,i  AFi
In which:
AFi 
Pclose,i 1
Ppreclose,i
 AFi 1
In which:
AF0—the initial value of rights restoration factor of on the first day of IPO is 1, i.e.
AF0  1 ;
AFi—rights restoration factor on the No.i trading day;
AFi-1—rights restoration factor on the No.i-1 trading day;
Pclose,i-1—closing price of the No. i-1 trading day;
Ppreclose,i—previous closing price of the No.i trading day; and
Pclose,i,adj—closing price of the No.i trading day after the rights restoration process
Ppreclose,I,adj—closing price of the No.i trading day before the rights restoration process
The rights restoration price calculation method enables the results of the formula one to be the
same with those of formula two.
90
Appendix II: Relevant Rules and Regulations
(1) Regulations of the People's Republic of China on the Administration of Company
Registration (State Council’s Decree No. 451);
(2) Regulations on the Administration of Futures Trading (State Council’s Decree No. 627);
(3) Administrative Measures for Information Disclosure of Securities Investment Funds
(CSRC’s Decree No. 19);
(4) Administrative Measures for Issuance of Securities by Listed Companies (CSRC’s Decree
No. 19 No. 30);
(5) Administrative Measures for IPO and Listing of Stocks (CSRC’s Decree No. 32);
(6) Administrative Measures for Securities Investments in China by Qualified Foreign
Institutional Investors (CSRC’s Decree No. 36);
(7) Measures for the Administration of Futures Companies (CSRC’s Decree No. 43);
(8) Trial Administrative Measures for Overseas Securities Investments by Qualified Domestic
Institutional Investors (CSRC’s Decree No. 46);
(9) Administrative Measures for the Risk Control Indicators of Securities Companies
(CSRC’s Decree No. 55);
(10) Decisions on Amending Certain Rules for the Distribution of Cash Dividends by Listed
Companies (CSRC’s Decree No. 57);
(11) Administrative Measures for the Statistics of Securities and Futures Markets (CSRC’s
Decree No. 60);
(12) Tentative Administrative Measures for Initial Public Offerings and Listing on GEB
(CSRC’s Decree No. 61);
(13) Administrative Measures for the Depository and Clearing Process of Securities (CSRC’s
Decree No. 65);
(14) Measures for the Administration of the Sale of Securities Investment Funds (CSRC’s
Decree No. 72);
(15) Administrative Measures for Significant Asset Restructuring of Listed Companies
(CSRC’s Decree No. 73);
(16) Measures for the Pilot Program of Making Securities Investments in China by Fund
91
Management Companies and Securities Firms as Renminbi Qualified Foreign Institutional
Investors (CSRC’s Decree No. 76);
(17) Administrative Measures for the Operation of Securities Investment Funds (CSRC’s
Decree No. 79);
(18) Measures for the Pilot Program of Providing Asset Management Services for Specific
Customers by Fund Management Companies (CSRC’s Decree No. 83);
(19) Measures for the Administration of Securities Investment Fund Management Companies
(CSRC’s Decree No. 84);
(20) Administration Measures for the Pilot Program of Establishing Fund Management
Companies by Commercial Banks (CSRC’s Announcement No. [2005] 4);
(21) Standards for the Contents and Formats of Annual Reports of Securities Firms (Revised
in 2008) (CSRC’s Announcement No. [2008] 1);
(22) XBRL Template for Information Disclosure by Securities Investment Funds No.1
-Quarterly Report (CSRC’s Announcement No. [2008] 36);
(23) Interpretative Announcement on Information Disclosure by Companies Publicly Offering
Securities No. 1 -Non-recurring Gains and Losses (2008) (CSRC’s Announcement No. [2008]
43);
(24) Rules for the Compilation and Submission of Information Disclosure by Companies
Publicly Offering Securities No.9-Calculation and Disclosure of Return on Equity and
Earnings per Share (CSRC’s Announcement No. [2010]2);
(25) XBRL Template for Information Disclosure by Securities Investment Funds No.3
-Annual and Semiannual Reports (CSRC’s Announcement No. [2010] 5);
(26) Rules for the Regulatory Oversight of Securities Firms by Category (CSRC’s
Announcement No. [2010] 17);
(27) XBRL Template for Information Disclosure by Securities Investment Funds No.4 Announcement on the Effectiveness of Fund Contracts and Eleven Types of Temporary
Announcements (Trial Implementation)) (CSRC’s Announcement No. [2010] 32);
(28) Rules for the Regulatory Oversight of Securities Firms by Category (CSRC’s
Announcement No. [2011] 9);
(29) Decision on Standardizing Accounts in the Futures Market (CSRC’s Announcement No.
[2011] 20);
(30) Administrative Measures for the Margin Financing and Securities Lending Business of
92
Securities Firms (CSRC’s Announcement No. [2011] 31);
(31) Internal Control Guidelines for the Margin Financing and Securities Lending Business of
Securities Companies (CSRC’s Announcement No. [2011]32);
(32) XBRL Template for Information Disclosure by Securities Investment Funds No.2 - Net
Asset Value Announcement (CSRC’s Announcement No. [2012] 5);
(33) Rules on the Standards for the Calculation of Securities Firms' Risk-based capital
Provisions (CSRC’s Announcement No. [2012]36);
(34) Circular on Further Handling Matters Relating to the Distribution of Cash Dividends by
Listed Companies (Zheng Jian Fa No.[2012] 37);
(35) Tentative Rules for the Administration of Money Market Funds (Zheng Jian Fa No.[2004]
No. 78);
(36) Trial Measures for the Clearing of Financial Futures by Futures Companies (Zheng Jian
Fa No. [2007] 54);
(37) Trial Administrative Measures for the Risk Management Indicators of Futures
Companies (Zheng Jian Fa No. [2007] 55);
(38) Administrative Measures for Establishment of Accounts by Customers in the Futures
Market (CSRC’s Announcement No. [2012] 1);
(39) Rules for the Compilation and Submission of Information Disclosure by Securities
Investment Funds No. 1 -Calculation and Disclosure of Major Financial Indicators (Zheng
Jian Ji Jin Zi No. [2003] 104);
(40) Circular on Issues Related to the Investments and Other Matters of Money Market Funds
(Zheng Jian Ji Jin Zi No. [2005] 41);
(41) Circular on Issues of Processing Business Concerning the Classification of Shares of
Listed Companies (Zheng Jian Shi Chang Zi No. [2000] 8);
(42) Circular on Issues Relating to Securities Accounts, Trading Seats and Settlement Capital
Accounts Involved in Investments Made on Behalf of the National Council for Social
Security Fund (Zheng Jian Shi Chang Zi No. [2002] 3);
(43) Circular on Issues Related to Valuation Business and Computation of Net Asset Value
Carried out by Securities Investment Funds Pursuant to the Accounting Standards for
Business Enterprises (Zheng Jian Kuai Ji Zi No. [2007] 21);
(44) Administrative Measures for Equity Incentive Plans of Listed Companies (Trial
Implementation) (Zheng Jian Gong Si Zi No. [2005] 151);
93
(45) Standards for the Contents and Formats of Information Disclosure by Companies
Publicly Offering Securities No. 15- Reports on Changes in Equity (Zheng Jian Gong Si Zi
No. [2006] 156);
(46) Standards for the Contents and Formats of Information Disclosure by Companies
Publicly Offering Securities No. 5- Contents and Formats of Reports on Changes in Shares of
the Companies (Zheng Jian Gong Si Zi No. [2007] 98);
(47) Tentative Administrative Measures for the Investments of the National Social Security
Fund (Decree of the Ministry of Finance, Ministry of Labor and Social Security Department
No. [2001] 12);
(48) Measures for the Administration of Enterprise Annuities (Decree of the Ministry of
Labor and Social Security No. [2011] 11);
(49) Rules for the Classification of Enterprise Registration (Guo Tong Zi No. [2011] 86);
(50)Administrative Measures for the Recognition of Hi-tech Enterprises (Guo Ke Fa Huo No.
[2008] 172);
(51) Tentative Administrative Rules for the Marks of Listed Companies’ State Shareholders
(Guo Zi Fa Chan Quan No. [2007] 108);
(52) Administrative Measures of the Zhengzhou Commodity Exchange for the Control of
Risks (2003);
(53) Guidelines of the Shenzhen Stock Exchange for the Listed Open-ended Fund Business
(2005);
(54) Listing Rules of the Shenzhen Stock Exchange for Securities Investment Funds (2006);
(55) Securities Depository Rules of the China Securities Depository and Clearing Co., Ltd.
(2006);
(56) Circular of the China Securities Depository and Clearing Co., Ltd. on Further
Standardizing the Administration of Accounts (2007);
(57) Listing Rules of the Shanghai Stock Exchange for Securities Investment Funds (Revised)
(2007);
(58) Measures of the Shanghai Futures Exchange for Membership Management (2008);
(59) Measures of the Zhengzhou Commodity Exchange for Membership Management (2009);
(60) Futures Trading Rules of the Zhengzhou Commodity Exchange (2009);
(61) Measures of the China Financial Futures Exchange for Membership Management (2010);
94
(62) Trading Rules of the China Financial Futures Exchange (2010);
(63) Clearing Rules of the China Financial Futures Exchange (2010);
(64) Clearing Rules of the Shanghai Futures Exchange (2011);
(65) Implementation Rules of China Securities Depository and Clearing Corporation Limited
for the Depository and Clearing Process of Margin Financing and Securities Lending
Transactions (2011);
(66) Implementation Rules for Margin Financing and Securities Lending Transactions issued
by the Shanghai and Shenzhen Stock Exchanges (2011);
(67) Rules for the Compilation of CSI 300 Index (2012) issued by China Securities Index Co.,
Ltd.;
(68) Trading Rules of the Shanghai Stock Exchange (2012);
(69) Implementation Rules of the Shanghai Stock Exchange for the Exchange-traded
Open-ended Index Tracking Fund Business (2012);
(70) Schedules of Fee Standards for Capital Settlement (2012) issued by the Shanghai and
Shenzhen Stock Exchanges;
(71) Trading Rules of the Shenzhen Stock Exchange (2012);
(72) Implementation Rules of the Shenzhen Stock Exchange for the Exchange-traded
Open-ended Index Tracking Fund Business (2012);
(73) Administrative Measures for Conversion Rates of Standard Bonds (2012) issued by the
China Securities Depository and Clearing Co., Ltd.;
(74) Administrative Measures of the Shanghai Futures Exchange for the Control of Risks
(2012);
(75) Trading Rules of the Shanghai Futures Exchange (2012);
(76) Measures of the Dalian Commodity Exchange for the Management of Risks (2012);
(77) Trading Rules of the Dalian Commodity Exchange (2012);
(78) Clearing Rules of the Dalian Commodity Exchange (2012);
(79) Administrative Measures of the Zhengzhou Commodity Exchange for the Control of
Risk in Futures Trading (2012);
(80) Clearing Rules of the Zhengzhou Commodity Exchange (2012);
(81) Administrative Measures of the China Financial Futures Exchange for the Control of
95
Risks (2012).
96