Shenzhen Stock Exchange: Adjusting the bulk trading of GEM stocks agreement to real-time transaction confirmation.

This time, the reform of the Growth Enterprise Market further optimizes the trading system, and the Shenzhen Stock Exchange has accordingly revised the "Trading Rules". Firstly, it clarifies the introduction of market makers system on the Growth Enterprise Market. Practice has shown that the market maker system helps improve pricing efficiency, reduce trading costs, and decrease price fluctuations. The Shenzhen Stock Exchange will further clarify the arrangements for market maker service application and termination, market maker rights and obligations, supervision and management, etc. through the publication of detailed rules, guidelines, and other means, to ensure the smooth implementation of the reform measures. Secondly, the agreement-based bulk trading of Growth Enterprise Market stocks will be adjusted to real-time transaction confirmation. The previous arrangement of "intraday declaration, post-trading confirmation" had issues such as insufficient operation time and impacting willingness to participate. This time, the transaction confirmation time will be adjusted from 15:00 to 15:30 to 9:30 to 11:30, and 13:00 to 15:30, which will help further enhance the willingness to trade in bulk transactions and facilitate the entry of medium and long-term funds into the market. Thirdly, the range of fixed-price trading products after hours will be expanded. In August 2020, the Growth Enterprise Market stocks introduced a post-market fixed-price trading mechanism, which has operated smoothly and orderly. This time, the range of fixed-price trading products after hours will be expanded to include main board A-shares and all ETFs including those related to the Growth Enterprise Market, which is a beneficial complement to intraday auction trading and allows investors to trade at the closing price, better meeting the diverse trading needs of investors.