The Zhitong Finance App learned that on August 7, the Shanghai and Shenzhen Exchange solicited public comments on improving arrangements related to listed open-ended funds. The draft for solicitation of comments clearly states that the listing of commodity futures LOF and QDII LOF should be terminated, and a transition period of at least one year should be set to end the listing before December 31, 2027; LOF with a daily net asset value of less than 10 million yuan for 60 consecutive trading days should also be terminated. If LOF has a daily net market asset value of less than 10 million yuan for 40 consecutive trading days, the fund manager shall report to the exchange and disclose the risk warning notice that the fund's listing may be terminated before the market opens on the next trading day, and disclose it once every trading day until the day the fund's net asset value of less than 10 million yuan on the same day is eliminated or the listing is terminated (whichever comes first).
The original text is as follows:
Notice on Public Consultation on Improving Arrangements Related to Listed Open-ended Funds
Shanghai Securities Letter [2026] No. 2612
Various market participants:
In order to promote the standardized development of listed open-ended funds (LOF) and protect the legitimate rights and interests of investors, the Shanghai Stock Exchange (hereinafter referred to as “the Exchange”) drafted the “Notice on Improving Arrangements Related to Listed Open-ended Funds (Consultation Draft)” (see attachment for details) under the overall guidance of the China Securities Regulatory Commission. Comments are now open to the public. The deadline for feedback is August 22, 2026.
Relevant comments or suggestions can be submitted by logging on to the firm's official website and going to the “Public Consultation” section under the “Rules” section.
We hereby inform you.
Shanghai Stock Exchange
August 7, 2026
Notice on Improving Arrangements for Listed Open-ended Funds (Draft for Comments)
In order to promote the standardized development of open funds (hereinafter referred to as LOF) listed on the Shanghai Stock Exchange (hereinafter referred to as LOF) and protect the legitimate rights and interests of investors, in accordance with the “Securities Investment Fund Law of the People's Republic of China”, “Administrative Measures on the Operation of Publicly Raised Securities Investment Funds”, “Shanghai Stock Exchange Securities Investment Fund Listing Rules” (hereinafter referred to as “Fund Listing Rules”), etc., the notice on improving LOF related arrangements is as follows:
1. The following circumstances are “other circumstances where the Company believes the listing should be terminated” as stipulated in Article 33 (5) of the “Fund Listing Rules”:
(1) Qualified domestic institutional investors (hereinafter referred to as QDII) LOF, that is, LOF raised and established in accordance with the “Trial Measures on the Administration of Overseas Securities Investment by Qualified Domestic Institutional Investors” and other relevant regulations, using part or all of the fund's assets to invest in overseas securities markets.
(2) The daily net asset value of LOF was less than 10 million yuan for 60 consecutive trading days.
In the case of termination of listing as stipulated in paragraph (2) of this section, the corresponding period shall be calculated from the date of implementation of this notice.
2. QDIILOF shall cease listing by December 31, 2027 at the latest. From the date of implementation of this notice until the date of termination of its listing, QDIILOF is prefixed with the word “*” before the abbreviation in the fund market.
The relevant fund manager shall disclose the announcement before the opening of the market on the date of implementation of this notice, reminding LOF of the risk of terminating the listing, reminding fund share holders that they can choose to redeem, sell, or transfer their in-market shares off-market across systems, etc., and make arrangements to terminate the listing.
For those applying for LOF transformation, fund managers should specify the investor selection period. The selection period is 20 trading days, suspend subscription services during the selection period, and open up market transactions, redemptions, and cross-system escrow services. The fund manager shall submit documents related to the transformation to the firm three trading days before the beginning of the selection period and issue an announcement clarifying the timing of the selection period, the types of business that can be carried out during the selection period, and related arrangements after the selection period ends. The fund manager shall disclose the indicative notice of termination of listing on a daily basis during the selection period. After the selection period ends, LOF on-market transactions, subscription, redemption, and escrow services will be suspended until the date of termination of listing. The fund manager shall submit documents relating to the termination of listing to the firm within five trading days after the end of the selection period.
Where an application is made for LOF liquidation and delisting, the fund manager shall terminate the fund contract in accordance with the provisions of the “Fund Law” by fulfilling the resolution procedure of the fund share holders' meeting or if the fund contract is terminated in accordance with the fund contract agreement. The fund manager shall specify the date on which the business will be suspended. LOF will enter the liquidation process from the date the business is suspended, and stop on-market transactions, subscription, redemption, and transfer escrow operations until the date the listing is terminated. The fund manager shall submit relevant documents to the firm three trading days before the business suspension date and issue a notice clarifying the date of suspension of business and subsequent delisting arrangements. The fund manager shall submit documents relating to the termination of listing to the firm within five trading days after the liquidation funds have been disbursed.
3. If LOF has a daily net market asset value of less than 10 million yuan for 40 consecutive trading days, the fund manager shall report to the firm and disclose the risk warning notice that the fund's listing may be terminated before the opening of the next trading day, and disclose it once every trading day until the day the fund's net asset value of less than 10 million yuan is eliminated or the listing terminated on that day (whichever comes first).
If LOF has a situation as stipulated in Article 1 (2) of this Notice, the fund manager shall disclose the relevant announcement before the opening of the market on the next trading day after the situation occurred, submit LOF transformation or liquidation and delisting documents to the firm, and make arrangements to terminate the listing. LOF suspends trading from the date of announcement. After three trading days from the date of commencement of suspension, it enters the investor selection period or business suspension date.
For those applying for LOF transformation, fund managers should specify the investor selection period. The selection period is 20 trading days. During this period, in-market transactions and subscription services will be suspended, and redemption and cross-system escrow services will be opened. The fund manager shall specify in the announcement the timing of the selection period, the types of business that can be carried out during the selection period, and relevant arrangements after the selection period is over. The fund manager shall disclose the indicative notice of termination of listing on a daily basis during the selection period. After the selection period ends, LOF on-market transactions, subscription, redemption, and escrow services will be suspended until the date of termination of listing. The fund manager shall submit documents relating to the termination of listing to the firm within five trading days after the end of the selection period.
Applications for LOF liquidation and delisting shall be carried out in accordance with the relevant procedures and risk warning requirements of QDIILOF liquidation and delisting in section 2 of this Notice.
4. The firm makes a decision to terminate the listing of the fund within 10 trading days after receiving the relevant documents from the fund manager to terminate the listing, and LOF terminates the listing within 5 trading days after making the decision to terminate the listing. The firm issued an announcement on the date of termination of LOF's listing.
The fund manager shall disclose the announcement of the termination of the listing of the fund within two trading days after receiving the firm's decision to terminate the listing of the fund. The details of the fund termination announcement include the types of funds terminated from listing, market abbreviations, stock codes, dates, reasons for termination of listing, and arrangements related to termination of listing.
5. If LOF terminates its listing as stipulated in Article 1 (1) and (2) at the same time, the company terminates its listing in accordance with the first to apply principle.
The time specified in section 1 (1) of this notice is subject to the time when the fund manager announces LOF transformation or liquidation and delisting.
6. Members of the firm shall include LOF, which issued announcements relating to the termination of listing in accordance with the provisions of this Notice, into the key monitoring list, and provide risk alerts to customers through various channels such as the company's website, online trading system, and market system. Members shall actively cooperate in carrying out customer notification work and urge customers to participate in transactions lawfully, in a rational and prudent manner. For customers who need to confirm their shares in OTC funds, members shall actively assist customers in formalities related to confirmation of rights, such as opening relevant accounts.
7. Each fund manager shall prepare relevant business and technical preparations, including formulating procedures for terminating the listing business, and establishing a monitoring and early warning system for LOF's net asset value in the LOF market.
8. The “transformation” referred to in this notice means that LOF terminates the on-market business and becomes an OTC fund; the term “liquidation” refers to the liquidation of fund assets and termination of the fund contract in accordance with law.
“Less than” of this notice does not include the number of copies. The consecutive trading days specified in this notice include the day the fund is suspended throughout the day.
9. This notice takes effect from [].
Notice on Public Consultation on Improving Arrangements Related to Listed Open-ended Funds
Shenzhen Stock Exchange [2026] No. 1115
Various market participants:
In order to promote the standardized development of open-ended funds listed on the Shenzhen Stock Exchange (hereinafter referred to as the Company) and protect the legitimate rights and interests of investors, the firm drafted the “Notice on Improving Arrangements Related to Listed Open-ended Funds (Draft for Comments)” under the overall guidance of the China Securities Regulatory Commission. Comments are now open to the public. The deadline for feedback is August 22, 2026.
Relevant comments or suggestions can be submitted by logging on to the firm's official website and going to the “Public Consultation” section under the “Legal Rules” section.
Shenzhen stock exchange
August 7, 2026
Notice on Improving Arrangements for Listed Open-ended Funds (Draft for Comments)
In order to promote the standardized development of open funds (hereinafter referred to as LOF) listed on the Shenzhen Stock Exchange (hereinafter referred to as LOF) and protect the legitimate rights and interests of investors, in accordance with the “Securities Investment Fund Law of the People's Republic of China”, “Administrative Measures on the Operation of Publicly Raised Securities Investment Funds”, “Shenzhen Stock Exchange Securities Investment Fund Listing Rules” (hereinafter referred to as the “Fund Listing Rules”), etc., the notice on improving LOF related arrangements is as follows:
1. The following circumstances are “other circumstances where the Company believes the listing should be terminated” as stipulated in Article 23 (5) of the “Fund Listing Rules”:
(1) Commodity futures LOF, qualified domestic institutional investors (hereinafter referred to as QDII) LOF.
Commodity futures LOF refers to LOF whose main strategy is to hold commodity futures contracts listed and traded on commodity futures exchanges with the approval of the China Securities Regulatory Commission in accordance with law, with the goal of tracking commodity futures prices or price indices.
QDIILOF refers to a LOF raised and established in accordance with the “Trial Measures for the Administration of Overseas Securities Investment by Qualified Domestic Institutional Investors” and other relevant regulations, using part or all of the fund's assets to invest in overseas securities markets.
(2) The daily net asset value of LOF was less than 10 million yuan for 60 consecutive trading days.
In the case of termination of listing as stipulated in paragraph 2 of this section, the corresponding period shall be calculated from the date of implementation of this notice.
2. The listing of commodity futures LOF and QDIILOF shall be terminated on December 31, 2027 at the latest. From the date of implementation of this notice until the termination of listing, the fund market abbreviation shall be prefixed with the word “*”.
The relevant fund manager shall disclose an announcement before the opening of the market on the date of implementation of this notice, reminding LOF of the risk of terminating the listing, reminding fund share holders that they can choose to redeem, sell, or transfer their in-market shares off-market across systems, etc., and make arrangements to terminate the listing.
After the arrangements relating to termination of listing are determined, the fund manager shall submit documents and announcements relating to the termination of listing to the firm no later than November 12, 2027. If documents are not submitted in accordance with the relevant regulations, the firm shall terminate the listing of LOF in accordance with the regulations.
3. If LOF has a daily net market asset value of less than 10 million yuan for 40 consecutive trading days, the fund manager shall report to the firm and disclose the risk warning notice that the fund's listing may be terminated before the opening of the next trading day, and disclose it once every trading day until the day the fund's net asset value of less than 10 million yuan is eliminated or the listing terminated on that day (whichever comes first).
If LOF occurs in a situation as stipulated in Article 1 (2) of this Notice, the fund manager shall report it to the firm and announce it before the market opens on the next trading day. LOF trading shall be suspended from the date of the announcement.
The fund manager shall submit documents relating to the termination of listing to the firm within two trading days from the date of the announcement.
4. The firm makes a decision to terminate the listing of the fund within 10 trading days after receiving the relevant documents relating to the termination of listing, and notifies the fund manager and makes an announcement within 2 trading days from the date of the decision.
The fund manager shall disclose the announcement of the termination of the listing of the fund within two trading days after receiving the firm's decision to terminate the listing of the fund. The details of the fund termination announcement include the types of funds terminated from listing, market abbreviations, stock codes, dates, reasons for termination of listing, and arrangements related to termination of listing.
Commodity futures LOF and QDIILOF fund managers shall disclose the announcement of termination of listing once every trading day for 20 consecutive trading days from the date of the firm's announcement to terminate the listing. LOF will terminate the listing on the next trading day after the expiration of 20 trading days.
If LOF makes a decision to terminate the listing in accordance with the provisions of Article 1 (2) of this Notice, the listing shall be terminated within five trading days after the decision to terminate the listing is made.
5. If LOF terminates its listing as stipulated in Article 1 (1) and (2) of this Notice at the same time, the Company terminates its listing in accordance with the principle of first touch and application.
The time the provisions of Article 1 (1) of this Notice are subject to the time when the fund manager announces the submission of documents relating to the termination of listing.
6. The fund manager should indicate in the announcement relating to the termination of the listing that LOF's market share can still be redeemed after the listing is terminated.
Members of the firm shall include LOF, which has issued announcements relating to the termination of listing in accordance with the provisions of this Notice, into the key monitoring list, and provide risk alerts to customers through various channels such as the company's website, online trading system, market system, etc., to guide customers to participate in transactions lawfully, in compliance, rationally and prudently.
7. Fund managers shall prepare relevant business and technical preparations, including formulating procedures for terminating the listing business, and establishing a monitoring and early warning system for LOF's net asset value in the LOF market.
8. The “less than” specified in this notice does not include the number of copies. The consecutive trading days specified in this notice include the day the fund is suspended throughout the day.
9. This notice will take effect from January X, 202X.
This article was selected from the official website of the “Shanghai and Shenzhen Stock Exchange”. Zhitong Finance Editor: Xu Wenqiang.