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Does anyone know how the delivery price of stock index futures is determined?
When stock index futures expire, cash delivery is used to calculate the profit and loss of buyers and sellers and transfer funds.

Shanghai and Shenzhen 300 index futures force the futures price to converge to the spot price by setting the delivery settlement price as the arithmetic average price of all index points in the last two hours of the last trading day of the Shanghai and Shenzhen 300 index.

For example, the Shanghai and Shenzhen 300 stock index futures are based on the settlement price of the average price of the last two hours of the Shanghai and Shenzhen 300 index on the delivery date.