Chapter I General Provisions Article 1 These Measures are formulated in accordance with the relevant provisions of the Regulations on the Administration of Futures Trading in order to carry out the pilot work of asset management business of futures companies (hereinafter referred to as asset management business) in an orderly manner, standardize the asset management business activities during the pilot period and protect the legitimate rights and interests of investors. Article 2 Asset management refers to the business activities in which a futures company accepts the written entrustment of a single customer or a specific number of customers, invests with the assets entrusted by customers in accordance with the provisions of these Measures and the contract, and collects fees or remuneration in accordance with the contract. Article 3 Futures companies engaged in asset management business shall register and put on record according to law, follow the principles of fairness, justice, honesty and standardization, abide by their duties, be cautious and diligent, protect the legitimate rights and interests of customers, treat all customers fairly, prevent conflicts of interest, prohibit various forms of interest transfer and maintain the normal order of the futures market.

Customers shall bear the investment risks independently, and shall not harm the national interests, social public interests or the legitimate rights and interests of others. Article 4 The China Securities Regulatory Commission and its dispatched offices shall supervise and manage the asset management business according to law. Article 5 The China Futures Association (hereinafter referred to as the CICPA) shall, according to its own responsibilities, exercise self-discipline management over the asset management business and related senior managers and business personnel.

The futures exchange shall, according to its own responsibilities, conduct self-discipline management of the asset management business according to law.

China Futures Margin Monitoring Center Company (hereinafter referred to as the Monitoring Center) shall monitor the asset management business according to law. Chapter II Business Norms Article 6 Clients of asset management business shall have strong financial strength and risk tolerance. The initial entrusted assets of a single customer shall not be less than RMB 654,380,000. Futures companies can raise the requirements for initial entrusted assets. Article 7 The directors, supervisors, senior managers, employees and their spouses of a futures company shall not be clients of the company's asset management business.

Shareholders, actual controllers and their related parties of a futures company, as well as parents and children of directors, supervisors, senior managers and employees of the futures company, become customers of the company's asset management business, and shall file with the dispatched office of the China Securities Regulatory Commission at their domicile within five working days from the date of signing the asset management contract, and disclose their relationship or kinship on the company's website. Article 8 A futures company shall sign a written asset management contract with its customers, provide asset management services to customers as agreed in the contract, and bear the fiduciary responsibility for asset management.

Futures companies shall formulate and implement asset management investment strategies for customers diligently, professionally and in compliance, manage entrusted assets according to the contract, and control investment risks. Article 9 The investment scope of asset management business includes:

(1) Financial derivatives such as futures and options;

(2) Stocks, bonds, securities investment funds, collective asset management plans, central bank bills, short-term financing bills, asset-backed securities, etc. ;

(3) Other investment products recognized by China Securities Regulatory Commission.

The investment scope of the asset management business shall conform to the contract, and shall not exceed the scope specified in the preceding paragraph, and match the customer's risk perception and tolerance. Article 10 A futures company shall keep the assets entrusted by customers and its own assets independent of each other, and independently establish accounts, conduct independent accounting and manage the entrusted assets of different customers.

Where the asset management business invests in futures products, the futures company and customers shall manage and access the entrusted assets in accordance with the relevant provisions on the safe deposit of futures deposits.

In the event of a debt dispute between a futures company and a third party, bankruptcy or liquidation of the futures company, the assets entrusted by customers shall not be used to pay off the debts of the futures company, and shall not belong to its bankruptcy property or liquidation property. Article 11 A futures company shall not publicize and promote asset management business or attract customers to the public through public media such as television, newspapers and radio.

Futures companies shall not publicly publicize the expected income of asset management business, and shall not deceive customers by exaggerating the performance of asset management. Article 12 A client shall entrust a futures company with asset management in its true identity, and the source and use of entrusted assets shall comply with the provisions of laws and regulations, and shall not raise funds from the public in violation of the provisions.

The customer shall make a written commitment to the legality of the source and use of the entrusted assets. Article 13 A futures company shall fully disclose the risks of asset management business to customers, explain and explain the investment strategies and contract terms related to asset management, and submit the risk disclosure to customers for signature or seal confirmation. Article 14 Customers should correctly understand the market and product risks, take the initiative to understand the risk-return characteristics of asset management investment strategies, and conduct self-assessment in combination with their own risk tolerance.

A futures company shall carefully evaluate the appropriateness of customers. Article 15 An asset management contract shall clearly stipulate that the client shall bear the investment risks independently.

A futures company shall not promise or guarantee the minimum income of entrusted assets or share losses to customers.

The customer commitment letter, risk disclosure letter and asset management contract text used by the futures company shall include the necessary terms of the contract formulated by the temporary agreement, and shall be reported to the dispatched office of the China Securities Regulatory Commission for the record. Article 16 Where an asset management business invests in futures products, a futures company shall open or cancel a custody account (hereinafter referred to as the futures asset management account) for its customers, apply for or cancel the transaction code, and separately identify and manage the futures asset management account and its transaction code.

Where the asset management business invests in non-futures products, the futures company shall abide by the relevant market account opening regulations and open or cancel asset management accounts such as joint accounts. The futures company shall file with the monitoring center within 5 working days from the date of opening an account.

Before opening an account for the record, the futures company shall not carry out asset management trading activities.