Fund shares are publicly issued to investors, indicating that the holder has the right to income distribution, the right to acquire residual property after liquidation and other related rights to the fund property based on the shares he holds, and is a certificate that assumes corresponding obligations.

In centralized bidding transactions on the exchange, the principles of price priority and time priority are implemented.

All valid buying quotations are arranged in order from high to low. If the quotations are the same, they are arranged in the order of quotation time. All selling quotations are arranged in order from low to high. If the quotations are the same, they are also arranged in the order of quotation time.

Arranged in order.

Extended information According to the provisions of the Securities Law, the stock exchange provides a venue for centralized securities bidding transactions. It can formulate specific rules for centralized securities bidding transactions in accordance with securities laws and administrative regulations.

A not-for-profit legal entity that implements self-regulatory supervision on its securities transactions.

In order to give full play to the self-regulatory role of stock exchanges, simplify the procedures for listing and trading of fund shares, and improve the efficiency of approval for listing and trading of fund shares, this article stipulates that the securities regulatory authority of the State Council may authorize stock exchanges to approve the listing and trading of fund shares in accordance with legal conditions and procedures.