Option trading has certain complexity and risks, and the Shanghai and Shenzhen Stock Exchanges have set a high threshold for stock option investors. According to the Guidelines on Appropriateness Management of Stock Option Pilot Investors in Shanghai Stock Exchange, Guidelines on Appropriateness Management of Stock Option Pilot Investors in Shenzhen Stock Exchange, Guidelines on Stock Option Brokerage Business of Securities Companies in Shanghai Stock Exchange and Guidelines on Brokerage Business of Stock Option Pilot Securities Companies in Shenzhen Stock Exchange, Option sauce xiaobian has compiled the entry conditions for all kinds of investors:

individual investors

1

the average daily market value of securities entrusted to our company and the available balance of fund accounts (excluding securities and funds integrated through margin trading) 2 trading days before applying for opening an account, with a total of not less than RMB 5,.

2

(designated transaction) has been in a securities company for more than 6 months and has the qualification to participate in margin trading or financial futures trading experience; Or have opened an account with a futures company for more than 6 months and have financial futures trading experience.

Shanghai Stock Exchange: investors have designated trading in our company or other securities companies for 6 months;

Shenzhen Stock Exchange: The investor has opened an account in any securities company (Shanghai Stock Exchange or Shenzhen Stock Exchange) for 6 months.

Xiao Bian reminds:

This condition can be divided into the following three points, and as long as any one point is met, it will be considered as meeting this condition.

① the investor has opened an account (designated transaction) in any securities company for 6 months and has opened a credit account in our company or other securities companies;

② The investor has opened an account (designated transaction) in any securities company for 6 months and has at least one financial futures trading experience;

③ The investor has opened an account with any futures company for 6 months and has at least one financial futures trading experience.

3

Have basic knowledge of options and pass relevant tests recognized by the Exchange.

① investors must log in to /OptionExam/ (Shenzhen Stock Exchange) in the option knowledge test room of our business organization to take the option knowledge test of the exchange;

② The test is divided into Grade I, Grade II, Grade III (step by step) and comprehensive test, with a passing score of 7 points;

③ Investors who intend to apply for the first, second or third level trading authority must pass the option knowledge test corresponding to the trading authority, and those who pass the comprehensive examination are deemed to have passed the third level examination;

④ The business institution inquires and prints the option test transcripts for investors who have passed the examination. The test results are valid for a long time and can be used to apply for opening an account in other option business institutions.

4

Experience in simulated trading of options recognized by the Exchange.

① our company opens a stock option simulation account for investors, uses the simulation trading software provided by our company to conduct option simulation trading, and the business organization prints the simulation trading slip for investors who have completed the simulation trading;

② An investor who intends to apply for the first, second or third level trading authority must complete the option simulation trading corresponding to the trading authority, in which:

The first level trading authority: open a corresponding number of covered positions when holding the subject matter of the option contract, buy and open a corresponding number of put options when holding the subject matter of the option contract, and close or exercise the held contract;

secondary trading authority: transactions corresponding to primary trading authority, plus buying and opening positions;

Level-3 trading authority: the transaction corresponding to Level-2 trading authority, plus margin to sell and open positions;

③ The simulated trading experience of investors must include the exercise operation. If other appropriate access conditions required for opening an account have been met, and investors are willing to make a written commitment to "complete the exercise operation on the next exercise day of option simulation trading", our company can open an account for them first (but investors must complete the exercise operation on the next exercise day). ?

5

has corresponding risk tolerance.

① investors who apply for the first-level trading authority have a sound risk tolerance and above;

② investors who apply for tier-2 and tier-3 trading rights have positive risk tolerance and above.

6

There are no serious bad credit records, and there are no laws, regulations, rules and business rules of the exchange that prohibit or restrict options trading.

7

Other conditions stipulated by the Exchange.

conclusion: individual investors must meet the requirements of

"five haves and none have" when participating in option trading.

the option sub-account is another form of opening, which is generally participated by institutional companies.