1. Clearly observe the identities of major shareholders and directors of the board of supervisors when selling.

The "Regulations" clarify that the scope of application of specific short-term transactions is limited to specific investors such as major shareholders and directors of listed companies or companies listed on the New Third Board. Among them, for those who have the status of major shareholder, director and supervisor at the time of trading, and those who do not have it at the time of buying but have it at the time of selling, it is clearly necessary to abide by the specific short-term trading system.

2. Specific short-term transactions are not calculated across varieties.

The "Regulations" further pointed out that specific short-term transactions are not calculated across varieties. In view of the cross-variety trading behavior that may occur after other securities with equity nature are included in the supervision scope, combined with the existing supervision practice, considering that it is difficult to identify the cross-variety trading income in specific operations, it is clear that specific short-term transactions are not calculated across varieties.

3. sell within six months after buying or abide by it within six months after selling.

4. 12 The conversion of preferred shares shall be exempted.

5. Differentiate the social security fund and Public Offering of Fund.

The Regulations also clarify the applicable standards of domestic institutions. It is clear that the specific short-term trading system is applicable to the combined calculation of the number of securities held by domestic institutions, unincorporated organizations and other people's accounts. At the same time, make differentiated arrangements for social security fund, basic endowment insurance fund, annuity fund and Public Offering of Fund, and make it clear that they can calculate the number of securities held by products (or combinations), and that the number of securities held by collective private asset management products managed by securities fund management institutions can be calculated separately by products.

6. Overseas public offering refers to domestic public offering that meets the fund supervision standards.

In addition, the regulations also clarify the applicable standards for foreign investment. On the one hand, in principle, foreign-funded institutions are required to calculate the number of securities held by managers. At the same time, according to the principle of "internal and external consistency" and referring to the domestic regulatory standards of Public Offering of Fund, it is stipulated that overseas Public Offering of Fund can apply for calculating the number of securities held by products.

7. The conditions for introduction are ripe.

8. The drafting follows five principles.