From May 20 17 1 day, the Guidelines for the Management of Graded Fund Business (hereinafter referred to as the Guidelines) will be formally implemented. After the implementation of the Guidelines, investors who have not opened the authority of graded funds will not be able to participate in the subscription of sub-shares and the split of basic shares of graded funds. Investors who already hold the A/B share of the graded fund but have not opened the authority can only choose to continue to hold or sell the already held share.

According to the Guidelines, individual investors and general institutional investors who participate in the sub-share subscription and base share split of graded funds need to open the trading authority at the business department to meet the threshold that the average daily securities assets under their names are not less than 300,000 yuan 20 trading days before the opening of the application authority, and sign the investment risk disclosure of graded funds in writing at the business department site. Professional institutional investors do not need to apply for the relevant authority of graded funds, and branches can be directly opened.

The impact of the Guidelines on investors' buying and selling of stocks is shown in the following table:

I already hold the A/B share of the graded fund, but the authority has not been opened. From May 1, you can no longer buy new A/B shares, but you can only choose to continue holding or selling the shares you have already held.

Rules for the split and merger of graded funds: