LOF fund: the full English name is "listened open-ended fund" and the Chinese name is "Listed Open-Ended Fund", that is, after the issuance of listed open-ended fund, investors can purchase and redeem fund shares at designated outlets or buy and sell the fund on the exchange. However, if the investor wants to sell the fund shares purchased at the designated outlets, he must go through certain transfer custody procedures; Similarly, if you want to redeem the fund shares bought online on the exchange and want to redeem them at the designated outlets, you must also go through certain transfer custody procedures.

Listed Open-ended Funds (LOFs) are based on the current operating mode of open-ended funds, which increase the channels for offering, subscription, redemption and trading in Shenzhen Stock Exchange. Its main features are as follows:

1. The fund can be sold at the same time in Shenzhen Stock Exchange, the fund manager and its agency. The Shenzhen Stock Exchange adopts the online distribution method, and the fund manager and its agency follow the current over-the-counter sales method.

2. after the fund is listed on the Shenzhen stock exchange, investors can choose to buy and sell the fund shares in the trading system of the Shenzhen stock exchange, or they can choose to purchase and redeem the fund shares in the trading system, fund managers and consignment agencies of the Shenzhen stock exchange at the net value of the fund shares after the close of the day.

3. Funds subscribed, subscribed and bought through the trading system of Shenzhen Stock Exchange are registered in the China Securities Registration and Settlement System, and can be reported for sale or redemption to the trading system of Shenzhen Stock Exchange through the securities business department. Selling is done by electronic matching price in the way of stock trading, and redemption is done by the net value of fund shares closed on the same day.

4. Cross-system transfer custody can be used to change the custody place of fund shares between on-site and off-site.

offering

I. fund code and abbreviation

after the listed open-end fund is approved for issuance, the fund manager may apply to the Shenzhen Stock Exchange for the code and abbreviation of the listed open-end fund. The compilation of codes and abbreviations of listed open-end funds follows the Rules for Compilation of Codes and Abbreviations of Open-end Funds of Shenzhen Stock Exchange.

the fund code consists of six Arabic numerals, the first two digits are marked with "16" or "15", the middle two digits are the code gg of the fund management company uniformly stipulated by the Information Center of China Securities Regulatory Commission, and the last two digits are the serial number xx of all open-end funds issued by the company. Specifically expressed as "16ggxx". Fund abbreviation consists of four Chinese character strings or strings with a length of no more than four Chinese characters. The first two digits of the string must be Chinese characters, representing the name of the fund management company.

Shenzhen Stock Exchange, fund managers and their consignment agencies use the same fund code and abbreviation when handling listed open-end fund business.

II. Place and time of raising funds

(I) Place of raising funds

During the fund raising period, investors can subscribe for listed open-end funds through the business departments of securities institutions with fund consignment business qualifications (referring to the business departments of exchange members who have the securities business qualifications recognized by the China Securities Regulatory Commission and become members of the Shenzhen Stock Exchange after examination and approval, and conduct securities trading in the exchange according to law, hereinafter referred to as "securities business departments"). You can also subscribe for listed open-end funds through the business outlets of fund managers and their consignment agencies (commercial banks, securities institutions and other institutions that have the qualification of consignment of open-end funds recognized by China Securities Regulatory Commission, are entrusted by fund managers to publicize and promote funds, sell fund shares, and handle fund share subscription and redemption, the same below). See the Fund Prospectus announced by the fund manager for the list of specific consignment agencies.

(II) Time of offering

The time when the Shenzhen Stock Exchange accepts the application for subscription from the securities business department is the trading time of each trading day during the offering period; For the time when the fund manager and its agency accept the subscription of investors, please refer to the relevant provisions of the Fund Prospectus announced by the fund manager. The fund raising period may be terminated in advance if the fund share of a predetermined scale has been raised or other circumstances stipulated in the Fund Prospectus occur.

III. Subscription account

(1) Investors who subscribe for listed open-end funds through Shenzhen Stock Exchange shall hold a common RMB stock account or a securities investment fund account in Shenzhen (hereinafter referred to as "Shenzhen Securities Account").

1. Investors with existing securities accounts in Shenzhen can directly subscribe for listed open-end funds.

2. Investors who do not have a Shenzhen securities account can open an account through the account-opening agency of China Clearing Shenzhen Branch.

(2) Investors who subscribe for listed open-end funds through fund managers and other consignment agencies shall use the Shenzhen open-end fund account of China Clearing Company.

1. An investor who already has a Shenzhen securities account can apply for registration of an Shenzhen open-end fund account with his Shenzhen securities account through a fund manager or a consignment agency.

2. Investors who do not have a Shenzhen securities account can apply for account registration directly. China Clearing Company will allocate the Shenzhen Securities Investment Fund account for it and register the account as an open-end fund account in Shenzhen.

For the allotted Shenzhen Securities Investment Fund account, investors can print the Shenzhen Securities Investment Fund account card at the account opening agency of China Clearing Shenzhen Branch with the account number slip provided by the fund manager or the consignment agency.

3. Investors who have gone through the registration or registration confirmation procedures of Shenzhen open-end fund accounts through fund managers or consignment agencies can directly apply for open-end fund business declaration in their original places.

4. Investors who have gone through the registration procedures of Shenzhen open-end fund accounts through fund managers or consignment agencies, and intend to declare open-end fund business through other consignment agencies or fund managers, must use Shenzhen open-end fund accounts to go through the registration and confirmation procedures of open-end fund accounts at the new consignment agencies and fund managers.

iv. Subscription and related expenses

(I) Listing price and related expenses of Shenzhen Stock Exchange

If investors subscribe through the trading system of Shenzhen Stock Exchange, they must subscribe according to the share (that is, the investor's subscription declaration is based on the fund share). The listing price of Shenzhen Stock Exchange is the face value of the fund, and the formula for calculating the subscription amount that investors need to pay is:

subscription amount = listing price × (1+brokerage commission ratio )× subscription share

brokerage commission = listing price× brokerage commission ratio

net subscription amount = listing price× subscription share

, in which the subscription rate is specified in the Fund Prospectus by the fund manager.

Example: An investor subscribes for 1, fund units, assuming that the subscription rate set by the fund manager is 1% and the commission rate set by the brokerage firm is 1%. Then the subscription amount that investors should pay and the commission charged by brokers are:

listing price of Shenzhen Stock Exchange = fund face value = 1 yuan

subscription amount = 1× 1.1 = 11 yuan

brokerage commission = 1× .1 = 1 yuan

net subscription amount = 1× 1 = 1.

during the fund raising period, the interest generated from the net subscription amount can be converted into fund shares according to the agreement in the fund prospectus.

(II) Subscription through fund managers and their consignment agencies and related expenses

If investors subscribe through fund managers and their consignment agencies, they must subscribe according to the amount (that is, the investor's subscription declaration is in yuan). The fund manager may set the subscription rate by segments according to the subscription amount, and the subscription rate shall be agreed by the fund manager in the Fund Prospectus.

The open-end fund registration and settlement system of China Clearing Company (hereinafter referred to as "TA system") calculates the fund share subscribed by investors according to the subscription rate given by the administrator (external deduction method):

net subscription amount = subscription amount /(1+ subscription rate)

subscription fee = subscription amount-net subscription amount

subscription share = net subscription amount/. The interest during the subscription fund raising period can be converted into fund shares, which will be uniformly registered in the investor's Shenzhen open-end fund account after the fund raising period ends.

For example, if an investor invests 1, yuan to subscribe for a fund, assuming that the subscription rate stipulated by the administrator is 1%, the subscription fee and the available subscription share are:

the net subscription amount = 1,/1.1 = 9,9.99 yuan

the subscription fee = 1,-9,9.99 yuan = 99.1 yuan

.

v. subscription process

(I) subscription process of listed open-end funds through Shenzhen Stock Exchange

During the trading hours of each trading day during the fund raising period, listed open-end funds are listed for sale on Shenzhen Stock Exchange. The raising of listed open-end funds follows the online pricing model of new shares, but there is no matching and winning link.

1. The relevant business processes during the raising period are as follows:

(1) On T day (T day is the subscription date), investors subscribe for listed open-end funds through the business outlets of Shenzhen Stock Exchange, and all the entrustment cannot be revoked once confirmed; Investors can make multiple subscriptions in the same trading day, and each subscription amount must be 1 or an integer multiple thereof, and the maximum subscription amount cannot exceed 99,999, fund units. After the market closes on the same day, China Clearing Shenzhen Branch conducts capital settlement according to the subscription situation, and transmits the subscription clearing data to the clearing participants.

(2) On T+1, China Clearing Shenzhen Branch will transfer all the subscription funds to the subscription account of listed open-end funds, and correspondingly write down the settlement reserve accounts of settlement participants and add the subscription account of listed open-end funds. Settlement participants shall transfer the full amount of funds to Shenzhen Branch before 16: 3 on T+1; After 16: 3 on T+1, Shenzhen Branch of China Clearing Co., Ltd. invalidated the insufficient funds subscribed by listed open-end funds for settlement participants with insufficient subscription funds.

(3) On the day of T+2, China Clearing Shenzhen Branch will, according to the principle of time priority, void the settlement participant whose funds are insufficient on the day of T+1, according to the time when the investor subscribes to the entrustment (pull the bill) until the accumulated funds of the effective part are as close as possible to the total effective subscription funds of the settlement participant. On the same day, China Clearing Shenzhen Branch issued the record of insufficient subscription funds, all subscription records and valid subscription records to clearing participants.

every subscription day during the raising period shall be handled in a rolling manner according to the above business process.

2. if the fund manager needs to close the subscription in advance, he must report the relevant announcement information to Shenzhen stock exchange before 14: on the working day before the closing date.

3. The business process of the fund after the subscription date (L day) is as follows:

(1) On L+3 day, China Clearing Shenzhen Branch issued a capital certificate and a description of the subscription of all the subscription funds of listed open-end funds through Shenzhen Stock Exchange during the issuance period.

(2) On the L+4th day, if the total subscription funds of listed open-end funds meet the conditions for fund establishment, China Clearing Shenzhen Branch will transfer all the subscription funds subscribed through Shenzhen Stock Exchange to the settlement reserve account of the fund custodian on that day.

4. The fund manager shall apply to the registration and depository department of China Clearing Shenzhen Branch for the registration of listed open-end funds within three working days after the contract of listed open-end funds comes into effect. China Clearing Shenzhen Branch shall complete the registration of fund shares within two working days from the date of accepting the application for registration, and issue the Confirmation of Fund Share Registration to the fund manager.

5. The shares of listed open-end funds acquired by investors through subscription by Shenzhen Stock Exchange (and acquired through future transactions) are recorded in the investors' Shenzhen securities account (RMB common stock account or fund account), registered in the securities registration and settlement system of China Clearing Shenzhen Branch (hereinafter referred to as the "securities registration system"), and kept in the securities business department.

6. During the fund raising period, all investors' subscription funds will be frozen. China Clearing Shenzhen Branch will transfer the interest of the frozen funds to the settlement reserve account of the fund custodian on the next working day of the interest settlement date specified by the People's Bank of China; If the fund raising period spans the quarterly interest settlement date, the corresponding interest will be paid in two installments.

(II) Subscription of listed open-end funds through fund managers and their consignment agencies

1. The relevant business processes during the fundraising period are as follows:

(1) On T day, investors submit the fund subscription declaration through consignment agencies. For investors who do not have an open-end fund account, they can submit an account registration or allotment declaration at the same time as the fund subscription declaration.

(2) On T+1, the TA system calculates the investor's share of the fund subscribed by the effective subscription declaration on T according to the subscription rate agreed by the fund manager in the prospectus, and sends the return on the subscription declaration to the fund manager and the consignment agency; At the same time, capital settlement data will be generated, and the capital settlement results will be sent to fund managers and consignment agencies to inform them to allocate the payable funds in time.

(3) On T+2, China Clearing Company transferred all the subscription funds into the subscription account of listed open-end funds. Settlement participants shall transfer the full subscription funds before the end of T+2; At the end of the day of T+2, the TA system of China Clearing Company will contact the fund managers and consignment agencies with insufficient funds according to the results of fund settlement, and inform them to provide a list of the withdrawal before 11: on the day of T+3 (that is, the subscription application with insufficient funds will be invalidated).

(4) On T+3, the TA system of China Clearing Company will handle the bill drawing according to the bill drawing list provided by the fund manager and the consignment agency. If the consignment agency fails to provide the list of bills before the specified time, or the list of bills provided is incomplete, the TA system will automatically handle the bill.

the principle of automatic bill drawing is that the fund manager and the consignment agency are taken as units, and the bill drawing is carried out in reverse order according to the liquidation order of their subordinate consignment outlets; For the declaration of the same agency network, the application form is pulled in reverse order according to the application form number.

the method for determining the liquidation order of the agency outlets under the agency as a legal person is as follows: if the fund manager and the agency specify in advance, the specified order shall prevail; If it is not specified in advance, the time sequence of the declaration data packets of the consignment outlets arriving at the communication company shall prevail.

every subscription day during the raising period shall be handled in a rolling manner according to the above business process.

2. If the fund manager needs to close the subscription in advance, he must send a notice of closing the subscription to the consignment agency, and send the notice of closing the subscription to the business development department of the headquarters of China Clearing Company one working day in advance.

3. The business process of the fund after the subscription date (L day) is:

(1) L+2 (L+3 in case of bill drawing), and the TA system of China Clearing Company sends the data to be confirmed after the subscription is completed to the fund manager.

(2) l+3 (when pulling occurs