The Shanghai Stock Exchange ("SSE") has recently issued the Circular on Making Good Preparations for the Adjustment to Extend the Business Hours for Bond Pledge-style Repurchases (the "Circular"), and meanwhile, the Shenzhen Stock Exchange ("SZSE") has issued its equivalent document entitled Circular on Making Good Preparations for Extending the Business Hours for Bond Pledge-style Repurchases.
The Circular states that, the SSE will prolong the business hours for bond pledge-style repos but will maintain the existing trading mechanism and trading mode; the business hours for other varieties, such as stocks, funds and spot bonds, will remain unchanged. After the effectiveness of such adjustment, the premarket call auction will start from 9:15 till 9:25 for bond pledge-style repos, and from 9:30 to 11:30 and from 13:00 to 15:30 are the time of continuous auction for bond pledge-style repos. Moreover, the Circular notes that all members, information service providers and relevant market participants shall complete upgrading their systems by the end of January 2019 and get well-prepared in respect of relevant business and technologies.