Principles Non-tradable Share Reform in Chinese Capital markets Follow the market rules win-win situation Maintain market stability Protect the legitimate interests of investors, especially the public investors No non -tradable share issue for new iPOs Take the reform as an opportunity to promote the capital market in a national level and initiate a series of reforms OR INTERNAL USE ONLY this communication may be reproduced or redistributed ② 中国证券监督管理委员会 CHINA SECUIRITIES E ATDRYCDFOR INTERNAL USE ONLY – No portion of this communication may be reproduced or redistributed. Non-tradable Share Reform in Chinese Capital markets Principles Principles „Follow the market rules: win-win situation „Maintain market stability „Protect the legitimate interests of investors, especially the public investors „No non-tradable share issue for new IPO’s „Take the reform as an opportunity to promote the capital market in a national level and initiate a series of reforms