| Field | Value | Source text | Reading (model) |
|---|---|---|---|
| G1 Scope, precedence and principles · 7 fields | |||
| Document title | China Securities Index Co., Ltd. Equity Index Free-Float Rules | 股票指数自由流通量规则Open p.1 ↗ |
The document is the Equity Index Free-Float Rules issued by China Securities Index Co., Ltd. |
| Covered indices | CSI equity indices | 旨在阐述中证指数有限公司（以下简称“中证指数”）股票指数自由流通量加权方法的定义与算法。Open p.4 ↗ |
The rules define the free-float capitalisation weighting method used for China Securities Index equity indices. |
| Precedence rule | For matters not covered by these free-float rules, CSI applies the CSI Index Compilation and Management Principles. | 对于《自由流通量规则》未能涵盖的其他特殊情况，中证指数将根据《中证指数有限公司指数编制与管理原则》（以下简称《指数编制与管理原则》），确定适当的处理方法。Open p.4 ↗ |
Special situations not covered by the free-float rules are handled according to the CSI Index Compilation and Management Principles. |
| Principles | Accurately reflect the real investment opportunities of index samples, Objective information basis, Prudent determination under the index compilation and management principles | 为准确反映指数样本的真实投资机会，中证指数一般采用自由流通股本即自由流通量加权进行指数计算。Open p.4 ↗ |
Free-float weighting is generally used to accurately reflect constituents' real investment opportunities, using objective information and prudent treatment under the index compilation and management principles. |
| Administrator | China Securities Index Co., Ltd. | 中证指数有限公司Open p.1 ↗ |
The administrator is China Securities Index Co., Ltd. |
| Rulebook version | V1.1 | The rulebook version is V1.1. | |
| Effective date | 2024-11 | 2024 年11 月Open p.1 ↗ |
Version 1.1 was issued in November 2024. |
| G5 Shares, free float and weight factors · 9 fields | |||
| Temporary share adjustment effective date | Two trading days after the share listing date; if the company announcement is later than the share listing date, the next trading day after the announcement date is treated as the share listing date. | 股份临时调整生效上市日延后两个交易日。（如上市公司公告日晚于股份上市日的，则将日公告日的下一交易日视为股份上市日。）Open p.8 ↗ |
For temporary share adjustments in corporate-event announcements, implementation is delayed until two trading days after the share listing date, with a special rule when the announcement is later. |
| Securities scope definition | Listed company shares, Depositary receipts, Real estate investment trusts | 证券 上市公司股票、存托凭证、房地产投资信托基金。Open p.8 ↗ |
The rules define securities as listed company shares, depositary receipts and real estate investment trusts. |
| Share count basis | Total issued shares of the security; free-float-adjusted share capital is total share capital multiplied by the banded weighting factor. | 自由流通量等于证券总股本剔除限售股份以及以下基本不流通的股份Open p.4 ↗ |
Free float is measured against the security's total share capital, and adjusted share capital is calculated using a weighting factor applied to total share capital. |
| Free float definition | Shares that have been issued by a security and are available to investors to buy and sell on the public securities market. | 中证指数认定的自由流通量为证券已发行并且可供投资者在公开证券市场上买卖的股份。Open p.4 ↗ |
Free float is issued shares available for investors to trade on the public securities market. |
| Restricted shares | Restricted shares during the restriction period, Shares held long term by company founders, founder families, senior management, directors and supervisors, State-owned shares held by the government or its branches, Shares held by strategic investors seeking long-term strategic interests, Shares held by employee stock ownership plans, Other substantially illiquid holdings of 5% or more, including concert-party holdings aggregating 5% or more | 自由流通量等于证券总股本剔除限售股份以及以下基本不流通的股份，包括但不限于：Open p.4 ↗ |
Free float excludes restricted shares and substantially illiquid holdings such as founder, management, state-owned, strategic-investor and employee-share-plan shares; non-restricted illiquid holdings are generally excluded at a 5% threshold. |
| Free float sources | Prospectuses, Listing announcements, Periodic reports, Interim announcements, Shareholding change announcements, Acquisition reports, Equity change reports, Objective information provided by third parties | 中证指数对自由流通量的认定和处理来源于客观信息，包括但不限于：招股说明书、上市公告书Open p.5 ↗ |
Free-float determinations use objective information from prospectuses, listing announcements, periodic reports, interim announcements and third-party sources. |
| Free float factor | Method: Banded; Bands: To: 15; Method: Round the free-float ratio up to the nearest whole percentage value, From: 15; To: 20; Factor: 0.2, From: 20; To: 30; Factor: 0.3, From: 30; To: 40; Factor: 0.4, From: 40; To: 50; Factor: 0.5, From: 50; To: 60; Factor: 0.6, From: 60; To: 70; Factor: 0.7, From: 70; To: 80; Factor: 0.8, From: 80; Factor: 1; Examples: Security: A; Free float ratio (%): 9; Weighting ratio (%): 9; Adjusted shares: 9,000, Security: B; Free float ratio (%): 43.8; Weighting ratio (%): 50; Adjusted shares: 4,000, Security: C; Free float ratio (%): 82; Weighting ratio (%): 100; Adjusted shares: 5,000 | 除非特别说明，中证指数在计算自由流通股本时，采用分级靠档的方法，根据自由流通量所占证券总股本的比例（即自由流通比例）赋予证券总股本一定的加权比例Open p.6 ↗ |
Unless otherwise specified, a banded weighting factor is applied; free-float ratios up to 15% are rounded up to the nearest whole percentage, while higher bands use fixed factors from 20% to 100%. |
| Share change threshold | 5 percent cumulative total share-capital change | 股东行为 股东的增持、减持、转让等权益变动行为。一般为引起总股本累计变动达到或超过5%时的公司事件公告中的股份临时调整生效上市日延后两个交易日。Open p.8 ↗ |
Shareholder conduct generally refers to equity changes such as increases, reductions or transfers that cause a cumulative total share-capital change of at least 5%. |
| Free float update timing | Regular review: Semi-annual; Regular effective dates: The next trading day after the second Friday in June and December; Ad hoc events: Free-float changes caused by mergers through absorption are adjusted temporarily, Temporary adjustments take effect on the temporary adjustment effective date for corporate events; Lock up expiry: The effect of restricted-share release is generally reflected in the semi-annual periodic review, and free float generally remains unchanged when the restriction expires | 中证指数一般对股东行为造成的证券自由流通量变化每半年定期调整一次，调整生效时间分别为每年6 月和12 月的第二个星期五的下一交易日。Open p.7 ↗ |
Shareholder-driven free-float changes are generally reviewed semi-annually and take effect after the second Friday in June and December; merger-driven changes receive temporary adjustments, while lock-up releases generally take effect at the semi-annual review. |
Open points · 12Model-written, for reference
- 1No explicit list of covered indices beyond CSI equity indices and securities covered by the free-float rules.
- 2No rule stating whether an individual index methodology prevails over these general free-float rules; only fallback to the Index Compilation and Management Principles is stated.
- 3No foreign ownership limit or foreign-room adjustment rule found.
- 4No default weight-capping procedure found.
- 5No exact day-specific effective date for V1.1 beyond November 2024.
- 6No explicit general interim threshold for implementing ordinary share or free-float changes between semi-annual reviews, apart from the glossary 5% cumulative total-share-change wording and merger temporary adjustment rule.
- 7Not coveredG2 Calculation and publication: not covered by this edition
- 8Not coveredG3 Prices and market data: not covered by this edition
- 9Not coveredG4 Corporate events: not covered by this edition
- 10Not coveredG6 Disruption, emergencies and corrections: not covered by this edition
- 11Not coveredG7 Review and constituent changes: not covered by this edition
- 12Not coveredG8 Governance, changes and termination: not covered by this edition
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