With the approval of the China Securities Regulatory Commission (CSRC), the Nickel Futures and Options of Shanghai Futures Exchange (SHFE) have been confirmed as Specified Domestic Products. The arrangements for overseas participants to trade the above-mentioned products are as follows:

1. Implementation Time

Trading will commence from April 22, 2026 (starting from the continuous trading session on the evening of April 21, 2026). The market will open at 21:00 on April 21, 2026, after a call auction from 20:55 to 21:00.

2. Contracts Available for Trading

The NI2605 futures contract and all subsequent futures contracts, as well as the option contracts with the aforementioned futures contracts as the underlying.

3. Foreign Currency as Margin

Overseas Special Non-Brokerage Participants and overseas clients may use foreign currency as margin. The benchmark for determining the market value of such foreign currency margin shall be the daily central parity rate of RMB against the foreign currency published by the China Foreign Exchange Trade System (CFETS) on the date of use. Currently, the foreign currency designated by SHFE for use as margin is US Dollar, with a discount rate of 0.95.

Before market close on a trading day, the market value of foreign currency shall be calculated based on the daily central parity rate of RMB published by CFETS on the previous trading day. During the daily settlement process, the benchmark price for using foreign currency as margin shall be re-determined according to the method stipulated above, and the after-haircut amount shall be adjusted accordingly.

From the date of this Circular, account opening institutions shall, in accordance with the Notice on Matters Concerning the Administration of Trading Access to Nickel Futures and Options Contracts and other relevant requirements, and on the basis of fully disclosing risks to both domestic and overseas traders, strictly fulfilling trader eligibility requirements , and comprehensively assessing traders' risk tolerance, proceed with account opening procedures for domestic and overseas traders.