Core Points - The article discusses the protocol transfer system for large securities transactions in China, highlighting the regulations set by the Shanghai and Shenzhen Stock Exchanges [2][3][4][6]. Group 1: Protocol Transfer Regulations - The Shanghai Stock Exchange (SSE) allows protocol transfers for A-shares with a minimum of 300,000 shares or 2 million RMB, and for B-shares with a minimum of 500,000 shares or 30,000 USD [3]. - The Shenzhen Stock Exchange (SZSE) has similar requirements for A-shares, with a minimum of 300,000 shares or 2 million RMB, and for B-shares, a minimum of 30,000 shares or 20,000 HKD [6]. - Fund protocol transfers require a minimum of 2 million units or 2 million RMB on both exchanges [3][6]. Group 2: Trading Hours and Pricing - The SSE accepts protocol transfer applications from 9:30 to 11:30 and 13:00 to 15:30, with an additional window from 16:00 to 17:00 for confirmations [4]. - The SZSE operates from 9:15 to 11:30 and 13:00 to 15:30 for protocol transfers, with a specific time from 15:05 to 15:30 for post-closing pricing [8][9]. - The pricing for protocol transfers is determined based on the highest and lowest transaction prices of the day, or the previous closing price if no transactions occur [4].