SSE Indices Calculation and Maintenance Methodology
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1 SSE Iices Calculatio a Maiteace Methoology December, 2016
2 Cotets 1. Costituets Perioical Review Temporary Ajustmet of Costituets Iex Calculatio Iex Maiteace Maiteace of Costituets Iex Dissemiatio Appeix A: Free Float Appeix B: Defiitio Appeix C:Examples for Iex Calculatio Cotact Us Disclaimer
3 1. Costituets Perioical Review Costituets of SSE iices are reviewe every 6 moths. Costituets are ajuste accorig to the perioical review. 1.1 Review Time Meetigs of SSE Iex Avisory Committee are usually hel i the e of May a November every year a costituets ajustmet are implemete o the ext traig ay after the close of the seco Friay i Jue a December each year. 1.2 Data Use for Perioical Review Usually, ata use for review i May iclues traig ata a fiacial ata from May 1st of the previous year to April 30th of the review year ((I case of a IPO, ata sice its fourth traig ay after listig are use). Data use for review i November iclues traig ata a fiacial ata from November 1st of the previous year to October 31st of the review year (I case of a IPO, ata sice its fourth traig ay after listig are use). 1.3 Number of Costituets Ajustmet Number of costituets ajuste at each perioical review will ot excee A certai proportio for some SSE iices. 1.4 Buffer Zoe Some SSE iices aopts buffer zoe rules for the sake of miimum turover. For SSE 50, New caiate stocks rake top 40 will be give priority to a ito the iex a ol costituets rake top 60 will be give priority to remai i the iex. 1.5 Reserve List 3
4 For the sake of iex cosistecy a trasparecy, some SSE iices aopts a reserve list policy which is use to implemet temporary ajustmet betwee two ajacet perioical reviews. Reserve list is create at each costituets perioical review. Usually, umber of stocks i the list is 5% of the umber of costituets. If temporary ajustmet is eee ue to costituets elistig, merger, etc, stocks o the reserve list will be ae to the iex by rakigs i tur. If the umber of stocks i the list is less tha 50% of the origial umber, SSE will complemet the list accorig to the reserve list policy a publicize the ew reserve list timely. 1.6 Log Suspesio Stocks Whe reviewig costituets eligibility perioically ----for costituets stocks Costituets that have bee suspee for 3 moths a have ot resume traig as of the ealie of ata use for costituets eligibility review will be classifie as caiate eletio stocks. SSE shoul report the ame list of costituets that have bee suspee close to 3 moths as of the ealie of ata use for costituets eligibility review to the iex avisory committee. The committee will iscuss a ecie whether they shoul be classifie as caiate eletio stocks. Costituets that ha bee suspee for 3 moths urig the ata perio use for costituets review a have bee resume traig will remai i the iex i priciple if they meet costituets requiremet.. Whe reviewig costituets eligibility perioically ----for o-costituet stocks: 4
5 Stocks that have bee suspee for 3 moths a have ot resume traig as of the ealie of ata use for costituets eligibility review will ot be able to be selecte as caiate ew aitios. SSE shoul report the ame list of stocks that have bee suspee close to 3 moths a have ot resume traig yet as of the ealie of ata use for costituets eligibility review to the iex avisory committee. Stocks that have bee suspee for 3 moths urig the ata perio use for costituets review ca be iclue i the iex oly if they have bee resume traig for 3 moths. 1.7 Stocks Experiecig Fiacial Losses Stocks that suffere losses i fiacial report are ot iclue i the iex i priciple at costituets perioical review uless the stocks exert great impact o the represetativeess of iex. 2. Temporary Ajustmet of Costituets Necessary ogoig ajustmets are mae by SSE to SSE iices whe some corporate evets happee so as to maitai the represetativeess a ivestability of iex. 2.1 IPO If the total A share market cap of a IPO (which equals to issue price multiply total A shares) raks top 10 (compare with all the A shares by average aily A share market cap of the past year sice the listig aoucemet of the IPO) i the shaghai market a it satisfies the requiremets of iex uiverse, the fast etry rules are applie for SSE 180 SSE 50 a so o. Namely, it will be 5
6 ae i the iex after the close of the teth traig ay. Meawhile, the last rake ol costituet by aily average market cap of the most recet year will be elete from the iex. If a IPO meets the criteria of fast etry, however, time spa betwee its listig time a the effective ay of the ext costituets perioical review is less tha 20 traig ays, fast etry rules are ot applie immeiately but will be implemete together with the ext costituets perioical review. 2.2 Merger a Acquisitio Two costituet compaies merge: The stock of the resultig ew compay will be ae to the iex a there will be a vacacy. The vacacy will be fille by the highest rakig stock i the reserve list. Oe costituet compay a oe o-costituet compay merge: The stock of the resultig ew compay will be ae to the iex. Oe o-costituet compay purchases or takes over oe costituet compay: If the stock of the resultig ew compay raks higher tha the highest stock i the reserve list, the ew stock will be ae to the iex. Otherwise, the highest rakig stock i the reserve list will be ae to the iex. Merger, spi-off, acquisitio a restructurig of o-costituets: If the total market cap of the stock of the resultig ew compay raks top 10 i the overall market, fast etry rules are applie here. Otherwise, these corporate evets are cosiere at costituets perioical review. 2.3 Spi-off If oe costituet compay is split so as to form two or more compaies, the whether the resultig compaies is eligible for iclusio or ot epes o their rakigs. 6
7 If two or more of the resultig compaies rak higher tha the lowest costituet, the the resultig compaies that rak higher tha the lowest costituet will be ae to the iex a the lowest costituet(s) will be remove to keep the umber of the iex costituets costat. If oe or more of the resultig compaies raks higher tha the lowest costituet, the the (these) ew resultig compay will be ae to the iex. If more tha 1 compaies eter the iex, the lowest costituets will be remove to keep the umber of the iex costituets costat. If all of the resultig compaies rak lower tha the lowest costituet, but some or all of the resultig compaies rak higher tha the highest stock i the reserve list, the the highest ew compay will replace the split compay to be ae to the iex. If all of the resultig compaies rak lower tha the lowest costituet a the highest stock i the reserve list, the the highest compay i the reserve list will be ae to the iex. 2.4 Suspesio If a costituet is suspee from traig, SSE will etermie whether to elete it from the iex or ot accorig to ifferet suspesio reasos. 2.5 Suspesio from listig a Delistig If a costituet compay is suspee from listig or eliste from the A share market, it will be remove from the iex a be replace by the highest rakig compay i the reserve list. 2.6 Bakruptcy If a costituet compay eters bakruptcy proceeigs, it will be 7
8 remove as soo as practicable a the highest rakig stock i the reserve list will be ae to the iex. 3. Iex Calculatio 3.1 Iex Real-time Calculatio The real time calculatio of SSE Iices is base o the price ata issue by the traig systems of the two exchages. (1)The opeig iex is calculate by the opeig price obtaie through the aily aggregate auctio. I case there is o eal, the opeig iex is the calculate by the referece opeig price provie by the quotatio system. (2)The iex is calculate each seco till the close of traig. of each costituet(x) is efie o the followig priciple: If there is o eal the whole traig ay, X equals the referece opeig price, otherwise, X equals the latest trae price. SSE will ecie whether or ot to calculate the iices i case of abormal quotatios from the two exchages. 3.2 Free Float To reflect the price fluctuatio of the real egotiable shares i the market, SSE iices aopts free float shares (free float) to calculate iex exclusive of o-egotiate shares such as strategic holigs, govermet holigs, etc. (1) Log term holigs by fouers, families, & seior executives, etc (2) Govermet holigs (3) Strategic holigs (4) Employee share plas If the holigs of shareholers of the four categories a their persos actig 8
9 i cocert is larger tha 5%, the holigs will be efie as o-free float. Together with the restricte-shares aouce by liste compaies, they are all eeme as o-free float shares. Free Float= A shares-o-free float shares SSE estimates free float via various available publishe iformatio (See Appeix A). 3.3 Category-Weighte Metho SSE iices uses category-weighte metho to ajust costituets' sharers. Namely, SSE will grat certai iclusio factor to the total A shares accorig to the percetage of free float shares i total A shares to isure iex stability. = Free Float/ A = A factor of SSE iices is iicate by the followig chart: [Category-Weighte Chart of SSE iices] (%) earest higher (%) percetag e poit 15 (15,20](20,30] (30,40] (40,50](50,60](60,70)(70,80) >80 [Example of Category-Weight Metho] Stock Stock A Stock B Stock C A 100,000 8,000 5,000 No Free Float 91,000 4, Free Float = A - No Free Float 9,000 3,500 4, % 43.8% 82.0% 9
10 = Free Float / A 9.0% 50% 100% Retur Iex a Net Retur Iex SSE calculates aily closig ata of SSE total retur iices a SSE et total retur iices to satisfy ivestors ees. The calculatio of total retur iex a et total retur iex takes the reivestmet icome of costituets cash ivies ito cosieratio, which eables ivestors to measure iex performace from a ifferet agle. retur iex a et total retur iex is calculate usig Chai algorithm. The formula is: retur iex (TRI): TRI = TRI closig ata t t1 t Closig - Cash Divie before Tax t1 t T ay represets ay traig ay, t-1 represets the last traig ay of t ay, = ( No. of ), Cash Divie before Tax = (Cash Divie per Share before Tax No. of ). Net total retur iex (NTRI): NTRI =NTRI closig ata t t1 t Closig - Net Cash Divie t1 t T ay represets ay traig ay, t-1 represets the last traig ay of t ay, = ( No. of ), Net Cash Divie = (Net Cash Divie (after tax paymet) per Share No. of ), Tax rate use for iex calculatio is 10%. The ifferece betwee the total retur iex, et total retur iex a the 10
11 price iex is o the treatmet of cash ivie. 3.5 Multi Currecy Iex Multi currecy iices for some SSE iices will be calculate to satisfy ivestors ees. I the calculatio of multi currecy iex = ( No. of Foreig Exchage Rate). Here Foreig Exchage Rate from Thomso Reuters (mi-price of quote) will be use, uless otherwise specifie. The real time Foreig Exchage Rate from Thomso Reuters will be use to calculate the real time iex, the Foreig Exchage Rate from Thomso Reuters at iex closig time will be use to calculatig the closig iex. RMB exchage rate i iex calculatio will ormally use o shore exchage rate (CNY). If other exchage rate of RMB is use i iex calculatio, such as CNH, the iex ame will be marke accorigly. 11
12 4. Iex Maiteace Whe chages occur to costituet list or the share structure, or costituets' market value chages ue to o-traig factors, the ivisor is ajuste to keep the iex comparable overtime, that is, SSE iices aopts the Ajustmet Methoology to ajust the ol ivisor. 4.1 Formula of Ajustmet Methoology before Ajustmet after Ajustmet = Ol New after Ajustmet = before ajustmet + icrease or ecrease The ew ivisor erive from this formula is use for later iex calculatio. 4.2 Circumstaces for Iex Maiteace Corporate actios that may affect the price of costituets Divie: For SSE iices, o iex ajustmet is require for ivie paymet a the iex is allowe to fallback aturally. Right issue a bous issue: The iex is ajuste the ay before the issuace. after the Ajustmet = Ex-right No. of + before the Ajustmet (excluig stocks ajuste for right issue a bous issue) Share chages cause by corporate actios Share chages: whe shares of costituets chage ue to corporate actios (e.g. re-issuace, listig of right issue), the iex is 12
13 ajuste the ay before the chages. after the Ajustmet = closig price sharers after chages Share chages cause by shareholers behavior Share chages cause by shareholers behavior are ajuste semi-aually. The effective ate is the first traig ay of Ja a July each year a the iex is ajuste before the effective ay Costituets ajustmet Iex is ajuste before the effective ay of perioical review or temporary ajustmet. 5. Maiteace of Costituets To esure that SSE iices ca reflect traig iformatio of relate stocks, CSI maitais costituets shares base o the followig rules: CSI maitais costituets shares base o aoucemets of liste compaies. Temporary Ajustmet or Regular Review accorig to the types of corporate evets. If the bous issue, rights issues, stock split a stock cosoliatio lea to costituets shares chage, the ajustmet will be implemete o the ex-right ay. For other corporatio evets, such as seco offerig a exercise of warrats, if the accumulate chage of costituets shares is more tha 5%, the ajustmet will be implemete immeiately. If the accumulate chage of costituets shares is less tha 5%, the ajustmet will be implemete i the ext regular review. Usually, the effective ate of shares ajustmet is cosistet with that 13
14 of iicate i the aoucemet of liste compaies which make the shares chage larger tha 5%.If the aoucemet ate of liste compaies is later tha the effective ate, the the effective ate of shares ajustmet is the traig ay after the aoucemet ate.csi woul provie otice i the CA files after the market close of the ay whe we fi out 5% threshol is breache. CSI tracks the chages of free float shares timely a ajusts free float chages resulte from shareholer s behavior semi-aually. The ajustmet will be effective o the ext traig ay after the close of the seco Friay i Jue a December. 6. Iex Dissemiatio 6.1 Dissemiatio Chaels SSE iices are release to omestic a foreig public through various meas: Broacaste atiowie via Shaghai Stock Exchage a Shezhe Stock Exchage s real time broacast system; Release real time globally via Thomso Reuters a Bloomberg fiacial iformatio veors; Publicize aily via various ews meia icluig Shaghai Securities News, Chia Securities Joural a Securities Times; Publishe aily through the Iteret at SSE s website: Shaghai Stock Exchage s website: a Shezhe Stock Exchage s website: Dissemiatio Frequecies SSE iices are calculate a issemiate real time. Specifically, SSE iices are calculate each seco a quotes are upate every 3 secos. 14
15 Appeix A: Free Float A portio of shares outstaig by liste compaies are harly egotiable i certai perio ue to shareholers strategic holig, etc. Calculate with such ki of shares, iex is ot capable of reflectig real ivestmet opportuities. Hece, SSE aopts free float weighte metho to calculate iex. 1. Scope of Free Float SSE efies A share free float as shares outstaig a traable shares i the ope stock market. Accorig to SSE s efiitio, free float is total A shares mius the restricte traig shares a the followig o-egotiate shares: Log term holigs by fouers, families a seior executives: hel by fouers or fouer families as well as shares hel by members of the irectorates a seior maagers etc. Govermet holigs: hel by the govermet or its subsiiaries. Strategic holigs: hel by strategic ivestors for log-term strategic iterests. Employee share plas: hel by employee share plas. 2. Ietificatio of Free Float (1) Restricte shares urig the lock-i perio are eeme as o-free float. (2) For o-restricte shares, if they belog to the four categories a the holigs of shareholers or persos actig i cocert is larger tha 5%, they will be efie as o-free float, a those smaller tha 5% will be efie as free float. (3) Restricte shares after the lock-i perio are treate the same way as 15
16 o-restricte shares. 3. Iformatio Source What SSE uses to ietify a calculate free float is all public iformatio that are require to be isclose by existig laws a regulatios, which iclue: Prospectus a listig otice: Iformatio of fouers, strategic ivestors, froze shares, employee holigs, seior executives holigs, etc are available. Perioic report: Iformatio of fouers, strategic ivestors, froze shares, employee holigs, seior executives holigs a top te shareholers, etc are available. Temporary reports: chage otice, acquisitio otice, equity impawig otice, etc are available. 4. Ajustmet of Free Float SSE tracks the chages of free float shares timely a ajusts free float chages resulte from shareholer s behavior semi-aually. The ajustmet will be effective o the 1 st traig ay of Ja a Jul. 16
17 Appeix B: Defiitio 1. A shares Securities of Chiese icorporate compaies that trae o the Shaghai or Shezhe stock exchages, quote i Chiese Remibi (RMB). 2.B shares Securities of Chiese icorporate compaies that trae o the Shaghai Stock Exchage (quote i US Dollars) or the Shezhe Stock Exchage (quote i Hog Kog Dollars HKD). 3. H shares Securities of compaies icorporate i the PRC that list a trae o the Hog Kog Stock Exchage, quote a trae i HKD. 4. ST stocks ST stocks refer to stocks that are special treate by regulators for fiacial losses of cotiuous 2 years, etc. For example, the aily share price fluctuatio of the ST stock shoul withi 5%, etc. 5. *ST stocks Stocks that are special treate to iform the potetial elistig risks. 6. price of ex-ivie a ex-right The referece price issue by the exchages o the ex-right (ivie) ay which is use to remi ivestors that the iteral value of the stocks have bee ilute ue to ivie or rights offerig. a) Divie Ex-ivie price=closig price before ex-ivie ay-divie per share b) Bous issue Ex-right price Closig price before ex-bous ay 1 Bous issue ratio c) Rights issue Ex-right price Closig price before ex-right ay Right issue priceright issue ratio 1 Right issue ratio 17
18 Appeix C:Examples for Iex Calculatio 3 stocks are selecte as costituet stocks. The base perio is the ajuste total market cap of 3 stocks o base ay. The base iex is 1000 poits. 3 stocks are selecte as costituet stocks. The base perio is the ajuste total market cap of 3 stocks o base ay. The base iex is 1000 poits. No ajustmet is require. Iex is calculate as usual. Base Day Stoc k A 100,00 0 Negotiabl e Ajuste Closig Cap 9,000 9% 9% 9, ,000 B 8,000 3,500 44% 50% 4, ,000 C 5,000 4,100 82% 100% 5, , ,000 Iex Calculatio Base Iex Closig Iex (1) (2) (3) (3)*(1)/(2) 181, , Day 1 18
19 Stoc k A 100,00 0 Negotiabl e Ajuste Closig Cap 9,000 9% 9% 9, ,900 B 8,000 3,500 44% 50% 4, ,200 C 5,000 4,100 82% 100% 5, , ,100 Iex Calculatio Base Iex Closig Iex (1) (2) (3) (3)*(1)/(2) 177, , No iex ajustmet is require for ivie paymet. Stock B istributes cash ivie: 0.50/share. Toay is ex-ivie ay. No ajustmet is require. Day 2 Stoc k A 100,00 0 Negotiabl e Ajuste Closig Cap 9,000 9% 9% 9, ,450 B 8,000 3,500 44% 50% 4, ,400 19
20 C 5,000 4,100 82% 100% 5, , ,850 Iex Calculatio Base Iex Closig Iex (1) (2) (3) (3)*(1)/(2) 177, , Bous issue, rights issue Stock B is to be trae ex-bous for all shareholers at the ratio of 10 for 10 a the ext ay is ex-right ay. Stock C is to be trae ex-right for all shareholers at the ratio of 3 for 10 at 18/share a it is to be suspee from traig the ext ay. Ex-right price for stock B is 9.1/(1+1)= Iex ajustmet is require. Iex Ajustmet Stoc k A 100,00 0 Negotiabl e Ajuste Ex-right Cap 9,000 9% 9% 9, ,450 B 16,000 7,000 44% 50% 8, ,400 C 5,000 4,100 82% 100% 5, , ,850 20
21 Cap before Ajustmet Cap after Ajustmet Ol New (1) (2) (3) (3)*(2)/(1) 177, , , ,000 Day 3 Stoc k A 100,00 0 Negotiabl e Ajuste Closig Cap 9,000 9% 9% 9, ,100 B 16,000 7,000 44% 50% 8, ,000 C 5,000 4,100 82% 100% 5, , ,100 Iex Calculatio Base Iex Closig Iex (1) (2) (3) (3)*(1)/(2) 176, , Share chages Free float shares of stock A icreases the ext ay. Stock B is goig to be suspee from traig the ext ay. 21
22 Iex Ajustmet Stoc k A 100,00 0 Negotiabl e Ajuste Ex-right Cap 13,000 13% 20% 20, ,000 B 16,000 7,000 44% 50% 8, ,000 C 5,000 4,100 82% 100% 5, , ,000 Cap before Ajustmet Cap after Ajustmet Ol New (1) (2) (3) (3)*(2)/(1) 176, , , ,400 Day 4 Stoc k A 100,00 0 Negotiabl e Ajuste Closig Cap 13,000 13% 20% 20, ,000 B 16,000 7,000 44% 50% 8, ,000 C 5,000 4,100 82% 100% 5, , ,000 22
23 Iex Calculatio Base Iex Closig Iex (1) (2) (3) (3)*(1)/(2) 228, , Secoary offerig Stock A is goig to issue 8000 shares the ext ay. Stock B is to resume traig the ext ay. The rights offerig of Stock C succees. Stock C is to resume traig the ext ay which is also the ex-right ate of stock C. Ex-right price for stock C is( )/(1+0.3)= Iex Ajustmet Stoc k A 108,00 0 Negotiabl e Ajuste Ex-right Cap 21,000 19% 20% 21, ,680 B 16,000 7,000 44% 50% 8, ,000 C 6,500 5,330 82% 100% 6, , ,680 Ol New 23
24 Cap before Ajustmet Cap after Ajustmet (1) (2) (3) (3)*(2)/(1) 228, , , ,358 Day 5 Stoc k A 108,00 0 Negotiabl e Ajuste Closig Cap 21,000 19% 20% 21, ,760 B 16,000 7,000 44% 50% 8, ,800 C 6,500 5,330 82% 100% 6, , ,710 Iex Calculatio Base Iex Closig Iex (1) (2) (3) (3)*(1)/(2) 265, , Day 6 Stoc k Negotiabl e Ajuste Closig 24
25 Cap A 108, ,000 19% 20% 21, ,680 B 16,000 7,000 44% 50% 8, ,200 C 6,500 5,330 82% 100% 6, , ,630 Iex Calculatio Base Iex Closig Iex (1) (2) (3) (3)*(1)/(2) 267, , Stock C aouces share chages a listig of right offerigs: The total shares icreases to 6230 a egotiable shares to The ext ay is the listig ate of the right offerigs. Iex Ajustmet Stoc k A 108,00 0 Negotiabl e Ajuste Ex-right Cap 21,000 19% 20% 21, ,680 B 16,000 7,000 44% 50% 8, ,200 C 6,230 5,300 85% 100% 6, , ,365 25
26 Cap before Ajustmet Cap after Ajustmet Ol New (1) (2) (3) (3)*(2)/(1) 267, , , ,000 Day 7 Stoc k A 108,00 0 Negotiabl e Ajuste Closig Cap 21,000 19% 20% 21, ,840 B 16,000 7,000 44% 50% 8, ,800 C 6,230 5,300 85% 100% 6, , ,748 Iex Calculatio Base Iex Closig Iex (1) (2) (3) (3)*(1)/(2) 264, ,
27 Costituets ajustmet Stock B is acquire by stock C.Stock B is to be eliste the ext ay. Stock D is the highest rakig stock o the reserve list. Iex Ajustmet Stoc k A 108,00 0 Negotiabl e Ajuste Ex-right Cap 21,000 19% 20% 21, ,840 C 6,230 5,300 85% 100% 6, ,108 D 8,000 6,000 75% 80% 6, , ,188 Cap before Ajustmet Cap after Ajustmet (1) (2) (3) Ol New (3)*(2)/ (1) 264, , , ,622 Day 8 Stoc k Negotiabl e Ajuste Closig Cap A 108,00 21,000 19% 20% 21, ,160 27
28 0 C 6,230 5,300 85% 100% 6, ,600 D 8,000 6,000 75% 80% 6, , ,560 Iex Calculatio Base Iex Closig Iex (1) (2) (3) (3)*(1)/(2) 295, , Divie Paymet a Bous Issue Stock C istributes cash ivie 1/share, a is to be trae ex-bous for all shareholers at the ratio of 10 for 10. The ext ay is ex-right ay. Iex Ajustmet Stoc k A C Share s 108, ,46 0 Ajuste Ex-right 21,000 19% 20% 21, ,160 10,600 85% 100% 12, ,600 D 8,000 6,000 75% 80% 6, , ,560 28
29 Cap before Ajustmet Cap after Ajustmet Ol New (1) (2) (3) (3)*(2)/(1) 295, , , ,622 Day 9 Stock Share Negotiabl e Ajuste Closig s A C 108, , ,000 19% 20% 21, ,000 10,600 85% 100% 12, ,140 D 8,000 6,000 75% 80% 6, , ,340 Iex Calculatio Base Iex Closig Iex 29
30 (1) (2) (3) (3)*(1)/(2) 287, , Cotact Us For further etails o CSI iices a grou rules, please cotact Chia Securities Iex Compay. Customer Service Chia Securities Iex Compay Lujiazui Cetury Fiacial Plaza, NO.308, Jikag Roa, Puog District, Shaghai, Chia Post Coe: Tel: Fax: Csiex@sse.com.c Website: 30
31 Disclaimer All the iformatio i the file, icluig, but ot limite to, characters, ata, charts a tables (hereiafter referre to as iformatio ) is properties of Chia Securities Iex Compay a thus be protecte by Chia itellectual property law a other relate laws. The iformatio is for referece oly. Reprouctio, reistributio a trasmissio of the iformatio cotaie i the file (other tha for your persoal use) are strictly prohibite. If you wish to reprouce or publish ay iformatio provie o or accesse through this file, you will require a separate licese from CSI. All the iformatio provie i this file is ot itee for basis or avice of ay traig strategies a ay ivestmet tools. Neither CSI or its licesors is givig ivestmet avice or other professioal avice via this file, a either CSI or its licesors sposor, recomme or eorse the purchase or sale of ay security or ivestmet. CSI oes ot accept liability for ay error, omissio or elay i the iformatio. CSI shall ot be liable for ay claims or losses of ay ature, arisig iirectly or irectly from use of the iformatio o or accesse through the file. All rights reserve. 31
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