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Asia Block Trades CSRC CNY

China Block Trade on SSE & SZSE

Block-trade financing and discreet execution for large lines of shares listed in China — for sellers and acquirers who need to move size without disturbing the order book or the price.

01 · Process
How it works

From enquiry to print.

—StageWhat happensTiming
01Confidential enquiryThe line, the holding and the objective, shared through a secure channel.Day one
02Pricing the blockThe line is sized and a price set against it; any discount reflects size and liquidity.1–2 days
03Execution & printWorked off the order book or negotiated, then printed under the exchange’s block-trade rules.On the day
04Settlement & disclosureSettles on the standard cycle; any substantial-holding disclosure is sequenced around the print.T+1 / T+2
02 · The Market
Asia

China equity markets.

A China block trade moves a large line of SSE- or SZSE-listed stock in a single negotiated transaction — off the order book, at an agreed price — through the exchange’s block-trading facility, so a holder can exit, or an acquirer build a position, without walking the screen. For A-shares a single block generally runs to at least 300,000 shares or RMB 2 million in value. Black Haven can take the line onto its own book, giving the seller a clean, priced exit while the disclosure that follows a substantial transfer is managed around the print.

China’s block-trading facility prices off the day’s range, and mainland price limits — broadly 10% on the main boards and 20% on STAR and ChiNext — frame where a block can print. Size sits comfortably for the deep SSE 50, SSE Composite and SZSE Component names, less so for thin small-caps and higher-volatility growth lines. A major shareholder reducing a stake is capped at roughly 2% of capital in any 90 days through block trades, and a transfer that crosses or moves a 5% interest is notifiable to the CSRC and the exchange. Northbound Stock Connect investors cannot use the block facility, so foreign lines are sequenced differently. Settlement is T+1.

China block trades at a glance:

Listed venuesShanghai Stock Exchange (SSE), Shenzhen Stock Exchange (SZSE)
RegulatorChina Securities Regulatory Commission (CSRC)
CurrencyCNY
SettlementT+1
Disclosure threshold5%
Principal indicesSSE Composite, SSE 50, STAR 50
StructureOff-market or negotiated-price

Regulatory references are published for general orientation and are not legal advice.

03 · Exchanges
Two Venues

Each China exchange, covered.

SSE · Shanghai

Shanghai Stock Exchange

Mainland China’s senior board, home to its largest state-linked, financial and industrial issuers. Non-resident access to A-shares runs principally through Northbound Stock Connect and the QFII / RQFII channels, so a pledge here is structured differently from an open-market venue and mapped case by case.

View SSE → SZSE · Shenzhen

Shenzhen Stock Exchange

The mainland’s growth and technology board, where ChiNext plays a role close to that of Nasdaq. Single-stock volatility tends to run higher than on the senior board, and foreign access is principally via Northbound Stock Connect and QFII / RQFII — both central to how a position is sized.

View SZSE →
04 · FAQ
China · Block Trades

What holders ask about China.

01Does a block trade in China have to be disclosed?
Often. A transfer that takes a holder through 5% of a company’s voting shares, or that moves an existing substantial holding by a further 5%, is notifiable to the CSRC and the exchange. Separately, a major shareholder reducing a stake is capped at roughly 2% of capital in any 90 days through block trades. We confirm the exact filings and any holding-period limit before the line prints.
02Can a foreign investor execute a block trade in A-shares?
Not through Northbound Stock Connect, which does not offer the block-trading facility. Foreign access to a negotiated A-share line runs instead through the QFII / RQFII route or an agreed principal transfer arranged around the applicable rules. Black Haven can take the line onto its own book and sequence the settlement and disclosure around how the position is held.
03How do you execute a China block trade?
We work the line off the order book, off-market or at a negotiated price, and the block is then printed to Shanghai Stock Exchange (SSE) and Shenzhen Stock Exchange (SZSE) under its block-trade rules. Black Haven Investments can take all or part of the risk on the line, so the seller achieves a clean exit at an agreed price.
04How large a block can you handle in China?
It depends on the stock’s free float, daily traded volume and volatility. We assess each line on its merits and indicate a workable size and price range after reviewing the position.
05Does the block trade have to be disclosed?
Often, yes. A substantial transfer by a significant shareholder is generally disclosable under the relevant regime overseen by CSRC. We manage the sequencing and wording of any required notification around the trade.
06Can you finance the buyer of the block?
Yes. A block can be paired with a stock loan to the acquirer, so the newly acquired China-listed line serves immediately as collateral for the financing that funds it.
07What is the settlement cycle for a China block trade?
The negotiated block is printed to Shanghai Stock Exchange (SSE) and Shenzhen Stock Exchange (SZSE) under its block-trade rules and then settles on the standard T+1 cycle. We coordinate the print, the settlement and any financing legs so the line moves cleanly.
08At what level must a block be disclosed in China?
The principal threshold is 5%, under Securities Law of the PRC Art. 63 overseen by CSRC. A crossing by a substantial holder is notifiable; we sequence the print and the notice.
09Can you execute a block for a foreign or offshore seller?
Yes. The line is held with a qualified custodian and the block printed to Shanghai Stock Exchange (SSE) and Shenzhen Stock Exchange (SZSE); we manage cross-border custody, settlement and the disclosure that attaches to a substantial transfer.
10How quickly can a China block be executed?
It depends on the stock’s liquidity and the size of the line relative to daily volume. Once mandated, many blocks are worked and printed within days; thinner lines are paced to limit market impact.
05 · Adjacent Markets
Asia

Countries adjacent to China.

Hong Kong · Japan · South Korea · Taiwan · Singapore · Australia · New Zealand · India · Thailand · Indonesia · Malaysia · Philippines · Vietnam · Pakistan · Sri Lanka · Kazakhstan · Bangladesh

All countries →

Guides

Related guides.

Block Trades

What Is a Block Trade, and How Does One Work?

A block trade is the off-market sale of a large line of listed shares at a negotiated price, executed bilaterally and printed under exchange rules to avoid moving the open market.

Read → Block Trades

How Do You Sell a Large Block of Shares Without Moving the Price?

A large block is sold without moving the price by taking it off the open order book — negotiating off-market at an agreed price, often with a liquidity provider taking the risk, and printing under exchange block rules.

Read → Disclosure

Do Block Trades Have to Be Disclosed?

Often yes. Once a significant shareholder crosses a market’s substantial-holding threshold, a block sale is generally notifiable to the regulator within a set window, with thresholds varying by jurisdiction.

Read →

A particular China holding to talk through?

Send a confidential enquiry, and a senior principal will reply within one business day.

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