(Adopted at the 21th meeting of the 8th Board of Governors on December 2, 2024; issued by Announcement [2024] No.170 on December 12, 2024; applicable to CJ2512 and later contracts, effective as of December 16, 2024. Adopted at the 26th meeting of the 8th Board of Governors on August 4, 2025; issued by Announcement [2025] No.93 on August 22, 2025; applicable to CJ2512 and later contracts, effective as of the date of promulgation)

Chapter 1 General Provisions

Article 1 These Detailed Rules are made in accordance with the Trading Rules of Zhengzhou Commodity Exchange and the dried jujube (“jujube”) futures (“CJ”) contract to regulate CJ-related activities on the Zhengzhou Commodity Exchange (the “Exchange”).

Article 2 The Exchange, Members, clients, delivery warehouses, factory warehouses, Board Delivery service providers, Designated Quality Inspection Agencies, and other participants of the futures market shall comply with these Detailed Rules.

Chapter 2 Trading

Article 3 CJ contract has a contract size of 5 metric tons/lot.

Article 4 CJ contract has a price quotation of Chinese Yuan (RMB)/metric ton.

Article 5 CJ contract has a minimum price fluctuation of 5 yuan/metric ton.

Article 6 CJ contract has the following delivery months: January, March, May, July, September, December.

Article 7 CJ contract has a minimum order size of 1 lot, maximum order size of 1,000 lots for limit orders, and maximum order size of 200 lots for market orders.

The Exchange may adjust the minimum order size, maximum limit order size, and maximum market order size based on market conditions. The specific thresholds will be separately announced by the Exchange.

Article 8 CJ contract has the following trading hours: 9:00 – 11:30 and 13:30 – 15:00, with a break at 10:15 – 10:30.

Where the Exchange announces the creation of a night session for the CJ contract, the trading hours specified in that announcement shall prevail. The Exchange may suspend, cancel, or adjust the trading hours of the night session for CJ contract based on market conditions, the specifics of which will be separately announced by the Exchange.

Article 9 CJ contract has the following Last Trading Day: the 10th trading day of the delivery month.

Article 10 CJ contract has the following product code: CJ.

Chapter 3 Delivery

Section 1 General Rules

Article 11 CJ may be delivered by exchange of futures for physical, delivery with standard delivery warehouse receipts, delivery with standard factory warehouse receipts, and Board Delivery.

Rolling Delivery for CJ may be conducted through either Response Matching or Organized Matching.

The specific delivery procedures are governed by the applicable provisions of the Futures Delivery Rules of Zhengzhou Commodity Exchange and these Detailed Rules.

Article 12 CJ contract has a delivery unit of 5 metric tons. The jujubes in the same delivery unit shall be produced by the same manufacturer.

Article 13 CJ contract has the following Last Delivery Day: the 13th trading day of the delivery month for delivery with standard warehouse receipts, and the 10th day of the month following the delivery month for Board Delivery.

Article 14 The standard warehouse receipts for CJ may be classified into standard delivery warehouse receipts and standard factory warehouse receipts.

The standard warehouse receipts for CJ are all non-general standard warehouse receipts.

Article 15 Requests to register standard warehouse receipts for CJ are accepted starting from November 1 in a given year. Standard delivery warehouse receipts shall be cancelled on or before the last trading day of September of the following year; standard factory warehouse receipts registered on or before the last trading day of March or September of the following year shall be cancelled on or before the last trading day of that same month.

Article 16 Delivery of CJ shall be made against a special VAT invoice or VAT invoice for agricultural products.

Article 17 The delivery warehouses, factory warehouses, and Board Delivery service providers for CJ and the relevant premiums and discounts are determined and published by, and subject to the adjustment of, the Exchange.

Article 18 The benchmark delivery price of CJ is the tax-included price (including packaging fees) at which the benchmark deliverable is delivered at a benchmark delivery point onto a truck.

Article 19 The registrant of a standard warehouse receipt shall bear all the expenses incurred before the commodity is transported to the designated storage area in the delivery warehouse as well as the expenses from loading the commodity onto the truck at load-out; the pick-up person shall bear all the expenses incurred after the commodity is loaded onto the truck.

In a Board Delivery of CJ, the seller shall bear all the expenses (excluding packaging fees) incurred before the commodity is loaded onto the truck at the Board Delivery service provider or another delivery point agreed to by the parties; the buyer shall bear all the expenses incurred thereafter. Where the buyer agrees to pick up the commodity at the warehouse or the seller agrees to deliver the commodity to the buyer, the parties may agree on the freight expenses they each bear in accordance with their respective distance to the Board Delivery service provider.

The rates of delivery fees, storage fees, load-in and load-out fees, inspection fees, and other delivery-related fees will be separately announced by the Exchange.

Article 20 The cost of packaging materials for jujubes is included in the price of the corresponding futures contract and is not charged separately.

Article 21 Any matter in relation to the creation, negotiation, and cancellation of standard warehouse receipts for CJ that is not covered by these Detailed Rules is governed by the Rules of Zhengzhou Commodity Exchange on Standard Warehouse Receipts.

Section 2 Delivery Standard

Article 22 The delivery of CJ is governed by national standards, the relevant national regulations, and these Detailed Rules.

Article 23 The benchmark deliverable is grey jujubes meeting the quality standard for “Grade 1” under National Standard of the People’s Republic of China “Dried Chinese Jujube” (GB/T 5835-2009) with uniformity tolerance ≤ 60%, 180 < counts per kilogram ≤ 230, total sugar content (dry basis) ≥ 75%, 15% ≤ moisture content ≤ 25%, foreign materials ≤ 0.1%, and clean fruit surface. There are no requirements for tolerance, total sugar content, and the individual proportion of fruits damaged by starch head, improper ripening, disease or insect, broken skin, or improper hydrating.

For the purpose of these Detailed Rules,

total sugar content (dry basis) = ;

uniformity tolerance =

.

Jujubes meeting the above requirements for benchmark deliverables are Grade 1 jujubes.

Article 24 The substitute deliverables and their premiums and discounts are as follows:

(1) Jujubes meeting the following specifications and the other quality specifications for benchmark deliverables may be used as substitute deliverables, the premiums and discounts of which are governed by the announcements of the Exchange.

1. Counts per kilogram ≤ 180;

2. 230 < counts per kilogram ≤ 280;

3. 280 < counts per kilogram ≤ 340 and total sugar content (dry basis) ≥ 70%.

Jujubes meeting the above requirements for substitute deliverables are respectively Premier Grade, Grade 2, and Grade 3 jujubes.

(2) At load-in: If 15% ≤ moisture content (MC) ≤ 25%, load-in is at full weight without weight penalty. If 25% < MC ≤ 26%, load-in is at a 0.2% weight penalty for every 0.1% above 25%. At load-out: If 15% ≤ MC ≤ 25%, load-out is at full weight without weight penalty. If 25% < MC ≤ 26%, load-out requires a 0.2% weight compensation for every 0.1% above 25%, to be made up by the delivery warehouse or factory warehouse.

The load-out moisture content requirements of this Article apply to the Board Delivery of jujubes, with the weight compensation to be made up by the seller.

Article 25 The packaging and package markings for jujubes shall meet the relevant requirements of GB/T 5835-2009.

Packaging requirements: Outer packaging shall be color laminated cardboard carton with high crush resistance and water and moisture resistance and suitable for transport and storage. Inner packaging shall be plastic-lined films or bags. Each carton of jujubes shall have a net weight of 10 ± 0.15 kg.

Marking requirements: The outer packaging shall indicate the product name, type, place of production, net weight (kg), and date of production; feature printed graphical symbols for transport and storage instructions such as “KEEP AWAY FROM RAIN” and “DO NOT CRUSH” in compliance with Packaging - Pictorial Marking for Handling of Goods (GB/T 191-2008); and ensure the markings and wordings are eligible and error-free. The plastic-lined films or bags shall indicate the production year of jujubes which must be consistent with the date of production marked on the outer packaging, and ensure the markings and wordings are eligible and error-free.

The production year of jujubes refers to the period from November 1 of one year to October 31 of the following year.

Article 26 Jujubes produced in a different production year may not be registered for standard warehouse receipts in the current production year. Jujubes produced in the previous production year can be delivered through Board Delivery at a discount for the December, January, and March contracts of the current production year. The relevant discounts are determined and published by, and subject to the adjustment of, the Exchange.

Section 3 Delivery with Standard Delivery Warehouse Receipts

Article 27 A load-in deposit of RMB 30 yuan/metric ton shall be paid to the delivery warehouse at the submission of a delivery intention for CJ.

Article 28 The Load-in Notice issued by a CJ delivery warehouse is valid for fifteen (40) calendar days.

Article 29 At the time of load-in, the registrant of a standard warehouse receipt shall provide to the delivery warehouse a Certificate of Production and Processing issued by the manufacturer of the current shipment of jujubes, and sign a Commitment of Production and Processing. The Certificate of Production and Processing shall indicate such information as the manufacturer and date of production.

Article 30 A delivery warehouse conducts weight inspection on jujubes at load-in. The weight inspection may be conducted through a combination of truck scale and weighing of randomly selected cartons, or solely by weighing of randomly selected cartons.

Article 31 The load-in quality inspection and acceptance of jujubes is to be conducted by the delivery warehouse, who may entrust the inspection partially or wholly to a Designated Quality Inspection Agency. The inspection fees shall be borne by the delivery warehouse. One sample shall be taken for every 90 metric tons of jujubes and for any remaining quantity less than 90 metric tons. Notwithstanding the foregoing, the number of containers sampled shall not be less than 0.5% of the total number of containers and the samples taken shall not be less than 1 kg. Jujubes produced by different producers shall be sampled separately.

A delivery warehouse shall issue the results of quality inspection within seven (7) days of load-in and shall notify the registrant of the standard warehouse receipts in a timely manner.

Any registrant that objects to the results of load-in quality inspection may request the Exchange for a re-inspection. The specific procedures are governed by the “Load-in Re-inspection of Delivery Warehouse Commodities” section under the Rules of Zhengzhou Commodity Exchange on Standard Warehouse Receipts.

Article 32 If the results of inspection show that the jujubes fall short of the standards for delivery, the delivery warehouse may provide sorting services with the approval of the registrant. No standard warehouse receipt shall be registered for any commodity that still fails to meet the standards for delivery after sorting.

Article 33 The registrant of standard warehouse receipts shall be present at the weight inspection and load-in sampling of jujubes to monitor the process. The delivery warehouse and the registrant shall confirm the inspection results with their signatures and seals and are jointly responsible for the quality of the commodity loaded in. Any commodity without the signatures and seals of the delivery warehouse and registrant shall not be delivered against futures products.

After the commodity is loaded in, the delivery warehouse shall record in a file such information as the name, contact person, and contact information of the registrant; load-in quantity; manufacturer; and the storehouse and stack location, which information shall be confirmed by the registrant with signature.

Article 34 Upon the cancellation of a standard delivery warehouse receipt for jujube, the pick-up person shall, within ten (10) business days after the Exchange issues the Pick-up Notice, visit the delivery warehouse to complete the pick-up procedures with his ID card, certificate of identity and authority issued by his employer, and the verification code for the Pick-up Notice; verify the quality of the commodity and determine the means of transport; and pay the applicable fees in advance.

Where the pick-up person provides his own transport vehicles, the delivery warehouse shall, as of the date that it is visited by the pick-up person with the Pick-up Notice to arrange for the load-out and the transport vehicles arrive at the delivery warehouse, begin the shipping process and stop charging the storage fees for any commodity already loaded onto such transport vehicles.

Where the pick-up person requests the delivery warehouse to handle the transport of the commodity, the delivery warehouse shall begin shipping the commodity within ten (10) calendar days by trucks or ships or twenty (20) calendar days by railcars from the day when the pick-up person contacts the delivery warehouse with the Pick-up Notice to arrange for the load-out, designates the destination, and pays the relevant fees (including but not limited to rail freight forwarding charges and terminal handling charges) in advance. Any delivery warehouse that is not able to ship the commodity within the prescribed time limit may not charge storage fees for the period after the time limit.

The shipping time limit in the preceding paragraph does not apply if shipment is delayed due to such reasons as a change of the means of transport or shipment date by the pick-up person, missing pick-up documentations, late payment of relevant fees, or special shipping instructions.

Article 35 The load-out weight inspection of jujubes shall be jointly conducted by the delivery warehouse and the pick-up person in reference to the rules on load-in weight inspection.

Any quantity shortage at load-out shall be made up by the delivery warehouse in a timely manner; failing which, the delivery warehouse shall compensate the pick-up person for the price of the missing commodity based on the highest final settlement price of the CJ contract in the nearby month up to and including the date the Pick-up Notice is issued.

Article 36 Cartons of jujubes with reduced net weight at load-out due to change in moisture content may be loaded out as normal but the shortfall shall be made up by the delivery warehouse.

Article 37 Any pick-up person that objects to the quality of the jujubes at load-out may request the Exchange for a one-time re-inspection with the payment of the re-inspection fees in advance. Such objection shall be raised within ten (10) business days after the Pick-up Notice is issued.

Article 38 Where a pick-up person requests for the re-inspection of counts per kilogram and the results are within the tolerance range, the counts per kilogram established by load-in inspection shall be conclusive. The tolerance for counts per kilogram is five (5).

If the results fall outside the tolerance range and are below the grade established by load-in inspection, the counts per kilogram established by the re-inspection shall be conclusive. If the results are within the range for deliverable grade, the delivery warehouse shall compensate the pick-up person in accordance with the discounts published by the Exchange and shall bear the re-inspection fee and other relevant fees. If the results fall outside the range for deliverable grade, the delivery warehouse will be held liable in accordance with the “Load-out Re-inspection of Delivery Warehouse Commodities” section of the Rules of Zhengzhou Commodity Exchange on Standard Warehouse Receipts.

Any matter relating to the load-out re-inspection of delivery-warehouse jujubes not covered by these Detailed Rules are governed by the “Load-out Re-inspection of Delivery Warehouse Commodities” section under the Rules of Zhengzhou Commodity Exchange on Standard Warehouse Receipts.

Article 39 Where the packaging of jujubes is found at time of load-out to be showing signs of mildew, serious contamination, pungent odor, or damage, the delivery warehouse shall replace the packaging materials and re-package the product free of charge.

Section 4 Delivery with Standard Factory Warehouse Receipts

Article 40 The maximum number of standard warehouse receipts registerable by a jujube factory warehouse is determined by, and subject to the adjustment of, the Exchange.

A factory warehouse for jujubes shall provide registration security in accordance with the rules of the Exchange before requesting to register standard warehouse receipts.

Article 41 Upon the cancellation of a standard factory warehouse receipt for jujube, the pick-up person shall, within ten (10) business days after the Exchange issues the Pick-up Notice, visit the factory warehouse to complete the pick-up procedures with his ID card, certificate of identity and authority issued by his employer, and the verification code for the Pick-up Notice; verify the quality of the commodity and determine the means of transport; and pay the applicable fees in advance.

The pick-up person shall, at the time of pick-up, come to an agreement with the factory warehouse on the shipment speed and the load-out completion time. If no agreement can be reached, the factory warehouse shall comply with the daily shipment volume approved by the Exchange.

In these Detailed Rules, “daily shipment volume” refers to the minimum quantity of futures deliverable ready for shipment by a factory warehouse within a 24-hour period. The daily shipment volume of a factory warehouse is determined by and subject to the adjustment of the Exchange.

Article 42 Unless otherwise agreed with the pick-up person, a factory warehouse shall begin shipping the commodity within three (3) calendar days after the pick-up procedures are duly completed. The pick-up person may either pick up the commodity personally at the warehouse or request the factory warehouse to ship it on his behalf.

The shipping time limit in the preceding paragraph does not apply if shipment is delayed due to such reasons as a change of the means of transport or shipment date by the pick-up person, missing pick-up documentations, late payment of relevant fees, or special shipping instructions.

Article 43 The load-out weight inspection of jujubes from a factory warehouse shall be jointly conducted by the pick-up person and the factory warehouse, with the weight obtained by the factory warehouse being conclusive. Load-out shall be conducted without shortage in weight.

Any quantity shortage at load-out shall be made up by the factory warehouse in a timely manner; failing which, the delivery warehouse shall compensate the pick-up person for the price of the missing commodity based on the highest final settlement price of the CJ contract in the nearby month up to and including the date the Pick-up Notice is issued.

The pick-up person shall be present at the delivery location to monitor the delivery process, or be deemed to have accepted the load-out weight.

Article 44 Unless otherwise agreed with the pick-up person, a factory warehouse shall ensure the commodity delivered meets the quality specifications of the Exchange for delivery.

At load-out, the factory warehouse shall present to the pick-up person the Certificate of Quality showing conformance with the standards for delivery. The pick-up person may verify the quality of the commodity on-site, in which case the factory warehouse shall provide cooperation.

Article 45 Where the pick-up person or factory warehouse objects to the weight or quality of the commodity, they shall jointly determine a solution; failing which, the pick-up person or factory warehouse may request the Exchange for a one-time re-inspection with the requester’s payment of the re-inspection fee and other relevant fees in advance. The request for re-inspection shall be submitted before load-out.

Article 46 Where by re-inspection the grade of jujubes is found to be equal to or higher than the grade indicated on the corresponding standard warehouse receipts, the indicated grade shall be conclusive and the re-inspection fee and other relevant fees shall be borne by the pick-up person. Where the grade found by re-inspection is lower than the indicated grade but is still within the permissible range for delivery, the grade established by the re-inspection shall be conclusive and the pick-up person shall accept the commodity; the factory warehouse shall bear the re-inspection fee and other relevant fees, and additionally compensate the pick-up person in accordance with the premiums and discounts established by the Exchange.

Any matter relating to the load-out re-inspection of factory-warehouse jujubes not covered by these Detailed Rules are governed by the “Load-out Re-inspection of Factory Warehouse Commodities” section under the Rules of Zhengzhou Commodity Exchange on Standard Warehouse Receipts.

Article 47 Where the factory warehouse or pick-up person fails to ship or pick up the commodity as planned, they shall discuss a solution in a timely manner and appropriately adjust the shipment speed or schedule. The party at fault shall additionally pay a late fee. The amount of late fee = Σ[5 yuan/metric ton/day × days delayed × commodity quantity yet to be shipped or picked up].

Where the factory warehouse fails to ship the commodity in full within five (5) calendar days from the agreed final shipment date, the pick-up person may request the factory warehouse to terminate shipment and pay liquidated damages. The amount of liquidated damages = highest final settlement price of the CJ contract in the nearby month × commodity quantity yet to be shipped × 120%.

The factory warehouse or the pick-up person is not liable for the late fee or liquidated damages if shipment or pick-up is delayed by weather or other force majeure events.

The factory warehouse and pick-up person shall properly keep the commodity shipment schedule, agreements, and shipment- and pick-up-related documentations as the basis for settling potential disputes.

Article 48 Where more than one pick-up person takes delivery at the same time, the factory warehouse may arrange the shipment in accordance with such factors as the time scheduled with the pick-up persons and the completion time of the pick-up procedures.

Article 49 Where a factory warehouse defaults on its delivery obligations and fails to pay or fully pay the compensation or liquidated damages, the Exchange may compensate the pick-up person by disposing of the security provided by the factory warehouse.

Article 50 Upon the completion of shipment and the Exchange’s written confirmation of the fulfillment of quality and quantity obligations by the factory warehouse, the Exchange will return the properties or documents provided by the factory warehouse as security at the factory warehouse’s request.

Section 5 Board Delivery

Article 51 Board Delivery of jujubes requires the submission of delivery intention. The Board Delivery quantity of a single client at a single Board Delivery service provider shall not exceed the quantity stated on the client’s delivery intention submitted to that Board Delivery service provider.

The delivery intention of a seller in Board Delivery shall be handled by its carrying Member. The Member shall fill out a Board Delivery Intention (CJ) and submit it to the Board Delivery service provider via the member service system. The Board Delivery Intention (CJ) shall specify such information as the name of the Board Delivery service provider and quantity of the commodity.

The Exchange may require any seller that submits a large delivery intention to furnish proof of ownership of physicals.

A Board Delivery service provider will accept delivery intentions starting from the 13th trading day of the month before the delivery month. A seller participating in a Rolling Delivery shall complete the submission and approval of delivery intention with the corresponding Board Delivery service provider before submitting the delivery request; a seller participating in a Centralized Delivery shall do so on or before the Last Trading Day. A Board Delivery Load-in Notice (CJ) is valid from the day it is issued to the 11th trading day of the nearby month.

The Board Delivery service provider shall, within two (2) business days of the day (inclusive) it receives the Board Delivery Intention (CJ), notify the Member via the member service system of the quantity it is able to receive. Within two (2) business days of the day (inclusive) the Member receives the load-in approval from the Board Delivery service provider, the Member shall pay it on behalf of its client or the client shall directly pay it load-in deposit. The Board Delivery service provider shall issue the Board Delivery Load-in Notice (CJ) to the selling Member in one (1) business day of the day (inclusive) it receives the load-in deposit, upon which the delivery intention phase is completed. The Member shall then inform its client of the results in a timely manner.

A seller shall pay load-in deposit in accordance with the fee rates for Board Delivery.

Submission of delivery intention is required for any Board Delivery commodity already stored at the Board Delivery service provider, without the need for load-in deposit.

Article 52 A seller shall, at the time of submitting the delivery request for a Board Delivery, also provide information on the commodity it intends to deliver, including but not limited to product grade, moisture content, date of production, Board Delivery service provider, and quantity.

Article 53 A buyer and a seller shall confirm the Board Delivery Confirmation Form via the member service system before 3:00 p.m. on the Third Delivery Day, or be deemed as having agreed to its contents.

Article 54 Jujubes are delivered at a Board Delivery service provider. If the buyer and the seller have agreed on a delivery location, such delivery location is in effect; otherwise, the buyer may specify a Board Delivery service provider in the Board Delivery Confirmation Form and the seller shall make delivery in accordance with the buyer’s instructions.

The buyer and the seller shall take and make delivery of jujubes on the 1st calendar day after the Third Delivery Day (exclusive). The parties are deemed to have failed to complete delivery within the prescribed time limit if the seller fails to ship the commodity to the Board Delivery service provider before 1:30 p.m. on the delivery day or the buyer fails to arrive at the Board Delivery service provider on time to monitor the delivery process. In this case, the Board Delivery service provider will set a new delivery date based on its service capacity and notify the parties accordingly. If the current day’s delivery volume has exceeded the Board Delivery service provider’s service capacity, the Board Delivery service provider may postpone the delivery time and notify the parties accordingly.

Article 55 The load-in deposit will be refunded within two (2) business days of the arrival of the commodity at the Board Delivery service provider that has accepted the delivery intention, will be refunded proportionately if only a portion of the commodity actually arrived, and will not be refunded if it does not arrive.

A buyer shall complete quality inspection of the commodity within twenty-four (24) hours of the arrival of the seller’s commodity at the Board Delivery service provider, and load and ship the commodity out within twenty-four (24) hours after completing the quality inspection. The seller is not liable for the quality of any shipment of commodity that, for reasons attributable to the buyer, cannot be loaded for shipment by the buyer within the prescribed time limit.

Upon the acceptance of quality, the parties shall sign a Quality Acceptance Form as the basis for determining the quality and premiums/discounts of the commodity delivered.

Article 56 Any dispute between a buyer and a seller over quality shall be resolved through negotiation first; failing which, they shall submit to the Exchange a re-inspection request while the commodity is still at the delivery venue for Board Delivery, and specify the quality indicators to be checked. The re-inspection agency shall be jointly determined by the parties among the list of Designated Quality Inspection Agencies or, if no agreement can be reached, be designated by the Exchange. The re-inspection agency shall issue the results of re-inspection within three (5) business days from the date (exclusive) it receives the samples. The results of re-inspection will serve as the basis for dispute resolution.

Where by re-inspection the product grade is found to be equal to or higher than the grade indicated by the commodity information submitted for Board Delivery, the grade indicated by the Board Delivery information shall be conclusive and the re-inspection fee and other relevant fees shall be borne by the party that has requested for the re-inspection. Where the product grade is found to be lower than the grade indicated by the Board Delivery information but is still within the permissible range for delivery, the grade established by the re-inspection shall be conclusive and the buyer shall accept the commodity; the seller shall bear the re-inspection fee and other relevant fees, and additionally compensate the buyer in accordance with the premiums and discounts established by the Exchange. Where the product is found to be below the standard for delivery, the re-inspection fee and other relevant fees shall be borne by the seller.

The fees for mailing the samples and for the re-inspection shall be paid, by way of the Board Delivery service provider, within two (2) business days from the date (exclusive) the results of re-inspection are issued.

Article 57 A buyer shall be present at the shipment of commodity to inspect the commodity and monitor the loading and transport process; the seller shall assign sufficient manpower and equipment to ensure a smooth shipping process. The weight inspection may be conducted through a combination of truck scale and weighing of randomly selected cartons, solely by weighing of randomly selected cartons, or by another measuring method acceptable to both parties.

Upon completion of the shipping stage, the quantity of the commodity shipped is determined by the verified aggregate number on the weight note signed daily by the parties. The parties shall then sign the Quantity Acceptance Form as the basis for determining the quantity of the commodity delivered.

The buyer and the seller have the right to verify the accuracy of the scale. If there is any concern over accuracy, the parties shall stop the delivery process and notify the Exchange in writing. The Exchange will organize a national supervisor of measurement technologies to conduct on-site testing; relevant costs such as travel expenses, transport fare, and testing fees shall be borne by the party at fault.

Article 58 Where delivery is delayed because the buyer and seller fail to make and take delivery in accordance with the previously agreed time, they shall jointly determine a solution; failing which, the non-defaulting party may submit to the Exchange a request for compensation along with its supporting materials. Once verified, the Exchange will deduct a late fee from the party at fault and transfer it to the non-defaulting party as compensation. The amount of late fee = Σ[5 yuan/metric ton/day × days delayed × commodity quantity yet to be shipped or picked up]. The total late fee shall not exceed 20% of the contract value as calculated by the final settlement price for the corresponding shipment of commodities.

If shipment or pick-up cannot be made as scheduled due to a force majeure event, the shipment or pick-up time may be postponed accordingly.

Article 59 After confirming the quality and weight of the commodity, the buyer and the seller shall select the settlement method for the delivery payment within the member service system to make the transfer.

Chapter 4 Risk Management

Article 60 CJ contract has a minimum Trading Margin rate of 7% of contract value.

The Trading Margin rate of CJ contract varies as follows:

Trading period	Trading Margin rate
From listing to the last calendar day of the 2nd month preceding the delivery month	7% of contract value
From the 1st calendar day to the 15th calendar day of the month preceding the delivery month	10% of contract value
From the 16th calendar day to the last calendar day of the month preceding the delivery month	15% of contract value
Delivery month	20% of contract value

Article 61 CJ contract has a price limit of ±5% of the settlement price of the preceding trading day.

Article 62 The position limit of a particular CJ contract varies as follows:

Trading period	Maximum long position or short position held by a non-futures brokerage Member or client (lot)
From listing to the last calendar day of the 2nd month preceding the delivery month	600
From the 1st calendar day to the 15th calendar day of the month preceding the delivery month	200
From the 16th calendar day to the last calendar day of the month preceding the delivery month	40
Delivery month	10 (0 for individuals)

“Position limit” as used in this Article refers to the maximum size of speculative positions (calculated on a single-counted basis) in a given futures contract that a Member or client is permitted to hold by the Exchange.

Article 63 Where the Exchange adjusts the Trading Margin rate or price limit of CJ contract in accordance with the Risk Control Rules of Zhengzhou Commodity Exchange or other rules, such adjusted values shall prevail.

Chapter 5 Ancillary Provisions

Article 64 Any violation of these Detailed Rules will be handled in accordance with the Rules of Zhengzhou Commodity Exchange on Violations and other applicable Rules of the Exchange.

Article 65 Any matter not covered by these Detailed Rules is governed by the relevant Rules of the Exchange.

Article 66 The Exchange reserves the right to interpret these Detailed Rules.

Article 67 These Detailed Rules take effect on August 22, 2025.

(This English version is for reference ONLY. In case of any inconsistency between the different language versions, the Chinese version prevails.)