(Adopted at the 25th meeting of the 7th Board of Governors on July 29, 2022; issued by Announcement [2022] No. 74 on August 31, 2022; effective as of December 1, 2022. Adopted at the 6th meeting of the 8th Board of Governors on September 17, 2023; issued by Announcement [2023] No. 111 on October 16, 2023; changes take effect as of March 1, 2024. Adopted at the 18th meeting of the 8th Board of Governors on October 8, 2024; issued by Announcement [2024] No.158 on November 19, 2024; changes take effect as of November 19, 2024.)

Chapter 1 General Provisions

Article 1 These Rules are made in accordance with the Trading Rules of Zhengzhou Commodity Exchange for the purposes of ensuring the normal conduct of delivery against futures contracts at the Zhengzhou Commodity Exchange (the “Exchange”) and regulating futures delivery activities.

Article 2 “Physical delivery” refers to the process where, upon the expiration of a futures contract, the trading parties close out their open positions in the contract through a transfer of the ownership of the underlying assets in accordance with the rules and prescribed procedures of the Exchange.

Article 3 Physical delivery may take the form of Receipt Delivery, Board Delivery, and other means of delivery prescribed by the Exchange.

“Receipt Delivery” refers to the method of delivery which is completed through a transfer, from the seller to the buyer, of the standard warehouse receipt for the relevant commodity. By the type of issuer of warehouse receipts, Receipt Delivery is classified into delivery with standard delivery warehouse receipt and delivery with standard factory warehouse receipt.

“Board Delivery” refers to the method of delivery which is completed through the loading by the seller of the relevant commodity onto the buyer’s truck (i.e., free on truck), railcar (i.e., free on rail), or ship (i.e., free on board) at a Delivery Pricing Point.

A “Delivery Pricing Point” refers to a location designated by the Exchange for calculating the delivery charges to be respectively borne by the seller and the buyer in a Board Delivery. The Exchange sets up Board Delivery service providers at each Delivery Pricing Point. Any buyer and seller that choose to conduct delivery at a Delivery Pricing Point shall do so through one of the foregoing Board Delivery service providers and pay the relevant charges. Board Delivery service providers only provide transit and temporary storage services and are not liable for any change in the quality of the commodities during temporary storage.

Article 4 The delivery methods available to a product are provided in the product-specific rules of the Exchange.

Article 5 Physical delivery for a client shall be handled by, and carried out through the Exchange in the name of, its carrying Member. The results of delivery shall be borne by the client.

Any client that engages in futures trading through an overseas broker shall entrust the delivery process to the overseas broker, who will in turn entrust its carrying Member to complete the delivery process in the name of the Member through the Exchange.

Article 6 Any client that is not able to deliver or accept special/general VAT invoices or other documentations recognized by the Exchange shall not make or take delivery. Delivery cannot be made against any position corresponding to a non-integer multiple of the delivery unit, or, where the underlying is a hazardous chemical, be conducted by any client who is not qualified to produce, store, use, deal in, or transport it.

Any client who is not permitted to conduct delivery shall close out its open positions before the delivery month. Starting from the first trading day of the delivery month, individuals are prohibited from opening new positions and the Exchange is entitled to force-liquidate any delivery-month positions they hold. Where the undeliverable positions of a client are matched for delivery, the Exchange will impose a penalty on the client equaling 10% of the corresponding contract value, as calculated based on the final settlement price, to be paid to the counterparty, and then terminate the delivery process. Where both trading parties fall under the above circumstance, the Exchange will impose a penalty on each of them equaling 10% of the corresponding contract value, as calculated based on the final settlement price, and then terminate the delivery price.

Article 7 The delivery against the commodity futures contracts listed on the Exchange shall be conducted in accordance with these Rules. The Exchange, Members, clients, overseas brokers, delivery warehouses, factory warehouses, Board Delivery service providers, Designated Quality Inspection Agencies, and other participants of delivery activities shall comply with these Rules.

Chapter 2 Delivery Procedures

Article 8 Physical delivery is completed within three (3) consecutive trading days in the delivery month, which are respectively referred to as the First Delivery Day, the Second Delivery Day, and the Third Delivery Day. Physical delivery may take the form of Rolling Delivery or Centralized Delivery.

“Rolling Delivery” refers to the delivery process that is initiated by a seller through a delivery request submitted between the first trading day of the delivery month and the trading day before the last trading day of the delivery month and, following matching organized by the Exchange, completed by the matched parties within the prescribed time limit.

“Centralized Delivery” refers to the delivery process that is completed by all holders of an open contract after market close on the Last Trading Day of the contract, following matching organized by the Exchange.

Article 9 The procedures for Rolling Delivery are as follows.

(1) The First Delivery Day (matching day)

(i) On any trading day between the first trading day of the delivery month to the trading day before the Last Trading Day, any selling Member who holds both the delivery-month contract and either the standard warehouse receipts for the corresponding commodities or the corresponding commodities that are available for Board Delivery, may submit a delivery request via the member service system before 2:30 p.m. and provide information on the standard warehouse receipts or the Board Delivery commodities. The types of information required for Board Delivery commodities are set out in the corresponding product-specific rules.

(ii) A buying Member responds to a selling Member’s delivery request via the member service system. A delivery request is deemed confirmed once a buying Member has responded to it, upon which it may not be cancelled by either party. Any delivery request without a buying Member’s response may be cancelled by the selling Member before 2:30 p.m. on the day of submission. Delivery requests are valid only on the day of submission.

(iii) Delivery matching. Following market close on the current day, the Exchange matches the parties in the following manner.

(a) Response Matching. With respect to any delivery request responded to by a buying Member, the Exchange matches the parties in accordance with the smallest of the following values: size of positions held by the parties, delivery quantity confirmed by the parties, and size of the standard warehouse receipts held by the selling Member.

(b) Organized Matching. With respect to the delivery requests not responded to by any buying Member, the Exchange will, through the computer system, first determine the participating long positions with preference given to the oldest positions opened and held by legal entities, then complete the matching process in the order of delivery requests for Board Delivery before delivery requests with standard warehouse receipts.

Response Matching is applicable to all products. Organized Matching is applicable to such products as provided in the product-specific rules.

(2) The Second Delivery Day

The matched parties will receive the Delivery Notice via the Exchange’s member service system.

(3) The Third Delivery Day

The Exchange conducts final settlement for the matched parties, the procedures of which are set out in the corresponding provisions in this Chapter.

Article 10 Before market close on the Last Trading Day of a contract, a client may request for the exclusion from automatic close-out of the long and short delivery-month positions it holds under the same trading code and the same Member. Absent such a request submitted within the foregoing time limit, such long and short positions will be automatically and mutually closed out by the computer system after market close on the Last Trading Day at the current day’s settlement price. All other open contracts are deemed as contracts entering the delivery process.

Article 11 Before market close on the Last Trading Day of a contract, a seller shall indicate to the Exchange the number of standard warehouse receipts it plans to deliver during Centralized Delivery, and the Exchange will release the seller’s margin in accordance with the smallest of the following values: size of the standard warehouse receipts proposed to be delivered by the seller during Centralized Delivery, size of the seller’s positions in the contract, and size of the negotiable standard warehouse receipts held by the seller. The corresponding standard warehouse receipts shall not be cancelled, transferred, pledged, used in margin set-off or as margin, or involved in similar transactions. Where the seller fails to indicate within the prescribed time limit the number of standard warehouse receipts it plans to deliver, the corresponding margin will not be released.

Article 12 The procedures for Centralized Delivery are as follows.

(1) The First Delivery Day

On the first trading day following the Last Trading Day, a seller shall disclose the following delivery information in accordance with the following rules:

(i) With respect to any product that can only be delivered with non-general standard warehouse receipts, the seller shall, before market close on the current day, disclose information on the standard warehouse receipts it intends to deliver; failing which, the Exchange will, after market close, publish information on all the negotiable standard warehouse receipts of the seller for the corresponding product.

(ii) With respect to any product that can be delivered both with non-general standard warehouse receipts and through Board Delivery, the seller shall, before market close on the current day, disclose information on the standard warehouse receipts it intends to deliver and information on the commodities for Board Delivery; failing which, the Exchange will, after close, publish information on all the negotiable standard warehouse receipts of the seller for the corresponding product or, in the case of failed disclosure for Board Delivery, treat the delivery as a delivery with standard warehouse receipt.

(iii) With respect to any product that can be delivered both with general standard warehouse receipts and through Board Delivery, the seller shall disclose information on the commodities for Board Delivery before market close on the current day; failing which, the Exchange will treat the delivery as a delivery with standard warehouse receipts. Where the Detailed Rules of Zhengzhou Commodity Exchange for Common Wheat Futures provides otherwise, those provisions shall prevail.

(iv) With respect to any product that can be delivered only through Board Delivery, the seller shall disclose information on the commodities for Board Delivery before market close on the current day, or will be held in delivery default.

(v) With respect to any product that can be delivered only with general standard warehouse receipts, the seller is not required to disclose any delivery information.

(2) The Second Delivery Day (matching day)

(i) A buyer submits a Notice of Intent to Deliver. Before market close on the current day, the buyer submits a Notice of Intent to Deliver based on the information on standard warehouse receipts disclosed by the seller or the Exchange or the information on the commodities for Board Delivery disclosed by the seller. The buyer may submit three (3) such notices, including the 1st Notice, the 2nd Notice, and the 3rd Notice.

(ii) At day-end clearing, the Exchange matches buyers with sellers based on the following principles: for any buyer, its 1st Notice will be considered first; where the 1st Notice is not satisfied or not fully satisfied, then the 2nd Notice and the 3rd Notice will be considered in sequence; for any notices at the same priority level, the buyer with the longest average holding period will be given priority; where the average holding periods of buyers are the same, the buyer who opens positions earlier will be given priority.

The average holding period of a buyer＝∑the buyer’s holding period per lot/the buyer’s total open positions

Any remaining unmatched open positions will be matched by the computer system in the order of Board Delivery before delivery with standard warehouse receipts, with preference given to integer quantities and minimized number of matched pairs.

(iii) With respect to any Specified Domestic Product accessible to overseas traders and deliverable with bonded standard warehouse receipts, the bonded standard warehouse receipts participating in the delivery process will be preferentially assigned to overseas buyers (here and hereinafter excluding Qualified Foreign Institutional Investors and RMB Qualified Foreign Institutional Investors) during matching for Centralized Delivery. If the combined size of long positions held by overseas buyers is less than or equal to the size of the bonded standard warehouse receipts, all overseas buyers will receive the full assignment; if not, the bonded standard warehouse receipts will be assigned by descending age of the positions held by the overseas buyers. Any remaining unmatched positions and unassigned standard warehouse receipts will be mutually matched by the computer system with preference given to integer quantities and minimized number of matched pairs.

(iv) The matched parties will receive the Delivery Notice via the Exchange’s member service system after day-end clearing.

(3) The Third Delivery Day

The Exchange conducts final settlement for the matched parties, the procedures of which are set out in the corresponding provisions in this Chapter.

Article 13 After delivery matching: in the case of delivery with standard warehouse receipts, the Exchange will freeze the corresponding receipts of the seller, recalculate the seller’s margin requirement based on the size of the matched standard warehouse receipts, and release any excess margin; in the case of Board Delivery, the seller’s margin will not be released.

Article 14 A buyer and a seller shall not adjust or change the delivery relationship without authorization once the delivery relationship is confirmed.

Article 15 Any Member that objects to the Delivery Notice shall notify the Exchange in writing before 9:00 a.m. on the Third Delivery Day, or will be deemed to have accepted the Delivery Notice.

Article 16 The settlement procedures for a delivery with standard warehouse receipts are as follows.

(1) Before 9:00 a.m. on the Third Delivery Day, the buying Member shall transfer any remaining delivery payment to the Exchange’s account and the selling Member shall have in its possession negotiable standard warehouse receipts. The Clearing Department of the Exchange will complete the final settlement procedures for the parties, the results of which can be obtained by the parties through the member service system at the time indicated on the Delivery Notice.

In the case of delivery with non-general standard warehouse receipts, the premiums and discounts for the substitute deliverables and for delivery warehouses and factory warehouses shall be transferred at the time of final settlement.

(2) Upon receiving the full delivery payment from the buying Member, the Exchange will, on the Third Delivery Day, transfer 80% of the payment to the selling Member and the selling Member’s standard warehouse receipts to the buying Member. The remaining payment will be transferred after the buying Member confirms the receipt of the special/general VAT invoice.

(3) With respect to any Specified Domestic Product accessible to overseas traders and deliverable with bonded standard warehouse receipts, the Exchange is responsible for organizing an auction for the duty-paid standard warehouse receipts assigned to each overseas buyer; any resulting profits or losses and expenses shall be borne by the overseas buyer. Where the auction is unsuccessful, the overseas buyer shall pay, as compensation, 20% of the corresponding delivery payment to the seller with whom it has been matched.

Article 17 The settlement procedures for Board Delivery are as follows.

(1) Before 9:00 a.m. on the Third Delivery Day, the buying Member shall transfer the full delivery payment (excluding the buyer’s margin) to the Exchange’s account.

(2) Starting from the Third Delivery Day, the buyer and the seller shall discuss the particulars for the Board Delivery and complete the delivery process within the time limit prescribed by the Exchange. The particulars of Board Delivery are set out in the product-specific rules.

(3) From the matching day to the day following the Last Delivery Day, the Exchange will complete the settlement procedures based on the arrangements confirmed by the parties.

Where the buyer and the seller have requested settlement by the Exchange and delivery has been fully completed before the Last Delivery Day set out in contract specifications, either the buyer or the seller shall submit in one setting such information to the Exchange as the weight and quality of the commodities delivered, the issuance and receipt of the special/general VAT invoice, and delivery payment to be transferred, which information shall be confirmed by the other party within the same day. In the case of a dispute, the other party shall submit valid supporting materials within three (3) trading days from the information submission day (inclusive), or the submitted information will be automatically confirmed by the Exchange’s computer system. The Exchange will conduct funds transfer and release the parties’ remaining funds based on the results confirmed by the parties.

Where delivery is not fully completed as of the Last Delivery Day, the following procedures apply:

(i) If the delivery is not fully completed even though the seller has shipped the commodities in accordance with the schedule agreed on or at the normal speed, the delivery may be postponed which the buyer may not refuse. Upon the completion of delivery, the delivery payment will be transferred in accordance with prescribed procedures.

(ii) If any party fails to fully complete the delivery in accordance with the schedule agreed on or at the normal speed, the other party may request for termination of delivery. In this case, the non-defaulting party shall submit the Request for Termination of Delivery and the relevant evidence to the member service system, which request shall be confirmed by the party at fault within two (2) business days. If the party at fault neither confirms nor objects to the request within this period, the Exchange will deem the request confirmed and settle with the seller the payment for the commodities actually delivered, and return the remaining payment to the buyer. The parties may then agree on the delivery of the remaining commodities. If an agreement cannot be reached, the party at fault will be held in delivery default.

Where the seller and the buyer do not request settlement by the Exchange, the Exchange will return their Trading Margins and the buyer’s delivery payment and the delivery process is terminated.

Article 18 The Exchange does not handle delivery requests and procedures during the night session.

Article 19 The final settlement price for Rolling Delivery is the arithmetic mean of the settlement prices of the ten (10) trading days up to and including the matching day.

The final settlement price for Centralized Delivery is the arithmetic mean of the settlement prices of the ten (10) trading days up to and including the Last Trading Day.

Article 20 The seller in physical delivery shall issue a special/general VAT invoice to each of the corresponding buyers. The relevant Members shall assist the seller and buyer to contact each other and complete the issuance and receipt of the VAT invoice, and shall mediate and handle any dispute between the seller and buyer. The type of VAT invoice to be issued is set out in the product-specific rules. VAT invoice for Bonded Delivery shall be issued in accordance with the procedures set out in the product-specific rules.

Article 21 Within one (1) business day after the matching day, the buyer shall provide to the seller all the particulars required for the issuance of the special/general VAT invoice in accordance with rules of the tax authority.

In the case of delivery with standard warehouse receipts, the seller shall provide the special/general VAT invoice within seven (7) trading days from the Third Delivery Day (exclusive). If the issuance of the VAT invoice is delayed for one (1) to ten (10) calendar days, the selling Member shall pay a late fee at 0.5‰ of the delivery payment for each day of delay. If such issuance is delayed for over ten (10) calendar days, the seller is deemed to have refused to issue the VAT invoice, in which case the selling Member shall pay a default penalty at the prescribed percentage of the delivery payment. The rate of default penalty for the various products is equal to the VAT rate published by the national tax authority. Any late fee and default penalty is deducted from the balance of delivery payment and transferred to the buying Member as compensation; the remaining delivery payment still belongs to the selling Member. Any selling Member that pays late fees or default penalties on behalf of a client is entitled to claim compensation from the client.

In the case of Board Delivery, the seller shall provide the special/general VAT invoice to the buyer within seven (7) trading days after the delivery is completed or within such other time limit as stipulated in the agreement. The provisions of the foregoing paragraph apply similarly to any delayed issuance of the VAT invoice in Board Delivery.

Article 22 A buyer shall verify the information on the special/general VAT invoice within two (2) business days from the day (inclusive) it receives it.

The buyer shall solely bear the consequences of an invalid VAT invoice resulting from any erroneous information it has provided. If the buyer is late to provide the relevant information, the seller may postpone the issuance of the VAT invoice accordingly.

Where the buyer fails to provide the relevant information within seven (7) trading days from the Third Delivery Day (exclusive), the Exchange will transfer the remaining 20% of the delivery payment to the selling Member, the consequences of which shall be solely borne by the buyer.

Article 23 Where the product-specific rules provide otherwise with regard to the delivery procedures, those provisions shall prevail.

Chapter 3 Bonded Delivery

Article 24 “Bonded Delivery” refers to the physical delivery of the underlying assets of a futures contract which are under supervision as bonded goods in a special customs supervision area or bonded supervisory location.

Article 25 A bonded delivery warehouse refers to any location designated by the Exchange that offers bonded storage space and services for the bonded delivery against futures contracts.

Article 26 Bonded delivery may take the form of Bonded Receipt Delivery and Export Board Delivery. A bonded standard warehouse receipt refers to any document of title that, upon being recognized by and registered at the Exchange after the bonded delivery warehouse submits a registration application in accordance with the procedures prescribed by the Exchange, certifies its holder’s ownership of the physicals or entitles the holder to pick up (i.e., take delivery of) the physicals. “Export Board Delivery” refers to the board delivery process that is initiated by an overseas buyer through a delivery request submitted between the first trading day of the delivery month and the trading day before the last trading day of the delivery month and, following request response from a domestic seller and matching organized by the Exchange, completed by the matched parties within the prescribed time limit.

Article 27 The products to which bonded delivery is applicable will be separately announced by the Exchange.

Article 28 Delivery with bonded standard warehouse receipts or taking the form of Export Board Delivery shall be conducted in accordance with the relevant product-specific rules.

Chapter 4 Exchange of Futures for Physical

Article 29 Exchange of futures for physical (“EFP”) refers to the process in which two trading parties who hold opposite positions in the same futures contract of the same delivery month privately agree to request the Exchange to close out their futures positions at the close-out price they have agreed upon, and, following the approval and completion of which by the Exchange, transfer, in accordance with the physical trading agreement between them, the physicals from the seller to the buyer of such underlying asset and in such quantity as to correspond to the futures contract so closed; provided that before the EFP transaction, the buyer of the physicals shall hold a long futures position and the seller of the physicals shall hold a short futures position.

Article 30 EFP for a futures contract can be conducted from the listing day to the Last Trading Day. Buyers and sellers may post their EFP intentions on the Exchange’s member service system. Any buyer and seller holding opposite positions in the same futures contract of the same delivery month may submit an EFP request to the Exchange before 2:30 p.m. each trading day after they have reached an agreement.

Article 31 The Exchange will, after market close on the day an EFP request is approved, close out the futures positions held by the buyer and the seller at the close-out price they have agreed upon. The close-out price shall be within the price limit for the corresponding contract on request approval day.

Article 32 With respect to any EFP transaction conducted with standard warehouse receipts, the buyer shall have at least 20% of the full delivery payment before requesting for EFP, or the request will not be processed or approved. On the trading day following the EFP approval day, the Exchange will transfer the standard warehouse receipts from the seller to the buyer after the corresponding futures positions have been closed out. The parties may request the Exchange to additionally handle the transfer of the delivery payment, in which case the seller shall issue a special/general VAT invoice to the buyer at the delivery price agreed between them. The transfer of delivery payment and the issuance and receipt of the VAT invoice are, with the necessary changes, subject to final settlement procedures under Chapter 2 of these Rules.

If, when processing the transfer of standard warehouse receipts after the positions are closed out, the Exchange finds that the seller has failed to deliver the standard warehouse receipts in full or, in the case of Exchange-assisted settlement of delivery payment, the buyer fails to pay the delivery payment in full, the Exchange will withhold from the defaulting party, as the default penalty, 20% of the delivery payment in default or of the delivery payment corresponding to the standard warehouse receipts in default (in each case as calculated at the delivery price agreed upon by the parties) and transfer it to the non-defaulting party.

Article 33 For any EFP to be conducted with certificates other than standard warehouse receipts, the buyer and the seller shall furnish the relevant physical trading agreement and privately agree on the delivery of the commodities and the transfer of the delivery payment. Any dispute arising from the delivery is to be settled by parties themselves, for which the Exchange assumes no responsibility.

Article 34 Where the product-specific rules provide otherwise with regard to the procedures of an EFP transaction involving bonded standard warehouse receipts, those provisions shall prevail.

Article 35 The buyer and the seller shall pay their respective service fees incurred during the transfer of standard warehouse receipts in an EFP.

Article 36 The Exchange will take actions against any fraud committed by a Member or client in an EFP transaction in accordance with the Rules of Zhengzhou Commodity Exchange on Violations.

Chapter 5 Delivery Charges

Article 37 The buyer and the seller in a physical delivery shall each pay delivery fees to the Exchange.

Clients, delivery warehouses, and factory warehouses shall each bear the various charges arising from delivery activities in accordance with the product-specific rules.

Article 38 The rates of load-in and load-out fees are reported to the Exchange annually by each delivery warehouse and factory warehouse and take effect upon the approval and announcement of the Exchange. Absent such an announcement, the fee rate from the preceding year will continue to apply.

Article 39 The rates of load-in and load-out fees, transit fees of Board Delivery service providers, delivery fees, storage fees, inspection fees, and other fees and charges for the various products will be separately announced by the Exchange.

Article 40 The Exchange collects storage fees on behalf of delivery warehouses and factory warehouses from the day the relevant standard warehouse receipts are registered to the day preceding the day it issues the Pick-up Notice. On the first trading day of each month, the Exchange calculates and collects the storage fees incurred in the preceding month. Any fees and charges not collected by the Exchange on behalf of delivery warehouses and factory warehouses will be collected by the warehouses directly from clients.

Article 41 Any necessary adjustment to fee rates following a change in national policy or market conditions will be announced by the Exchange.

Chapter 6 Handling of Delivery Defaults

Article 42 Any of the following behaviors constitutes a delivery default:

(1) the seller fails to deliver the required number of standard warehouse receipts or the required quantity of physicals within the prescribed time limit;

(2) the buyer fails to pay the delivery payment in full within the prescribed time limit;

(3) the commodities delivered by the seller in Board Delivery do not meet the quality specifications for deliverables; and

(4) any other behaviors recognized by the Exchange.

Article 43 In the event of a delivery default, the defaulting party shall pay to the non-defaulting party 20% of the contract value in default, as calculated at the final settlement price, as the default penalty, upon which the delivery process is terminated.

Article 44 When calculating the number of contracts under delivery default by a buyer, the Exchange shall pre-deduct a default penalty in the amount of 20% of the contract value in default.

The number of contracts under delivery default by a seller is calculated as:

Number of contracts under delivery default by a seller (lot) = [number of standard warehouse receipts to be delivered – number of standard warehouse receipts actually delivered] × delivery unit (metric ton/lot) ÷ contract size (metric ton/lot).

The number of contracts under delivery default by a buyer is calculated as:

If the buyer is to receive duty-paid standard warehouse receipts, then: Number of contracts under delivery default by the buyer (lot) = [delivery payment to be made (yuan) – delivery payment actually made (yuan)] ÷ (1 – 20%) ÷ [final settlement price (yuan/metric ton) + unit price of packaging materials (yuan/metric ton)] ÷ contract size (metric ton/lot);

If the buyer is to receive bonded standard warehouse receipts, then: Number of contracts under delivery default by the buyer (lot) = [bonded delivery payment to be made (yuan) – delivery payment actually made (yuan)] ÷ bonded final settlement price (yuan per metric ton) ÷ (1 – 20%) ÷ contract size (metric ton/lot).

Article 45 Where both the buyer and the seller commit a delivery default, the Exchange will terminate the delivery process and impose a penalty of 5% of the contract value in default on each.

Article 46 Where a Member commits a partial delivery default, the standard warehouse receipts or delivery payment received by the defaulting Member may be used to resolve the default.

Article 47 Where delivery is terminated under these Rules, the Exchange’s guarantee for the performance of delivery also terminates.

Chapter 7 Ancillary Provisions

Article 48 Any violation of these Rules will be handled in accordance with the Rules of Zhengzhou Commodity Exchange on Violations.

Article 49 Where any product-specific rules contain provisions specific to that product, those provisions shall prevail.

Article 50 The Exchange reserves the right to interpret these Rules.

Article 51 These Rules take effect on November 19, 2024.

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