The annular exhaust valve is a hydraulically operated valve designed for the exhaust needs of electric pumps. The exhaust valve is usually closed under the action of spring force, and remains open under the pressure provided by the surface hydraulic control pipeline. Within the depth specification range, the hydraulic pressure is released and the valve automatically closes. When the control chamber test pressure is 5,000psi and the hydraulic control pipeline carries control fluid, the safe lowering depth of the valve is 1,800 ft. Liquid can be pumped into the annulus through the exhaust valve in the open state to achieve emergency well killing function.