China Finance


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finance

Chinese Stock market

  • Stock market starts at 1990
  • Shanghai and Shenzhen Stock Exchanges
  • A/B shares
  • 1100 companies
  • capitalization: 50 % of GDP
  • Most listed companies are SOEs; some are private firms
    • Shanghai Zhonglu Industrial (take over 54% of state-owned Forever Bicycle) under “particular transfer” (PT), which requires a long time before enabling rights offers.
    • Sanlian Group of Shandong took control of Zhengzhou Baiwen

China intends to slash brokers’ commission on stock-trading to 0.2 per cent of the transaction from 0.35 per cent to cut costs and lift turnover

  • China intends to slash brokers’ commission on stock-trading to 0.2 per cent of the transaction from 0.35 per cent to cut costs and lift turnover
  • A shares pay brokers a 0.35 per cent and 0.4 per cent to the government as stamp duty. B shares -- 0.81 per cent
  • South Korea - 0.09 per cent to 0.23 pr cent

First Open-End Fund

  • Huaan Fund Management Co sets up the first open-end fund with the assistance of JP Morgan.
    • Set up with $600 million in initial capital
    • Sold to Chinese individuals
    • to launch in September, 2001
    • sold through Bank of Communication outlets
    • called Innovation Fund
    • minimum/max purchases: $1,207/$36,231

An open end fund fluctuates in price daily based on capital flows and the underlying value of shared held in fund. Easier-to-mange closed end funds issue a fixed number of shares and then trade like a stock

  • An open end fund fluctuates in price daily based on capital flows and the underlying value of shared held in fund. Easier-to-mange closed end funds issue a fixed number of shares and then trade like a stock
  • Once China enters the WTO, foreign investment banks and asset managers will be allowed to take 33 % stakes in domestic brokerage firms and fund companies.
  • That figure will rise to 49% three years later

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