- 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
- 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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