Challenge and Development Structure & Supervision of China Securities Markets ( Summarized By Research Team of CSRC)

Size: px
Start display at page:

Download "Challenge and Development Structure & Supervision of China Securities Markets ( Summarized By Research Team of CSRC)"

Transcription

1 Challenge and Development Structure & Supervision of China Securities Markets ( Summarized By Research Team of CSRC) Since the 1980s, with the further-up of reform and opening policy, the development of market economy, and the establishment of Shanghai Stock Exchange and Shenzhen Stock Exchange, China securities market has grown rapidly and made outstanding achievements. By the end of 2001, there were altogether 1160 domestic listed companies and 66.5 million security accounts. The total market value topped RMB bn(usd 525.6bn), accounting for 46% of total of GDP, surpassing that of Singapore (USD192.9bn), Taiwan(USD311.3 bn) and South Korea(USD bn) and matching with that of Hong Kong( USD506.1 bn) or Italy(USD521.2bn). In past 10 years, altogether RMB866.3 bn(usd104.7 bn) has been raised from domestic and overseas securities markets. Meanwhile, China security market has always attached great importance to the construction of legal system and techniques, and gradually established the system of laws and regulations for securities, futures market, which, in its structure, has Corparate Law and Secuirities Law as its core, the administrative regulations as its supplements, and departments rules as its body. Moreover, the electronization has been integrated into each aspect of China security market, including dealing, clearing, communicating, information and auditing, etc., and the main technical means is among the first rate of the world.

2 Recently, China securities market emphasized on the reform and regulation of market, mainly focusing on: changing the concept of supervision; giving priority to the protection of the investors lawful rights and benefits; carrying out the marketing reform and qualifying issuing system; preliminary establishment of the delisting channel of listed companies in accordance with the principle of double way circulation and related requirements of Company Law; reinforcing the implementation of laws to smash the fraud in securities market; strengthening the corporate governance; advocating the corporate culture of honesty and credit; integrating of legal system: introducing the civil lawsuit; practice of reform in commission system; laying a solid foundation for the marketing reform. In the aspect of market structure, China securities market also made remarkable achievements. The past 10 years witnessed great changes: The securities types are more abundant than ever before and more institutional investors are getting involved. The corporate structure of listed companies is improving, and more intermediaries are growing with the market. The structure system of the securities market is developing towards integration. Of course, as a merging market, it can be understood that China securities market is not that rational in its marketing structure. As to the securities types, China securities market provides products, including: treasure bonds, stocks, corporate bonds, convertible bonds,

3 close-ended funds, open-ended funds. The stocks dealing accounts for 93% of total amount of trading products, which reflects the problem of single- structure; Treasure bonds and convertible bonds only account for 2% of total; Funds trading accounts for 4 %, which is still at its preliminary stage. Corporate bonds were once hot in 1980s, and declined to the current 2% of total. Other products like municipal bonds, capital securitization bonds are not yet introduced into the market. Only a small amount of commodity futures are adopted in the commodities market, while the financial futures products are not yet introduced. In this aspect, a mature securities market not only boasts of abundant trading products but manages the balanced development. For instance, in first 9 months of 1998, the US securities market raised USD 1869 bn from newly issued securities, among which, the US government bonds accounted for 30%; corporate bonds accounted for 22%; stocks accounted for 22%; capital bonds accounted for 26%. As for the investors structure of the market, China security market featured as individual investors- dominated in its preliminary stage. Those individual investors formed the main body of securities investment. By the time of the middle of 1990s, China government took measures to cultivate and develop the institutional investors. Those measures included: to develop close-ended securities investment fund, to give licenses to listed companies, SOEs, State holding enterprises to participate the securities market, and permit the insurance companies to participate indirectly in the

4 market through buying the securities funds. On the whole, the institutional investors only account for a small proportion of total. Their accounts are about 5-6% of total investors accounts and hold 15% of total stock shares. While in the US, institutional investors held 51.8 % of total stock shares(excluding the overseas institutional investors) and families held 39.1% of total. As for the structure of listed companies, the trade structure of China securities market has transferred from property, commerce, and comprehensive-based business in its early time to those foundation industries and backbone industries of steel, metallurgy, ports, petrol-chemistry, electronics, automotive, power, energy, etc. of current stage. By the end of 2000, the percentage of the industrial listed companies rose from 55.7% in 1994 to 64.89% in 2000; that of the Commerce and property companies declines from 14.4% and 8.6% in 1994 to 8.64 % and 2.48% respectively in The structure of listed companies are still unbalanced, which is mostly reflected in that: First, financial companies only account for 0.4% of total listed companies, while those of New York Stock Exchange (NYSE) accounted for 38.4% of total. Secondly, private-run companies account for a small proportion of total. By the end of 2000, there were 60 private-run companies got listed directly or indirectly, accounting for only 5% of total. Thirdly, China securities market falls into the catalogue of close-ended domestic market. Most listed companies are SOEs. While by the end of 2000, London Stock Exchange

5 had 501 foreign listed companies, accounting for 17.1% of total. The overseas companies in NYSE owned total market value of one third of the whole market. As for the structure of intermediaries, particularly the securities companies, by the end of 2001, there were over 120 securities companies, 96 investment consulting bodies, 106 accounting firms and 304 lawyer s firms involved in securities or future business in China. More than 150 thousand employees worked in these institutions. Take securities company for instance, by the end of 2002, there were more than 120 securities companies, among which 43 were big ones with registered capital of more than RMB 100 million(usd12.1million), whose total registered capitals hit RMB80.8 billion(usd9.8bn). In spite of this, the situation of small capital scale and same business nature did exist. In the aspect of capital scale, business concept and inner management, domestic securities companies still have a long way to go, comparing with overseas investment banks. As for the multi-level structure of securities market, a mature market should gradually establish the multi-level securities market system in accordance with the different scale of issuers and different anti-risk capacity of investors. China securities market is now far from mature. China now has two main board markets in Shanghai and Shenzhen. The two markets bear no essential difference in the qualification of getting

6 listed. Since 1999, Chinese government planned to launch the second board in Shenzhen. Due to many reasons, this plan is delayed. As for the supervision system, since 1997, China has gradually established the nationwide centralized securities and future supervision system. China Securities Regulatory Commission (CSRC), as the ministry-level institution directly under the State Council, acts as the regulating body of the national securities and future market. CSRC has established 9 Regional Regulatory Offices in 9 key cities, 2 branches directly subordinating to CSRC, 25 Local Regulatory Representatives Offices, 9 Enforcement Bureaus in 9 key cities, 2 securities markets in Shanghai and Shenzhen. Shanghai Futures Exchange, Zhenzhou Commodities Exchange and Dalian Commodities Exchange are directly under CSRC. Of course, it is accepted that many problems still exist in the securities supervision. Especially comparing with those mature markets, China s securities supervision remains large room to make progress. Firstly, there still lack rules and regulations to protect the benefits of small & medium sized investors. The rules and supervision have limited effects against the unlawful practice. Secondly, the guiding principle of supervision needs to be further carried out. The supervision lacks beforehand planning and systemization, which usually react passively in response with the market performance. Thirdly, the 3-level supervision system needs to be further

7 integrated. The shortage of supervising personnel becomes bottleneck of the supervision function and efficiency. Fourthly, the self-discipline administration of exchange houses and the Association of Securities have functioned well and the supervision of public opinions should be strengthened. Fifthly, the means to supervise is in serious shortage. CSRC is not entitled to necessary function of legal inquiry. The police and judicial departments lack experience in handling the cases in securities market. Good cooperation between third parties can not realized. The auditing effects are influenced to some extent. With China s accession to the WTO, China securities market is now facing severe challenge as well as opportunity. It is of vital importance for China securities market to seize the precious opportunity, deepen the reform, integrate the market structure, strengthen the supervision, and help realize the healthy development of China securities market in a open and standardized circumstance. To construct the securities market with sound functions and standardized development. The core problem in the development of China s securities market is the unbalanced structure: market structure, investment products structure, investors structure, share-holding structure of listed companies, etc.. Therefore, the development of the early 21 st century should aim at bettering the structure and strengthening the function and attach utmost importance to improve the depth, width and levels of securities market.

8 (1) To integrate the market structures and realize the multi-level market system. 1. To speed up the preparation work for second board; 2. To prompt the electronic trading board, and form the multi-level market structure; 3. To realize the nationwide link and unification of the Exchange House of property rights in different parts of the country and provide financing support for small & medium-sized enterprises. (2) To make efforts to improve the products structure and develop the diversified securities products. Firstly, the current corporate bonds market is under duel management and regulation of China Planning Commission and China Securities Regulatory Commission. The current system needs to be clarified and reformed towards standardization. Secondly, seizing the opportunity of the policy of debt to shares, and the policy that financial assets management companies deal the bad assets, China securities market should speed up the legislation of the securitization of capital, to ensure the capital securitization bonds can maintain healthy grow-up in China. Last but not least, based on the development of commodities future market, China securities market should bring the financial future products, especially the stock index future and interest rate future into birth. (3) To cultivate institutional investors and realize the sound investors structure. The investment fund should be improved to a larger scale. More open-ended funds should be established and joint venture investment fund management fund will be established as test. Under the premise of security,

9 the retirement pension will be encouraged to enter securities markets. Gradually, the institutional investors are mainly composed of securities investment funds, insurance funds, and pension funds. (4) To speed up the steps for banks, securities and insurance institutions to get listed, integrate the structure of listed companies, and promote the standardization of securities companies. Getting more banks, securities companies and insurance companies listed will help, in one hand, integrate the company structure of China securities market, improve the proportion of financial companies in total listed companies; on the other hand, enlarge the capital of banks, securities and insurance companies through capital market, and integrate the corporate governance to improve the core competence. Chinese government is composing the related laws and regulations to integrate the preparation work for China s accession to the WTO, such as: 1. To revise the Regulatory Provisions for Securities Exchanges: Securities Exchange can accept special member and give definition about the qualification and related rights and liabilities of special member; 2. To formulate the Tentative Provisions for Joint Venture Fund Manage Company and the Regulatory Provisions for Joint Venture Securities Companies, and define the qualification of sponsors,

10 procedure and operation management. Besides the above, China securities market will take a serial of open-up measures: 1. All-round open-up of B share market. B share market will serve as the all-round trial market. The foreign investors will be permitted to enter A share market with reference to their performance in B share market; 2. Using the experience of QFII system in overseas market as reference, QFII system will be considered to introduce some qualified institutional investors from overseas markets; 3. To encourage overseas enterprises to enter CDR market, and create circumstance for overseas enterprises to go listed in domestic exchange house. There are four aspects to do in order to establish efficient and impartial securities management system, such as: 1.To integrate the legal system and provide legal enforcement for securities supervision. 2.To adjust the concept of supervision, and emphasize the supervision work centered with information disclosure. 3.To establish the quasi-judicial auditing system, and reinforce the auditing means. 4.To realize the internationalization of corporate governance and accounting standards, and lay solid foundation for securities supervision.

INDUSTRY OVERVIEW SOURCE OF INFORMATION

INDUSTRY OVERVIEW SOURCE OF INFORMATION 3rd Sch3 The information presented in this section is, including certain facts, statistics and data, derived from the CIC Report, which was commissioned by us and from various official government publications

More information

REGULATORY ENVIRONMENT

REGULATORY ENVIRONMENT OF THE PRC Overview The Company operates in China and our securities business, futures business and investees are subject to the applicable regulations of China in the areas of industry entry, business

More information

SSE Newsletter. March 2013

SSE Newsletter. March 2013 Vol. 3 SSE Newsletter March 2013 Highlights: SSE Composite fluctuated with a downward trend in March 2013. The SSE provided service for listed companies carrying out investor relation management at SSE

More information

Financial Review REVIEW OF INCOME STATEMENT ITEMS. Profit. Operating Income. Net Interest Income

Financial Review REVIEW OF INCOME STATEMENT ITEMS. Profit. Operating Income. Net Interest Income FINANCIAL REVIEW Financial Review REVIEW OF INCOME STATEMENT ITEMS Profit During 2004, ICBC Group achieved an operating profit of RMB 74,608 million, up RMB 11,064 million or 17.41% over 2003. The total

More information

Transformation and Development in a New Environment

Transformation and Development in a New Environment Transformation and Development in a New Environment China Life Insurance Company Limited November 28, 2013 Agenda Section I Section II Section III Features of the Current Life Insurance Industry in China

More information

Analysis on Financial Support of the Development of China s Economic Transformation in a New Situation

Analysis on Financial Support of the Development of China s Economic Transformation in a New Situation Modern Economy, 2017, 8, 249-255 http://www.scirp.org/journal/me ISSN Online: 2152-7261 ISSN Print: 2152-7245 Analysis on Financial Support of the Development of China s Economic Transformation in a New

More information

Financial Review PROFIT NET INTEREST INCOME

Financial Review PROFIT NET INTEREST INCOME 25 Financial Review PROFIT ICBC recorded an operating profit of RMB 43,917 million, with total profits of RMB 6,217 million, an increase of RMB 324 million or 5.5% as compared to 2001. Provisions amounted

More information

ANNOUNCEMENT OF ANNUAL RESULTS FOR YEAR 2011

ANNOUNCEMENT OF ANNUAL RESULTS FOR YEAR 2011 Hong Kong Exchanges and Clearing Limited and The Stock Exchange of Hong Kong Limited take no responsibility for the contents of this announcement, make no representation as to its accuracy or completeness

More information

GLOBAL STOCK EXCHANGES. Page 1 May MLB Financial Group Limited. Not for Redistribution

GLOBAL STOCK EXCHANGES. Page 1 May MLB Financial Group Limited. Not for Redistribution GLOBAL STOCK EXCHANGES Page 1 May 2017 SUMMARY Having decided that a public offering is a significant step in your business. Choosing the most appropriate exchange that fits the unique needs is complex

More information

Detailed Recommendations 14: Make Environmental Information Disclosure Mandatory

Detailed Recommendations 14: Make Environmental Information Disclosure Mandatory Detailed Recommendations 14: Make Environmental Information Disclosure Mandatory 14 This is a background paper to the report: Establishing China s Green Financial System published by the Research Bureau

More information

International Pension Forum

International Pension Forum International Pension Forum Impact of Pension Funds on Capital Markets PRC Experience BY STUART H. LECKIE, O.B.E., J.P., F.F.A., F.I.A., F.S.A. TEL: (852) 2147 9998 FAX: (852) 2147 2822 E-mail: stuart.leckie@stirlingfinance.com

More information

SSE Newsletter. January Vol. 13. Highlights:

SSE Newsletter. January Vol. 13. Highlights: Vol. 13 SSE Newsletter January 2014 Highlights: SSE Composite and trading volume of January 2014 showed slight decrease compared with that of the previous month. CSRC and the Ministry of Finance jointly

More information

China Law Update February 2007

China Law Update February 2007 China Law Update February 2007 table of contents In this issue of China Law Update, we summarize three important new laws that were enacted in late 2006 and took effect on January 1, 2007. Together, the

More information

COUNTRY REPORT CHINA 2008

COUNTRY REPORT CHINA 2008 COUNTRY REPORT CHINA 2008 1. Economic and financial background 1.1 China's economy has maintained steady and rapid growth in 2007. For the year ending 2007, gross domestic product (GDP) grew at a pace

More information

Summary. Objective of the Study

Summary. Objective of the Study A Comparison Between Shenzhen Companies and Hong Kong Companies Joseph Lee, Yan Yuhong and Joanna Poon, Research Department of the Supervision of Markets Division 1 March 2005 Summary All companies reported

More information

(Draft for Comment) Contents. Chapter I General Provisions Chapter II Listing of CDRs... 4

(Draft for Comment) Contents. Chapter I General Provisions Chapter II Listing of CDRs... 4 Appendix 1: Interim Measures for the Listing and Trading of Depositary Receipts under the Stock Connect Scheme between Shanghai Stock Exchange and London Stock Exchange (Draft for Comment) Contents Chapter

More information

Yuhua XU China Banking Regulatory Commission

Yuhua XU China Banking Regulatory Commission CONFÉRENCE DES NATIONS UNIES SUR LE COMMERCE ET LE DÉVELOPPEMENT UNITED NATIONS CONFERENCE ON TRADE AND DEVELOPMENT Multi-Year Expert Meeting on Services, Development and Trade: The Regulatory and Institutional

More information

Market Access Widens for Foreign Investors in China

Market Access Widens for Foreign Investors in China Market Access Widens for Foreign Investors in China Summary On June 28 2018, the National Development and Reform Commission (NDRC) and Ministry of Commerce (MOFCOM) jointly announced the release of Special

More information

M&A in China: What is different compared to Europe?

M&A in China: What is different compared to Europe? M&A in China: What is different compared to Europe? By Jonathan Selvadoray On the occasion of a seminar organised jointly by ACC and CMS in Geneva, on June 25th 2008 Agenda CMS M&A in China: background

More information

Emergence of RMB as an International Currency

Emergence of RMB as an International Currency Emergence of RMB as an International Currency Cindy Lo, Partner Allen & Overy, Beijing Office March 2013 1 Agenda An Overview: the Chinese Government s policy objectives and key regulatory developments

More information

China Law Update December 2006

China Law Update December 2006 China Law Update December 2006 table of contents In this issue of China Law Update, we summarize a variety of new banking laws and regulations that were enacted in late 2006. 3 Revised PRC Banking Supervision

More information

Management Discussion and Analysis Risk Management

Management Discussion and Analysis Risk Management In 2014, in response to the new normal of China s economic and financial environment, the Bank adhered to risk appetite principles of stability, rationality and prudence, actively aligned with situational

More information

China s Securities Market Development: Lessons from Hong Kong and Other Asian Markets. Xiao Geng 1

China s Securities Market Development: Lessons from Hong Kong and Other Asian Markets. Xiao Geng 1 China s Securities Market Development: Lessons from Hong Kong and Other Asian Markets Xiao Geng 1 Draft: 15 January 2003 Achievements of China s securities market In a little more than a decade s time,

More information

Reform of Global Reserve System and China s Choice 1

Reform of Global Reserve System and China s Choice 1 Reform of Global Reserve System and China s Choice 1 Liqing Zhang Professor and Dean, School of Finance, Central University of Finance and Economics, Beijing Email: zhlq@cufe.edu.cn 1. Why the Regime should

More information

Foreign-invested printing enterprises registration in China

Foreign-invested printing enterprises registration in China Foreign-invested printing enterprises registration in China Application requirements(conditions): The minimum registered capital (foreign-invested printing enterprises engaged in publication, packaging

More information

Research on Issues and Countermeasures of Urban-rural Endowment Insurance Integration

Research on Issues and Countermeasures of Urban-rural Endowment Insurance Integration International Conference on Education, Management and Computing Technology (ICEMCT 2015) Research on Issues and Countermeasures of Urban-rural Endowment Insurance Integration Jie Zhou 1, Xiaolan Zhang

More information

Industrial and Commercial Bank of China Ltd.

Industrial and Commercial Bank of China Ltd. Industrial and Commercial Bank of China Ltd. 2006 Results Announcement (International Accounting Standards) April 2007 1 Disclaimer The material in this presentation is not to be construed as an offer

More information

International Corporate Governance Meeting: Why Corporate Governance Matters for Vietnam. OECD/ World Bank Asia Roundtable on Corporate Governance

International Corporate Governance Meeting: Why Corporate Governance Matters for Vietnam. OECD/ World Bank Asia Roundtable on Corporate Governance International Finance Corporation Ministry of Finance Organisation for Economic Cooperation & Development International Corporate Governance Meeting: Why Corporate Governance Matters for Vietnam OECD/

More information

China Financial Reforms: In need of further deregulation

China Financial Reforms: In need of further deregulation China Financial Reforms: In need of further deregulation Mingchun Sun 1 Summary Over the past decade, the Chinese government has implemented a series of financial reforms and transformed its financial

More information

A Discussion on Development of China s Housing Mortgage-backed Securitization and American Experiences

A Discussion on Development of China s Housing Mortgage-backed Securitization and American Experiences A Discussion on Development of China s Housing Mortgage-backed Securitization and American Experiences Yifei Ma School of Business, Tianjin University of Commerce, Tianjin 300134, China E-mail: myifei918@sina.com

More information

SSE Newsletter. Vol. 2. Highlights:

SSE Newsletter. Vol. 2. Highlights: Vol. 2 SSE Newsletter February 2013 Highlights: SSE Composite fluctuated with a downward trend in February 2013. The SSE has sorted out and appraised the business rules of 2012. The SSE has formulated

More information

Management Discussion and Analysis Risk Management

Management Discussion and Analysis Risk Management Based on its status as a Global Systemically Important Bank, the Bank actively responded to the new normal of economic development and continued to meet external regulatory requirements. Adhering to the

More information

A Century of History A Global Service

A Century of History A Global Service A Century of History A Global Service Bank of China Limited 2012 Interim Results August 24, 2012 Forward-looking Statement Disclaimer This presentation and subsequent discussions may contain forward-looking

More information

SSE Newsletter. April Vol. 15. Highlights:

SSE Newsletter. April Vol. 15. Highlights: Vol. 15 SSE Newsletter April 2014 Highlights: SSE Composite of April 2014 remained stable, while trading volume showed slight decrease compared with that of the previous month. Premier Li Keqiang said

More information

Impairment of the Investment in Fortis Group Shares. October 6, 2008

Impairment of the Investment in Fortis Group Shares. October 6, 2008 Impairment of the Investment in Fortis Group Shares October 6, 2008 Agenda Background on the Impairment of Fortis Shares Financial Impact to Ping An Group ( PAG ) Other Overseas Investments and Fortis

More information

IMPACT OF WTO ACCESSION ON FOREIGN DIRECT INVESTMENT INTO CHINA

IMPACT OF WTO ACCESSION ON FOREIGN DIRECT INVESTMENT INTO CHINA IMPACT OF WTO ACCESSION ON FOREIGN DIRECT INVESTMENT INTO CHINA Y.M. Elaine Lo Partner Lex Mundi European Regional Conference Copenhagen, 10-12 May 2002 1 TELECOMMUNICATIONS A gradual opening up of the

More information

Research on the Synergy Effect of Cross-border Mergers and. Acquisitions in High-tech Enterprises in Shanghai. Yuzhu FENG

Research on the Synergy Effect of Cross-border Mergers and. Acquisitions in High-tech Enterprises in Shanghai. Yuzhu FENG Joint International Social Science, Education, Language, Management and Business Conference (JISEM 2015) Research on the Synergy Effect of Cross-border Mergers and Acquisitions in High-tech Enterprises

More information

RIDING THE CHINA WAVE: HKEX S GROWTH STRATEGIES IN THE EXCHANGES ARENA

RIDING THE CHINA WAVE: HKEX S GROWTH STRATEGIES IN THE EXCHANGES ARENA A MEMBER OF THE UNIVERSITY OF HONG KONG GROUP 香港大學機構成員 AMY YIP ROY ZHOU RIDING THE CHINA WAVE: HKEX S GROWTH STRATEGIES IN THE EXCHANGES ARENA Our vision at HKEx is to reshape the global market landscape

More information

2013 The year of the renminbi

2013 The year of the renminbi 2013 The year of the renminbi Economic and regulatory conditions affecting the renminbi are unfolding quickly. This document reflects HSBC s views on how the development of the renminbi will unfold as

More information

The Notice on Further Improving Policies for Cross-border RMB Business to Facilitate Trade and Investments

The Notice on Further Improving Policies for Cross-border RMB Business to Facilitate Trade and Investments MUFG: Bank (China) Regulation Newsletter People s Bank of China The Notice on Further Improving Policies for Cross-border RMB Business to Facilitate Trade and Investments China Business Solution Office

More information

SSE Newsletter. July Vol. 26. Highlights:

SSE Newsletter. July Vol. 26. Highlights: Vol. 26 SSE Newsletter July 2015 Highlights: SSE Composite fell by 14.34% in July 2015, while trading volume showed significant decrease compared with that of the previous month SSE released the revised

More information

China Zheshang Bank Co., Ltd. (2016.HK) 2016 Annual Results Announcement

China Zheshang Bank Co., Ltd. (2016.HK) 2016 Annual Results Announcement China Zheshang Bank Co., Ltd. (2016.HK) 2016 Annual Results Announcement March 13, 2017 Disclaimer This document is prepared by China Zheshang Bank Co., Ltd. (the Bank ) without independent verification.

More information

CSOP ETF TRUST SUMMARY PROSPECTUS. January 30, 2017 CSOP FTSE CHINA A50 ETF. Principal Listing Exchange for the Fund: NYSE Arca, Inc.

CSOP ETF TRUST SUMMARY PROSPECTUS. January 30, 2017 CSOP FTSE CHINA A50 ETF. Principal Listing Exchange for the Fund: NYSE Arca, Inc. CSOP ETF TRUST SUMMARY PROSPECTUS January 30, 2017 CSOP FTSE CHINA A50 ETF Principal Listing Exchange for the Fund: NYSE Arca, Inc. Ticker Symbol: AFTY Before you invest in the Fund, as defined below,

More information

International Monetary System Reform and Asian Monetary and Financial Cooperation

International Monetary System Reform and Asian Monetary and Financial Cooperation International Monetary System Reform and Asian Monetary and Financial Cooperation Dr. Zong Liang Deputy General Manager Strategic Development Department Bank of China New Delhi, March 20, 2012 0 Contents

More information

China CITIC Bank 2009 Interim Results Presentation

China CITIC Bank 2009 Interim Results Presentation China CITIC Bank 2009 Interim Results Presentation Table of Contents 1 First Half 2009 Highlights 2 Outlook on Second Half 2009 2 Overview on Major Indicators Scale Indicators Total Increment Growth rate

More information

INFORMATION CIRCULAR: CSOP ETF TRUST

INFORMATION CIRCULAR: CSOP ETF TRUST INFORMATION CIRCULAR: CSOP ETF TRUST TO: FROM: Head Traders, Technical Contacts, Compliance Officers, Heads of ETF Trading, Structured Products Traders Nasdaq / BX / PHLX Listing Qualifications Department

More information

Taking stock of China s equity markets

Taking stock of China s equity markets Taking stock of China s equity markets September 2017 The information contained in this publication is not intended as investment advice or recommendation. China s transformation: 8 striking facts At USD

More information

Qian Zhan. East China Normal University

Qian Zhan. East China Normal University Qian Zhan East China Normal University August 6, 2014 qzhan@law.ecnu.edu.cn 1 Introduc)on China s Accession to WTO: Dec 2001 Ø Significant event: Chinese + Foreign Investors Ø Expected Result: Trade Liberalization

More information

Management Discussion and Analysis Risk Management

Management Discussion and Analysis Risk Management Dedicated to performing its duties as a Global Systemically Important Bank, the Bank actively adapted to the new stage of high-quality development of economy and continued to improve its risk management

More information

China Merchants Bank Reports 2009 Third Quarter Results

China Merchants Bank Reports 2009 Third Quarter Results China Merchants Bank Reports 2009 Third Quarter Results Results Highlights Results increases over second quarter Strategic transformation yields results Net profit attributable to the Bank s shareholders

More information

CHINA LIFE INSURANCE COMPANY LIMITED ANNOUNCES 2011 ANNUAL RESULTS (H SHARE)

CHINA LIFE INSURANCE COMPANY LIMITED ANNOUNCES 2011 ANNUAL RESULTS (H SHARE) Press Release For Immediate Release CHINA LIFE INSURANCE COMPANY LIMITED ANNOUNCES 2011 ANNUAL RESULTS (H SHARE) HONG KONG, 26 March 2012 China Life Insurance Company Limited (SSE: 601628, HKSE: 2628,

More information

Mergers and Acquisitions in China

Mergers and Acquisitions in China Mergers and Acquisitions in China In the past 20 years, since the adoption of the Open Door policy, most foreign investments have been Greenfield projects in the form of WFOE s or JV s. Whilst the structure

More information

The Chinese Approach to Capital Account Liberalization: What Do We Learn from Renminbi Banking in Hong Kong?

The Chinese Approach to Capital Account Liberalization: What Do We Learn from Renminbi Banking in Hong Kong? HKIMR First International Conference on the Chinese Economy The Chinese Approach to Capital Account Liberalization: What Do We Learn from Renminbi Banking in Hong Kong? Dong HE Hong Kong Monetary Authority

More information

1. Definition and Risk Characteristics of RMB-Denominated. Bonds Issued in Mainland China by Foreign Entities

1. Definition and Risk Characteristics of RMB-Denominated. Bonds Issued in Mainland China by Foreign Entities 1. Definition and Risk Characteristics of RMB-Denominated Bonds Issued in Mainland China by Foreign Entities 1.1 Definition and Characteristics The RMB-denominated bonds (referred to as RMB bonds hereinafter)

More information

2016 Annual Results Press Release

2016 Annual Results Press Release China Merchants Bank Announces 2016 Annual Results Adhered to the Light-operation Bank strategy with enhanced edges of One Body with Two Wings Net profit reached RMB62.081 billion, up 7.60% year-on-year

More information

From Zero to Hero lessons and experiences from the growth of the Chinese green bond market

From Zero to Hero lessons and experiences from the growth of the Chinese green bond market From Zero to Hero lessons and experiences from the growth of the Chinese green bond market Alan XiangruiMeng Green Bond Analyst Climate Bonds Initiative March 2018 Which is green? What is a green bond?

More information

Attachment 1: NCTO Review of Chinese Government Subsidies for Textile Industry

Attachment 1: NCTO Review of Chinese Government Subsidies for Textile Industry Attachment 1: NCTO Review of Chinese Government Subsidies for Textile Industry Subsidy Relevance Description Financial 1 (Title Unknown) Benefits under the 2006 Notice of Relevant Policies to Promote Chinese

More information

Report of the Survey on Hedge Funds Managed by SFC Licensed Managers. (for the Period 31 March March 2006)

Report of the Survey on Hedge Funds Managed by SFC Licensed Managers. (for the Period 31 March March 2006) Report of the Survey on Hedge Funds Managed by SFC Licensed Managers (for the Period 31 March 2004 31 March 2006) The Securities and Futures Commission Hong Kong October 2006 Table of contents Page 1.

More information

SSE Newsletter. September Vol. 28. Highlights:

SSE Newsletter. September Vol. 28. Highlights: Vol. 28 SSE Newsletter September 2015 Highlights: SSE Composite fell by 4.78% in September 2015, while trading volume showed significant decrease compared with that of the previous month SSE, SZSE and

More information

China Reinsurance (Group) Corporation (1508.HK) 2016 Interim Results Announcement. August 2016

China Reinsurance (Group) Corporation (1508.HK) 2016 Interim Results Announcement. August 2016 China Reinsurance (Group) Corporation (1508.HK) 2016 Interim Results Announcement August 2016 0 Disclaimer By attending the meeting including this presentation or reading materials related to this presentation,

More information

Q & A for 2017 Investor Day

Q & A for 2017 Investor Day Q & A for 2017 Investor Day June 26 th, 2017 1. Q: What is the amount of amortized residual margin annually? How do you choose the carrier of amortization? A: Profit consists of the release of residual

More information

China Reinsurance (Group) Corporation (1508.HK) 2017 Interim Results Announcement. August 2017

China Reinsurance (Group) Corporation (1508.HK) 2017 Interim Results Announcement. August 2017 China Reinsurance (Group) Corporation (1508.HK) 2017 Interim Results Announcement August 2017 0 Disclaimer By attending the meeting including this presentation or reading materials related to this presentation,

More information

Analysis of Utilization of Foreign Direct Investment in China

Analysis of Utilization of Foreign Direct Investment in China Journal of Finance and Investment Analysis, vol. 2, no.4, 2013, 1-11 ISSN: 2241-0998 (print version), 2241-0996(online) Scienpress Ltd, 2013 Analysis of Utilization of Foreign Direct Investment in China

More information

MoneyTree TM China TMT Report

MoneyTree TM China TMT Report Technology Institute This MoneyTree TM China Telecommunications, Media and Technology (TMT) Report includes information on private equity and venture capital (PE/VC) investment in the TMT industry for

More information

China s Stockmarkets Fraser Howie

China s Stockmarkets Fraser Howie China s Stockmarkets Fraser Howie NUS Business School, 6 March 2007 Some questions Recent A-share bull market: How did it come about and is it sustainable? Has the market shed its "casino" label? What

More information

Shanghai International Energy Exchange: Direct Trading Access for Overseas Participants

Shanghai International Energy Exchange: Direct Trading Access for Overseas Participants September 2017 Shanghai International Energy Exchange: Direct Trading Access for Overseas Participants Introduction After nearly two years of preparation, the Shanghai International Energy Exchange Corporation

More information

TAXATION AND FOREIGN EXCHANGE

TAXATION AND FOREIGN EXCHANGE TAXATION OF SECURITIES HOLDERS The following is a summary of certain PRC and Hong Kong tax consequences of the ownership of H Shares by an investor that purchases such H Shares in connection with the Global

More information

BZX Information Circular EDGA Information Circular BYX Information Circular EDGX Information Circular

BZX Information Circular EDGA Information Circular BYX Information Circular EDGX Information Circular BZX Information Circular 15-031 EDGA Information Circular 15-031 BYX Information Circular 15-031 EDGX Information Circular 15-031 Date: March 11, 2015 Re: CSOP ETF Trust Pursuant to the Rules of BATS Exchange,

More information

IDENTIFYING AND ADDRESSING OBSTACLES TO OUTBOUND INVESTMENT IN PRACTICE

IDENTIFYING AND ADDRESSING OBSTACLES TO OUTBOUND INVESTMENT IN PRACTICE PRC Law Newsflash 21 April 2011 - TransAsia Lawyers Page 1 of 7 PRC Law Newsflash 21 April 2011 I. Introduction IDENTIFYING AND ADDRESSING OBSTACLES TO OUTBOUND INVESTMENT IN PRACTICE In the last 3 years,

More information

Foreign-invested research and development center registration in China

Foreign-invested research and development center registration in China Foreign-invested research and development center registration in China Application requirements(conditions): Definite field of R&D, fixed premises and essential equipments and other conditions for scientific

More information

Detailed Recommendations 2: Develop Green Funds

Detailed Recommendations 2: Develop Green Funds Detailed Recommendations 2: Develop Green Funds 2 This is a background paper to the report: Establishing China s Green Financial System published by the Research Bureau of the People s Bank of China and

More information

UBS Asset Management Professional clients only. Petroyuan. The shape of things to come. Hayden Briscoe, Head of Fixed Income, Asia Pacific

UBS Asset Management Professional clients only. Petroyuan. The shape of things to come. Hayden Briscoe, Head of Fixed Income, Asia Pacific UBS Asset Management Professional clients only Petroyuan The shape of things to come Hayden Briscoe, Head of Fixed Income, Asia Pacific 1 RMB-denominated oil contracts will begin trading for the first

More information

Management Discussion and Analysis Financial Review

Management Discussion and Analysis Financial Review % 8 6 4 2 0 Growth of Global and Chinese Economy (2013 to 2017) Growth rate of global economy Growth rate of Chinese economy 2013 2014 2015 2016 2017 Source: International Monetary Fund (IMF), National

More information

(A joint stock limited company incorporated in the People s Republic of China) Stock Code EMPOWER YOUR INSURANCE BY EXPERTISE

(A joint stock limited company incorporated in the People s Republic of China) Stock Code EMPOWER YOUR INSURANCE BY EXPERTISE (A joint stock limited company incorporated in the People s Republic of China) Stock Code EMPOWER YOUR INSURANCE BY EXPERTISE TABLE OF CONTENTS Financial Highlights 2 Management Discussion and Analysis

More information

CHINA s ENTRY INTO THE WTO AND THE FINANCIAL SECTOR

CHINA s ENTRY INTO THE WTO AND THE FINANCIAL SECTOR CHINA s ENTRY INTO THE WTO AND THE FINANCIAL SECTOR Javier Serrado Banco Sabadell-Beijing To open the banking industry is essential part of the basic policy of the China Open Reform. Starting from late

More information

UBS Product Day Zurich UBS China. Rory Tapner, Chairman and CEO Asia Pacific

UBS Product Day Zurich UBS China. Rory Tapner, Chairman and CEO Asia Pacific UBS Product Day Zurich UBS China Rory Tapner, Chairman and CEO Asia Pacific 1 June 26 Rapid economic growth Q:\GROUP-COMMS\Investor Relations\4 Investor Day\Investor Day 26\Presentations\Final_presos\Product

More information

On the Improvement of China s Legal System of Foreign Direct Investment

On the Improvement of China s Legal System of Foreign Direct Investment Journal of Politics and Law; Vol. 8, No. 4; 2015 ISSN 1913-9047 E-ISSN 1913-9055 Published by Canadian Center of Science and Education On the Improvement of China s Legal System of Foreign Direct Investment

More information

China Taiping Insurance Holdings Company Limited Interim Results Presentation. 23 August, 2018

China Taiping Insurance Holdings Company Limited Interim Results Presentation. 23 August, 2018 China Taiping Insurance Holdings Company Limited 2018 Interim Results Presentation 23 August, 2018 Forward-looking Statements This presentation and subsequent discussions may contain certain forward-looking

More information

INTERIM RESULTS ANNOUNCEMENT FOR THE SIX MONTHS ENDED 30 JUNE 2017

INTERIM RESULTS ANNOUNCEMENT FOR THE SIX MONTHS ENDED 30 JUNE 2017 Hong Kong Exchanges and Clearing Limited and The Stock Exchange of Hong Kong Limited take no responsibility for the contents of this announcement, make no representation as to its accuracy or completeness

More information

Administrative Measures for Hubei Province Yangtze River Economic Belt Industry Fund Chapter I General Provisions

Administrative Measures for Hubei Province Yangtze River Economic Belt Industry Fund Chapter I General Provisions Administrative Measures for Hubei Province Yangtze River Economic Belt Industry Fund Chapter I General Provisions Article 1 With a view to seizing the nationally significant strategic opportunities of

More information

Please note: This translation is furnished for information purposes only, and the original Chinese text is binding in all respects.

Please note: This translation is furnished for information purposes only, and the original Chinese text is binding in all respects. Notice on Issuing the Guidelines on the Content and Format of Listing Announcement for Chinese Depositary Receipts under the Stock Connect Scheme between Shanghai Stock Exchange and London Stock Exchange

More information

SSE Newsletter. November Vol. 21. Highlights:

SSE Newsletter. November Vol. 21. Highlights: Vol. 21 SSE Newsletter November 2014 Highlights: SSE Composite rose by 10.85% in November 2014, while trading volume showed significant increase compared with that of the previous month The Shanghai-Hong

More information

UNESCAP WORKING PAPER

UNESCAP WORKING PAPER WP/09/04 UNESCAP WORKING PAPER Cross-Border Investment and the Global Financial Crisis in the Asia-Pacific Region Sayuri Shirai Cross-Border Investment and the Global Financial Crisis in the Asia-Pacific

More information

CORPORATE GOVERNANCE OF CHINA

CORPORATE GOVERNANCE OF CHINA Organisation for Economic Co-operation and Development Development Research Centre of the State Council of the PRC Asian Development Bank CORPORATE GOVERNANCE OF STATE-OWNED ENTERPRISES IN CHINA Corporation

More information

SUMMARY. Our Business Model We primarily provide the following financial services to individual, institutional and corporate clients:

SUMMARY. Our Business Model We primarily provide the following financial services to individual, institutional and corporate clients: This summary aims to give you an overview of the information contained in this prospectus. As this is a summary, it does not contain all the information that may be important to you. You should read the

More information

INFORMATION CIRCULAR: DBX ETF TRUST

INFORMATION CIRCULAR: DBX ETF TRUST INFORMATION CIRCULAR: DBX ETF TRUST TO: FROM: Head Traders, Technical Contacts, Compliance Officers, Heads of ETF Trading, Structured Products Traders Nasdaq / BX / PHLX Listing Qualifications Department

More information

Access to the PRC Market under CEPA By Deming Zhao

Access to the PRC Market under CEPA By Deming Zhao Client ALERT July 2003 Access to the PRC Market under CEPA By Deming Zhao I. Introduction The Closer Economic Partnership Arrangement ( CEPA ) was signed on 29 June 2003 between the Central Government

More information

Introduction of Shanghai-London Stock Connect

Introduction of Shanghai-London Stock Connect YOUR DATA INSIGHT A Shanghai Stock Exchange Company Introduction of Shanghai-London Stock Connect 1 Intro. of Shanghai-London Stock Connect (SLSC) The term depositary receipts under Shanghai-London Stock

More information

Important Changes to Fidelity Funds. Changes to the Investment Objectives for certain funds of Fidelity Funds

Important Changes to Fidelity Funds. Changes to the Investment Objectives for certain funds of Fidelity Funds FIDELITY FUNDS Société d Investissement à Capital Variable 2a, Rue Albert Borschette BP 2174 L - 1021 Luxembourg RCS B34036 Tel : +352 250 404 (1) Fax : +352 26 38 39 38 Important Changes to Fidelity Funds

More information

TAXATION AND FOREIGN EXCHANGE

TAXATION AND FOREIGN EXCHANGE The following is a summary of certain PRC and Hong Kong tax consequences of the ownership of H Shares by an investor that purchases such H Shares in connection with the Global Offering and holds the H

More information

Pension reform paves the way for the targetdate funds market in Mainland China

Pension reform paves the way for the targetdate funds market in Mainland China Invesco Investment Insights Pension reform paves the way for the targetdate funds market in Mainland China November 2018 Nixon Mak Head of Hong Kong Pensions and Solutions Strategist, APAC, Invesco Key

More information

China s Overseas Direct Investment (ODI): Current situation and future outlook

China s Overseas Direct Investment (ODI): Current situation and future outlook China s Overseas Direct Investment (ODI): Current situation and future outlook New York Stock Exchange (NYSE) Dr. Qin Xiao Chairman, the Boyuan Foundation January 7, 2015 Agenda A. China s ODI: High Growth

More information

INFORMATION CIRCULAR: CSOP ETF TRUST

INFORMATION CIRCULAR: CSOP ETF TRUST INFORMATION CIRCULAR: CSOP ETF TRUST TO: FROM: Head Traders, Technical Contacts, Compliance Officers, Heads of ETF Trading, Structured Products Traders NASDAQ / BX / PHLX Listing Qualifications Department

More information

Asian Monetary Cooperation: Perspective of RMB Asianalization

Asian Monetary Cooperation: Perspective of RMB Asianalization Asian Monetary Cooperation: Perspective of RMB Asianalization ZHANG Runlin Shanxi University of Finance and Economics, 030006, China zhlinsx@sohu.com Abstract: RMB will inevitably play an important role

More information

A study on the Quality of Environmental Disclosures of China s Circular Economy Listed Companies

A study on the Quality of Environmental Disclosures of China s Circular Economy Listed Companies 2015 AASRI International Conference on Industrial Electronics and Applications (IEA 2015) A study on the Quality of Environmental Disclosures of China s Circular Economy Listed Companies Cheng-zhi Liu

More information

2010 China VC/PE Industry Survey Report

2010 China VC/PE Industry Survey Report 2010 China VC/PE Industry Survey Report www.cvca.org.cn The China Venture Capital and Private Equity Association ( CVCA ), incorporated in the middle of 2002, is a member-based trade organization established

More information

On Disposal of Non-Performing Assets of the Banking Industry

On Disposal of Non-Performing Assets of the Banking Industry On Disposal of Non-Performing Assets of the Banking Industry Li Fu-an Rules and Regulations Department China Banking Regulatory Commission In disposing of non-performing assets of the banking industry,

More information

Letter from Hong Kong

Letter from Hong Kong Letter from Hong Kong April 2015 The Hong Kong Capital Markets Welcome to our new publication. Our intention is to send out a high scope commentary, twice a year, focussing on a particular feature of the

More information

Research on foreign currency business and financial statement conversion

Research on foreign currency business and financial statement conversion Research on foreign currency business and financial statement conversion Shuwei Cao School of Management, Xi'an University of Science and Technology, Xi'an 710054, China Abstract 354682792@qq.com With

More information

Management s Discussion & Analysis

Management s Discussion & Analysis Management s Discussion & Analysis 10 Core Business 11 IT Projects 23 Awards Achieved in 2004 24 Financial Review 25 Risk Management 31 Corporate Governance 45 CORE BUSINESS Core Business In 2004, the

More information