...discussion and approval by the SSE's Board of Governors and report to the China Securities Regulatory Commission for approval, the SSE hereby publishes the new "Listing Rules", which shall come into effect from July 7, 2012 onwards. The original "Listing Rules" shall be abolished at the same time. In a bid to get well-prepared for the transition between old and new rules and ensure the smooth implementation of the new "Listing Rules", the SSE hereby makes the notice for relevant issues as follows. I. Transitional Arrangements for Old and New Rules Related to Delisting (I) As for companies whose share listing has been suspended before the issuance of new "Listing Rules", their listing resumption and termination are subject to original "Listing Rules" and handled according to the following circumstances: (1) For the companies whose share listing was suspended before January 1, 2012, the SSE will grant a grace period to them and make decisions on their listing resumption or listing termination before December 31, 2012. (2) For the companies whose share listing is suspended in 2012, if they push forward the applications for listing resumption within the time limit after the publication of their annual reports of 2012 and the SSE accepts their applications, the SSE will make decisions on their listing resumption or listing termination within 30 trading days after the application acceptance day. As to the companies whom the SSE requires to provide supplementary materials, they shall...
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...History of Shanghai Stock Exchange China Securities history can be traced back to the late Ming and early Qing Dynasty, in some high-income high-risk business areas, the mode of "investment funds, joint ventures" was operated, and the contract signed between the participants, to become China's first stock prototype. Before the Opium War between Britain and China, west countries international traders not only brought the opium to China, but also brought the advanced finance model and knowledge to china. The first foreign security was issued by a foreign enterprise in 1840s. In 1872, the first Chinese stock was issued by China's first joint-stock companies and the Chinese people. Securities promote the development of securities transactions and capital market. The beginning the Securities and Exchange were only foreigners, and later the Chinese businessmen started to use the securities transactions. China's first stock trading securities companies was established in 1869. One of Shanghai stock company was established in September 1882 and developed the relevant articles of association, the Securities and Exchange haphazard development has become more standardized. In 1891, the Shanghai Share brokers Association was established, which was regarded as the primitive form of stock bourses in china. In 1920 the Shanghai Securities & Commodities Exchange was established, and a year later the Shanghai Chinese Merchant Exchange began. They were combined in 1929, and were then named...
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...in Financial Analysis Shanghai Stock Exchange Financial Market Report Guidance: Mikel Tapia Miguel Teixeira Pinto Navkaran Bakshi 1 Universidad Carlos III – Master in Financial Analysis Introduction Regarding the subject Financial Markets, we will analyze the Chinese Stock Market and understand how it works. In that sense, with the support of Professor Mikel Tapia, we will study the type of Market that we are leading with, which type of brokers belong to this Market and all the other rules that we think that are relevant to the Shanghai Stock Exchange and to the Investors that work with this Market. So, first and to contextualize, we will start with an explanation of the Stock market with some relevant historical information. In this brief introduction, we will approach the information related with the creation of the Market and the modifications that it suffered during the years. After this deep analyze, we will pass to the descriptive analyze where we will try to explain and understand how the Market is Operating. 2 Universidad Carlos III – Master in Financial Analysis Market History The Shanghai Stock Exchange is based in the city of Shanghai, China. It was inaugurated in November 1990 and is wholly state-owned with a Market Capitalization of $2.3 trillion making it the World’s 6th largest stock Market. It is one of the two Stock Exchanges operating in China (Shanghai Stock Exchange and the Shenzhen Stock Exchange), although they are not cross-linked...
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...boards well established. The first significant changes in company ownership came in the 1980s as small state-owned enterprises and collectively owned enterprises in rural areas began issuing shares to the public. As the reforms spread to larger enterprises, the rapid increase in companyissued securities led the Chinese government to swiftly create a capital market from scratch. In 1990 it authorized the cities of Shanghai and Shenzhen to establish national stock exchanges. The stock exchanges were tiny at the start: just 14 companies were listed at the outset, and in the early years state agencies and the listing companies kept some two-thirds of the shares out of the market. Company listing and trading volume rapidly increased in 21 IntCorp ch6-2.qxd 27/01/2009 11:59 Page 168 168 ᔡ PROFILES OF LEADING COUNTRIES _______________________________ line with China’s extraordinary economic growth, however, and the government created the China Securities Regulatory Commission (CSRC) in 1993 to provide regulatory oversight of the burgeoning listings and the fast-expanding capital market. China subsequently instituted the ‘Company Law’ in 1994, which prohibited selfdealing by executives...
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...FIN 3103 FINANCIAL MARKETS AND INSTITUTIONS– SECTION 1A AN INTRODUCTION TO THE ASIAN EQUITY MARKET & ITS EXCHANGES SAMUEL TOW WEE YAP (A0102724U) LIEW KUANG CHEN JOEL (A0004624U) ANG CHUAN HWEN JEREMY (A0080928X) LIAW YIH HANG (A0091535E) WU GUIYAN (A0100395N) ZHAO CHUANYI (A0105563L) Contents 1. Introduction ..................................................................................................................................................................................................... 4 2. Objectives of the Stock Market ................................................................................................................................................................. 4 2.1 Capital Formation ......................................................................................................................................................................................... 4 2.2 Connecting Traders ...................................................................................................................................................................................... 4 2.3 Security............................................................................................................................................................................................................. 4 2.4 Economic Indicator ...................................................................................................
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...brothers Hans and Franz Besser and is publicly traded with shares listed on the Frankfurt Stock Exchange. Brewing in strict accordance with the almost 500-year-old German Beer Purity Law, Besserbrau uses only four ingredients in making its products: malt, hops, yeast, and water.While the malt, yeast, and water are obtained locally, Besserbrau imports hops from a company locatedin the Czech Republic. Czech hops are considered to be among the world’s finest.Historically, Besserbrau’s products were marketed exclusively in Germany. To take advantage of apotentially enormous market for its products and expand sales, Besserbrau began making sales in thePeople’s Republic of China three years ago. The company established a wholly-owned subsidiary inChina (BB Pijio) to handle the distribution of Besserbrau products in that country. In the most recentyear, sales to BB Pijio accounted for 20% of Besserbrau’s sales and BB Pijio’s sales to customer in China accounted for 10% of the Besserbrau Group’s total profits. In fact, sales of Besserbrau products in China have expended so rapidly and the potential for continued sales growth is so great that thecompany recently broke ground for the construction of a brewery in Shanghai, China. To finance construction of the new brewery, Besserbrau negotiated a listing of its shares on the London Stock Exchange to facilitate an initial public offering of new shares of stock. Required: Discuss the various international accounting issues confronted by Besserbrau...
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...Corporate Governance in China shareholding accounts for at least 50% of the total share capital of a joint stock company; or a shareholder whose capital contribution or shareholding, although not accounting for 50%, is nonetheless, through the voting rights attaching to his or her capital contribution or his or her shareholding, able to materially affect the resolutions of the shareholders’ meeting or shareholders’ general meeting.” Regulations governing related-party transactions have been strengthened. Amendments to the Company Law now establish procedures for entering into related-party transactions, and require shareholder approval before a company can provide security to a shareholder or to the actual controlling person/entity. However, rules concerning majority/controlling shareholders should be more clearly elaborated as the market for corporate control/takeover develops in China. The CSRC Code is fairly detailed in its description of rules pertaining to related-party transactions. First, such matters as the nature, type, and other pertinent information of related-party transactions among a listed company and its connected parties should be disclosed in accordance with relevant regulations (“Disclosure of Related-Party Relationship and Transactions” published by the MOF in 1997 and rules as amended by the CSRC from time to time regarding the contents and standard format for information disclosure). Second, listed companies should take efficient me...
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...their unsuccessful attempts to get bank borrowings in China. And compared with the traditional initial public offering process in the Chinese stock market, listing via reverse merger in the U.S. market seems to be much less expensive and time-consuming because mainland Chinese banks and China’s domestic capital market usually prefer the state-owned enterprises rather than privately owned companies. There are three major reasons for Chinese companies to list in the U.S.: First, the listing standards are lower in the U.S. Many Chinese Internet companies such as RenRen and YouKu did not meet Shanghai or Hong Kong listing standards at the time of their U.S. IPOs. They can either go public in the U.S. market or wait at least one year to meet the listing standards for Chinese exchange. The Second reason is that those international investors such as venture capital firms prefer to invest in the U.S. market because it offers them an access to convertible currency and freely tradable shares. The last reason is branding. Investors have always shown willingness to pay high prices for those Chinese stocks being listed in the U.S. market. It seems that there is prestige for those companies. So in order to get more attention in China, those Chinese companies would choose to list in the U.S. market. However, the trend in Chinese listings on U.S. market has suddenly reversed and started accelerating in the opposite direction in recent years. Not only have less Chinese companies...
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...10 Largest Stock Exchanges from Asia, Europe, Africa and America: 1. Asia: i. Bombay Stock Exchange: The Bombay Stock Exchange is the oldest exchange in Asia. It traces its history to the 1850s, when four Gujarati and one Parsi stockbroker would gather under banyan trees in front of Mumbai's Town Hall. The location of these meetings changed many times, as the number of brokers constantly increased. The group eventually moved to Dalal Street in 1874 and in 1875 became an official organization known as 'The Native Share & Stock Brokers Association'. In 1956, the BSE became the first stock exchange to be recognized by the Indian Government under the Securities Contracts Regulation Act. The Bombay Stock Exchange developed the BSE SENSEX in 1986, giving the BSE a means to measure overall performance of the exchange. In 2000 the BSE used this index to open its derivatives market, trading SENSEX futures contracts. The development of SENSEX options along with equity derivatives followed in 2001 and 2002, expanding the BSE's trading platform. The equity market capitalization of the companies listed on the BSE was US$1 trillion as of December 2011, making it the 6th largest stock exchange in Asia and the 14th largest in the world.[1] The BSE has the largest number of listed companies in the world. As of December 2011, there are over 5,112 listed Indian companies and over 8,196 scrips on the stock exchange,[3] the Bombay Stock Exchange has a significant trading volume...
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...Acknowledgement 3 Introduction 4 History and Evolution 4 Medieval Europe 5 A Major Step Forward 6 The New World 7 The Computer Age 8 India 8 China 10 Comparative Study 12 Exchanges and Instruments 12 Regulatory Aspects 14 India 14 China Regulatory Framework 19 Conclusion 26 Bibliography 27 Acknowledgement We would like to take this opportunity to thank all those who have helped us in completing this project report. First of all we would like to thank our teacher Dr. Kumar Bijoy for guiding us throughout this project. Then we would like to thank our parents for their immense support. In the end we would like to thank GOD almighty for giving us strength to complete this project. Introduction A derivative is a financial contract which derives its value from the performance of another entity such as an asset, index, or interest rate, called the "underlying". Derivatives are one of the three main categories of financial instruments, the other two being equities (i.e. stocks) and debt (i.e. bonds and mortgages). Derivatives include a variety of financial contracts, including futures, forwards, swaps, options, and variations of these such as caps, floors, collars, and credit default swaps. Most derivatives are traded over-the-counter (off-exchange) or on an exchange while most insurance contracts have developed into a separate industry. Many money managers use derivatives for a variety of purposes, such as hedging--by taking a position in a derivative...
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...International Finance: A Course Overview Mihir A. Desai* Harvard University and NBER ABSTRACT This paper describes the International Finance course at Harvard Business School for instructors considering adopting the associated material. The paper begins by arguing that the forces of globalization have fundamentally changed the scope and activities of firms thereby altering the practice of finance within these firms. As a consequence of an increasing reliance on tightly-integrated foreign operations, a parallel world of finance has been opened within every multinational firm and this world has, heretofore, been overlooked. The course materials are designed to address the many aspects of financial decision making within global firms prompted by these changes that are not addressed in traditional materials. The paper provides an overview of the structure of the course and its seven modules with particular emphasis on the three modules that constitute the core of the course. The paper also describes an analytical framework that has been developed through the creation of the course materials to guide critical financial decisions on financing, investment, risk management and incentive management within a multinational firm. This framework emphasizes the need to reconcile conflicting forces in order for multinational firms to gain competitive advantage from their internal capital markets. The paper concludes with a discussion of the course's pedagogical approach and detailed descriptions...
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...Securitising China real estate: a tale of two China-centric REITs Michael C.H. Quek and Seow Eng Ong Department of Real Estate, National University of Singapore, Singapore Abstract Purpose – There is currently no real estate investment trust (REIT) listed in China. As of date, only two REITs – GZI REIT of Hong Kong and CapitaRetail China Trust (CRCT) of Singapore – have securitised Chinese property assets. The purpose of this paper is to examine the driving forces and the obstacles surrounding China REITs, and evaluate REIT securitisation as an exit strategy for Chinese properties. Design/methodology/approach – The paper analyses the performance of the two cross-border REITs and investigates whether REITs holding Chinese assets outperform other listed REITs. Research limitations/implications – CRCT outperforms GZI REIT as well as some of the other Singapore REITs, while GZI REIT ranked second lowest in terms of price performance when compared to other Hong Kong REITs. The limited history of CRCT suggests that when a well-structured REIT holding Chinese assets can perform very well. We also infer that performance is closely linked to portfolio composition and diversification, growth story and originator reputation. Originality/value – The study shows that there is indeed a strong local demand for China REITs, and that REITs can provide an alternative source of real estate financing for Chinese developers and promote a better regulated Chinese real estate market. Keywords Real...
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... Université du Havre 558 Wuluolu Rd. 430064, Wuhan, Chine 25 Rue Philippe Lebon, 76063, Le Havre Rapport de stage Huatai Securities Co. Ltd et le marché de bourse de la Chine Huatai Securities Co. Ltd Université du Havre 558 Wuluolu Rd. 430064, Wuhan, Chine 25 Rue Philippe Lebon, 76063, Le Havre Le sommaire du rapport de stage L’introduction…………………………………………………….………………………….. 2 Chapitre 1 : Le marché boursier de la Chine et Huatai Securities Co. Ltd…………………... 3 1. Le marché boursier de la Chine………………………………………………………. 3 2.1. L’histoire de marché boursier de la Chine……………………………………….. 3 2.2. Bourse de Shanghai et l’Indice de Shanghai…………………………………….. 5 2. Huatai Securities Co. Ltd…………………………………………………………… 10 3.3. L’introduction de Huatai Securities Co. Ltd…………………………………… 10 3.4. Le placement de Huatai Securities en Chine continentale……………………... 12 Chapitre 2 : Le stage………………………………………………………………………… 14 1. Les missions………………………………………………………………………... 14 2. Les missions en détaillées………………………………………………………….. 14 3.1. Les indicateurs techniques du marché de bourse…………………………………... 14 3.2.1. MACD (Moving Average Convergence Divergence)…………………………. 14 3.2.2. BOLL (Bollinger Band ®)……………………………………………………. 16 3.2.3. RSI (Relative Strength Index)…………………………………………………. 17 3.2.4. EMA (Exponential Moving Average)…………………………………………...
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...international cross-listings: A defense of the bonding hypothesis☆ G. Andrew Karolyi ⁎ Johnson Graduate School of Management, Cornell University, 348 Sage Hall, Ithaca, NY 14853, USA a r t i c l e i n f o Article history: Received 30 June 2011 Received in revised form 6 August 2012 Accepted 7 August 2012 Available online 17 August 2012 JEL classification: F30 G15 G32 G38 Keywords: Cross-listing Stocks Bonding International financial markets a b s t r a c t Why firms from around the world seek to cross-list their shares on overseas exchanges has intrigued scholars during the past two decades. A general dissatisfaction with the conventional wisdom about investment barriers segmenting global investors and how cross-listings overcome those barriers cleared the way for newer wisdom about informational problems and agency conflicts, and how firms could overcome weaknesses in corporate governance by listing on, and thus “bonding” to, overseas markets with stronger regulatory oversight, stringent reporting and disclosure requirements and investor protections. Critics have challenged the viability of the bonding hypothesis, which I answer in this review. © 2012 Elsevier B.V. All rights reserved. 1. Introduction Cross-listing — also referred to as “dual-listing,” “international listing,” or even “inter-listing,” — is usually a strategic choice made by a firm to secondarily list its equity shares trading in a home market exchange on a new overseas market...
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...(Incorporated in the Cayman Islands with limited liability) (Stock Code: 2331) Mission Through sports, we inspire people the desire and power to make breakthroughs Corporate Profile Li Ning Company Limited is one of the leading sports brand enterprises in the PRC, possessing brand marketing, research and development, design, manufacturing, distribution and retail capabilities. The Group’s products mainly include footwear, apparel, accessories and equipment for sport and leisure uses under its own LI-NING brand. The Group has established an extensive supply chain management system, and a distribution and retail network in the PRC primarily through outsourcing of manufacturing operations and distribution via franchised agents. The Group also directly manages retail stores for the LI-NING brand. The Group adopts a multi-brand business development strategy. In addition to its core LI-NING brand, the Group distributes sports products under its Z-DO brand via hypermarket channel. The Group has established a joint venture with AIGLE under which the joint venture has been granted an exclusive right by AIGLE to manufacture, market, distribute and sell outdoor sports products under the French brand AIGLE for 50 years in the PRC. The Group has a controlling interest in Shanghai Double Happiness, which together with its subsidiaries are principally engaged in manufacture, research and development, marketing and sale of table tennis and other sports equipment under the Double Happiness...
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