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Ping Han 5 June 2008, London

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  • csrc
  • Securities service firms :such as investment and financial advisory companies, credit rating agencies, accounting firms, asset appraisal firms and other intermediaries must obtain permission to operate from CSRC prior to providing any such securities relate services.
  • 4 家基金公司英方合作伙伴:摩根富林明资产管理有限公司( J.P. Morgan Fleming Asset Management (U.K.) Limited) 、贝莱德投资管理(英国)有限公司 (Blackrock Investment Management (UK) ltd) 、英国保诚集团股份有限公司 (Prudential Group) 、汇丰投资管理(英国)有限公司( HSBC Investments (UK) Limited 。 11 家注册在英国的 QFII : I 瑞士银行有限公司( UBS Limited ) 、花旗环球金融有限公司( Citigroup Global Markets Ltd. ) 、摩根士丹利国际有限公司( Morgan Stanley & International Ltd. ) 、美林国际( Merrill Lynch International ) 、景顺资产管理有限公司( INVESCO Asset Management Ltd. ) 、巴克莱银行( Barclays Bank PLC ) 、高盛国际资产管理公司、( Goldman Sachs Asset Management International )、马丁可利投资管理有限公司( Martin Currie Investment Management Ltd. ) 、比联金融产品英国有限公司( KBC Financial Products UK Ltd. ) 、施罗德投资管理有限公司 Schroder investment Management Ltd. )、百达资产管理有限公司 (Pictet Asset Management Limited)
  • Recently, domestic IPOs and trading activity turned out to be active. Most companies chose to raised capital through domestic public offering because of the higher price earning ratio and other consideration. Moreover, domestic offerings could help avoid the passive effect of RMB appreciation. It is natural that the amount of funds raised through H-share offering decreased dramatically in2007 To revise the Special Rules of the State Council on Joint Stock Limited Companies Issuing Shares and Listing Overseas, the Mandatory Provisions for the Articles of Association of PRC companies to be Listed Aboard
  • Recently, domestic IPOs and trading activity turned out to be active. Most companies chose to raised capital through domestic public offering because of the higher price earning ratio and other consideration. Moreover, domestic offerings could help avoid the passive effect of RMB appreciation. It is natural that the amount of funds raised through H-share offering decreased dramatically in2007 To revise the Special Rules of the State Council on Joint Stock Limited Companies Issuing Shares and Listing Overseas, the Mandatory Provisions for the Articles of Association of PRC companies to be Listed Aboard
  • Transcript

    • 1. Ping Han 5 June 2008, London Overview of China’s Overseas Listing and Related Policy
    • 2. I Market Overview II Overseas Listing III Reform and Policy Outline
    • 3. Section I Market Overview
    • 4. Markets Overview
      • A share Companies: 1,576
      • B Share Companies: 109
      • H Share Companies: 150
      • Capitalization in Domestic Market: RMB 24.02 trillion, which accounted for 96% GDP (among which the capitalization for tradable stocks amounted to RMB 7.95 trillion )
      • (End of April 2008)
    • 5. Markets Overview
      • Institutional Investors: Securities Investment Funds, Quantified Foreign Institutional Investors (QFII), Insurance Companies, Corporate Annuity Funds
      • Fund management companies: 60
      • Total funds number: 359
      • Open-ended funds: 318
      • Close-ended funds: 41
      • (End of April 2008)
    • 6.
      • Two stock exchanges (the Shanghai Stock Exchange and the Shenzhen Stock Exchange)
      • Three commodity futures exchanges (Dalian Commodity Exchange, Shanghai Future Exchange, Zhengzhou Commodity Exchange)
      • One Financial Futures Exchange (China Financial Futures Exchange)
      • A multi-tier securities market comprised of a main board, SME board ,GEM (to be built) and agency share transfer system for non-listed shares.
      Markets Overview
    • 7.
      • Products:
      • Stocks (namely, A-shares, B-shares and H-shares, etc.)
      • Bonds (T-bonds, corporate bonds, enterprise bonds and convertible bonds)
      • Securities Investment Funds
      • Warrants
      • Commodity Futures( cooper, aluminum, natural rubber, fuel oil, zinc, gold, wheat, cotton, white sugar, PTA, rapeseed oil, soybean, soybean meal, corn, soybean oil, LLDPE and RBD palm oil)
      Markets Overview
    • 8.
      • 106 Securities Companies with total assets and net capital amounting to RMB 1.73 trillion and RMB 296.8 trillion
      • 177 Futures Companies with total assets and net capital amounting to RMB 50 billion and RMB 9.5 billion.
      • Securities Service Firms
      Markets Overview (End of April 2008)
    • 9.
      • 1992: B shares Launched
      • 1993: Domestic enterprises listed in Hong Kong and other overseas markets
      • 1995: First joint venture investment bank
      • mid-1990s: Sino-foreign joint ventures listed in domestic markets
      • 2002: QFII scheme started
      • 2007 : QDII scheme started
      Markets Overview- Opening-up
    • 10. Markets Overview- WTO Commitments
      • Foreign entities permitted to establish joint ventures with local parties up to 33% to conduct domestic securities investment fund management business. By 2005, foreign investment could be increased to 49%
      • By 2005, foreign securities institutions will be permitted to establish joint ventures, not exceeding 33%, to engage (without Chinese intermediary ) in underwriting A shares and in underwriting and trading of B and H shares as well as government and corporate debts
    • 11. Markets Overview- Fulfillments of WTO Commitment
      • JV securities companies:7
      • JV fund management companies: 31 (UK companies become the shareholder of 4 JV fund management companies)
      • 54 Overseas Financial Institutions were licensed as QFIIs (With a Total Investment Quota of US$10.495 Billion); 11 UK Financial Institutions were licensed as QFIIs (a Total Investment Quota of US$3.095 Billion)
      • 12 Banks(5 Foreign Banks branch ) were Licensed as Custodians
    • 12.
      • Qualified Domestic Institutional Investor ( QDII ) , approved by the CSRC, may raise fund at home and invest the product in the foreign stock markets.
      • 21 fund management companies and 9 securities companies were licensed as QDIIs.
      • 9 QDII products (a Total investment quota of US$32.5 Billion) w ere invested to the overseas markets.
      • (End of April 2008)
      Markets Overview- QDII
    • 13. Markets Overview- International Cooperation
      • CSRC had signed 39 Memoranda of Understanding (MOU) regarding cooperation with the securities and futures regulators of 35 jurisdictions.
      • AS an ordinary member of IOSCO and its Executives Committee member, CSRC formally signed the IOSCO Memoranda of Understanding Concerning Consultation and Cooperation and the Exchange of Information in April 2007.
    • 14. Section II Overseas Listing
    • 15.
      • Chinese enterprises began to go public at overseas markets in June 1993
      • Tsingtao Brewery was the first Chinese company to issue H-share
      • The successful overseas listing encourages more and more Chinese enterprises to the Hong Kong market and gradually to the US, Singapore and London markets.
      Overseas Listing
    • 16. Overseas Listing
      • Convergence of the new Corporate Accounting Standards (CAS) and International Financial Report Standards (IFRS) :
      • The China Accounting Standards Committee (CASC) had signed the joint statements with the International Accounting Standards Board (IASB) and the Hong Kong Society of Accountants on the substantial convergence of CAS and IFRS.
    • 17. Overseas Listing
      • 150 Chinese companies issued H shares overseas , raising 110.48 billion US dollars in total.
      • 147 of them were listed on the Hong Kong Exchanges (of which 13 were dually-listed in Hong Kong ,New York and London; 3 solely listed in Singapore); and 55 companies out of 150 H share companies issued A shares as well.
      • (End of April 2008)
    • 18. Overseas Listing (End of April 2008)
    • 19. Overseas Listing
    • 20. Overseas Listing (End of April 2008)
    • 21. Overseas Listing
    • 22. Overseas Listing
    • 23.
      • Provide more financial options and better corporate governance for Chinese enterprises
      • Accelerate the restructuring of large SOEs and enhanced their reputation and competitiveness.
      • Gain exposure to international practices
      • International investors began to learn about Chinese economy and build up confidence in investing in China
      Overseas Listing
    • 24. Section III Reform and Policy
    • 25. Reform and Policy
      • Successful non-tradable share reform
      • Actively promoting multi-tier markets
      • Improving corporate governance of listed companies
      • Comprehensive restructuring of securities companies
      • Expanding the institutional investors base
      • Stable development of the future market
      • Gradual refinement of securities legal framework
      • Strengthening enforcement and cracking down on illegal activities
    • 26.
      • In future, we will:
      • Further strengthen the construction of legal system and capital markets integrity, and improve markets supervision
      • Further improve markets infrastructure and increase investment instruments
      • Further improve quality and corporate governance of listed companies
      • Further strengthen coordination and cooperation, among the various regulators , prevent and reduce markets risks
      Reform and Policy
    • 27. Reform and Policy
      • Gradual Opening-up of our markets
      • Continually support qualified Chinese companies to offer and be listed in overseas markets
      • Promote more A-share companies to issue H-shares on overseas stock exchanges
      • Revise the rules and regulations of overseas listing to further improve the transparency of legal environment.
    • 28. Conclusion
      • China’s Overseas listing:
      • Steady and Long Term Policy
      • Part of our Opening-up Strategy
    • 29.
      • WWW.CSRC.GOV.CN
      • Thank You

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