《中国金融市场 Chinese Financial Markets》补充阅读文献：non-trabable share reform in china's capital market

2 Non-tradable share reform Non-tradable Share Reform in Chinese Capital markets Background Problems Caused by the Issue Principles and strategies of the reform Progress OR INTERNAL USE ONLY this communication may be reproduced or redistributed ② 中国证券监督管理委员会 CHINA SECUIRITIES E ATDRYCD

FOR INTERNAL USE ONLY – No portion of this communication may be reproduced or redistributed. Non-tradable Share Reform in Chinese Capital markets „Background „Problems Caused by the Issue „Principles and Strategies of the Reform „Progress 2. Non-tradable Share Reform tradable Share Reform

Background Non-tradable Share Reform in Chinese Capital markets The origin of non-tradable share lssue Transition from planning economy to market economy Concerns on state-asset reduction Attempt to maintain state control over listed companies A holding-off approach: shares owned by the state and legal persons not allowed to trade tentatively Non-tradable share issue) Non-tradable shares accounted for 64% of total shares(12/2004 OR INTERNAL USE ONLY this communication may be reproduced or redistributed ② 中国证券监督管理委员会 CHINA SECUIRITIES E ATDRYCD

FOR INTERNAL USE ONLY – No portion of this communication may be reproduced or redistributed. Non-tradable Share Reform in Chinese Capital markets Background Background „ The Origin of Non-tradable Share Issue „ Transition from planning economy to market economy „ Concerns on state-asset reduction „ Attempt to maintain state control over listed companies „ A holding-off approach: shares owned by the state and legal persons not allowed to trade tentatively (Non-tradable share issue) „ Non-tradable shares accounted for 64% of total shares (12/2004)