The stocks of listed companies in China are divided into A shares, B shares, H shares, N shares and S shares. This distinction mainly depends on the place where the stock is listed and the investors it faces.
1990, there were only 10 A shares in China. By the end of 1997, there were 720 A shares, with a total share capital of164.6 billion and a total market value of1752.9 billion yuan, accounting for 22.7% of GDP. 1997 the annual turnover of a shares is 447 1 100 million shares, with an annual turnover of 3,029.5 billion yuan. After several years of rapid development, China A-share market has begun to take shape.
A shares mainly have the following characteristics:
(1) Issue common shares in China that only domestic investors can subscribe for in RMB.
(2) The shares that account for the largest proportion of the company's outstanding shares are also fully circulated, but most companies' A shares are not the most issued by the company, because at present, most listed companies in China have non-circulating state shares or state-owned legal person shares in addition to issuing A shares.
(3) The stocks that are considered to focus only on the profit distribution right and not on the management right are mainly because people who participate in A-share trading in the stock market are more concerned about the price difference between A-share trading and other rights it represents.
The level of market position can no longer be considered from a historical point. A shares have four unique characteristics:
If we refer to the historical experience of overseas markets, it seems that we can draw the conclusion that China stock market rose sharply before the introduction of stock index futures and fell sharply after the introduction, but we should analyze the historical experience in combination with the real environment. In addition to political factors, macroeconomic trends, micro-management of enterprises, supply and demand of funds, etc., we also have some unique factors to promote the stock market trend.
First of all, the unique share-trading reform in China has been basically completed. After full circulation, the interests of major shareholders and shareholders are gradually unified, which is impossible for other countries.
Second, we are in a special period of RMB appreciation, and asset price revaluation is inevitable. Except for Japan, which had a similar situation after the Plaza Agreement, no other country has experienced this stage.
Third, China's economy is in an unprecedented high-speed development stage, which is a stage of pre-industrialization, industrialization and post-industrialization, which is almost unique in the world.
Fourth, Bank of China and Air China of China have returned to A shares, and China Life has also been listed. ICBC has historically created the mode of "A+H" simultaneous issuance and listing, leaving its existing assets in the A-share market. In the next few years, China Construction Bank, Bank of Communications, PetroChina, CNOOC, China Telecom, China Netcom, China Mobile, China Aluminum, China Property Insurance, Shenhua Energy and China Ocean Shipping will all return to A shares. Great changes have taken place in the scale, capacity and quality of China stock market, and the market position can no longer be considered by historical position. Therefore, the impact of China's stock index futures on the spot market cannot completely repeat the historical path of other countries and regions.
A shares are domestic shares traded in RMB and listed in China.
B shares are denominated in RMB, but only traded in foreign currencies, and listed in China for foreigners or Hong Kong, Macao and Taiwan.
The full name of "Shanghai Stock Exchange Composite Stock Index" is a statistical index widely used at home and abroad to reflect the overall trend of Shanghai stock market.
The Shanghai Composite Index was compiled by Shanghai Stock Exchange and released on July 199 1 day, with "points" as the unit and the benchmark date of 1990+February19. The benchmark index is set at 100.
With the continuous development of Shanghai stock market, Shanghai A-share index and Shanghai B-share index were added on February 2 1 and February 2 1992 to reflect the respective trends of different stocks (A-share and B-share). On June 1993 and 1 day, the Shanghai Stock Exchange's sub-indices were added, namely, industrial index, commercial index, real estate index, public utility index and comprehensive industry index, to reflect the respective trends of stocks in different industries.
So far, the Shanghai Stock Exchange Index has developed into a series of stock price indexes including comprehensive stock price index, A-share index, B-share index and sub-index.