A-shares, or RMB common stocks, are issued by companies registered in China, listed domestically, with face value indicated in RMB, for domestic institutions, organizations or individuals (from April 1, 2013, within the territory of Hong Kong and Macao) Taiwan residents can open A-share accounts) to subscribe and trade common stocks in RMB.

The English letter A has no practical meaning and is only used to distinguish RMB ordinary stocks and RMB special stocks.

A-shares are not physical stocks. They use paperless electronic accounting and implement a "T+1" delivery system. There is a price limit (10%). The participating investors are mainland Chinese institutions or individuals. The stocks of listed companies in China include A shares, B shares, H shares, N shares and S shares.

On January 27, 2020, the China Securities Regulatory Commission issued a notice to all securities and futures exchanges. All securities and futures exchanges will be closed on January 31 and will open as usual from February 3.

Interpretation:

According to the different places where the stocks are listed and the investors they target, the stocks of Chinese listed companies are divided into A shares, B shares and H shares.

The official name of A-shares is RMB ordinary shares, which are issued by companies registered in China and listed domestically. The face value is marked in RMB and is available for individuals and institutions within the country (excluding Hong Kong, Macao and Taiwan) to trade and trade in RMB. shares subscribed.

On November 5, 2005, the China Securities Regulatory Commission and the People's Bank of China jointly issued the "Interim Measures for the Administration of Domestic Securities of Qualified Foreign Institutional Investors", allowing overseas institutions that meet the conditions and have been approved by the China Securities Regulatory Commission and the State Administration of Foreign Exchange to Invest in A shares.

A shares are also called RMB ordinary stocks, tradable shares, public shares, and ordinary shares. Refers to those ordinary stocks registered and listed in mainland China. Subscription and trading in RMB.

A-shares are not physical stocks. They use paperless electronic accounting and implement a "T+1" delivery system. There is a price limit (10%). The participating investors are mainland Chinese institutions or individuals.

Listing conditions:

Qualification requirements:

1. The issuer should be a joint-stock company established in accordance with the law and legally existing. With the approval of the State Council, when a limited liability company is changed into a joint-stock company in accordance with the law, it can publicly issue shares by way of formation.

2. The issuer shall continue to operate for more than 3 years after the establishment of a joint-stock company, unless approved by the State Council. If a limited liability company is converted into a joint-stock company based on the original book net asset value, the continuing operation period can be calculated from the date of establishment of the limited liability company.

3. The issuer's registered capital has been paid in full, the property rights transfer procedures for the assets used by the promoters or shareholders to contribute capital have been completed, and there are no major ownership disputes over the issuer's main assets.

4. The issuer’s production and operations comply with laws, administrative regulations and the company’s articles of association, and comply with national industrial policies.

5. There have been no major changes in the issuer’s main business and directors and senior managers within three years, and there have been no changes in the actual controller.

6. The issuer’s equity is clear, and there are no major ownership disputes over the issuer’s shares held by the controlling shareholder and shareholders controlled by the controlling shareholder and actual controller.

Independence requirements:

1. The issuer should have a complete business system and the ability to operate independently directly facing the market.

2. The issuer’s assets are complete: a production enterprise should have production systems, auxiliary production systems and supporting facilities related to production and operations, and legally own land, factories, machinery and equipment and trademarks related to production and operations. , ownership or use rights of patented and non-patented technologies, and have independent raw material procurement and product sales systems; non-production enterprises should have business systems and related assets related to operations.

3. The issuer’s personnel are independent: The issuer’s general manager, deputy general manager, financial director, board secretary and other senior management personnel are not allowed to be among the controlling shareholders, actual controllers and other companies controlled by them. Those who hold other positions other than directors and supervisors are not allowed to receive salary from the controlling shareholder, actual controller and other enterprises controlled by them; the issuer's financial personnel are not allowed to hold part-time jobs at the controlling shareholder, actual controller and other enterprises controlled by them.

4. Financial independence of the issuer: The issuer should establish an independent financial accounting system, be able to make financial decisions independently, and have standardized financial accounting systems and financial management systems for branches and subsidiaries; People are not allowed to use bank accounts with controlling shareholders, actual controllers and other companies they control.

5. Institutional independence of the issuer: The issuer shall establish and improve its internal operation and management organization, independently exercise its operation and management powers, and shall not have any institutional confusion with its controlling shareholders, actual controllers and other enterprises controlled by them. situation.

6. The issuer’s business is independent: the issuer’s business should be independent from the controlling shareholder, actual controller and other enterprises controlled by it, and there should be no conflict with the controlling shareholder, actual controller and other enterprises controlled by it. There is horizontal competition or unfair related-party transactions.

7. The issuer must not have other serious defects in independence.