Chapter 1: What are A shares, B shares, H shares, N shares, and S shares?

The stocks of listed companies in my country are divided into A shares, B shares, H shares, N shares and 3 shares.

This distinction is mainly based on where the stock is listed and the investors it faces.

The official name of A shares is RMB ordinary shares.

It is a common stock issued by domestic companies in China for domestic institutions, organizations or individuals (excluding investors from Taiwan, Hong Kong and Macao) to subscribe and trade in RMB. In 1990, my country's A-share stocks were the only one *** By the end of 1997, the number of A-share stocks had increased to 720. The total share capital of A-shares was 164.6 billion shares, the total market value was 1,752.9 billion yuan, and the ratio to GDP was 22.7%.

In 1997, the annual trading volume of A-shares was 447.1 billion shares, and the annual trading value was 3.0295 billion yuan. After several years of rapid development, my country's A-share stock market has begun to take shape.

The official name of B-shares is RMB special stocks. They have a nominal value in RMB, are subscribed and traded in foreign currencies, and are listed and traded on domestic (Shanghai, Shenzhen) stock exchanges.

Its investors are limited to: foreign natural persons, legal persons and other organizations, natural persons, legal persons and other organizations in Hong Kong, Macao and Taiwan, and Chinese citizens who have settled abroad.

Other investors specified by the China Securities Regulatory Commission.

At this stage, investors in Japanese stocks are mainly institutional investors in the above categories.

B-share companies are registered and listed in China.

It’s just that the investors are overseas or in Hong Kong, Macau and Taiwan.

Since the first Japanese stock, Shanghai Electric Vacuum, was issued at the end of 1991, after six years of development, China's Japanese stock market has developed from a local market to a fully integrated market managed by the China Securities Regulatory Commission.

By the end of 1997, there were 101 Japanese stocks in my country, with a total share capital of 12.5 billion shares and a total market value of 37.5 billion yuan. The size of the 3-share market is much smaller than that of the A-share market.

In recent years, my country has also made some useful explorations in Japanese stock derivatives and other aspects.

For example, in 1995, Shenzhen CSG successfully issued convertible bonds for Japanese shares, Shekou China Merchants Port Co., Ltd. conducted a secondary listing pilot in Singapore, and four companies in Shanghai and Shenzhen also conducted conversion of Japanese shares into first-level ADRs.

Pilot trading in the U.S. cabinet market, etc.

H shares are foreign shares registered in the Mainland and listed in Hong Kong.

The English name of Hong Kong is HOngKOn. Taking its prefix, foreign-invested stocks listed in Hong Kong are called H shares.

By analogy, the first English letter in New York is N, and the first English letter in Singapore is S. The stocks listed in New York and Singapore are called N shares and 5 shares respectively.

Since the issuance of Tsingtao Beer H shares in Hong Kong in 1993, our website has selected 4 batches of ***77 pre-selected companies for overseas listing. These companies are in the leading position in various industries and reflect the overall development level of China's economy to a certain extent.

Growth potential.

By the end of 1997.

There have been 42 companies pre-selected for overseas listing and listed overseas after restructuring, including Shanghai Petrochemical, Zhenhai Chemical, Qingling Automobile, Beijing Datang Electric Power, China Southern Airlines, etc.

Among them, 31 companies are listed in Hong Kong, 6 companies are listed in Hong Kong and New York at the same time, 2 companies are listed in Hong Kong and London at the same time, 2 companies are listed in New York K market alone (N shares), and 1 company is listed in Singapore alone (S shares).

42 overseas listed companies have raised a total of US$9.56 billion in foreign capital.

Part 2 What is a designated transaction?

The so-called designated transaction means that after an investor signs an agreement with a certain securities operating institution, he or she designates the institution as the only trading point for buying and selling securities.

Designated transactions have several major benefits: (1) It helps prevent investors’ stocks from being stolen and sold; (2) Automatically receive dividends, and the securities trading system will directly credit the cash dividend funds into the investor’s account; (3) It can be paid on a monthly basis

Receive reconciliation services from securities operating institutions on a quarterly basis.

Currently, the Shanghai Stock Exchange implements a designated trading system, which makes the investment of Shanghai Stock Exchange investors safer and more convenient than in the past.

Part 3: What are ST and PT stocks?

"T" class stocks include ST shares and PT shares.

On April 22, 1998, the Shanghai and Shenzhen Stock Exchanges announced that they would conduct special treatment (English: special treatment, abbreviated as "ST") for stock transactions of listed companies with financial conditions and other abnormal financial conditions.

Abnormalities mainly refer to two situations: first, the listed company's audited net profits for both fiscal years are negative, and second, the listed company's audited net assets per share in the most recent fiscal year are lower than the face value of the stock.

During the period when the stock trading of a listed company is subject to special treatment, its stock trading should follow the following rules: (1) The daily increase or decrease in stock quotation is limited to 5%; (2) The stock name is changed to the original stock name with "ST" added before it, for example

"ST Steel Pipe"; (3) Interim reports of listed companies must be audited.

PT shares are a type of stock based on special transfer services that provide circulation channels for stocks that are suspended from listing and circulation (PT is the abbreviation of ParticularTransfer in English). This is based on the relevant provisions of the "Company Law" and the "Securities Law"

, if a listed company experiences losses for three consecutive years, its stocks will be suspended from listing.