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					On Stock
First
What are A shares, B shares, H shares, N shares, S shares?

Shares of Chinese listed companies have A shares, B shares, H shares, N shares and
the S stock and other distinctions. This distinction based primarily on location and
stock market investors may be facing.
A share is the official name of the RMB common stock. It is within my company with
issued for domestic agencies, organizations or individuals (not including Taiwan,
Hong Kong and Macao investors) subscription and transactions in RMB common
shares, in 1990, China's A shares a total of only 10 to the end of 1997, A
shares increased to 720, A share of total share capital of 164.6 billion shares, total
market value of 1.7529 trillion yuan, with GDP ratio of 22.7%. A share in 1997 to
447.1 billion shares traded, the annual turnover was 30,295 million yuan,
China's A share stock market after several years of rapid development, has
begun to take shape.
The official name of B shares is RMB special stock, which is marked face value of
RMB to foreign currency and trading of subscription, in the territory (Shanghai,
Shenzhen) stock exchange trading. Its investors limited to: foreign natural persons,
legal persons and other organizations, Hong Kong, Macao and Taiwan regions natural
persons, legal persons and other organizations, Chinese citizens residing in foreign
countries. China Securities Regulatory Commission and other investors. Japanese
stock investment at this stage, mainly the above-mentioned types of institutional
investors. B shares of companies registered and listed both in the territory. But
investors outside or in Hong Kong, Macao and Taiwan.
Since the end of 1991, shares the first day only - Shanghai Electric shares issued on
the day in a vacuum since, after six years of development, China's stock
market has been on the development of local markets by the China Securities
Regulatory Commission to manage the whole same-sex market. The end of 1997, our
shares have 101 days, with a total capital of 125 million shares, total market
capitalization of 37.5 billion RMB 3 children with the A-share market share market
size is much smaller in comparison. In recent years, China is still on shares and other
derivative products for some useful exploration. For example, in 1995, Shenzhen CSG
has successfully issued convertible bonds of Japanese stocks, China Merchants
Shekou Port Service conducted a secondary listing in Singapore, the pilot, Shanghai,
and Shenzhen has also conducted four shares to one ADR to date counter market
transactions in the United States co-pilot and so on.
H shares, that is registered in the Mainland and foreign listed shares in Hong Kong.
Hong Kong's English is HOngKOng, whichever prefix, foreign shares
listed in Hong Kong called H shares. And so on, New York, the first letter is N,
Singapore's first letter is S New York, and Singapore-listed shares on the
stock and 5, respectively called N shares.
   N shares, are those registered in China, in New York (New York) listed foreign
shares. In China the stock market, when stock name appeared before the N word, that
only the date of the new shares are listed on the stock, the letter N in English New
(new) initials. Seen with the N prefix stocks, investors in addition to know that it is
shares, the stock should also be recognized that the day the stock market is not subject
to price limits, or can be higher than 10% decrease can be deeper than 10%. This is
easier to control risks and investment opportunities. Such as the North of N, N CCB,
N oil.

Since 1993, Tsingtao Beer in Hong Kong H shares issued, I have chosen 4 batches
network has a total of 77 overseas listing pre-and enterprises, the Enterprise is the
industry leader in a certain degree, reflects the overall economic development in
China factory level and growth potential . The end of 1997. Has 42 overseas listed
companies through the restructuring pre-listing abroad, including Shanghai
Petrochemical, Zhenhai Chemical, Qingling Motors, Beijing Datang Power, China
Southern Airlines and so on. 31 of them listed in Hong Kong, six in Hong Kong and
New York also listed, two in Hong Kong and London while on, the two separate k
City in New York (N shares), a separate listing in Singapore s shares). 42 listed
overseas to raise foreign investment enterprises amounted to 9.56 billion U.S. dollars.
?
Second

What is a designated trade?

The so-called specified transaction is a securities investor and to enter into the
agreement, designated the agency only for their own trading in securities trading point.
Specify the transaction has several benefits:

(1) investors in stocks to help prevent theft;

(2) automatically receive dividends from the securities trading system directly to the
cash dividend funds credited to investor accounts;

(3) can receive a monthly quarterly reconciliation of securities institutions to provide
services.

Current practice is to specify the Shanghai Stock Exchange trading system, so that
Shanghai stock market investors, have become relatively safe, convenient.
?
Part III
What is the ST, PT shares?

"T" class of shares of stock, including ST and PT shares.
April 22, 1998, Shanghai and Shenzhen Stock Exchange announced plans to financial
and other unusual financial situation of the stock exchange listed companies for
special     treatment    (English    as     specialtreatment,   abbreviated    as
"ST"). One exception refers primarily to two situations: First,
the two listed companies audited net profit of the fiscal year are negative, the second
is a listed company's most recent fiscal year audited net assets per share,
lower than the value of. Stock in listed companies was introduced during the special
treatment, its stock should follow the following rules: (1) stock quote on price limits
of 5%; (2) change the name of the original equity shares names with
"ST", such as " ST Steel "; (3) A listed
company's interim report must be audited.
PT shares are traded on the stock for the suspension of distribution channels to
provide special services produced by the transfer of stock varieties (PT is the English
ParticularTransfer <Special Transfer> acronym), which is based on
"Company Law" and "Securities Act" the
relevant provisions of , a listed company, and so on three consecutive losses, its shares
will be suspended from listing. Shanghai and Shenzhen Stock Exchange from July 9,
1999, the shares listed on the suspension of the implementation of such
"special transfer service." PT shares at prices and competitive
bidding is different to normal trade stocks: (1) transactions are different. PT shares
opened only five hours each week within the week can be traded only one day. (2)
different price limits. According to the latest regulations, PT shares rose only 5% limit,
there is no price limit, the risk increase accordingly. (3) match in different ways.
Normal trading day in each transaction set between 9:15-9:25 auction, call auction is
not the declaration of turnover 9:30 into the queue after the continuous auction
transactions. The PT shares of the exchanges after the close of the Friday 15:00 to
all-time on the day to call auction commission declared effective way match, generate
a unique transaction price, the commission declared all eligible are here price. (4) PT
shares as a special assignment services, its trading stock is not traded on a real stock,
so stock is not included in index calculation, the transfer of information can only be
seen in the day's closing price.
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Part IV
Commission than the mean?

Committee within a period of time than is a measure of the venue to buy, selling
strength of technical indicators. It is calculated as: Commission ratio = (number of
buyers commission - appointed to sell lots) / (number of commissioned +
commissioned buyers sell lots) × 100%. As can be seen from the formula,
"committee than the" value range from -100% to +100%. If the
"committee than" is positive, indicating strong buying the venue,
and the greater value, the more strong buying. Conversely, if the
"commission than" negative, it indicates weak market.
The formula "number of buyers Committee" means the
commission third gear down immediately bought the total number of hands,
"Committee to sell lots," is sold immediately commissioned
third gear up the total number of hands. Such as: the highest bid in a real-time stock
quotes and commissioned commissioned capacity was 15.00 dollars 130 hands, down
two steps of 14.99 yuan, respectively, of 150 hands, 14.98 yuan, 20.5 hands; the
lowest quote and sell commission commissioned to 15.01 yuan, respectively, 270
hand, two steps up to 15.02 yuan, respectively, 475 hand, 15.03 yuan, 655 hand, the
immediate appointment at this time the ratio of -48.54%. Obviously, this time inside a
great selling pressure.
Through the "Committee than the" index, investors can
understand the strength of the venue of the instant case orders.
?
The Fifth Article

Shenzhen Composite Index and Shenzhen Component differences

Stock price index is to use statistical methods in the index compiled to reflect the
overall price of the stock market or a particular type of stock price movement and
trend indicators. According to the price index to reflect the scope, can be divided into
price index to reflect overall market trends reflect a comprehensive index and a trade
or a stock price movements in the index.
Shenzhen Composite Index, compiled by the Shenzhen Stock Exchange, Shenzhen
Stock Exchange listed shares for the calculation of the full range of weights with a
circulation of Weighted Composite Index. The index for April 3, 1991 as the base date,
based on index of 100 points. Shenzhen Composite Index of Shenzhen Stock
Exchange Composite reflects all the A shares and B shares listed on stock price
movements. Were also prepared to reflect all the A shares and B shares all of the
Shenzhen A share stock price index and the Shenzhen B Share Index. The Shenzhen A
share index to April 3, 1991 as the base date, October 4, 1992 have been released,
based on index of 100 points. The Shenzhen B share index on Feb. 28, 1992 as the
base date, October 6, 1992 have been released, based on index of 100 points.
The Shenzhen Component Index, all stocks from the market to extract a
representative of the 40 market shares of listed companies calculated the object, and
to the right of the number of shares outstanding is calculated as a weighted stock price
index, Shenzhen Stock Exchange A comprehensive reflection , B shares of the stock
market. The index obtained July 20, 1994 as the base date, based on indices of 1000
points. Component Index on January 23, 1995 began trial release, May 5, 1995
opening. 40 listed companies of A shares used to calculate the component A Share
Index and the Industrial Index, 40 companies have listed B shares of the Company, its
B shares used to calculate the component B Share Index. The Shenzhen Component
Index, was also on the A share index compiled, including industry index, trade index,
financial index, real estate sub-index, index of public utilities, agribusiness index. The
Shenzhen Component Index sampling factors to consider: 1. The length of the date of
listing; 2. Listing scale, each company within a period of time the average total
market value of the stock market value of the peace may be in circulation; 3. Trading
Activity , each time the total company turnover of dollars. Determine the initial list,
then selected the combination of the following factors as the 40 constituent stocks of
listed companies: 1.'s Shares within a period of time the average
price-earnings ratio; 2. The company's industry sector representation and
their development prospects; 3. The company in recent years financial position,
earnings records, development prospects and management quality, etc.; 4. the
company's regional, plates, and representation. To ensure the index
representation, listed companies must change depending on the constituent stocks of
replacement, the Shenzhen Stock Exchange is scheduled for each month of the
constituent stocks of 1,5,9 representative to inspect, discuss the need for replacement.
?
Part VI

Open-end funds and closed-end funds the difference between

According to the Fund can redeem the securities investment funds can be divided into
open-end funds and closed-end funds. Open-end fund, fund size is not fixed, but can
at any time based on market supply and demand of new share issuance or redemption
of investment fund investors. Closed-end funds, as opposed to the purposes of
open-end fund, fund size is determined before the release, and after the issuance
within the prescribed period, the fund size of fixed investment funds.
Open-end funds and closed-end funds main differences are as follows:
(1) the scale of the variability of the different funds. Closed-end funds have a clear
survival period has been issued in this period the fund units can not be redeemed.
Although the special circumstances of these funds can be Kuomu, but Kuomu should
have strict legal conditions. Therefore, under normal circumstances, the fund size is
fixed. And open-end funds issued by the fund unit is redeemable, and investors in the
fund's duration are also free to purchase fund units, thus making fund the
total capital Meiri Jun constantly changing. In other words, it is always
"open" state. This is a closed-end funds and the fundamental
difference between open-end funds.
(2) the sale and purchase of units in different ways. Initiated the establishment of
closed-end funds, investors can sell to the fund management company or institution
subscription; when the closed-end funds traded, investors can entrust brokers trading
on the stock exchange by market value. Investors to invest in open-end funds, they
can keep the fund management company or the Sales Agent or redemption.
(3) the sale price of fund units formed in different ways. Closed-end funds listed on
the exchange due to its trading price influenced by market supply and demand. When
the market for less than demand, the fund unit trading prices may be higher than the
net asset value per fund unit, then investors will have to increase the Fund's
assets; when the market oversupply, the Fund may be lower than the price of each net
value of fund assets. The open-end fund trading price of Units are calculated based on
net asset value, and can directly reflect the level of net fund assets. Trading costs in
the Fund, investors in closed-end fund trading and the trading of listed stocks, but also
in addition to paying a certain percentage of the price of securities transaction tax and
fees; and open-end fund investors need to pay the costs associated with (such as the
initial charge, redemption fees) are included in the Fund into the price. In general, the
cost of trading closed-end funds than open-end funds.
(4) the Fund's investment strategy different. Because closed-end funds can
not be redeemed at any time, it can raise all the funds received for investment, it will
be, according to fund management companies to develop long-term investment
strategy to achieve long-term operating performance. And open-end funds must be
retained as part of the cash, so that investors redeemed at any time, and Bu Neng give
all used for long-term investment, general investment in liquidity strong 资产.
?
Title VII
What is a call auction? There are several steps which call auction?

Each trading day, any securities of the auction is divided into a collection of auction
and continuous auction of two parts, call auction is an effective commissioning of all
focus, Shenzhen, Shanghai and Kaohsiung call auction trading hours to 9:15 AM 9:25.
Auction completed in four steps:
The first step: determine the effective commission in a case of price limits, the
effective commission is determined that: According to the previous day's
closing price of the securities and only identified the date of Change rate to calculate
the price ceiling, the minimum limit. Effective price range is the only stock price
ceiling, the lowest among all the price limit. Beyond this limit the scope of the
commission was invalid commissioned, the system for automatic withdrawals
treatment.
Step Two: Select the transaction price. First, the effective price range selected to
produce the greatest volume of all the commissioned price. If two or more such price,
the price of transactions selected by the following rules:
(1) above the selected purchase price of all the commission and all sales below the
selected price commission to all transactions.
(2) and select the same price to all transactions of the party commission. If the price to
meet the above conditions are still a number, then select from the recent market price
yesterday.
The third step: focus on processing all purchase match delegate in accordance with
the commission limit the order from high to low, limit access to the system in
accordance with those same chronological; all sales commission by commission limit
from low to high order, limit the same as those in accordance with the chronological
order into the system. Order of the top surface of each transaction to buy a
commission entrusted with the sale transaction matching, that is in accordance with
the "price priority, the same price time priority" of the
transaction in the order of transactions, up until the closing conditions are not met,
that there is no limit higher than the mean transaction price is called buying
commission, there is no limit or below the transaction price is equal to the selling
commission. All transactions are sold to the same transaction.
Step Four: Quotes revealed
(1) If the only securities trading volume is zero, it will reveal the transaction price for
the opening price, the recent transaction price, the highest price, lowest price, and
revealed turnover, turnover.
(2) commissioned by the remaining effective in revealing the actual purchase price for
the call up call revealed the price to buy, ask if the maximum purchase price does not
exist, then called the purchase price revealed revealed empty; the actual selling price
revealed the lowest price for the selling reveal if minimum selling price does not exist,
then selling reveal the price of revealing empty. Failure to complete the call auction in
the commission, automatic access to a continuous auction.
?
Eighth chapter

What circumstances are unusual fluctuations will be temporarily suspended trading?

Accor

				
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