A, B, H Shares of the Chinese public securities capital markets

The freely tradable shares in a listed Chinese company fall into 3 categories:

A-shares

A-shares are shares in companies incorporated in China that are listed on the Chinese A-shares market for trading among Chinese citizens and Qualified Foreign Institutional Investors (QFII) (合格境外机构投资者). A-shares are quoted in RMB.

Examples of QFII as approved by the State Administration of Foreign Exchange (SAFE) (国家外汇管理局) include UBS Warburg Ltd. (瑞士银行有限公司), CitiGroup Global Market Ltd. (花旗环球金融有限公司), Morgan Stanley (摩根士丹利国际有限公司), Deutsche Bank (德意志银行), Goldman Sachs Group Inc. (高盛公司), Merrill Lynch (美林国际), BNP Paribas (法国巴黎银行).

B-shares

B shares are shares in companies incorporated in China that are listed on the Chinese B-shares market for trading among foreigners who are not QFII. Since March 2001, mainlanders may also trade B-shares with legal foreign currency accounts. B-shares are quoted in USD.

H-shares

H shares are shares in companies incorporated in China that are listed on the Hong Kong Stock Exchange and are freely tradable by any person. (The Hong Kong capital market does not have a split share structure.) H-shares are quoted in HKD.

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