Second Stage: 1991-1998 Second Stage: 1991-1998 No of listed b shares Market Development 1993-1998(in Billion Yuan) 9.98 38 11oe 3690e 948d 8127e 79 M4s2?52A■3n234 mn■ 25e 4.6d 19s2Ig 57454 25 Second Stage: 1991-1998 Second Stage: 991-1998 Market size till the end of 998 and Limit-down in sse Number of listed companies: 851 Total lssuing: 234.5 Billion Yuan Total market capitalization RMB 1952 Billion bec. 19- Dec 26.1990 (24% of GDP) Market capitalization of tradable shares: 574.5 Billion Yuan 6eb.7.l99 Aggregated capital raised: 778 Billion Yuan 上上 Dec 16. 1996-present 'Difierent limit-ups and-downs to todo. Second stage: 1991-1998 Third Stage: 1999-2008 Limit-up and Limit-down in SZSE July Ist, 1999: Security Law effective March 16 h, 2000: A Tutor Period of I year June 26- Now 1B, 1990 b14|90M|9 16 h. 2001: From March 2003. one. 7.199|Dec.l5.|99 nies should be independent directors. Ih, 2001: stamp tax reduced to 0.2% 55 Second Stage: 1991~1998 — No. of listed B shares 5-25 0 9 21 33 35 41 43 51 1 9 19 24 34 43 51 54 0 10 20 30 40 50 60 1991 1992 1993 1994 1995 1996 1997 1998 SSE SZSE Second Stage: 1991~1998 Financing With A shares Financing with B shares No. Of Investors (million) Total Market Cap. Market Cap. Of Tradable Shares Market Turnover Market Cap. as % of GDP 1993 27.64 3.81 8.35 354.15 86.16 362.72 10.20% 1994 9.98 3.83 11.08 369.06 96.89 812.76 7.98% 1995 8.55 3.34 12.94 347.43 93.82 403.65 5.94% 1996 29.43 4.72 24.22 984.24 286.70 2133.20 14.50% 1997 82.59 10.79 34.80 1752.90 520.44 3072.18 23.44% 1998 77.80 2.56 42.60 1952.18 574.54 2352.73 23.13% 5-26 Market Development 1993-1998 (in BillionYuan) 5-27 Second Stage: 1991~1998 — Market size till the end of 1998 ◦ Number of listed companies: 851 ◦ Total Issuing: 234.5 BillionYuan ◦ Total market capitalization : RMB 1952 Billion (24% of GDP) ◦ Market capitalization of tradable shares: 574.5 BillionYuan ◦ Aggregated capital raised: 778 BillionYuan Second Stage: 1991~1998 — Limit-up and Limit-down in SSE *Different limit-ups and –downs to stocks. 5-28 Duration Limit-up Limit-down Nov.26-Dec.18, 1990 3% 3% Dec.19-Dec 26, 1990 5% 5% Dec.27-Dec.30, 1990 1% 1% Dec.31,1990-Apr.25, 1991 0.50% 0.50% Apr.26-Feb.17,1992 1% 1% Feb. 18-May 20, 1992 1%-5%* 1%-5%* May 21, 1992-Dec 15,1996 None None Dec.16, 1996-present 10% 10% 5-29 Second Stage: 1991~1998 — Limit-up and Limit-down in SZSE Duration Limit-up Limit-down May 29-June 17, 1990 10% 10% June 18-June 25, 1990 5% 5% June 26-Nov. 18, 1990 1% 5% Nov.19-Dec.13, 1990 0.50% 5% Dec.14,1990-Jan.1,1991 0.50% 1% Jan.2, 1991-Aug.16,1991 0.50% 0.50% Aug.17,1991-Dec. 15, 1996 None None Dec.16, 1996-present 10% 10% 5-30 Third Stage: 1999~2008 — Regulations ◦ July 1st, 1999: “Security Laws” became effective ◦ March 16th , 2000:ATutor Period of 1 year required for companied that are going to get listed ◦ August 16th , 2001: From March 2003, one￾third of the board members in listed companies should be independent directors. ◦ Nov 11th , 2001: stamp tax reduced to 0.2%