2016/10/12 Early Stage: 19801990 Early Stage: 1980-1990 The first day of Trading(September 26th, 1986)for Feile and On Nov. 14th, 1986, Mr Deng Xiaoping gave Mr John Phelan, Yanzhong in ICBC Jingan Security Department president of NYSE, a share of Feile Acoustics stock as a gift. Early Stage: 19801990 Shanghai Composite Index (199012-2016.2) Stock Trading and Security Companies Sept 26th 1986, Feile Acoustics and Yanzhong stocks traded in ICBC Jingan Security Department. Shenzhen Security Company was established based on 12 financial institutions in Sept. 1987 with the approval from PBoc In 1988, 3 security firms established in Shanghai 5 stocks traded in Shenzhen in 12 security companies by 1990 门2/199//1496/0990112/1叫427/2410/2/712/1/15/8/10 The OTC market for stock trading established. Second Stage: 1991"1998 Second Stage: 1991 1998 Nov. Dec 1990: Shanghai Stock Exchange(SSE) established and started to operate Dec 1990: Computerized trading system SATQ (System of Automated Trading and Quoting) adopted Oct 1992: CSRC was established Apr 1993: " Tentative Rules on Security Issuing and Transaction"released 62016/10/12 6 3-31 Early Stage: 1980~1990 The first day of Trading (September 26th,1986) for Feile and Yanzhong in ICBC Jingan Security Department 3-32 Early Stage: 1980~1990 On Nov.14th, 1986, Mr. Deng Xiaoping gave Mr. John Phelan, president of NYSE, a share of Feile Acoustics stock as a gift. 3-33 Early Stage: 1980~1990 • Stock Trading and Security Companies – Sept.26th 1986, Feile Acoustics and Yanzhong stocks traded in ICBC Jingan Security Department. – Shenzhen Security Company was established based on 12 financial institutions in Sept.1987 with the approval from PBoC – In 1988, 3 security firms established in Shanghai. – 5 stocks traded in Shenzhen in 12 security companies by 1990 – The OTC market for stock trading established. . Shanghai Composite Index (1990.12-2016.2) 0 1000 2000 3000 4000 5000 6000 90/12/19 93/9/14 96/6/10 99/3/7 01/12/1 04/8/27 07/5/24 10/2/17 12/11/13 15/8/10 3-34 3-35 Second Stage: 1991~1998 • Nov.~Dec. 1990: Shanghai Stock Exchange (SSE) established and started to operate • Dec. 1990: Computerized trading system SATQ (System of Automated Trading and Quoting) adopted • Oct.1992: CSRC was established. • Apr.1993: “Tentative Rules on Security Issuing and Transaction” released 3-36 Second Stage: 1991~1998