1. Chinese Capital Markets Non-tradable Share Reform in Chinese Capital markets 1990-Shanghai Stock Exchange opened 1991-Shenzhen Stock Exchange opened 1992 -The first B shares were issued to foreign investors 992-CSRC was established 1993-The first H-share company(Tsingtao Brewery) was listed in HK 1993-Company Law was promulgated 1998- The first securities investment fund was launched 1998- Securities Law was passed by the Congress 2001-Domestic investors were allowed to invest in b shares 2002-QFll scheme started off 2003-Securities Investment Fund Law was promulgated 2004-State Council's Instructions Regarding Advancing Reform, Opening and Stable Development of Capital Markets released 2004-The Small Medium Enterprises Board was launched 2005-Notices about Questions Related to the Listing of Non-tradable Shares was issued by the CSRC 2005-Revised Securities Law and Company law were passed by the congress 199019911992199319941995199619971981999200020012002200320042005 Starting off Expansi Clean-up Regulation, Standardization Internationalization OR INTERNAL USE ONLY this communication may be reproduced or redistributed ② 中国证券监督管理委员会 CHINA SECUIRITIES E ATDRYCDFOR INTERNAL USE ONLY – No portion of this communication may be reproduced or redistributed. Non-tradable Share Reform in Chinese Capital markets 1. Chinese Capital Markets 1. Chinese Capital Markets 1990 - Shanghai Stock Exchange opened 1991 - Shenzhen Stock Exchange opened 1992 - The first B shares were issued to foreign investors 1992 - CSRC was established 1993 - The first H-share company (Tsingtao Brewery) was listed in HK 1993 - Company Law was promulgated 1998 - The first securities investment fund was launched 1998 - Securities Law was passed by the Congress 2001 - Domestic investors were allowed to invest in B shares 2002 - QFII scheme started off 2003 - Securities Investment Fund Law was promulgated 2004 - State Council's Instructions Regarding Advancing Reform, Opening and Stable Development of Capital Markets released 2004 - The Small & Medium Enterprises Board was launched 2005 - Notices about Questions Related to the Listing of Non-tradable Shares was issued by the CSRC 2005 - Revised Securities Law and Company Law were passed by the Congress 1990 1991 1992 1993 1994 1995 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 Regulation,Standardization & Internationalization Starting off Expansion Clean-up