Topics Covered China's Financial Markets Stock markets in China before 949 Stock markets in China since 980 Reform of the Split-share Structure Lecture 5 China's Stock Markets Stock Market in China Before 949 5.I Stock markets in China started in Shanghai since 1860s among western Before 949 nance with stock, stock transactions became hanghai Security Brokers' Consortia established in 891 ased in 9 4 First stock exchange established in Beijing in 8 Stock Market in China Before Stock Market in China Before l949 l949 Second boom came up in the 1930s and established in July Ist1920: Shanghai HuaShang but high inflation during the war led to th Stock Exchange was established in 1921 GuoMin Dang Government considered Tianjin Security and Goods Exchange was reestablishing the stock exchanges after 1945. established in 921 and Shanghai Stock Exchange Limited was Till beginning of 1921 established in 946 200 stock exchanges in China, of which more ge reestablished in 1948 than 150 were in Shanghai but soon failed in high inflation. Over speculation collapsed in the end of 192I only 6 stock exchanges survived.1 China’s Financial Markets By Zhang Xiaorong Lecture 5: China’s Stock Markets 5-1 Topics Covered — Stock Markets in China Before 1949 — Stock Markets in China since 1980 — Reform of the Split-share Structure 5-2 5.1 Stock Markets in China Before 1949 5-3 5-4 Stock Market in China Before 1949 — Earliest transactions of international stocks started in Shanghai since 1860s among western merchants. — Since 1880s, private-owned firms began to finance with stock,stock transactions became popular. — Shanghai Security Brokers’ Consortia established in1891. — Security Trade Law released in 1914. — First stock exchange established in Beijing in 1918. 5-5 Stock Market in China Before 1949 — Shanghai Security and Goods Exchange was established in July 1st 1920; Shanghai HuaShang Stock Exchange was established in 1921. — Tianjin Security and Goods Exchange was established in 1921. — Till beginning of 1921, there were more than 200 stock exchanges in China, of which more than 150 were in Shanghai. — Over speculation collapsed in the end of 1921, only 6 stock exchanges survived. 5-6 Stock Market in China Before 1949 — Second boom came up in the 1930s and 1940s, but high inflation during the war led to the bust — GuoMinDang Government considered reestablishing the stock exchanges after 1945, and Shanghai Stock Exchange Limited was established in 1946. — Tianjin Security Exchange reestablished in 1948, but soon failed in high inflation