3. Parallel Reforms in Chinese Capital Markets Non-tradable Share Reform in Chinese Capital markets Reform of IPO process(ICBC IPO Establishment of incentive structure for listed companies Development of institution investors Introduction of QfiI/qDIl Change of investment philosophy 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 „Reform of IPO process (ICBC IPO) „Establishment of incentive structure for listed companies „Development of institution investors „Introduction of QFII/QDII „Change of investment philosophy 3. Parallel Reforms in Chinese Capital Markets 3. Parallel Reforms in Chinese Capital Markets