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Non-Tradable Share Reform in the People's Republic of China*
Non-tradable share reform in the people's Republic of China
XinghaiFang
Introduction

The Shanghai and Shenzhen stock exchanges were established in December 1990. The China Securities Regulatory Commission (CSRC) was established in October 1992 (CSRC 2008). From the outset of the corporate share reforms, a problem known as the non-tradable shares emerged. Non-tradable shares were shares held by shareholders before the companies went public and could only be transferred through negotiation between designated parties. This meant that the liquidity of shares of a listed company would be affected by two classes of shares.

Origin of the Problem

Before the non-tradable share reform was introduced in May 2005, a listed company in the People's Republic of China (hereafter referred to as PR China) ...

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