The latter have accounts-level data of a single brokerage firm and focus only on individual investors' trades of SZSE
stocks executed through seven branches of this firm.
For example, seven of the 11 years for the SHSE "A" share index, seven of the 10 years for the SHSE "B" share index, five and six of the nine years for the SZSE "A" and "B" share indices show negative July returns.
Month SHSE A SHSE B SZSE A SZSE B January 5 6 5 5 Mean 0.
Nonetheless, the average and median of state ownership in our sample are both about 30 percent (see Table 1, Panel A), which is similar to the reported average level of state shareholding for all companies listed in the SHSE and SZSE
The trading of shares on all the exchanges (SSE, SZSE
, STAQS and NETS) is through an electronic auto-matching process, in which transactions are settled only for those brokers who offer the same bid and ask prices.
The sample used in this study consists of 1203 firms listed on the SHSE or SZSE
in China during 1999-2002.
As of May 1999, there are more than 900 companies listed on SHSE and SZSE
, and 80 of them issued both A shares and B shares.
The total number of listed enterprises on the SSE and SZSE
was only approximately two thousand eight hundred.
The session will include SZSE
representatives, QFII investment consultants and experts from local law firms to speak on the topics of obtaining a QFII quota, the legal process of investing on A-Share, equity research, trading, and issues of governance and transparency for A-Share listed securities.
On April 27, 2012, Xinfu Pharmaceutical changed its abbreviation to *ST Xinfu in SZSE
due to its loss in two consecutive years.
The purpose of the Listing is to maximize the Company's capital value by taking advantage of attractive valuations on the SZSE
and to raise additional capital that can be used to grow the business.