上海证券交易所成立于1990年,是一个地标导致当前中国市场的发展状态。由于这种积极的转型市场直接融资增加,这导致增加IPO融资。由于股票市场开始发展。主要有三种类型的股份,被称为A、B、H和N(Chan Fung & Thap,2007)。
Shanghai stock exchange was formed in the year 1990 and was one of the landmarks which led to the current developed state of the Chinese market. Due to this positive transformation the market for the direct financing increased and this led to increase in the IPO financing. As a result the stock market began to develop. There are mainly three types of shares which are known as A, B, H and N (Chan, Fung & Thap, 2007).
Shares which are in the A category are held by the domestic investors. B category shares are for investors who are not domestic i.e. foreign investors. Some of the domestic firms which have been authorized also can buy the B category shares. From the year 2001 the B category shares were made available to the domestic investors too. Shares in the H category belong to the companies which are listed on the Hong Kong exchange. N category shares are the ones listed on the New York exchange (Ge, Drury, Fortin, Liu & Tsang, 2010).
Shares in the A category gained a lot of momentum and became popular with the local investors. It started in the year 1987 and till the year 2000 the amount raised in Renminbi (RMB) was around 324.213 billion. B category shares were first issued in the year 1992. They became an important tool to raise money through foreign investment. However the amount which has been raised through B shares has been lower than the amount which has been raised through A category shares (Ng, Yuce, & Chen, 2009).