What are the listing conditions for each of the A shares, B shares, and H share trading markets?

At present, the A-share and H-share listed companies at the same time are: ZTE, ST Jihua, Jingwei Textile Machinery, Xinhua Pharmaceutical, Anshan Iron and Steel New Rolling, Kelon Electric, Huaneng International, Wantong Expressway, China Overseas Development, Sinopec, China Southern Airlines, China Eastern Airlines, etc.

What does it mean for A shares and H shares to be listed at the same time?

First of all, we need to understand the concept of A-shares and H-shares. A shares, RMB ordinary**, the issuing company is registered and listed in Chinese mainland. H-shares, also known as state-owned enterprise shares, are issued by companies registered in Chinese mainland and listed in Hong Kong.

Why can a company be listed on both A and H shares?

Listing, the process of the first public issuance of the company to investors through the **exchange**, in order to raise funds for the development of the enterprise. If a company wants to raise funds in the two markets separately, it needs to be issued and listed in the two ** ticket trading markets, of course, the premise is that the company needs to comply with the issuance and listing mechanism of the listing region, and if the issuance and listing mechanism of the two regions are in line with it, it can be listed in the two ** ticket markets at the same time. However, the same asset cannot appear in two markets, so generally the distribution of a company listed on A shares and H shares at the same time should be a part of the circulation of A shares, part of the circulation of H shares, and part of the non-tradable shares.

Because of China's policy, the two cities are interconnected, so some companies are listed on A-shares and H-shares at the same time, such as Jingwei Textile Machinery, Xinhua Pharmaceutical, Anshan Iron and Steel New Rolling, etc.

Why are the two markets different?

1. The relationship between supply and demand, the structure and number of people in the two markets are different, the number of people in the mainland is more and more, and the number of people in Hong Kong is less and there are more institutions; 2. The denominated currencies of the two markets are different, A shares are RMB, and H shares are Hong Kong dollars; 3. Investors in the two markets have different understandings of the value of the same company; 4. System and law. Because there are certain differences between the two markets in the two regions, the ** is not the same.

A shares. The official name of A shares is RMB ordinary**. It is issued by our domestic company for domestic institutions, organizations or individuals (excluding Taiwan, Hong Kong, Macao investment and mining waiters) to subscribe and trade ordinary shares in RMB**, China's A-share ** market after ten years of rapid development, has begun to take shape.

B Shares The official name of B shares is RMB Special **, which is marked with RMB face value, subscribed and traded in foreign currency, and listed and traded on domestic (Shanghai, Shenzhen)** exchanges. Its investors are limited to: foreign natural persons, legal persons and other organizations, natural persons, legal persons and other organizations in Hong Kong, Macao and Taiwan, and Chinese citizens residing abroad.

Other investors as stipulated by the China Securities Regulatory Commission. At this stage, investors in Japanese stocks are mainly institutional investors in the above categories. The place of registration and listing of a B-share company are both in China.

However, the investor is outside China or in Hong Kong, Macau and Taiwan.

H shares H shares are foreign shares registered in the Mainland and listed in Hong Kong. The English word in Hong Kong is Hongkong, and foreign stocks listed in Hong Kong are called H shares. And so on, the first letter of New York is N, the first letter of Singapore is S, and the ** listed in New York and Singapore are called N shares and S shares respectively.

The official name of the B shares is RMB special shares. It is a foreign stock that is subscribed and traded in foreign currency with a face value marked in RMB, and is listed and traded on the domestic (Shanghai, Shenzhen)** exchange in China. The place of registration and listing of a B-share company is in China.

What are the listing requirements for a B-share company?

1.When establishing a company by recruitment, the conditions for issuing domestically listed foreign shares (B shares):

The purpose of the funds raised is in line with the national industrial policy of the national fixed assets investment project regulations, the total number of shareholders reserved by the promoters in line with the national regulations on the use of foreign capital exceeds 35% of the total number of shareholders issued by the company, the total amount of capital contribution of the promoters exceeds 100 million yuan, the total number of shares planned to be issued to the public reaches more than 25% of the total shares of the company, and the total number of shares issued exceeds 400 million yuan, and the proportion of shares planned to be issued to the society reaches 15% The original enterprise of the above reorganized company or the state-owned enterprise that is the main sponsor of the company, the company that has not committed major illegal acts in the past three years or the state-owned enterprise established by the state-owned enterprise.

2.The establishment of the shares **** to increase the capital, the conditions that should be met when applying for the banquet to issue B shares:

The use of the funds raised is in line with the provisions of the national industrial policy on the establishment of the national fixed assets investment project, and the company that meets the provisions of the state on the use of foreign capital has been raised, and the use of the funds is consistent with the purpose determined at the time of raising, and the total net assets of the company with good use efficiency are more than 100 million yuan.

3.The capital increase and issuance of B shares by a domestically listed foreign-funded joint-stock company shall be in accordance with the requirements.

1) It has a sound legal person management structure, and is separated from the legal person or other organizations with actual control and other related enterprises in terms of personnel, assets and finances, so as to ensure the personnel, financial independence and perfect assets of the listed company.

2) The articles of association of the company comply with the provisions of the Company Law and the Guidelines for the Articles of Association of Listed Companies.

The difference between A shares, B shares and H shares: A shares are enterprises listed in mainland China, B shares are enterprises listed in mainland China denominated in foreign currency, and H shares are enterprises listed in Hong Kong.

A shares are RMB ordinary**, so it may be a bit abstract, and then simpler, that is, you go to the **company, say I want to open an account, and the account he opens for you is the A share account, and the A share is what we often call our own **.

B shares are RMB special**. It is a foreign stock with a face value marked in RMB, subscribed and traded in foreign currency, and listed and traded on the ** exchange in China (Shanghai and Shenzhen). The place of registration and listing of a B-share company are both in China.

H-shares are listed in Hong Kong and listed on the Hong Kong Stock Exchange. We know that due to institutional problems, many domestic listed companies have been listed in Hong Kong, and the more famous ones are Tencent Holdings and Xiaomi Group. H shares need to be bought in Hong Kong dollars.

The differences between A shares, B shares, and H shares are as follows:

1. The company is registered in a different place

A shares are issued by domestically incorporated companies; B shares are issued by companies registered in China denominated in foreign currencies; H shares are issued by domestically incorporated companies.

2. Different listing regions:

A-shares listed in Shanghai and Shenzhen; B-shares in Shanghai and Shenzhen; H-shares are listed in Hong Kong.

3. The trading hours are different

The trading hours of A shares and B shares are subject to the domestic ** trading hours; The trading hours of H shares are subject to the trading hours of the Hong Kong market.

4. The trading system is different

A shares and B shares have a rise and fall setting; There is no price change setting for H shares.

5. Different currencies for trading:

A-shares are traded in RMB; B shares are traded in US dollars or Hong Kong dollars; H shares are traded in Hong Kong dollars.