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announced that
the
provinces
1995
share
issue quotas assigned to the
and autonomous regions will not be relaxed until at the earliest when proper regulations will have been
in place.
28.
The pace of reform in the securities sector seems
to have accelerated more recently. In May 1993, the "Interim Regulations on the Administration of the Issue and Trading of Shares" were promulgated to replace the rules implemented separately in Shanghai and Shenzhen. However, these regulations only cover the issuance and trading of A
shares.
Other important areas like management and
operation of the stock exchanges, investment funds, securities companies, and listing of B shares and of shares abroad, are largely untouched.
29.
On 19 June 1993, а Memorandum of Regulatory
Co-operation (MORC) was concluded between the Securities and Futures Commission and the Hong Kong Stock Exchange and
their counterparts in China, i.e. the Shanghai Stock
Exchange, the Shenzhen Stock Exchange and the China
Securities Regulatory Commission.
relevant
laws
Under the MORC, a new
class of H shares was allowed to be issued by state-owned
enterprises in China for listing in Hong Kong. In order to be so listed, these enterprises are required to comply with
Hong Kong's established accounting practice as well as its and non-statutory requirements. These
include, in particular, the relevant parts of the
Securities Ordinance, the Securities (Insider-Dealing)
Ordinance, and the Companies Ordinance. In addition, the
issuer has to observe certain listing rules stipulated by
the Hong Kong Stock Exchange. The more important
stipulations are that all its issued H shares should be held by the public, unless permitted otherwise; that the
higher of HK$50 million or 10% of its total issued capital
be made in H shares; and that an aggregate of A shares and shares amounting to no less than 25% of its total issued
share capital be held by the public.
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