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23/10/2018 11:24:00
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Börse Frankfurt News

Stock Market Term: D-Shares

The Chinese household appliance manufacturer Qingdao Haier is going public on the Frankfurt Stock Exchange. The share is scheduled to start trading on October 24. These are the first D-shares on a German stock exchange. Reason to choose it as the stock exchange word of the week.
23 October 2018. FRANKFURT (Börse Frankfurt). D-shares are shares of companies from mainland China, called A-shares, which are listed on the Frankfurt Stock Exchange in the CEINEX D share market. For the listing, the companies need an approval of the China Securities Regulatory Commission (CSRC) and a prospectus approved by the BaFin.

CEINEX is a German-Chinese joint venture of the three exchange operators Shanghai Stock Exchange, Deutsche Börse AG and China Financial Futures Exchange. It uses the infrastructure of the Frankfurt Stock Exchange to trade D-Shares. Companies listed as D-share must fulfill all obligations of the market segment selected for the public offering, the Prime Standard of Deutsche Börse.

Qingdao Haier is already listed on the Shanghai Stock Exchange with A-shares.

The Typology of Chinese Shares

A-shares are investments in Chinese companies that are traded either on the Shanghai Stock Exchange or on the Shenzhen Stock Exchange in the Chinese currency Renminbi. A-shares were originally only tradable for Chinese investors, but since 2002 selected foreign institutional investors have also been able to trade A-shares.

B-shares are also traded on the Shanghai and Shenzhen stock exchanges. They are denominated in renminbi but quoted in US dollars on the Shanghai Stock Exchange and in Hong Kong dollars in Shenzhen. B-shares were originally only tradable for foreign investors, but can now also be bought and sold by Chinese investors.

A company can issue both A and B shares. As the shares are not interchangeable, arbitrage transactions are not possible and the value of both types of shares may differ. Since Chinese investors have unrestricted access to only A-shares, these are often higher than B-shares of the same company.

H-shares are traded exclusively on the Hong Kong Stock Exchange in Hong Kong dollars. They can be listed as the only form of share or in addition to B-shares and serve primarily to attract foreign investors as capital providers.

23 October 2018, © Deutsche Börse AG

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