1. Introduction

IOSCO, Objectives and Principles of Securities Regulation (June 2010), https://​www.​iosco.​org/​library/​pubdocs/​pdf/​IOSCOPD323.​pdf accessed on 18/05/2017.

IOSCO, Objectives and Principles of Securities Regulation (June 2010), https://​www.​iosco.​org/​library/​pubdocs/​pdf/​IOSCOPD323.​pdf accessed on 18/05/2017.

For a contrary view, see, for example, SM Bainbridge, ‘Mandatory Disclosure: A Behavioural Analysis’, University of Cincinnati Law Review, 68, pp. 1023–60, summer, 2000, which summarizes academic debate in the USA about the market failure case for mandatory disclosure I securities markets.

Brian Levy and Pablo T. Spiller, ‘The Institutional Foundations of Regulatory Commitment: A Comparative Analysis of Telecommunications Regulation’ (1994) 10(2) Journal of Law, Economics, & Organization 242.

CSRC, CSRC Annual Report 2015, 12.

CSRC, CSRC Annual Report 2015, 13.

CSRC, CSRC Annual Report 2015, 14.

The World Bank, China Between Plan and Market, (1990) XVII.

Such as postponement of loans to China: see DECLARATION ON CHINA, G 7 Summit, Paris, July 15, 1989. http://​www.​g8.​utoronto.​ca/​summit/​1989paris/​china.​html accessed on 10/03/2015.

OECD (2000), “Main Determinants and Impacts of Foreign Direct Investment on China’s Economy”, OECD Working Papers on International Investment, 2000/04, OECD Publishing. https://​doi.​org/​10.​1787/​321677880185 accessed on 10/03/2015.

Gong Haocheng, Shanghai Jinrong Gaige Wangshi, Financial Reform in Shanghai, Zhongxi Shuju (Zhongxi Publishing) 2013, 50.

Fan Zhonghou, State-owned Listed Companies Problems and Responses, Sci-Tech Information Development & Economy, 2005, 15 (13):203–204.

Zhao Ju, UBS Securities, Speech 5th Year Anniversary of Boyuan Foundation Academic Forum, Beijing, 30/06/2016.

Wang jiangyu, “Regulatory Competition and Cooperation between Securities Markets in Hong Kong and Mainland China” (2009) 4:3 Capital Markets Law Journal 383–404. and “Financial Liberalization in East Asia: Lessons from Crises and the Chinese Experience of Controlled Liberalization”, (2007) 41:1 Journal of World Trade 211–241.

Securities Laws (2014), S 2.

On Kit Tam, ‘Capital Market Development in China’ (1991) 19(5) World Development.

He Xin, Speech on the Chinese People’s Political Consultative Conference March 2015.

Qiu Ben, State Intervention and its Legalization, Finance Law, 4, 2016, p. 25.

State-owned Assets Supervision and Administration Commission of the State Council, Notice on Strengthening SOEs’ Management of Major Projects 2014.

Jiangyu Wang, ‘The Political Logic of Corporate Governance in China’s State-owned Enterprises’ (2014) Cornell International Law Journal.

State Council, Suggestions on SOEs Reform and Development in 1997.

Wang Jingyuan, He Hangzhou, Wang Liya, Legal Issues on Joint Stock Limited Companies, Law Review, 2, 1995, p. 64. The Company Law recognizes two types of business companies: limited liability companies (LLCs), and joint stock limited companies (JSLCs) limited by shares, also called companies limited by shares (CLSs) in other contexts.

Shang Fulin, The Turning Point of China’s Stock Markets, Beijing Youth, 2015, issue 0516.

Wei Junhui, the impact of non-tradable shares on the stock markets and listed companies, China Economic Quarterly, Vol. 3, No. 2, January 2004, p. 475.

Xu Minggui, Xia Xin, Ping Changchang, Controlling Shareholders, Proxy, and Dividend Policy, China Finance, 1, p. 1.

Reducing State Shareholding Rejected by the Markets, 28/02/2012, http://​www.​ftchinese.​com/​story/​001043379 accessed 30/12/2015.

Wu Xiaoqiu, The Chairman of the CBRC, People Review, 2012, issue 6.

Reducing State Shareholding, http://​q.​stock.​sohu.​com/​news/​cn/​877/​600877/​4284012.​shtml 30/12/2015.

The State Council Suspending Reducing state shareholding http://​www.​china.​com.​cn/​chinese/​2002/​Jun/​163429.​htm accessed on 30/12/2015.

In 2001, the CSRC established the China Securities Depository and Clearing Corporation, setting up a unified, efficient, safe, and central securities registration and settlement system.

Shanghai Stock Exchange, Rules on Trading non-tradable Shares of Listed Companies, S2.

Shanghai Securities News, 16/05/2005.

Notice on Pilot Reform on Listed Companies’ Non-tradable Shares S1.

The non-tradable shares accounted for 75% of the issued shares of the company. See Plans on Sanyi Heavy Industry Shareholding Reform, http://​quotes.​money.​163.​com/​f10/​ggmx_​600031_​94751.​html accessed on 30/12/2015.

Regulation on Reform of Non-tradable Shares of Listed Companies S2.

Regulation on Reform of Non-tradable Shares of Listed Companies 16.

Regulation on Reform of Non-tradable Shares of Listed Companies S27.

Guidelines on Reform of Non-tradable Shares of State Controlled Listed Companies (2005) S3.

State shareholders transfer Their Shares (Pilot) (2007) section 8: ‘When the total capital of the listed company is no more than 1 billion shares, and the percentage of shares transferred within three consecutive financial years by a state-controlled shareholder is less than 5% of the total capital of the listed company; or the total capital of the listed company is more than 1 billion shares, and the number of net shares transferred within three consecutive financial years by the state-controlled shareholder is no more than 50 million shares or the percentage is less than 3% of the total capital of the listed company’; and section 2: ‘The share transfer will not shift the controlling right of the listed company’.

CSRC, News Conference on 11/09/2015, http://​www.​csrc.​gov.​cn/​pub/​newsite/​zjhxwfb/​xwfbh/​201509/​t20150911_​283880.​html accessed on 27/01/2017.

China Securities Finance, http://​www.​csf.​com.​cn/​publish/​main/​1001/​1002/​index.​html accessed on 30/01/2017; Central Huijin Investment,http://​www.​huijin-inv.​cn/​wps/​portal/​!ut/​p/​a1/​pZFNC4JAEIZ_​iz8gZlJZ7bhp-ZGbB5FsL7JE6kKuE​tKhX59KV9eguQ08D​-87DHAogCvxkrUYZK​fEY9o5Kc9IcOtlGC​OjR6QuHlhqxaabkR​G4joAX0NB2EkS0XR​Mjfx_​6zo4hRkTnp8T6-rgwFH_​zF4DAtv7yJ2Dl_​ngGNP3HAPPJPFYD7​8XQbKSqOiiarr2XN​wUX4LqE4GSuANOFM​6B7wVrHlQ4W9G2e5​8U7qbJIRtQwPnoMz​_​c!/​dl5/​d5/​L2dBISEvZ0FBIS9n​QSEh/​ accessed on 30/01/2017.

Since 1996, the market has adopted a single stock circuit breaker rule where if a stock falls or rises more than 10% within a trading day from the closure of the last day, the stock will be suspended from trading for the day.

Securities Association of China, Announcements of 21 Securities Companies, http://​www.​sac.​net.​cn/​tzgg/​201507/​t20150704_​123599.​html accessed on 17/02/2017.

CITIC Annual Report 2015.

Daqing News, CITIC Securities, http://​www.​dqdaily.​com/​shishi/​2015-08/​28/​content_​2773197.​htm accessed on 17/02/2017.

Xing Huiqiang, Three Institutional Conditions of Successful Implementation of Stock Offering Registration System, Finance Law, 2016,5, p. 5.