china listed firm's financial ratios research database

GTA_PRI-2011

CHINA LISTED NON-STATE-OWNED ENTERPRISE

DATABASE

USER GUIDE

GTA Information Technology Company Limited

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Address: 21st Floor, Zhongshen Building, 7003 Beihuan Avenue, Shenzhen, P. R. China Website: www.gtadata.com E-mail: [email protected] Telephone: 400-609-6665 800-999-3099 Fax: 86-755-8394 0070

Contents CONTENTS.................................................................................................................................................. I

USER LICENSE AGREEMENT...............................................................................................................II

I. PRODUCT DEVELOPMENT DESCRIPTION....................................................................................2

II. HOW TO USE THIS GUIDE.................................................................................................................2

1. Target Users .....................................................................................................................................2

2. Components of this Guide................................................................................................................2

III. INTRODUCTION TO THE PRODUCT.............................................................................................3

1. Contents ...........................................................................................................................................3

2. Features ............................................................................................................................................3

3. Use Type ..........................................................................................................................................4

IV. DESCRIPTION OF THE DATABASE ................................................................................................5

1. General Structure .............................................................................................................................5

2. Product Statistics..............................................................................................................................5

3. Data Source and Data Range............................................................................................................5

V. DATA STRUCTURE AND DESCRIPTIONS .......................................................................................6

APPENDIX 1 DEVELOPMENT OVERVIEW....................................................................................15

APPENDIX 2 REFERENCE REGULATIONS....................................................................................17

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User License Agreement

Statement of Copyright and All Other Rights

The China Listed Non-state-owned Enterprise Database (the GTA_PRI Database) is designed and developed by the GTA Information Technology Company Limited (GTA IT Co., Ltd.).

All rights of the GTA_PRI Database and its related files are vested in the GTA IT Co., Ltd. Such rights are protected under the national Copyright Laws and Trademark Laws of the People’s Republic of China, and under the provisions of the International Copyrights Agreement. GTA IT Co., Ltd. takes charge of activities related to updating, maintaining, and promoting the GTA_PRI Database. Users of the GTA_PRI Database may not delete the Statement of Copyright from the system. Users of the Database must guarantee that all authorized installed copies of the system (in part or whole) carry the Statement of Copyright; users must also agree to prevent any unauthorized reproduction of the GTA_PRI Database, or any of its files. Unauthorized copying or distribution of the content of the GTA_PRI Database or any of its files, in part or whole, will be liable to prosecution.

The China Listed Non-state-owned Enterprise Database (the GTA_PRI Database) is a registered name protected by trademark laws and all other laws on rights protection.

Statement on User License Agreement

The two parties to this User License Agreement are the User - individual or organizational - of the Database, and Shenzhen GTA Information Technology Company Limited (GTA IT Co., Ltd.). Before using the Database, the User must accept the Agreement by endorsing it. In case of objections to the Agreement, the User should not use this Database. Instead, the software, with its seal intact, should be returned together with a written declaration to GTA IT Co., Ltd., within 30 days.

Terms of the License Agreement

The User acknowledges that the GTA IT Co., Ltd. and its related data suppliers have spent considerable effort, time, and money in developing the GTA_PRI Database.

The User, under pledge of this Agreement, is not to transfer or sell, or make available, the GTA_PRI Database, in part or whole, to any third party. Under this Agreement, the right to use the GTA_PRI Database is granted to the User only.

The User must agree and guarantee that all necessary and appropriate precautions will be taken to protect

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the copyright and all other rights of the GTA_PRI Database and its data.

The User must inform all its users regarding the copyright of the GTA_PRI Database and this User License Agreement. The User must also request all its users to abide by the copyright declaration, and all the clauses contained in this Agreement.

Before the expiration of the User License Agreement, the User agrees to be held liable for all the obligations and responsibilities stipulated in the Agreement.

After-sale Guarantee

GTA IT Co., Ltd. guarantees that the GTA_PRI Database and its medium of storage will run without defects under normal circumstances. Should there be any defects (to be verified by GTA IT Co., Ltd.) within 90 days of purchase, GTA IT Co., Ltd. will undertake all obligations to provide a replacement for the GTA_PRI Database. the GTA_PRI Database thus replaced will be guaranteed for the remaining time of the original 90-day guarantee, or for 30 days whichever is longer. GTA IT Co., Ltd. will not be liable for defects caused by accidents, errors on the part of the User, or by failure to use the GTA_PRI Database in accordance with the instructions provided.

Termination of the User License

Should the User violate any clause stipulated in this Agreement, GTA IT Co., Ltd. can terminate the User License at any time and with immediate effect. Upon termination of the User License, the User must immediately destroy all copies of the GTA_PRI Database and its files, or return them to GTA IT Co., Ltd.

Governing Laws of the Agreement

Copyright Law and Trademark Law of the People’s Republic of China, and International Copyright Agreement.

Disclaimer

GTA IT Co., Ltd. makes its best endeavors to provide the User with data that are reliable and accurate. However, GTA IT Co., Ltd. cannot guarantee the total accuracy or completeness of such data. Under no circumstances will GTA IT Co., Ltd. be held liable for any profit loss, damage (whether direct or indirect, extraordinary or accidental, unavoidable or occasional), or expense arising from the use of the data provided.

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GTA IT Co., Ltd. makes its best endeavors to update the GTA_PRI Database as often as possible. However, GTA IT Co., Ltd. assumes no liability or responsibility for any loss caused by the data provided with regard to timeliness or “recentness”. In case of errors in the GTA_PRI Database or its files, the User should try to notify GTA IT Co., Ltd. immediately; GTA IT Co., Ltd. will do its best to rectify such errors in the next update of the GTA_PRI Database.

In case of questions concerning this Agreement, please contact:

GTA Information Technology Company Limited

Address 21st Floor, Zhongshen Building, 7003 Beihuan Avenue, Shenzhen, P. R. China Postal Code: 518034 Telephone: 400-609-6665 800-999-3099 Fax 86-755-8394 0070 E-mail: [email protected] Website: www.gtadata.com

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I. Product Development Description After launching the China Listed Firm’s Shareholders Research Database, China Listed Firm’s Corporate Governance Research Database and China Stock Market Financial Database - Financial Ratios, GTA IT Co., Ltd. has won great popularity among numerous research institutions and individuals. However, a fly in the ointment is that GTA did not release a customized product with value added for special enterprises. To satisfy the desires of mass scholars and research institutions to conduct research into non-state-owned enterprises, GTA developed the GTA_PRI Database based on previous databases. GTA designed a basic database file, i.e. China listed non-state-owned enterprise file for this database.

Since the information and announcement released by listed non-state-owned companies are neither structured nor uniform, we have performed stringent and methodical checks and verifications of the GTA_PRI Database so as to ensure its data are accurate, systematic and complete.

To facilitate users, the database has an open data structure. It will be updated once or twice a year regularly to ensure its continuity and timeliness. With a sound structure and easy enquiry, the database can retrieve a series of indicators rapidly and conveniently as a FoxPro, Excel, or TXT file. It can also be directly accessed through the statistical analysis software of SAS and SPSS, and the computer languages Fortran, C, or Pascal, which facilitate researchers greatly.

The successful development of the GTA_PRI supplements the CSMAR (China Stock Market & Accounting Research) system perfectly, facilitating retrieval and analysis of profile, equity structure, corporate governance and financial indicators of China listed non-state-owned enterprises by research institutions and individuals. We hope the release of the GTA_PRI can promote the development of empirical research on China listed non-state-owned enterprises.

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II. How to Use this Guide This User Guide is for the China Listed Non-state-owned Enterprise Database (the GTA_PRI Database) .

The data range from 2003 to 2010.

1. Target Users

The information and data provided by the GTA_PRI Database are intended mainly for financial research. Target users include accounting and finance scholars of higher learning institutes, and individuals or organizations who are engaged in research work on China financial market, such as financial institutions, security companies, and investment banks.

2. Components of this Guide

This Guide comprises three parts. They are:

User License Agreement Statement of Copyright and all other rights; Statement on User License Agreement; Terms of the License Agreement; After-sale Guarantee; Termination of the User License; Governing Laws of the Agreement; and Disclaimer.

Product Development Description, How to Use This Guide, Introduction to the Product, Description of the Database, Data Structure and Descriptions

Appendix Development Review and Reference Regulations

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III. Introduction to the Product

1. Contents

The the GTA_PRI Database collects public information disclosed by Chinese non-state-owned enterprises listed in the SSE and SZSE since 2003, including profile, controller, corporate governance and main financial indicators.

2. Features

Comprehensiveness

The database records all information on relevant research subjects and fields obtained from materials of authorized institutions. It has incomparable comprehensiveness with other similar domestic database. The data items are comprehensive and complete, and a reasonable number of empty data fields have been reserved to meet future expansion needs.

Accuracy

Designed and developed for the purpose of academic research, the database offers a high degree of accuracy. We have performed, entry-by-entry, meticulous proofreading and checking. On top of that, we have also conducted rigorous verification and confirmation in various ways, thus eliminating the occurrence of errors and ensuring data are accurate.

Timeliness

The database will be updated annually in a regular way and supplemented irregularly to ensure its continuity and timeliness.

Compatibility

By drawing on the development experiences of internationally renowned databases such as IRRC (The Investor Responsibility Research Center), the database applies internationally accepted techniques to ensure that its data are compatible with international standards.

Convenience

The database has an open data structure and can be retrieved as a FoxPro, Excel, or TXT file with specialized GTA data software system. It can also be directly accessed through the statistical analysis software of SAS and SPSS, and the computer languages Fortran, C, or Pascal. Data classification is logical and well defined, making the searching of financial data according to certain selection criteria fast and convenient.

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3. Use Type

To meet different needs of various users, we provide two types of services:

We provide to the user the entire database. At any time, a user can access the data in the database according to his or her needs. Data are integrated in special gta format, and supported by specialized data soft system developed by GTA. As for detailed use, please refer to software user guide.

We provide to a user only those parts of the database that answer the particular needs of the user. This kind of service has the advantage that a user does not need to be familiar with the data structure and retrieval procedures, which is in the charge of specialized customer service department of GTA.

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IV. Description of the Database

1. General Structure

The general structure of the database is as follows,

File Name Field

Number Frequency Sources

Listed Non-state-owned Enterprise (PRI_Basic)

65 Annual

Listed company profile, periodic and ad hoc announcements and annual reports of companies listed in the SSE and SZSE

2. Product Statistics

The GTA_PRI has one file and 65 fields, covering 1108 listed companies.

3. Data Source and Data Range

The data mainly originated from the annual report and announcement of shareholding change of shareholder disclosed by listed companies. As the stipulation of Regulations for Implementation of IPO Information Disclosure (Trial) released by CSRC, the listed companies should release the abstract of annual report on at least one national publications designated by CSRC, such as China Securities, Securities Times, Shanghai Securities News, Annual Report on China's Securities Industry, etc. To ensure the data accuracy, we applied international prevailing data check methods to perform, entry-by-entry, meticulous proofreading and checking with other huge data, thus basically eliminating the occurrence of errors and omissions.

The GTA_PRI Database (2011 version) mainly covers large amounts of information on Chinese non-state-owned enterprises listed in the SSE and SZSE, including profile, equity structure, corporate governance and financial indicators.

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V. Data Structure and Descriptions

1. Listed Non-state-owned Enterprise (PRI_Basic)

Field Type

SN Field Name Field Content Type Length

Decimal

Digits

Unit Special

Value Description

1 Stkcd Stock Code C 6 Stock code released by stock exchange.

2 Reptdt Statistical Deadline C 10 Denoted by YYYY-MM-DD

3 Stknme Stock Acronym C 150 Chinese acronym released by stock exchanges.

4 Listexg Listing Exchange C 1 1= Shanghai Stock Exchange 2＝Shenzhen Stock Exchange

5 Conme Company Name C 300 Chinese full name released by the stock exchanges.

6 Nindcd Industry Code C 5 Made according to Guidance on the Industry Classification of Listed

Companies by CSRC (2001 version).

7 NIndnme Industry Name C 150

Made based on industry acronym of the SZSE according to Guidance on

the Industry Classification of Listed Companies by CSRC (2001

version).

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Field Type


Decimal

Digits

Unit Special

Value Description

8 Area Area C 150

Area which listed company belong to; North: Beijing, Tianjin, Hebei,

Shanxi, Inner Mongolia; Northeast: Liaoning, Jilin, Heilongjiang; East:

Shanghai, Jiangsu, Zhejiang, Anhui, Fujian, Jiangxi, Shandong; Centre:

Henan, Hubei, Hunan; South: Guangdong, Guangxi Zhuang

Autonomous Region, Hainan; Southwest: Chongqing, Sichuan,

Guizhou, Yunnan, Tibet; Northwest: Shaanxi, Gansu, Qinghai, Ningxia

Hui Autonomous Region, Xinjiang Uygur Autonomous Region; Hong

Kong, Macao and Taiwan.

9 Province Province C 150 Province, autonomous region, municipality or special administrative

region which listed company belong to.

10 City City C 150 City which listed company belong to.

11 Listdt Listing Date C 10 Listing date of the stock. Denoted by YYYY-MM-DD.

12 Primed Privatization Mode C 2

1=Direct listing, which means that the shares were controlled by natural

persons or non-state-owned enterprises at the time of listing; 2=Indirect

listing, which means that shares were controlled by the state at the time

of listing but later by natural persons or non-state-owned enterprise due

to equity transfer, etc.

13 Prisg Privatization Sign C 1

Nature of listed company before and after privatization.

1=Non-state-owned, 0= State-owned.

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Field Type


Decimal

Digits

Unit Special

Value Description

14 Pridt Privatization Date C 10

For direct listing, it denotes the stock listing date; for indirect listing, it

denotes the the date when equity is formally acquired.

Partly missing data denoted by 00 in the corresponding position, e.g.

1993-12-00 denotes a certain day in December 1993.

15 Ucsnm Ultimate Controlling Shareholder C 255

Ultimate controlling shareholder refers to the person who is not

shareholder but able to control the firm’s behaviours through investment

relation, agreement or other arrangements. If annual report did not

disclose the ultimate controlling shareholder, it will be confirmed by

calculation according to equity chain. 0 denotes no ultimate controlling

shareholder exists.

16 Ucsp Type of Ultimate Controlling

Shareholder C 5

1＝State (state or organizations, enterprises and institutions on behalf of

state; 2＝Natural person or family; 3＝Employee stock ownership union

or labor union; 4＝Collective enterprise; 5＝Foreign-funded enterprise;

6＝Enterprises with funds from Hong Kong, Macau and Taiwan; 7＝

Public; 8＝Others.

17 Ucscm Controlling Mode by Ultimate

Controlling Shareholder C 3

1＝Direct controlling; 2＝Pyramid; 3＝Multiple voting rights; 4＝

Cross-shareholdings; 5＝Multiple shareholdings; 6＝others.

18 Ucpd Concurrent Post of Ultimate

Controlling Shareholder C 3

It denotes whether ultimate controlling shareholder acts as the board

chairman, vice-board chairman or general manager in the listed

company. 1=yes; 0=no.

19 Ucsvr Controlling Percentage of Ultimate

Controlling Shareholder N 20 4 %

Control right is also called voting right. The database adopts the

calculation methods of La Porta, R., F. Lopez-de-Salines, A. Shleifer

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Field Type


Decimal

Digits

Unit Special

Value Description

(1999) and S., S. Djankov, J. Fan, L. Lang (2000), that is, control right is

shareholding relation chain or the weakest layer among all shareholding

relation chains or the total weakest layers. The result is calculated by

GTA Co., Ltd. for reference only.

20 Ucscr Ownership Percentage of Ultimate

Controlling Shareholder N 20 4 %

Ownership right is also called cash flow right, which means the property

of listed company possessed by ultimate controlling shareholder by

means of acting in concert, multi-layer pyramid shareholding,

cross-shareholding, etc. The database adopts the calculation methods of

La Porta, R., F. Lopez-de-Salines, A. Shleifer (1999) and S., S. Djankov,

J. Fan, L. Lang (2000), that is, the arithmetic product of all shareholding

percentage of each shareholding chain of ultimate controlling

shareholder. The result is calculated by GTA Co., Ltd. for reference only.

21 Nshrttl Total Share Number N 20 2 Share Total number of shares issued by listed companies.

22 Nstbout Number of Non-negotiable Shares N 20 2 Share Number of non-negotiable shares of listed companies.

23 Nstbfoftr Number of Negotiable Shares N 20 2 Share Number of negotiable shares of listed companies.

24 Nshld Total Number of Shareholders N 20 0 Person Total number of shareholders of listed companies.

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Field Type


Decimal

Digits

Unit Special

Value Description

25 Smtms Frequency of Meeting of

Shareholders N 10 0 Time Frequency of meeting of shareholders s held within this year.

26 Bmtms Frequency of Meeting of Board of

Directors N 10 0 Time Frequency of meeting of board of directors held within this year.

27 Mmtms Frequency of Meeting of

Supervisory Board N 10 0 Time Frequency of meeting of supervisory board held within this year.

28 Smnum AGM Attendance Number N 10 0 Person

29 Smsnum AGM Share Attendance Number N 20 2 Share

30 Smrt AGM Attendance Rate N 20 4 %

31 Empnum Number of Employees N 20 0 Person

Total number of employees of a listed company, number of registered

(in-service) employees of the listed company during the reporting

period, disclosed in annual report.

32 Retnum Number of Employee Retired N 20 0 Person Total number of employee retired for whom company assumes the

expenses.

33 Bdnum Number of Directors N 10 0 Person Total number of directors (including board chairman) in the company’s

board of directors.

34 Dbdbum Including: Number of Independent N 10 0 Person It is stipulated in CSRC Order [2001] 102, Guiding Opinion on

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Field Type


Decimal

Digits

Unit Special

Value Description

Directors Establishing Independent Director System in Listed Companies that at

least 2 independent directors shall exist in board of directors before Jun.

30, 2002; at least one third of members of board of directors are

independent directors before Jun. 30, 2003.

35 Mtnum Number of Supervisors N 10 0 Person Total number of supervisors (including chairman of Supervisory Board).

36 Presmn Chairman and GM Concurrent Code N 9 0

Whether the board chairman and the general manager are the same

person or not.

1 = same person 0 = different persons.

37 Cmnum Total Number of Commissions

Established N 10 0

Number of commissions established during the reporting period. The

statistical standard (starting form 2002) is as follows, when commission

is closed down later than the statistical deadline, and set up earlier than

the statistical deadline of the year, it is fall in the statistical range.

38 Fcmnum Including: Number of Four

Commissions Established N 10 0

Four Commissions refer to audit commission, remuneration

commission, nomination commission, and strategy commission.

39 Ocmnum Including: Number of Other

Commissions Established N 10 0

40 Hsbnum Number of Directors Holding the

Firm’s Share N 10 0 Person

41 Hmtnum Number of Supervisors Holding the

Firm’s Share N 10 0 Person

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Field Type


Decimal

Digits

Unit Special

Value Description

42 Upbnum Number of non-paid Directors N 10 0 Person

43 Upmnum Number of non-paid Supervisors N 10 0 Person

44 Preshnum Number of Shares Held by Board

Chairman N 20 2 Share

45 Preshrt Percentage of Shares Held by Board

Chairman N 20 4 %

46 Mtpnum Number of Shares Held by Chairman

of Supervisory Board N 20 2 Share

47 Mtprt Percentage of Shares Held by

Chairman of Supervisory Board N 20 4 %

48 Hdirnum Number of Shares Held by GM N 20 2 Share

49 Hdirrt Percentage of Shares Held by GM N 20 4 %

50 Prestw3 Total Annual Emolument of Top 3

Directors N 20 2 CNY Excluding allowance received by directors.

51 Vmntw3 Total Annual Emolument of Top 3

Executives N 20 2 CNY Including allowance received by executives.

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Field Type


Decimal

Digits

Unit Special

Value Description

52 A001100000 Current Assets N 20 2 CNY

Cash and other assets expected to be converted to cash, sold, or

consumed either in a year or in the operating cycle. These assets are held

for trading purposes.

53 A002100000 Current Liabilities N 20 2 CNY Considered liabilities of the business that are to be settled in cash within

the fiscal year or the operating cycle, whichever period is longer.

54 A001000000 Total Assets N 20 2 CNY Total assets disclosed in the balance sheet.

55 A003000000 Shareholders’ Equity (Excluding

Minority Interests) N 20 2 CNY

It represents the shareholders’ ownership of the assets and income of the

firm.

56 B001100000 Operating Revenue N 20 2 CNY Total income from main operations and other businesses.

57 B002000000 Net Profit N 20 2 CNY Net profit realized by the enterprise.

58 Npnoc Net Profit after Deducting

Non-recurring Profit and Loss N 20 2 CNY

Net Profit of the enterprise after the deduction of non-recurring profit

and loss. Non-recurring profit and loss refer to various income and

expenses which have no direct relation with the operation business or

have some relation with the operation business but its nature, amount or

frequency influences the real and fair reflection of normal earning

capability of the company.

59 C001000000 Net Cash Flow from Operating

Activities N 20 2 CNY

http://en.wikipedia.org/wiki/Liabilities

http://en.wikipedia.org/wiki/Fiscal_year

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Field Type


Decimal

Digits

Unit Special

Value Description

60 T40801 Return on Equity N 20 4 % Net profit / Average shareholders’ equity.

61 T60200 Earnings per Share N 20 4 CNY Net profit / Weighted Average Number of Ordinary Shares Outstanding.

62 T60300 Net Assets per Share N 20 4 CNY Net Assets / Number of Ordinary Shares Outstanding

63 Adjepa Adjusted Net Assets per Share N 20 4 CNY

Adjusted Net Assets per Share = (shareholders’ equity at end of year –

accounts receivables for over 3 years- prepaid expenses- unsettled loss

on current/ fixed assets – organization expenses - long-term prepaid

expenses) / Number of ordinary shares at end of year.

64 T60800 Price to Earnings Ratio N 20 4 Market price per share / Earnings per share.

65 T60400 Price to Book Ratio N 20 4 Market price per share / Net asset per share.

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Appendix 1 Development Overview Chinese privatization reform has always been carried out step by step, from “decentralization of power and transfer of profits” at the beginning, to “managing large enterprises well while easing control over small ones”, and to current “equity division reform”. As a pioneer in privatization among developing countries, China is one of the most successful countries, and the development of listed non-state-owned companies is undoubtedly a bright spot during the process of Chinese privatalization. Chinese listed non-state-owned companies are the result of interaction between non-state-owned economic development and securities market development, ranging companies directly listing by IPO to companies indirectly listing by backdoor listing, MBO, restructuring by controlling shareholders, etc. Since the first non-state-owned enterprise - Huayuan Industrial Co., Ltd. (currently converted into state-owned) started the direct listing of non-state-owned enterprises on June 2, 1992, Chinese listed non-state-owned enterprises have roughly experienced three phases.

1. Start: 1992-1995

This phase falls into the period of the preliminary establishment of Chinese securities market. Fuyao Glass Co., Ltd. was listed in Shanghai stock exchange in June 1993, which was the first listed company mainly promoted and controlled by a non-state-owned enterprise. However, the listing of non-state-owned enterprises lagged behind greatly, compared with significant development of the restructuring and listing of state-owned enterprises in the same period. In 1995, the stock market suffered a downturn, and listing pace slowed down. In addition, due to discrimination against ownership system in stock listing, the listing of non-state-owned enterprises was confronted with obstacles, and basically lingered around.

2. Stable development: 1996-1999

Non-state-owned enterprises have gradually gone public after 1996, with indirectly-listed enterprises showing a significant growth. The listing of Sichuan New Hope Agribusiness Co., Ltd. by shareholding restructuring in 1989 marked the new start for the listing of non-state-owned enterprises. Zhejiang Haina Science and Technology Co., Ltd. was listed in 1999, of which four natural persons held 2% of shares as promoters, which was the first time for natural person acting as a promoter. On December 19, 2000, Minsheng Bank, the first national joint stock commercial bank mainly invested by non-state-owned enterprise, was formally listed. The number of listed non-state-owned enterprises experienced stable year-on-year growth.

3. Fast expansion: 2000 to present

The direct listing and backdoor listing of non-state-owned enterprises reached an unprecedented peak in 2000. In particular, the listing of Anbonn Inc. on January 18, 2001 initiated the mode that company was promoted and controlled by natural person. UFIDA Software was listed at the Shanghai stock exchange in May 2001, and became the first non-state-owned enterprise that carried out the approval system for issuance and listing. With the resumption of transfer of state-owned shares to non-state-owned enterprises

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by the ministry of finance and guide of policy of “establishing fair competition environment for listing of enterprises with different ownership”, the Si Chuan Direction Photoelectricity Co., Ltd. was approved to transfer its state-owned equity by the ministry of finance, which was the first firm approved to transfer its state-owned equity to non-state-owned enterprise by agreement after two years’ suspension. During this phase, non-state-owned enterprises entering the securities market outnumbered new stocks for the first time, which can be mainly attributed to backdoor listing. The backdoor listing and overseas listing of non-state-owned enterprises held the spotlight.

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Appendix 2 Reference Regulations During the development of the database, we have referenced but not limited to some relevant regulations and conventions on Chinese listed companies.

SN Date of Promulgation Promulgating Body Name of the Regulations

1 Dec. 16, 1997 CSRC Notice on Distributing Guidelines for the Articles of Association of Listed Companies

2 Feb. 23, 1998 CSRC Opinions on Standards for Shareholders Meeting of Listed Companies (Abolished in May 2000)

3 Oct.6, 1998 CSRC Circular on Investigation of Restructuring of Enterprises Planning to List

4 Sep. 22, 1999

CPC Central Committee Decision on Major Issues concerning SOE’s Reform and Development (approved on the 4th session of the 15th CPC Central Committee)

5 Mar. 16, 2000 CSRC Procedures of the Stock Issuance Examination and Verification by the CSRC

6 May 18, 2000 CSRC Opinions on Standards for Shareholders Meeting of Listed Companies (Revised)

7 Mar. 28, 2001 CSRC Measures for the Administration of the Listed Company Issuing New Shares

8 Apr. 2, 2001 CSRC No. 10 Guideline on Contents and Format for Information Disclosure of Companies That Make Public Offering of Securities - Application Documents for Listed Companies That Issue New Stocks

9 June 12, 2001 State Council Interim Measures on the Management of Decreasing Holding State-owned Shares to Raise Social Security Funds

10 Aug. 16, 2001 CSRC Guiding Opinion on Establishing Independent Director System in Listed Companies

11 Nov. 8, 2001 MOFTEC & CSRC Some Opinions concerning Listed Companies Involved in Foreign Investment

12 Dec. 10, 2001 CSRC Circular on Issues Relating to the Major Purchases, Sales and Swaps of Assets of Listed

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Companies

13 Jan. 7, 2002 CSRC and SETC Code of Corporate Governance for Listed Companies

14 Apr. 26, 2002 CSRC and SETC Notice on Carrying out Examination on Establishing Modern Enterprise System by Listed Companies

15 June 29, 2002 9th NPC Standing Committee Law of China on Promotion of Small and Medium-sized Enterprises

16 Sep. 28, 2002 CSRC Administrative Measures on the Takeover of Listed Companies

17 Nov. 4, 2002 CSRC, MOF and SETC A circular on Issues Relevant to the Transfer of State-owned Shares and Legal Person Shares of Listed Companies to Foreign Investors

18 Mar. 24, 2003 CSRC Notice on Revising the No. 11 Guideline on Contents and Format for Information Disclosure of Companies That Make Public Offering of Securities - Prospectus of Listed Companies That Issue New Stocks

19 Sep. 21, 2003 CSRC Notice on the Relevant Work of Further Standardizing the Initial Public Offering

20 Jan. 6, 2004 CSRC Notice on Further Improving Quality of Financial Information Disclosure by Listed Companies

21 Dec. 13, 2004 CSRC Notice on Revising the No. 2 Guideline on Contents and Format for Information Disclosure of Companies That Make Public Offering of Securities - Contents and Formats of Annual Reports

22 Feb. 24, 2005 State Council Several Opinions on Encouraging, Supporting and Guiding the Development of Individual and Private Economy and Other Non-Public Sectors of the Economy

23 Apr. 11, 2005 SASACNotice on Printing and Distributing the Interim Provisions on the Transfer of State-owned Property Rights of Enterprises to the Management

24 Mar. 15, 2006 MOF Notice on Issues concerning Enterprise Accounting Treatments after the Implementation of the Company Law

25 Aug. 4, 2006 CSRC No. 17 Guideline on Contents and Format for Information Disclosure of Companies That Make Public Offering of Securities - Report on Takeover by Offer

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26 June 28, 2007 CSRC Procedures of the Stock Issuance Examination and Verification by the CSRC

27 June 29, 2007 CSRC Notice on Printing and Distributing the No. 13 Guideline on Contents and Format for Information Disclosure of Companies That Make Public Offering of Securities - Special Rules on Contents and Formats for Quarterly Reports