
8
The Efficiency o f China’s Stock Market
overseas stock markets. With respect to ownership, stocks are grouped as state-
owned shares, legal person shares, social public shares, employee’s shares and so
forth. State-owned shares account for the dominant proportion of all shares. Social
public shares are the sole marketable shares on the Shanghai and Shenzhen stock
exchanges. The sectoral structure of listed companies, the provincial distribution of
listed companies, and the institutional framework present distinguishing features of
China’s Stock Market as well.
This chapter provides an overview of China’s Stock Market, ...