capital should not be less than 10 millions RMB. The ratio of net tangible capital to
total tangible capital must be larger than 25 percent. At least 800 shareholders were
involved. The initiator of the new company had no less than 35 percent of total
shares. Since April 1993 the asymmetrical clauses between the two markets have
been united by the CSRC, generally in terms of the standards on the Shanghai
market.12
The different regulations in the two markets were remarkable in microstructure.
In the Shanghai Market, prior to 24th November 1992, investors who bought
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