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Market Structure, Volatility, and Performance of H Shares

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  • Xiaoqing Eleanor Xu

Abstract

>i>This study concerns the market structure, volatility, and performance of H shares, stocks of mainland Chinaâincorporated companies that are listed in Hong Kong. This paper documents major events and key factors that have driven the performance and volatility of the H-share market since its debut in 1993. In addition, this paper compares the market structure and pricing of A and H shares issued by the same Chinese companies. It is found that H shares are highly liquid, extremely volatile, and traded at a large discount to corresponding A shares. The H-share discount has increased dramatically over the years due to listed firms' lack of financial transparency, poor management, improper usage of funds in non-core businesses, and deteriorating profitability. To foster a healthy Hong Kong-based primary and secondary market for China's shares, listed companies need to recover credibility and regain investor confidence.>/i>

Suggested Citation

  • Xiaoqing Eleanor Xu, 2001. "Market Structure, Volatility, and Performance of H Shares," Chinese Economy, Taylor & Francis Journals, vol. 34(1), pages 49-73, January.
    • Handle: RePEc:mes:chinec:v:34:y:2001:i:1:p:49-73
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