Appendix

APPENDIX 1: INTERNATIONAL CROSS-LISTING INFORMATION FOR CHINESE FIRMS

Table 1.1. Chinese firms listed on Hong Kong Stock Exchange Mainboard (Sources: Hong Kong Stock Exchange website, by December 31st, 2012)

Company Listing Date Stock Code Industry Advanced Semiconductor April 7, 2006 3355 Semiconductors Manufacturing Corporation Ltd Agricultural Bank of China Ltd July 16, 2010 1288 Banks Air China Ltd December 15, 2004 753 Travel & Leisure Industrial Metals & Aluminum Corporation of China Ltd December 12, 2001 2600 Mining Industrial Metals & Angang Steel Co Ltd July 24, 1997 347 Mining Construction and Anhui Conch Cement Co Ltd October 21, 1997 914 Material Industrial Anhui Expressway Co Ltd November 13, 1996 995 Transportation Anhui Tianda Oil Pipe Co Ltd December 1, 2002 839 Industrial Supplier AviChina Industry & Technology October 30, 2003 2357 Industrial Engineering Co Ltd Bank of China Ltd June 1, 2006 3988 Banks Bank of Communications Co, Ltd June 23, 2005 3328 Banks Baoye Group Co Ltd June 30, 2003 2355 Industrial Construction BBMG Corporation July 29, 2009 2009 Industrial Metals Beijing Capital International Airport February 1, 2000 694 Travel and Leisure Co Ltd Real Estate Investment Beijing Capital Land Ltd June 19, 2003 2868 & Service Beijing Jingkelong Co Ltd February 26, 2008 814 Personal Goods Beijing Jingneng Clean Energy Co December 22, 2011 579 Electricity Ltd Beijing Media Corporation Ltd December 22, 2004 1000 Media Real Estate Investment Beijing North Star Co Ltd May 14, 1997 588 & Service Beiren Printing Machinery Holdings August 6, 1993 187 Industrial Engineering Ltd BYD Co Ltd July 31, 2002 1211 Industrial Products Software and Computer Capinfo Co Ltd December 21, 2001 1075 Services

continued on following page

242 Appendix Table 1.1. Continued

Company Listing Date Stock Code Industry CATIC Shenzhen Holdings Ltd September 29, 1997 161 General Retailer Chengdu PUTIAN Tech. Hardware & December 13, 1994 1202 Telecommunications Cable Co Ltd Equipment China Aluminum International Industrial Metals & July 6, 2012 2068 Engineering Corp Ltd Mining China BlueChemical Ltd September 29, 2006 3983 Chemicals China CITIC Bank Corporation Ltd April 27, 2007 998 Banks China Coal Energy Co Ltd December 19, 2006 1898 Mining China Communications Construction Industrial December 15, 2006 1800 Co Ltd Transportation China Communications Services Telecommunications December 8, 2006 552 Corporation Ltd Equipment China Construction Bank October 27, 2005 939 Banks Corporation Industrial China COSCO Holdings Co Ltd June 30, 2005 1919 Transportation China Datang Corporation December 17, 2010 1798 Electricity Renewable Power Co Ltd China Eastern Airlines Corporation February 5, 1997 670 Travel and Leisure Ltd China International Marine Industrial December 19, 2012 2039 Containers (Group) Co., Ltd. Transportation China Life Insurance Co Ltd December 18, 2003 2628 Life Insurance China Longyuan Power Group December 10, 2009 916 Electricity Corporation Ltd China Merchants Bank Co, Ltd September 22, 2006 3968 Banks China Minsheng Banking Corp Ltd November 26, 2009 1988 Banks China Molybdenum Co, Ltd April 26, 2007 3993 Mining China National Building Material March 23, 2006 3323 Industrial Engineering Co Ltd China National Materials Co Ltd December 20, 2007 1893 Industrial Engineering Oil Equipment & China Oilfield Services Ltd November 20, 2002 2883 Services China Pacific Insurance (Group) December 23, 2009 2601 Insurance Co Ltd China Petroleum & Chemical October 19, 2000 386 Oil & Gas Producers Corporation China Railway Construction Construction & March 13, 2008 1186 Corporation Ltd Materials

continued on following page

243 Appendix

Table 1.1. Continued

Company Listing Date Stock Code Industry Construction & China Railway Group Ltd December 7, 2007 390 Materials China Shenhua Energy Co Ltd June 15, 2005 1088 Electricity China Shipping Container Lines Co Industrial June 16, 2004 2866 Ltd Transportation Industrial China Shipping Development Co Ltd November 11, 1994 1138 Transportation China Southern Airlines Co Ltd July 31, 1997 1055 Travel and Leisure China Suntien Green Energy October 13, 2010 956 Electricity Corporation Ltd Fixed Line China Telecom Corporation Ltd November 15, 2002 728 Telecommunications Industrial Metals & Chongqing Iron & Steel Co Ltd October 17, 1997 1053 Mining Chongqing Machinery & Electric June 13, 2008 2722 Industrial Machinery Co Ltd China Machinery Engineering December 21, 2012 1829 Industrial Machinery Corporation Chongqing Rural Commercial Bank December 16, 2010 3618 Banks Co Ltd CITIC Securities Co Ltd October 6, 2011 6030 Financial Services Industrial CSR Corporation Ltd August 21, 2008 1766 Transportation Dalian Port (PDA) Co Ltd April 28, 2006 2880 Logistics Services Datang International Power March 21, 1997 991 Electricity Generation Co, Ltd Dongfang Electric Corporation Ltd June 6, 1994 1072 Industrial Engineering Dongfeng Motor Group Co Ltd December 7, 2005 489 Automobile and Parts Dongjiang Environmental Co Ltd January 29, 2003 895 Environment Industry EVOC Intelligent Technology Co October 10, 2003 2308 Industrial Supplier Ltd First Tractor Co Ltd June 23, 1997 38 Industrial Machinery Great Wall Motor Co Ltd December 15, 2003 2333 Automobile and Parts Technology Hardware Great Wall Technology Co Ltd August 5, 1999 74 & Equipment Guangdong Nan Yue Logistics Co October 26, 2005 3399 Logistics Services Ltd Industrial Guangshen Railway Co Ltd May 14, 1996 525 Transportation

continued on following page

244 Appendix Table 1.1. Continued

Company Listing Date Stock Code Industry Guangzhou Automobile Group Co August 30, 2010 2238 Automobile and Parts Ltd Pharmaceuticals & Guangzhou Pharmaceutical Co Ltd October 30, 1997 874 Biotechnology Guangzhou R&F Properties Co, Ltd July 14, 2005 2777 Equity Investment Guangzhou Shipyard International Industrial August 6, 1993 317 Co Ltd Transportation Guodian Technology & Environment December 30, 2011 1296 Environment Industry Group Corporation Ltd Hainan Meilan International Airport Industrial November 18, 2002 357 Co Ltd Transportation Haitong Securities Co Ltd April 27, 2012 6837 Financial Services Harbin Electric Co Ltd December 16, 1994 1133 Electricity Hisense Kelon Electrical Holdings Household Goods & July 23, 1996 921 Co Ltd # Home Construction Huadian Fuxin Energy Corporation June 28, 2012 816 Electricity Ltd Huadian Power International June 30, 1999 1071 Electricity Corporation Ltd Huaneng Power International, Inc January 21, 1998 902 Electricity Hunan Nonferrous Metals Industrial Metals & March 31, 2006 2626 Corporation Ltd Mining Industrial and Commercial Bank of October 27, 2006 1398 Banks China Ltd Industrial Metals & Inner Mongolia Yitai Coal Co Ltd July 12, 2012 3948 Mining IRICO Group Electronics Co Ltd December 20, 2004 438 Electronic Equipment Jiangsu Expressway Co Ltd June 27, 1997 177 Travel and Leisure Industrial Metals & Jiangxi Copper Co Ltd June 12, 1997 358 Mining Jilin Qifeng Chemical Fiber Co Ltd June 21, 2006 549 Industrial Supplier Jingwei Textile Machinery Co Ltd February 2, 1996 350 Industrial Engineering Technology Hardware Launch Tech Co Ltd October 7, 2002 2488 & Equipment Lianhua Supermarket Holdings Co June 27, 2003 980 General Retailer Ltd Lingbao Gold Co Ltd January 12, 2006 3330 Mining Luoyang Glass Co Ltd July 8, 1994 1108 General Retailer Industrial Metals & Maanshan Iron & Steel Co Ltd November 3, 1993 323 Mining

continued on following page 245 Appendix

Table 1.1. Continued

Company Listing Date Stock Code Industry Metallurgical Corporation of China Technology Hardware September 24, 2009 1618 Ltd & Equipment Nanjing Panda Electronic Co Ltd May 2, 1996 553 Electronic Equipment Technology Hardware Nanjing Sample Technology Co Ltd June 9, 2004 1708 & Equipment Technology Hardware New China Life Insurance Co Ltd December 15, 2011 1336 & Equipment Northeast Electric Development Co Technology Hardware July 6, 1995 42 Ltd & Equipment PetroChina Co Ltd April 7, 2000 857 Oil & Gas Producers PICC Property and Casualty Co Ltd November 6, 2003 2328 Insurance Ping An Insurance (Group) Co of June 24, 2004 2318 Insurance China Ltd Qingling Motors Co Ltd August 17, 1994 1122 Automobile and Parts Shandong Chenming Paper Holdings June 18, 2008 1812 Forestry & Paper Ltd Shandong Molong Petroleum February 7, 2007 568 Industrial Machinery Machinery Co Ltd Shandong Weigao Group Medical February 27, 2004 1066 Medical Equipment Polymer Co Ltd Shandong Xinhua Pharmaceutical Pharmaceuticals & December 31, 1996 719 Co Ltd Biotechnology Technology Hardware Shanghai Electric Group Co Ltd April 28, 2005 2727 & Equipment Real Estate Investment Shanghai Forte Land Co Ltd February 6, 2004 2337 & Service Shanghai Fosun Pharmaceutical Pharmaceuticals & October 30, 2012 2196 (Group) Co., Ltd. Biotechnology Shanghai Jin Jiang Int’l Hotels December 15, 2006 2006 Travel and Leisure (Group) Co Ltd Shanghai Pharmaceuticals Holding Pharmaceuticals & May 20, 2011 2607 Co Ltd Biotechnology Shanghai Prime Machinery Co Ltd April 27, 2006 2345 Industrial Machinery Shanghai Tonva Petrochemcial Co July 13, 2005 1103 Chemicals Ltd Shenji Group Kunming Machine December 7, 1993 300 Industrial Engineering Tool Co Ltd Shenyang Public Utility Holdings Gas, Water & December 16, 1999 747 Co Ltd # Multiutilities Industrial Shenzhen Expressway Co Ltd March 12, 1997 548 Transportation

continued on following page 246 Appendix Table 1.1. Continued

Company Listing Date Stock Code Industry Industrial Sichuan Expressway Co Ltd October 7, 1997 107 Transportation Sichuan Xinhua Winshare Chainstore May 30, 2007 811 General Retailer Co Ltd Sinopec Shanghai Petrochemical July 26, 1993 338 Chemicals Co Ltd Sinopec Yizheng Chemical Fibre March 29, 1994 1033 Chemicals Co Ltd Pharmaceuticals & Sinopharm Group Co Ltd September 23, 2009 1099 Biotechnology Sinotrans Ltd February 13, 2003 598 Logistics Services The People’s Insurance Co (Group) December 7, 2012 1339 Insurance of China Ltd. Tianjin Capital Environmental Gas, Water & May 17, 1994 1065 Protection Co Ltd Multiutilities Gas, Water & Tianjin Jinran Public Utilities Co Ltd January 9, 2004 1265 Multiutilities Pharmaceuticals & Tong Ren Tang Technologies Co Ltd October 31, 2000 1666 Biotechnology TravelSky Technology Ltd February 7, 2001 696 Travel and Leisure Tsingtao Brewery Co Ltd July 15, 1993 168 Beverages Weichai Power Co Ltd March 11, 2004 2338 Mining Weiqiao Textile Co Ltd September 24, 2003 2698 General Retailer Wumart Stores Inc November 21, 2003 1025 General Retailer Industrial Xiamen International Port Co Ltd December 19, 2005 3378 Transportation Xinhua Winshare Publishing and May 30, 2007 811 Media Media Co Ltd Xinjiang Goldwind Science & Technology Hardware October 8, 2010 2208 Technology Co Ltd & Equipment Xinjiang Tianye Water Saving Gas, Water & January 24, 2008 840 Irrigation System Co Ltd Multiutilities Xinjiang Xinxin Mining Industry October 12, 2007 3833 Mining Co Ltd Yantai North Andre Juice Co Ltd April 22, 2003 2218 Beverages Yanzhou Coal Mining Co Ltd April 1, 1998 1171 Mining Zhaojin Mining Industry Co Ltd December 8, 2006 1818 Mining Industrial Zhejiang Expressway Co Ltd May 15, 1997 576 Transportation Zhejiang Glass Co Ltd December 10, 2001 739 General Retailer

continued on following page 247 Appendix

Table 1.1. Continued

Company Listing Date Stock Code Industry Zhengzhou Gas Co Ltd June 29, 2007 3928 Oil & Gas Producers Zhejiang Shibao Co Ltd May 16, 2006 1057 Industrial Products Zhengzhou Coal Mining Machinery December 5, 2012 564 Mining Group Co. Ltd. Technology Hardware Zhuzhou CSR Times Electric Co Ltd December 20, 2006 3898 & Equipment Zijin Mining Group Co, Ltd December 23, 2003 2899 Mining Zoomlion Heavy Industry Science December 23, 2010 1157 Industrial Engineering and Technology Co Ltd Technology Hardware ZTE Corporation December 9, 2004 763 & Equipment

Table 1.2. Chinese firms listed on Hong Kong GEM (Sources: Hong Kong Stock Exchange Website, by September 30th, 2012)

Company Name Listing Date Stock Code Industry Beijing Beida Jade Bird Universal July 27, 2000 8095 Industrial Engineering Sci-Tech Co Ltd Biosino Bio-Technology and Science Technology Hardware February 27, 2006 8247 Incorporation and Equipment CCID Consulting Co Ltd December 12, 2002 8235 Consulting Changan Minsheng APLL Logistics February 23, 2006 8217 Logistics Services Co Ltd Changmao Biochemical Engineering June 28, 2002 8208 Pharmaceutical Co Ltd Dahe Media Co Ltd November 13, 2003 8243 Media Jiangsu Nandasoft Technology Co Technology Hardware April 24, 2001 8045 Ltd and Equipment Jilin Province Huinan Changlong May 24, 2001 8049 Pharmaceutical Bio-pharmacy Co Ltd Mudan Automobile Shares Co Ltd * December 18, 2001 8188 Automobile and Parts Ningbo Yidong Electronic Co Ltd November 14, 2003 8249 Electronic Equipment Northeast Tiger Pharmaceutical Co February 28, 2002 8197 Pharmaceutical Ltd Powerleader Science & Technology Technology Hardware December 12, 2002 8236 Group Ltd and Equipment Sanmenxia Tianyuan Aluminum Industrial Metal and July 13, 2004 8253 Co Ltd Mining

continued on following page

248 Appendix Table 1.2. Continued

Company Name Listing Date Stock Code Industry Shaanxi Northwest New Technology Technology Hardware July 3, 2003 8258 Industry Co Ltd and Equipment Shandong Luoxin Pharmacy Stock December 9, 2005 8058 Pharmaceutical Co Ltd Shanghai Fudan Microelectronics August 4, 2000 8102 Electronic Equipment Co Ltd Shanghai Fudan-Zhangjiang Bio- August 13, 2002 8231 Pharmaceutical Pharmaceutical Co Ltd Shanghai Jiaoda Withub Information Software and Computer July 31, 2002 8205 Industrial Co Ltd Services Shanghai Qingpu Fire-Fighting June 30, 2004 8115 Industrial Machinery Equipment Co Ltd # Shanxi Changcheng Microlight May 18, 2004 8286 Industrial Machinery Equipment Co Ltd Shenzhen Mingwah Aohan High Technology Hardware July 7, 2004 8301 Technology Corp Ltd and Equipment Shenzhen Neptunus Interlong Bio- September 12, 2005 8329 Pharmaceutical Technique Co Ltd Tianjin Binhai Teda Logistics April 30, 2008 8348 Logistics Services (Group) Corporation Ltd Tianjin TEDA Biomedical June 18, 2002 8189 Medical Equipment Engineering Co Ltd Xi’an Haitian Antenna Technologies Technology Hardware July 27, 2000 8227 Co Ltd and Equipment Technology Hardware Zheda Lande Scitech Ltd May 3, 2002 8106 and Equipment Zhejiang Prospect Co Ltd December 12, 2002 8273 Automobile and Parts Zhejiang Yonglong Enterprises Co November 8, 2002 8211 Chemicals Ltd

249 Appendix

Table 1.3. Chinese firms list on Stock Exchange of Singapore

Stock Exchange of Singapore Name Listing Date Industry 8Telecom International Holdings Co Ltd July 23, 2004 Telecommunications Equipment Ace Achieve Infocom Limited November 18, 2004 Telecommunications Equipment Anchun International Holdings Ltd. October 25, 2010 Commodity Chemicals Asia Dekor Holdings Ltd November 15, 1999 General Retailers Asia Environment Holdings Ltd December 11, 2003 Environmental Products & Service Asia Fashion holdings Limited August 27, 2008 Personal Goods Asia Power Corporation Limited November 9, 1999 Electricity Asia Silk Holdings Ltd May 26, 2005 Personal Goods Asia Tiger Group Ltd January 27, 2005 Industrial Machinery Asia Water Technology March 4, 2005 Environmental Products & Service Asiapharm Group Ltd May 5, 2004 Pharmaceuticals Automated Touchstone Machines November 17, 2003 Industrial Machinery Beauty China Holdings Ltd November 17, 2003 General Retailers Bio-Treat Technology Ltd February 16, 2004 Environmental Products & Service Bright Orient (Holding) Ltd November 18, 2003 Personal Goods Bright World Precision Mac Ltd April 27, 2006 Industrial Supplier C & O Pharm Tech (hldgs) Ltd October 17, 2005 Pharmaceuticals Cacola Furniture Intl Limited November 7, 2007 Personal Goods Celestial Nutrifoods Ltd January 9, 2004 Food Products CG Technologies Holdings Ltd April 22, 2005 Personal Goods Changjiang Fertilizer Holdings Ltd October 22, 2009 Specialty Chemicals Changtian Plastic & Chemical Limited November 9, 2007 Industrial Supplier China Angel Food Limited July 13, 2007 Food Products China Animal Healthcare Ltd December 16, 2001 Healthcare Product and Service China Auto Electronics Group Limited October 20, 2006 Electronic Equipment China Aviation Oil Corp Ltd January 8, 1998 Oil and Gas Producer China Bearing (Singapore) Ltd October 20, 2006 Industrial Engineering China Dairy Group Ltd January 8, 1998 Food Products China Energy Limited December 21, 2006 Electricity China Eratat Sports Fashion Limited April 17, 2008 General Retailers Note: most of the Chinese listed companies information were obtained from http://www.sgx.com/chinese/ listed_companies/Listed_Market_Summary.shtml, which was accessed in April 2009. However, the webpage no longer exists. The newly updated Chinese listed companies information from 2009 to 2012 are obtained from the Stock Exchange of Singapore website, indirectly based on the authors’s own observation in April 2013.

continued on following page 250 Appendix Table 1.3. Continued

Stock Exchange of Singapore Name Listing Date Industry China Essence Group Ltd August 8, 2000 Food Products China Farm Equipment Limited February 9, 2006 Industrial Machinery China Fashion Holdings Ltd December 1, 2004 Personal Goods China Flexible Packaging Holdings Ltd November 11, 2004 Industrial Supplier China Food Industries Ltd September 25, 2003 Food Products China Gaoxian Fibre Fabric Holdings Ltd September 18, 2009 Clothing & Accessory China Great Land Holdings Ltd February 16, 2005 Real Estate China Haida Ltd November 24, 2004 Industrial Supplier China Healthcare December 11, 2002 Healthcare Product and Service China Hongcheng Holdings Ltd August 8, 2007 Personal Goods China Hongxing Sports Limited November 14, 2005 General Retailers China International Holdings Ltd November 26, 1999 Service China Kangda Food Company Limited October 9, 2006 Food Products China Lifestyle F&B Group Ltd August 26, 2005 Food Products China Merchants Property Development July 24, 1995 Real Estate China Milk Products Group Limited March 13, 2006 General Retailers China Minzhong Food Corporation Limited April 15, 2010 Food Products China New Town Development Company November 14, 2007 Real Estate China Oilfield Technology October 17, 2006 Environmental Products & Service China Paper Holdings Ltd July 14, 2004 General Retailers China Petrotech Ltd May 8, 2006 Software and Computer Service China Powerplus Limited September 3, 2004 Industrial Machinery China Precision Technology Limited May 8, 2006 Electronic Equipment China Printing & Dyeing Holding Limited September 7, 2006 General Retailers China Sky Chem Fibre Co. October 3, 2005 General Retailers China Sports International Limited July 18, 2007 General Retailers China Sun Bio-Chem Technology Group November 8, 2004 Food Products China Sunshine Chem Hldgs Ltd July 5, 2007 Industrial Supplier China Wheel Holdings Ltd October 10, 2004 Industrial Supplier China XLX Fertiliser Ltd June 21, 2007 Chemicals Note: most of the Chinese listed companies information were obtained from http://www.sgx.com/chinese/ listed_companies/Listed_Market_Summary.shtml, which was accessed in April 2009. However, the webpage no longer exists. The newly updated Chinese listed companies information from 2009 to 2012 are obtained from the Stock Exchange of Singapore website, indirectly based on the authors’s own observation in April 2013.

continued on following page 251 Appendix

Table 1.3. Continued

Stock Exchange of Singapore Name Listing Date Industry China Yuanbang Prop Hldgs Ltd May 9, 2007 Real Estate China Zaino International Limited April 18, 2008 Manufacturing Chinacast Communications Holdings May 14, 2004 Telecommunications Equipment CHT Holdings Ltd September 24, 2003 Industrial Supplier CMZ Holdings Ltd July 16, 2007 General Retailers Contel Corporation December 27, 2005 Telecommunications Equipment Debao Property Development Ltd. April 12, 2010 Real Estate Hold, Dev Delong Holdings Ltd April 8, 1999 Industrial Metal Devotion Energy Group Ltd August 1, 2003 Environmental Products & Service Dutech Holdings Ltd August 2, 2007 General Retailers Eagle Brand Holdings Ltd February 8, 1999 General Retailers Epure International Ltd October 6, 2006 Environmental Products & Service Fabchem China Limited April 17, 2006 Chemicals Falmac Ltd February 21, 1994 Industrial Engineering Ferrochina Limited May 19, 2005 Industrial Supplier Fibrechem Technologies Ltd April 21, 2004 Chemicals FM Holdings Limited May 24, 2005 General Retailers Foreland Fabrictech Holdings Limited April 26, 2007 General Retailers Fujian Zhenyun Plas Ind Co Ltd August 3, 2007 General Retailers Full Apex Holdings Ltd June 20, 2003 General Retailers Fung Choi Media Group Ltd October 20, 2004 General Retailers Fuxing China Group Limited September 24, 2007 General Retailers Great Group Holdings Limited September 25, 2009 Clothing & Accessory Guangzhao Ind Forest Biogrp Ltd July 5, 2004 General Retailers Hengxin Technology Ltd May 11, 2006 Telecommunications Equipment Hengyang Petrochemical Logistics Limited October 9, 2009 Transport Services Hongguo International Holdings Ltd June 5, 2003 Personal Goods Hongwei Technologies Limited October 24, 2005 Chemicals Hu An Cable Holdings Ltd February 8, 2010 Electrical Equipment Jishan Holdings Ltd May 10, 2004 General Retailers Note: most of the Chinese listed companies information were obtained from http://www.sgx.com/chinese/ listed_companies/Listed_Market_Summary.shtml, which was accessed in April 2009. However, the webpage no longer exists. The newly updated Chinese listed companies information from 2009 to 2012 are obtained from the Stock Exchange of Singapore website, indirectly based on the authors’s own observation in April 2013.

continued on following page 252 Appendix Table 1.3. Continued

Stock Exchange of Singapore Name Listing Date Industry Jiutian Chemical Group Limited May 4, 2006 Chemicals Joinn Holdings Limited April 21, 2008 Software and Computer Service Junma Tyre Cord Company Ltd November 25, 2004 Chemicals Keda Communications Ltd July 25, 2005 Telecommunications Equipment KXD Digital Entertainment Ltd October 27, 2003 Telecommunications Equipment Leader Environmental Technologies July 16, 2010 Waste, Disposal Svs. Limited Li Heng Chem Fibre Tech Ltd March 12, 2008 Chemicals Link Hi Holdings Limited May 22, 2006 Industrial Engineering Longcheer Holdings Limited May 13, 2005 Software and Computer Service Luxking Group Holdings Ltd August 22, 2005 Industrial Supplier Luzhou Bio-Chem Technology Ltd February 24, 2006 Food Products Memstar Technology Ltd September 3, 2007 Industrial Supplier Memtech International Ltd July 22, 2004 Industrial Supplier Midas Holdings Ltd February 23, 2004 Industrial Supplier Midsouth Holdings Ltd May 5, 2006 Industrial Supplier New Lakeside Holdings Ltd March 24, 2004 Food Products Ocean International Holdings Ltd January 28, 2005 Food Products Oriental Century Limited June 1, 2006 General Retailers Oriental Food Holdings Ltd November 19, 2004 Food Products Ouhua Energy Holdings Limited November 3, 2006 Oil and Gas Producer People’s Food Holdings Ltd March 14, 2001 Food Products Pharmesis International Ltd October 6, 2004 Pharmaceuticals Pine Agritech Limited May 12, 2005 Food Products Qingmei Group Holdings Ltd March 17, 2010 Footwear R H Energy Ltd July 11, 2007 Industrial Engineering Reyoung Pharm Ltd September 8, 2005 Pharmaceuticals Reyphon Agriceutical Limited August 1, 2007 Chemicals Shanghai Asia Holdings Ltd October 1, 2004 General Retailers Shanghai Turbo Enterprises Ltd January 16, 2006 Industrial Engineering Note: most of the Chinese listed companies information were obtained from http://www.sgx.com/chinese/ listed_companies/Listed_Market_Summary.shtml, which was accessed in April 2009. However, the webpage no longer exists. The newly updated Chinese listed companies information from 2009 to 2012 are obtained from the Stock Exchange of Singapore website, indirectly based on the authors’s own observation in April 2013.

continued on following page

253 Appendix

Table 1.3. Continued

Stock Exchange of Singapore Name Listing Date Industry Sihuan Pharma Hldgs Group Ltd March 23, 2007 Pharmaceuticals Sino Grandness Food Industry Group November 23, 2009 Food Products Limited Sino Techfibre Limited October 20, 2006 Chemicals Sinobest Technology Holdings Ltd November 18, 2004 Media Sino-Environment Tech Grp Ltd April 28, 2006 Environmental Products & Service Sinomem Technology Ltd June 18, 2003 Industrial Supplier Sinopipe Holdings Ltd December 16, 2005 Industrial Supplier Sinostar Pec Holdings Ltd September 26, 2007 Industrial Supplier Sinotel Technologies Ltd November 12, 2007 Software and Computer Service Sky China Petroleum SVCS Ltd November 10, 2005 Industrial Supplier Southern Packaging Group Ltd November 12, 2004 Industrial Engineering SP Chemicals Ltd August 6, 2003 Chemicals Star Pharmaceutical Ltd February 15, 2005 Pharmaceuticals Starland Holdings Limited April 27, 2012 Real Estate Hold, Dev Straco Corporation Ltd February 20, 2004 Travel and Leisure Sunmart Holdings Limited August 15, 2007 Industrial Supplier Sunpower Group Ltd March 16, 2005 Environmental Products & Service Sunray Holdings Ltd November 5, 2003 Pharmaceuticals Sunshine Holdings Limited March 31, 2006 Real Estate Sunvic Chemical Holdings Ltd February 5, 2007 Chemicals Synear Food Holdings Limited August 18, 2006 Food Products Tianjin Zhong Xin Pharmaceutical June 27, 1997 Pharmaceuticals Unionmet Singapore Limited January 31, 2007 Chemicals United Envirotech Ltd April 22, 2004 Environmental Products & Service United Food Holdings Ltd March 26, 2001 Food Products Wanxiang International Limited July 19, 2007 Food Products XinRen Aluminum Holdings Limited October 27, 2010 Aluminum Yaan Security Technology Ltd March 26, 2001 Electronic Equipment Yamada Green Resources Limited October 8, 2010 Food Products Note: most of the Chinese listed companies information were obtained from http://www.sgx.com/chinese/ listed_companies/Listed_Market_Summary.shtml, which was accessed in April 2009. However, the webpage no longer exists. The newly updated Chinese listed companies information from 2009 to 2012 are obtained from the Stock Exchange of Singapore website, indirectly based on the authors’s own observation in April 2013.

continued on following page

254 Appendix Table 1.3. Continued

Stock Exchange of Singapore Name Listing Date Industry Yangzijiang Shipbldg Hldgs Ltd April 18, 2007 Industrial Transportation Yanlord Land Group Limited June 22, 2006 Real Estate Yongmao Holdings Limited February 21, 2008 Industrial Machinery Yongxin Intl Holdings Ltd July 31, 2007 Industrial Supplier Youcan Foods International Ltd November 22, 2004 Food Products Zhongguo Jilong Ltd September 30, 2004 Food Products Zhonghui Holdings Ltd October 29, 2004 Environmental Products & Service Zhongmin Baihui Retail Group Ltd January 20, 2011 Broadline Retailers Ziwo Holdings Ltd October 8, 2009 Specialty Chemicals Z-Obee Holdings Limited November 21, 2007 Telecommunications Equipment Note: most of the Chinese listed companies information were obtained from http://www.sgx.com/chinese/ listed_companies/Listed_Market_Summary.shtml, which was accessed in April 2009. However, the webpage no longer exists. The newly updated Chinese listed companies information from 2009 to 2012 are obtained from the Stock Exchange of Singapore website, indirectly based on the authors’s own observation in April 2013.

Table 1.4. Chinese firms list on the New York Stock exchange (Sources: New York Stock Exchange Website, and New York Bank ADR Website, by November 21, 2012)

ADR Company Name Symbol Listing Date Ratio Industry November 20, 7 Days Group SVN 1:3 Travel & Leisure 2009 Acorn ATV May 8, 2007 1:3 General Retailers Acquity Group AQ April 27, 2012 1:2 Financial Services November 13, Agria GRO 1:2 Food Producers 2007 December 5, Aluminum Corporation of China ACH 1:25 Industrial Metals & Mining 2001 Ambow AMBO August 10, 2010 1:2 Support Services November 17, Bitauto BITA 1:1 Media 2010 Software & Computer Camelot Information Systems CIS July 21, 2010 1:4 Service China Digital TV Holding STV October 5, 2007 1:1 Electronic Equipment Note: * No capital raised. Companies have been listed in Hong Kong market; ** lists on American Stock Exchange

continued on following page

255 Appendix

Table 1.4. Continued

ADR Company Name Symbol Listing Date Ratio Industry China Distance Education DL August 4, 2008 1:4 General Retailers China Eastern Airlines* CEA January 30, 1997 1:50 Travel & Leisure China Hydroelectric CHC January 28, 2010 1:3 Electricity CHC China Hydroelectric - Warrants* January 28, 2010 1:3 Electricity WS Health Care Equipment & China Kanghui KH August 16, 2010 1:6 Service China Life Insurance LFC January 4, 2010 1:15 Life Insurance China Ming Yang Wind Power MY US October 6, 2010 1:1 Alternative Energy China Mobile CHL October 16, 1997 1:5 Mobile Telecom. China National Offshore Oil- February 20, CEO 1:100 Oil & Gas Producers CNOOC 2001 November 9, China Nepstar Chain Drugstore NPD 1:2 Food &Drug Retailers 2007 China New Borun BORN June 16, 2010 1:1 Beverages China Petroleum & Chemical SNP October 18, 2000 1:100 Oil & Gas Producers China Shen Zhou Mining & SHZ April 11, 1997 Metals Mining Resources, Inc** China Southern Airlines* ZNH July 24, 1997 1:50 Travel & Leisure November 6, China Telecom CHA 1:100 Fixed Line Telecom. 2002 November 20, China Unicom CHU 1:10 Mobile Telecom. 2009 China Xiniya Fashion* XNY May 8, 2007 1:4 Personal Goods China Zenix Auto International ZX April 27, 2012 1:4 Automobiles & Parts November 13, Health Care Equipment & Concord Medical Services CCM 1:3 2007 Service Country Style Cooking December 5, CCSC 1:4 Travel & Leisure Restaurant 2001 Daqo New Energy DQ August 10, 2010 1:5 Chemicals December 13, E-Commerce China Dangdang DANG 1:5 General Retailers 2010 Real Estate Investment & E-House (China) EJ August 13, 2007 1:1 Service November 1, Giant Interactive GA 1:1 Leisure Goods 2007 Note: * No capital raised. Companies have been listed in Hong Kong market; ** lists on American Stock Exchange

continued on following page

256 Appendix Table 1.4. Continued

ADR Company Name Symbol Listing Date Ratio Industry Guangshen Railway* GSH May 16, 1996 1:50 Travel & Leisure December 24, Gushan Environmental Energy GU 1:10 Alternative Energy 2007 Huaneng Power International* HNP August 19, 2003 1:40 Electricity IFM Investments CTC January 28, 2010 1:45 Financial Services December 13, Software & Computer iSoftStone ISS 1:10 2010 Service JinkoSolar JKS May 19, 2010 1:4 Alternative Energy LDK Solar LDK June 6, 2007 1:1 Alternative Energy December 10, Lentuo International LAS 1:2 General Retailers 2010 September 29, Health Care Equipment & Mindray Medical International MR 1:1 2006 Service Software & Computer NetQin Mobile NQ May 4, 2011 1:5 Service New Oriental Education & September 7, EDU 1:1 General Retailers Technology 2006 Noah Education NED October 24, 2007 1:1 Leisure Goods November 9, Noah Holdings NOAH 2:1 Financial Services 2010 PetroChina PTR March 30, 2000 1:100 Oil & Gas Producers Phoenix New Media FENG May 11, 2011 1:8 Media Software & Computer Qihoo 360 Technology QIHU April 4, 2011 2:3 Service ReneSola SOL February 1, 2008 1:2 Alternative Energy Renren RENN May 9, 2011 1:3 General Retailers Pharmaceuticals & ShangPharma SHP October 18, 2010 1:18 Biotechnology Pharmaceuticals & Simcere Pharmaceutical SCR April 25, 2007 1:2 Biotechnology Sinopec Shanghai SHI July 23, 1993 1:100 Chemicals Petrochemical* September 22, SouFun SFUN 1:1 Media 2010 December 13, Suntech Power STP 1:1 Alternative Energy 2005 Note: * No capital raised. Companies have been listed in Hong Kong market; ** lists on American Stock Exchange

continued on following page

257 Appendix

Table 1.4. Continued

ADR Company Name Symbol Listing Date Ratio Industry November 23, Real Estate Investment & Syswin SYSW 1:4 2010 Service TAL Education XRS October 25, 2010 1:2 General Retailers Taomee Holdings TAOM June 8, 2011 1:20 Leisure Goods December 21, Trina Solar TSL 1:50 Alternative Energy 2006 December 17, Software & Computer VanceInfo Technologies VIT 1:1 2007 Service Vipshop VIPS March 29, 2012 1:2 General Retailers December 11, WSP Holdings WH 1:10 Oil & Gas Producers 2007 Pharmaceuticals & WuXi Pharmatech WX August 14, 2007 1:8 Biotechnology December 17, Real Estate Investment Xinyuan Real Estate XIN 1:2 2007 &Service November 5, Xueda Education XUE 1:2 General Retailers 2010 Yanzhou Coal Mining* YZC March 27, 1998 1:10 Mining Yingli Green Energy YGE June 13, 2007 1:1 Alternative Energy December 13, Youku.com YOKU 1:18 Media 2010 February 18, Zuoan Fashion ZA 1:4 Personal Goods 2011 Note: * No capital raised. Companies have been listed in Hong Kong market; ** lists on American Stock Exchange

Table 1.5. Chinese firms list on NASDAQ (Sources: New York Bank ADR Website, by December 31, 2012.)

ADR Company Name Symbol Listing Date Ratio Industry Software & Computer 21Vianet VNET April 27, 2011 1:6 Service Pharmaceuticals & 3SBIO SSRX February 7, 2007 1:7 Biotechnology 51job JOBS October 4, 2004 1:2 Support Services December 5, Actions Semiconductor ACTS 1:6 Tech. Hardware & Equipment 2005 Note: * No capital raised.

continued on following page 258 Appendix Table 1.5. Continued

ADR Company Name Symbol Listing Date Ratio Industry November 13, Airmedia AMCN 1:2 Media 2007 ATA ATAI January 28, 2008 1:2 General Retailers AutoNavi AMAP June 30, 2010 1:4 Tech. Hardware & Equipment Software & Computer Baidu BIDU August 4, 2005 10:1 Service BCD Semiconductor BCDS February 2, 2011 1:6 Tech. Hardware & Equipment Manufacturing December 8, Bona Film BONA 2:1 Media 2010 Changyou.com CYOU April 7, 2009 1:2 Leisure Goods Charm Communications CHRM May 5, 2010 1:2 Media Software & Computer China Finance Online JRJC October 20, 2004 1:5 Service China Lodging HTHT March 31, 2010 1:4 Travel & Leisure China Nuokang Bio- December 9, Pharmaceuticals & NKBP 1:8 Pharmaceutical 2009 Biotechnology China Sunergy CSUN May 22, 2007 1:6 Alternative Energy China Techfaith Wireless CNTF May 5, 2005 1:15 Tech. Hardware & Equipment Communication Software & Computer ChinaCache CCIH October 6, 2010 1:16 Service December 14, ChinaEdu CEDU 1:3 General Retailers 2007 CNInsure CISG October 30, 2007 1:20 Nonlife Insurance December 12, CTrip.com International CTRP 4:1 Travel & Leisure 2003 November 2, eLong LONG 1:2 Travel & Leisure 2004 Focus Media FMCN July 18, 2005 1:5 Media December 26, Hanwha SolarOne HSOL 1:5 Alternative Energy 2006 Software & Computer HiSoft Technology International HSFT June 29, 2010 1:19 Service Home Inns & Hotels HMIN October 31, 2006 1:2 Travel & Leisure Management February 12, JA Solar JASO 1:1 Alternative Energy 2007 Note: * No capital raised.

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259 Appendix

Table 1.5. Continued

ADR Company Name Symbol Listing Date Ratio Industry Jiayuan.com DATE May 16, 2011 2:3 General Retailers Software & Computer Kingtone Wirelessinfo Solution KONE May 19, 2010 1:1 Service KongZhong KONG July 14, 2004 1:40 Mobile Telecom. Ku6 Media KUTV February 4, 2005 1:100 Mobile Telecom. November 3, Le Gaga Holdings GAGA 1:50 Food Producers 2010 Linktone LTON April 26, 2007 1:10 Mobile Telecom. Mecox Lane MCOX October 25, 2010 1:7 General Retailers Software & Computer NetEase NTES June 29, 2000 1:25 Service December 8, Software & Computer Ninetowns Internet Technology NINE 1:1 2004 Service December 21, Ossen Innovation* OSN 1:1 Industrial Metals & Mining 2010 Perfect World PWRD July 30, 2007 1:5 Leisure Goods November 9, Rda Microelectronics RDA 1:6 Tech. Hardware & Equipment 2010 September 25, Shanda Games GAME 1:2 Leisure Goods 2009 Shanda Interactive Enertainment Ltd December 15, Software & Computer Sky mobi MOBI 1:8 2010 Service Sina Corporation Spreadtrum Communications SPRD July 2, 2007 1:3 Tech. Hardware & Equipment December 14, The9 NCTY 1:1 Leisure Goods 2004 November 18, Vimicro International VIMC 1:4 Tech. Hardware & Equipment 2005 December 11, VisionChina Media VISN 1:1 Media 2007 November 28, YY Inc. YY 1:20 2012 Note: * No capital raised.

260 Appendix Table 1.6. Chinese firms list London Stock Exchange Mainboard and AIM (Sources: London Stock Exchange website, by December 31st, 2012)

Country of Country of Company Name Listing Date Industry Incorporation Operation December Air China** Travel & Leisure China China 15, 2004 June 26, Equity Investment Arc Capital hldgs Ltd Cayman Islands China 2006 Instruments September 6, Home Improvement Asia Ceramics hldgs plc Jersey China 2010 Retailers August 3, Asian Citrus hldgs Farming & Fishing Bermuda China 2005 October 5, Real Estate Holding & British Virgin Asian Growth Properties China 2006 Development Islands October 16, Athol Gold & Value Ltd Specialty Finance Cayman Islands Hong Kong 2006 Renewable Energy Auhua Clean Energy plc April 2, 2012 Jersey China Equipment June 18, British Virgin Bluestar Secutech Inc Electronic Equipment China 2007 Islands February 6, Bodisen Biotech Inc Specialty Chemicals USA China 2006 December Camkids Group plc Clothing & Accessories Jersey China 24, 2012 China Chaintek United August 20, Transportation Services Cayman Islands China co ltd 2012 December China Food Company plc Farming & Fishing United Kingdom China 10, 2007 China Growth March 15, Equity Investment United Kingdom China Opportunities Ltd 2006 Instruments May 23, China New Energy Ltd Alternative Fuels Jersey China 2011 China Petroleum & October 18, Oil & Gas Producers China China Chemical Corp *** 2000 China Private Equity October 19, British Virgin Specialty Finance Hong Kong Invest hldgs 2009 Islands November 1, CIC Mining Resources General Mining Canada China 2010 Datang Intl Power March 20, Electricity China China Generation** 1997 Notes: *** Company quadruple list on Hong Kong Stock Exchange, Shanghai Stock Exchange, New York Stock Exchange, and London Stock Exchange Main Market; ** Company triple lists on Hong Kong Stock Exchange, Shanghai Stock Exchange, and London Stock Exchange Main Market; * Company lists on London Stock Exchange Main Market

continued on following page

261 Appendix

Table 1.6. Continued

Country of Country of Company Name Listing Date Industry Incorporation Operation August 18, Dongfang Shipbuilding Industrial Engineering China China 2011 June 23, Geong International Software United Kingdom China 2006 Global Lock Safety(intl) October 12, Business Support British Virgin China Group Co Ltd 2010 Services Islands June 22, Global Market Group Ltd Media Agencies Cayman Islands China 2012 December Green China hldgs Specialty Retailers Cayman Islands China 19, 2012 August 17, Green Dragon Gas Ltd Integrated Oil & Gas Cayman Islands China 2006 March 8, Oil Equipment & Greka Drilling Ltd Cayman Islands China 2011 Services June 30, Griffin Mining General Mining Bermuda China 1997 Haike Chemical Group February 14, Exploration & Production Cayman Islands China Ltd 2007 May 19, Hutchison China Meditech Pharmaceuticals Cayman Islands China 2006 Kada Technology hldgs Electrical Components & July 5, 2012 Bermuda China Ltd Equipment October 23, Led Intl hldgs Ltd Electronic Equipment Hong Kong China 2006 December Leyshon Resources Gold Mining Australia China 31, 2010 August 17, Specialized Consumer Lzye Group plc United Kingdom Hong Kong 2012 Services August 31, Moneyswap plc Consumer Finance Gibraltar Hong Kong 2011 Naibu Global Intl Co Ltd April 5, 2012 Footwear Jersey China Netdimensions(hldgs)ltd May 2, 2007 Software Cayman Islands China Northwest Investment British Virgin June 9, 2010 Specialty Finance China Group Ltd Islands December Origo Partners plc Specialty Finance Isle of Man China 14, 2009 Notes: *** Company quadruple list on Hong Kong Stock Exchange, Shanghai Stock Exchange, New York Stock Exchange, and London Stock Exchange Main Market; ** Company triple lists on Hong Kong Stock Exchange, Shanghai Stock Exchange, and London Stock Exchange Main Market; * Company lists on London Stock Exchange Main Market

continued on following page

262 Appendix Table 1.6. Continued

Country of Country of Company Name Listing Date Industry Incorporation Operation Pacific Alliance Asia September Equity Investment Cayman Islands China Opportunity FD 21, 2006 Instruments Pacific Alliance China November Real Estate Holding & Cayman Islands China Land Ltd 22, 2007 Development May 24, Building Materials & Prosperity Minerals hldgs Jersey China 2006 Fixtures Qihang Equipment Co Ltd April 1, 2011 Industrial Machinery United Kingdom China March 30, Rare Earths Global ltd General Mining Cayman Islands China 2012 RCG hldgs ltd July 2, 2004 Electronic Equipment Bermuda China September Sorbic Intl plc Food Products United Kingdom China 30, 2008 December Yaihua plc Biotechnology United Kingdom China 14, 2006 November Real Estate Holding & Yerra Capital plc Isle of Man China 17, 2006 Development Tinci Holdings July 31, 2006 Industrial Machinery Hong Kong China December Univision Engineering Electronic Equipment Hong Kong China 16, 2005 December British Virgin Walcom Group Ltd Food Products China 21, 2006 Islands June 16, Westhouse hldgs plc Specialty Finance Jersey China 2009 Zhejiang Expressway May 5, 2000 Industrial Transportation China China Co** Zhejiang Southeast September Electricity China China Electric Power * 23, 1997 Notes: *** Company quadruple list on Hong Kong Stock Exchange, Shanghai Stock Exchange, New York Stock Exchange, and London Stock Exchange Main Market; ** Company triple lists on Hong Kong Stock Exchange, Shanghai Stock Exchange, and London Stock Exchange Main Market; * Company lists on London Stock Exchange Main Market

263 Appendix

Table 1.7. Chinese firms list on the Frankfurt Stock Exchange

Company Listing Date Transparency Level Industry Basic Resources / Forest Asian Bamboo AG November 16, 2007 PS & Paper Products Business Media China October 15, 2008 PS Media AG CBF China Bio- 2005 OM Agricultural Chemicals Fertilizer AG China Bio-Fertilizer AG December 10, 2010 ES Chemicals China BPIC Surveying November 20, 2011 ES Industrial Instruments AG China Specialty Glass July 1, 2011 PS Industrial AG Classic Dream October 15, 2008 ES Real Estate Properties Ltd. EcoInvest Holding N.V. January 9, 2008 OM Renewable Energy Enerxy AG December 22, 2010 GS Media Euro Asia Premier Real May 26, 2010 ES Real Estate Estate Company Limited FAST Casualwear July 9, 2012 PS Consumer Firstextile AG November 12, 2012 PS Consumer Goldrooster AG May 18, 2012 ES Consumer Gongyou Machines Ltd. March 30, 2007 OM Machinery Greater China Precision November 20, 2007 ES Industrial Components Ltd. Haikui Seafood AG May 15, 2012 PS Consumer IBMC China AG February 20, 2008 OM Franchising Innosis Ecological AG October 21, 2008 OM Industrial Joyou AG March 30, 2010 PS Consumer / Household KINGHERO AG August 6, 2010 ES Consumer Mingle Sports AG July 6, 2012 PS Consumer Nitestar Holding N. V. March 26, 2008 OM Traffic Safety Products Powerland AG April 11, 2011 PS Consumer Shigo Asia AG May 6, 2008 ES Consumer/Household Sino International May 31, 2007 OM Financial Services Logistic Co. N.V. UFC Holding N.V. April 27, 2007 OM Financial Services Ultrasonic AG December 9, 2011 PS Consumer Note: ES: Entry Standard; GS: General Standard; PS: Prime Standard; OM: Open Market.

continued on following page

264 Appendix Table 1.7. Continued

Company Listing Date Transparency Level Industry United Power June 10, 2011 PS Industrial Technology AG Vange Software Group June 21, 2012 ES Software AG Technology / Vtion Wireless October 1, 2009 PS Communication Technology AG Technology Youbisheng Green Paper Basic Resources/Forest July 13, 2011 PS AG & Paper Products ZhongDe Waste Industrial / Industrial July 6, 2007 PS Technology AG Products & Services Note: ES: Entry Standard; GS: General Standard; PS: Prime Standard; OM: Open Market.

Table 1.8. Chinese firms list on the Toronto Stock Exchange (Sources: Toronto Stock Exchange website, by December 31st, 2012)

Company Name Listing Date Stock Code Industry Asia Bio-Chem Group September 20, 2010 ABC Diversified Industries Corp. Boyuan Construction June 14, 2010 BOY Diversified Industries Group Inc China Gold International October 6, 2006 CGG Mining Resources Corp Ltd GLG Life Tech Corporation December 11, 2007 GLG Life Sciences Hanfeng Evergreen Inc. September 22, 2004 HF Diversified Industries Hanwei Energy Services September 17, 2007 HE Diversified Industries Corp. Harmony Asset Limited June 29, 2007 HAR Financial Services Migao Corporation May 10, 2007 MGO Diversified Industries Minco Gold Corporation December 29, 1997 MMM Mining Minco Silver Corporation December 1, 2005 MSV Mining Pacrim International February 28, 1996 PCN Financial Services Capital Inc. Silvercorp Metals Inc. October 24, 2005 SVM Mining Sino-Forest Corporation October 12, 1995 TRE Forest Products Spur Ventures Inc. August 22, 2006 SVU Diversified Industries Sunwah International October 17, 2002 SWH Financial Services Limited Zongshen PEM Power September 2, 2008 ZPP Clean Technology Systems Inc.

265 Appendix

APPENDIX 2: CHINESE DUAL AND TRIPLE CROSS-LISTING INFORMATION

Table 2.1. Chinese firms dual-listed in China A- and B-Share market (Source: Shanghai Stock Exchange Website, by September, 2012)

Listing Date Company Name China A China B Industry Anhui Gujing Distillery September 27, June 12, 1996 Beverages 1996 Bengang Steel Plates January 15, 1998 July 8, 1997 Industrial Metals & Mining Boe Technology Group January 12, 2001 January 10, Technology Hardware & 1997 Equipment Changchai Company July 1, 1994 September 13, Industrial Engineering 1996 China Fangda Group April 15, 1996 March 4, 1996 Construction & Materials China First Pencil August 14, 1992 July 28, 1992 Personal Goods China International Marine April 8, 1994 March 23, General Industrials Containers Group 1994 China Merchants Property June 7, 1993 June 7, 1993 Real Estate Investment & Development Service China Textile Machinery August 5, 1992 July 28, 1992 Industrial Engineering China Vanke Co Limited August 26, 1991 May 28, 1991 Real Estate Investment & Service Chongqing Changan Automobile June 10, 1997 November 8, Automobiles & Parts 1996 CSG Holding February 28, February 28, Construction & Materials 1992 1992 Dalian Refrigeration December 8, March 20, Industrial Engineering 1993 1998 Danhua Chemical Technology Co March 11, 1994 December 29, Chemicals 1993 Dazhong Transportation (Group) August 7, 1992 July 22, 1992 Travel & Leisure Double Coin Holdings Ltd. December 4, August 28, Automobiles & Parts 1992 1992 Eastern Communications November 26, August 9, Technology Hardware & 1996 1996 Equipment Foshan Electrical and Lighting November 23, August 8, Household Goods & Home 1993 1995 Construction Guangdong Electric Power November 26, June 28, 1995 Electricity Development 1993

continued on following page

266 Appendix Table 2.1. Continued

Listing Date Company Name China A China B Industry Guangdong Provincial Expressway February 20, August 15, Industrial Transportation Development 1998 1996 Guangdong Sunrise Holdings October 4, 1993 October 5, Support Services 1993 Hainan Airlines November 25, June 27, 1997 Travel & Leisure 1999 Hainan Donghai Tourism Centre January 28, 1997 October 8, Travel & Leisure (Holding) 1996 Hainan Pearl River Holdings December 21, June 30, 1995 Real Estate Investment & Company 1992 Service Hefei Meiling October 18, 1993 August 28, Household Goods & Home 1996 Construction Huadian Energy July 1, 1996 April 22, 1996 Electricity Huangshan Tourism Development May 6, 1997 November 22, Travel & Leisure 1996 Huaxin Cement January 3, 1994 December 9, Construction & Materials 1994 Inner Mongnia Erduosi Cashmere April 26, 2001 October 20, Personal Goods 1995 Jiangling Motors Corporation December 1, September 29, Automobiles & Parts Limited 1993 1995 Jinan Qingqi Motorcycles December 6, June 17, 1997 Automobiles & Parts 1993 Jinshan Development & October 8, 1993 November 19, Leisure Goods Construction 1993 Jinzhou Port June 9, 1999 May 19, 1998 Industrial Transportation Konka Group March 27, 1992 March 27, Leisure Goods 1992 Livzon Pharmaceutical Group October 28, 1993 July 20, 1993 Pharmaceuticals & Incorporated Biotechnology Lu Thai Textile December 25, August 19, Personal Goods 2000 1997 SGSB Group March 11, 1994 January 18, Industrial Engineering 1994 Shandong Chenming Paper November 20, May 26, 1997 Forestry & Paper Holdings 2000 Shanghai Chlor-alkali November 13, August 20, Chemicals 1992 1992 Shanghai Baosight Software March 11, 1994 March 16, Software & Computer Services 1996

continued on following page

267 Appendix

Table 2.1. Continued

Listing Date Company Name China A China B Industry Shanghai Diesel Engine March 11, 1994 December 29, Industrial Engineering 1993 Shanghai Dingli Technology August 28, 1992 July 28, 1992 Pharmaceuticals & Development (Group) Biotechnology Shanghai Erfangji April 10, 1992 July 1, 1992 Industrial Engineering Shanghai Friendship Group February 4, 1994 January 5, General Retailers Incorporated Company 1994 Shanghai Haixin Group April 4, 1994 December 9, Personal Goods 1993 Shanghai Highly Group November 16, January 18, Industrial Engineering 1992 1993 Shanghai Jin Jiang International June 7, 1993 October 18, Industrial Transportation Industrial 1993 Shanghai Lujiazui Finance & Trade June 28, 1993 November 22, Real Estate Investment & Zone 1994 Service Shanghai Potevio October 18, 1993 October 20, Technology Hardware & 1994 Equipment Shanghai Sanmao Enterprise November 8, January 3, Personal Goods (Group) 1993 1994 Shanghai Wingsung Data August 20, 1992 July 22, 1992 Pharmaceuticals & Technology Biotechnology Shanghai Yaohua Pilkington Glass January 28, 1994 December 13, Construction & Materials 1993 Shanghai Zhenhua Port Machinery December 21, August 5, Industrial Engineering (Group) 2000 1997 Shanghai Automation March 24, 1994 April 29, 1994 Electronic & Electrical Instrumentation Equipment Shanghai Dajiang (Group) November 22, December 16, Food Producers 1993 1993 Shanghai Jinjiang International October 11, 1996 December 15, Travel & Leisure Hotels 1994 Shanghai Jinqiao Export Processing March 26, 1993 March 31, Real Estate Investment & Zone 1993 Service Shanghai Kaikai Industrial Co Ltd February 28, January 8, Personal Goods 2001 1997 Shanghai Mechanical & Electrical February 24, January 31, Industrial Engineering Industry 1994 1994 Shanghai MRA Trading February 4, 1994 January 30, Industrial Metals & Mining 1994 Shanghai Nine Dragon March 28, 2001 January 18, Personal Goods 1999

continued on following page 268 Appendix Table 2.1. Continued

Listing Date Company Name China A China B Industry Shenzhen Accord Pharmaceutical August 9, 1993 August 10, Pharmaceuticals & 1993 Biotechnology Shenzhen China Bicycle March 31, 1992 March 31, Leisure Goods 1992 Shenzhen International Enterprise August 6, 1996 December 13, General Retailers 1995 Shenzhen Nanshan Power Station July 1, 1994 November 28, Electricity 1994 Shenzhen Petrochem IND Group May 6, 1992 May 6, 1992 Oil & Gas Producers Shenzhen Properties & Resources March 30, 1992 March 30, Real Estate Investment & Development 1992 Service Shenzhen Seg Co Ltd December 26, July 22, 1996 Electronic & Electrical 1996 Equipment Shenzhen Shenbao Industrial October 12, 1992 January 2, Beverages 1991 Shenzhen Special Economic Zone September 15, January 10, Real Estate Investment & Real Estate 1993 1994 Service Shenzhen Tellus (Holdings) June 21, 1993 June 21, 1993 General Retailers Shenzhen Textile (Holdings) August 15, 1994 August 15, Personal Goods 1994 Shenzhen Victor Onward Textile June 16, 1992 June 16, 1992 Personal Goods Industrial Shenzhen Zhongheng Huafa April 28, 1992 April 28, 1992 Electronic & Electrical Equipment Shijiazhuang Baoshi Electronic September 25, July 8, 1996 Electronic & Electrical Glass 1996 Equipment SVA Electron January 2, 1991 February 21, Electronic & Electrical 1992 Equipment Weifu High-Technology September 24, September 11, Automobiles & Parts 1998 1995 Wuxi Little Swan Co March 28, 1997 July 18, 1996 Household Goods & Home Construction Yantai Changyu Pioneer Wine October 26, 2000 September 23, Beverages 1997 Zhonglu January 28, 1994 November 15, Leisure Goods 1993

269 Appendix

Table 2.2. Chinese firms dual-listed in China A-Share and Hong Kong market (Source: Hong Kong Stock Exchange Website, by December 5th, 2012)

Hong Kong Listed Shares Mainland China Listed Shares Company Name Stock Code Listing Date Stock Code Listing Date January 15, Agricultural Bank of China Ltd 01288 July 16, 2010 601288 2010 December 15, Air China Ltd 00753 600111 August 18, 2006 2004 Aluminum Corporation of December 12, 02600 601600 April 30, 2007 China Ltd. 2001 December 26, Angang New Steel Co Ltd 00347 July 24, 1997 000898 1997 October 21, February 7, Anhui Conch Cement Co Ltd 00914 600585 1997 2002 November 13, Anhui Expressway Co Ltd 00995 600012 January 7, 2003 1996 Bank of China Ltd 03988 June 1, 2006 601988 July 5, 2006 Bank of Communications Co., 03328 June 23, 2005 601328 May 15, 2007 Ltd. BBMG Corporation 02009 July 29, 2009 601992 March 1, 2011 October 16, Beijing North Star Co Ltd 00588 May 14, 1997 601588 2006 Beiren Printing Machinery 00187 August 6, 1993 600860 May 6, 1994 Holdings Ltd BYD Co. Ltd. 01211 July 31, 2002 002594 June 30, 2011 China CITIC Bank Corporation 00998 April 27, 2007 601998 April 27, 2007 Limited December 19, February 1, China Coal Energy Co. Ltd. 01898 601898 2006 2008 China Communications December 15, 01800 601800 March 9, 2012 Construction Co. Ltd. 2006 China Construction Bank October 27, September 25, 00939 601939 Corporation 2005 2007 China COSCO Holdings Co. 01919 June 30, 2005 601919 June 26, 2007 Ltd. China Eastern Airlines February 5, November 5, 00670 600115 Corporation Ltd 1997 1997 China International Marine December 19, 02039 000039 April 8, 1994 Containers (Group) Co., Ltd.* 2012 December 17, China Life Insurance Co. Ltd 02628 601628 January 9, 2007 2003 *Company also lists on China B-share market

continued on following page

270 Appendix Table 2.2. Continued

Hong Kong Listed Shares Mainland China Listed Shares Company Name Stock Code Listing Date Stock Code Listing Date September 22, China Merchants Bank Co., Ltd 03968 600036 April 9, 2002 2006 China Minsheng Banking November 26, December 19, 01988 600016 Corp., Ltd. 2009 2000 China Molybdenum Co., Ltd. 03993 April 26, 2007 603993 October 9, 2012 November 20, September 28, China Oilfield Services Ltd. 02883 601808 2002 2007 China Pacific Insurance December 23, December 25, 02601 601601 (Group) Co., Ltd. 2009 2007 October 18, China Petroleum & Chemical August 8, 2001 2000 China Railway Construction 01186 March 13, 2008 601186 March 10, 2008 Corporation Ltd. December 7, December 3, China Railway Group Ltd. 00390 601390 2007 2007 China Shenhua Energy Co. Ltd. 01088 June 15, 2005 601088 October 9, 2007 China Shipping Container Lines December 12, 02866 June 16, 2004 601866 Co. Ltd. 2007 China Shipping Development November 11, 01138 600026 May 23, 2002 Co Ltd 1994 China South Locomotive & 01766 August 21, 2008 601766 August 18, 2008 Rolling Stock Corporation China Southern Airlines Co Ltd 01055 July 31, 1997 600029 July 25, 2003 Chongqing Iron & Steel October 17, February 28, 01053 601005 Company Limited 1997 2007 CITIC Securities Co. Ltd. 06030 October 6, 2011 600030 January 6, 2003 December 6, Dalian Port (PDA) Co. Ltd. 02880 April 28, 2006 601880 2010 Datang International Power December 20, 00991 March 21, 1997 601991 Generation Co Ltd 2006 Dongfang Electrical Machinery October 18, 01072 June 6, 1994 600875 Co Ltd 1995 Dongjiang Environmental Co. January 29, 00895 002672 April 26, 2012 Ltd. 2003 First Tractor Co Ltd. 00038 June 23, 1997 601038 August 8, 2012 December 15, September 28, Great Wall Motor Co. Ltd. 02333 601633 2003 2011 *Company also lists on China B-share market

continued on following page

271 Appendix

Table 2.2. Continued

Hong Kong Listed Shares Mainland China Listed Shares Company Name Stock Code Listing Date Stock Code Listing Date Guangzhou Automobile Group 02238 August 30, 2010 601238 March 29, 2012 Co., Ltd. December 22, Guangshen Railway Co Ltd 00525 May 14, 1996 601333 2006 Guangzhou Pharmaceutical October 30, February 6, 00874 600332 Co Ltd 1997 2001 Guangzhou Shipyard October 28, 00317 August 6, 1993 600685 International Co Ltd 1993 February 24, Haitong Securities Co., Ltd. 06837 April 27, 2012 600837 1994 Hisense Kelon Electrical 00921 July 23, 1996 000921 July 9, 1992 Holdings Co Ltd Huadian Power International 01071 June 30, 1999 600027 July 13, 1999 Corporation Ltd Huaneng Power International, January 21, December 6, 00902 600011 Inc 1998 2001 Industrial and Commercial October 27, October 27, 01398 601398 Bank of China Ltd 2006 2006 September 22, Jiangsu Expressway Co Ltd 00177 June 27, 1997 600377 2003 January 11, Jiangxi Copper Co Ltd 00358 June 12, 1997 600362 2002 December 7, Jiaoda Kunji High-Tech Co Ltd 00300 600806 January 3, 1994 1993 Jingwei Textile Machinery Co February 2, December 10, 00350 000666 Ltd 1996 1996 October 31, Luoyang Glass Co Ltd 01108 July 8, 1994 600876 1995 November 3, Maanshan Iron & Steel Co Ltd 00323 600808 January 6, 1994 1993 Metallurgical Corporation of September 24, September 21, 01618 601618 China Ltd. 2009 2009 Nanjing Panda Electronics Co November 18, 00553 May 2, 1996 600775 Ltd 1996 New China Life Insurance Co. December 15, December 16, 01336 601336 Ltd. 2011 2011 Northeast Electric Development December 13, 00042 July 6, 1995 000585 Co Ltd 1995 November 5, PetroChina Co. Ltd. 00857 April 7, 2000 601857 2007 *Company also lists on China B-share market

continued on following page 272 Appendix Table 2.2. Continued

Hong Kong Listed Shares Mainland China Listed Shares Company Name Stock Code Listing Date Stock Code Listing Date Ping An Insurance (Group) Co. 02318 June 24, 2004 601318 March 1, 2007 of China Ltd. Shandong Chenming Paper November 20, 01812 June 18, 2008 000488 Holdings Ltd.* 2000 Shandong Molong Petroleum February 7, October 21, 00568 002490 Machinery Co. Ltd. 2007 2010 Shandong Xinhua December 31, 00719 000756 August 6, 1997 Pharmaceutical Co Ltd 1996 Shanghai Electric Group Co. December 5, 02727 April 28, 2005 601727 Ltd. 2008 Shanghai Fosun Pharmaceutical October 30, 02196 600196 August 7, 1998 (Group) Co., Ltd. 2012 Shanghai Pharmaceuticals 02607 May 20, 2011 601607 March 24, 1994 Holding Co., Ltd. December 25, Shenzhen Expressway Co Ltd 00548 March 12, 1997 600548 2001 Sichuan Expressway Co. Ltd. 00107 October 7, 1997 601107 July 27, 2009 Sinopec Shanghai November 8, 00338 July 26, 1993 600688 Petrochemical Co Ltd 1993 Sinopec Yizheng Chemical 01033 March 29, 1994 600871 April 11, 1995 Fibre Co Ltd Tianjin Capital Environmental 01065 May 17, 1994 600874 June 30, 1995 Protection Co Ltd Tsingtao Brewery Co Ltd 00168 July 15, 1993 600600 August 27, 1993 Weichai Power Co. Ltd. 02338 March 11, 2004 000338 April 30, 2007 Xinjiang Goldwind Science & December 26, 02208 October 8, 2010 002202 Technology Co., Ltd 2007 Yanzhou Coal Mining Co Ltd 01171 April 1, 1998 600188 July 1, 1998 November 2, Zhejiang Shibao Co. Ltd. 01057 May 16, 2006 002703 2012 Zhengzhou Coal Mining December 5, 00564 601717 August 3, 2010 Machinery Group Co. Ltd. 2012 December 23, Zijin Mining Group Co., Ltd 02899 601899 April 25, 2008 2003 Zoomlion Heavy Industry December 23, October 12, 01157 000157 Science and Technology Co. 2010 2000 December 9, November 18, ZTE Corporation 00763 000063 2004 1997 *Company also lists on China B-share market

273 Appendix

Table 2.3. Chinese firms triple-listed in China A-Share, Hong Kong, and New York Market

Listing Date Company Name Hong Kong China A New York (ADR) Aluminium Corporation December 12, 2001 April 30, 2007 December 11, 2001 of China Ltd. China Eastern Airlines February 5, 1997 November 5, 1997 February 4, 1997 Corporation Ltd China Life Insurance December 17, 2003 January 9, 2007 December 18, 2003 Co. Ltd China Petroleum & October 18, 2000 August 8, 2001 October 18, 2000 Chemical China Southern Airlines July 31, 1997 July 25, 2003 July 30, 1997 Co Ltd Guangshen Railway May 14, 1996 December 22, 2006 May 13, 1996 Co Ltd Huaneng Power January 21, 1998 December 6, 2001 October 6, 1994 International, Inc PetroChina Co. Ltd. April 7, 2000 November 5, 2007 April 6, 2000 Sinopec Shanghai July 26, 1993 November 8, 1993 July 26, 1993 Petrochemical Co Ltd Yanzhou Coal Mining April 1, 1998 July 1, 1998 March 31, 1998 Co Ltd

Table 2.4. Chinese red-chip firms dual-listed in Hong Kong, and New York Market

Listing Date Company Name Hong Kong New York (ADR) Industry China Mobile Ltd November 15, 2002 November 14, 2002 Wireless Communication China Telecom October 23, 1997 October 22, 1997 Wireless Communication China Unicom (Hong June 22, 2000 June 21, 2000 Wireless Communication Kong) Ltd CNOOC Ltd February 28, 2001 February 27, 2001 Energy

274 Appendix

APPENDIX 3: DISTRIBUTION OF REALIZED RETURN

Table 3.1. Descriptive statistics on returns of dual-listed Chinese firms traded on China A and B Markets for the Period 01/01/1993 to 12/31/2012

Dual-listed Company Std. Name Market Mean Deviation Skewness Kurtosis Minimum Maximum Observation

China 0.0003 0.0277 -0.1600 6.2310 -0.3035 0.1395 4241 Anhui A-share Guijing China Distiller 0.0007 0.0282 0.1850 3.4810 -0.1447 0.1823 4318 B-share

China -0.0001 0.0252 -0.0870 4.9670 -0.2297 0.0961 3902 Bengang A-share Steel Plates China 0.0002 0.0258 0.1280 3.9000 -0.1580 0.0995 4039 B-share

China -0.0004 0.0303 -0.4470 8.0210 -0.2901 0.2463 3121 BOE A-share Technology China 0.0002 0.0306 0.0960 2.9290 -0.1100 0.2231 4059 B-share

China 0.0004 0.0320 0.4600 10.9480 -0.3173 0.3403 4826 Changchai A-share Company China 0.0000 0.0291 -0.0280 2.9610 -0.1799 0.1368 4251 B-share

China 0.0001 0.0311 -0.1730 3.3460 -0.2415 0.1715 4360 China A-share Fangda China Group 0.0005 0.0308 0.0050 3.5690 -0.1991 0.2123 4390 B-share

China In- China 0.0006 0.0275 0.5160 7.1330 -0.1696 0.2754 4886 ternational A-share Marine China Container 0.0008 0.0263 -0.0600 4.1190 -0.1456 0.1352 4898 Group B-share

China China 0.0004 0.0307 0.8280 12.7070 -0.1811 0.4381 5105 Merchants A-share Property China Develop- 0.0007 0.0286 0.0570 5.0460 -0.2456 0.1752 5105 ment B-share

China 0.0001 0.0319 0.5600 8.4600 -0.2545 0.3552 5216 China A-share Textile China Machinery 0.0001 0.0309 0.0700 8.1990 -0.3117 0.2830 5216 B-share

China 0.0002 0.0270 0.0430 2.7540 -0.1459 0.0962 4059 Chongqing A-share Changan China Automobile 0.0007 0.0321 0.2810 4.0590 -0.2136 0.2830 4211 B-share

China 0.0003 0.0324 0.5520 7.5900 -0.1947 0.4061 5216 CSG A-share Holding China 0.0004 0.0290 -0.1780 4.7390 -0.2412 0.1675 5216 B-share

continued on following page

275 Appendix

Table 3.1. Continued

Dual-listed Company Std. Name Market Mean Deviation Skewness Kurtosis Minimum Maximum Observation

China 0.0002 0.0301 0.4340 8.4370 -0.2350 0.2998 4973 Dalian A-share Refrigerator China 0.0003 0.0261 0.0160 4.0520 -0.1109 0.1552 3856 B-share

China Danhua 0.0003 0.0345 3.6560 75.9800 -0.2113 0.8261 4906 Chemical A-share Technology China 0.0004 0.0311 2.2760 55.0530 -0.1612 0.7070 4958 Co B-share

China Dazhong 0.0003 0.0302 0.5750 10.1930 -0.2777 0.3248 5216 Trans- A-share portation China 0.0004 0.0288 0.1460 7.4300 -0.2553 0.2956 5216 (Group) B-share

China Double -0.0001 0.0332 0.4180 6.5210 -0.2239 0.3083 5216 Coin A-share Holdings China 0.0000 0.0309 0.0840 3.1150 -0.1774 0.1785 5216 Ltd B-share

China -0.0001 0.0295 -0.2480 4.7310 -0.3003 0.0968 4199 Eastern A-share Communi- China cations 0.0002 0.0285 0.0380 3.1900 -0.1070 0.1018 4276 B-share

China Foshan 0.0003 0.0258 0.0220 9.3450 -0.2555 0.2202 4984 Electrical A-share and China 0.0005 0.0237 0.0200 5.7880 -0.1541 0.1600 4539 Lighting B-share

China 0.0003 0.0250 0.0690 6.5330 -0.2060 0.2089 4981 Guangdong A-share Electric China Power 0.0004 0.0242 0.0820 5.8070 -0.1824 0.1779 4568 B-share

China -0.0001 0.0211 -0.5150 9.2080 -0.2398 0.0961 3876 Guangdong A-share Provincial China Expressway 0.0002 0.0249 -0.0220 6.2470 -0.1823 0.1665 4272 B-share

China 0.0000 0.0303 0.9920 17.0980 -0.2429 0.4287 5020 Guangdong A-share Sunrise China Holdings 0.0001 0.0330 0.4770 29.1420 -0.4922 0.4983 5019 B-share

China -0.0001 0.0282 -0.0420 2.9750 -0.1660 0.0967 3417 Hainan A-share Airlines China 0.0001 0.0303 -0.0360 2.7690 -0.1059 0.0980 4046 B-share

Hainan China -0.0003 0.0286 2.7540 81.3010 -0.2624 0.6825 4154 Donghai A-share Tourism China Centre 0.0002 0.0299 -0.0110 6.1860 -0.2531 0.2666 4234 (Holding) B-share

continued on following page

276 Appendix Table 3.1. Continued

Dual-listed Company Std. Name Market Mean Deviation Skewness Kurtosis Minimum Maximum Observation

China Hainan -0.0001 0.0329 0.3150 4.6800 -0.2028 0.3007 5216 Pearl River A-share Holdings China 0.0001 0.0385 0.6720 75.4430 -0.6928 0.7886 4566 Company B-share

China 0.0000 0.0297 0.2180 7.1890 -0.2473 0.2625 5010 Hefei A-share Meiling China 0.0001 0.0306 0.0260 3.2780 -0.1687 0.2016 4263 B-share

China -0.0001 0.0245 -0.2660 6.6370 -0.2646 0.1335 4305 Huadian A-share Energy China 0.0003 0.0268 0.1220 4.7950 -0.1725 0.1682 4355 B-share

China 0.0001 0.0238 -0.5660 9.1700 -0.3028 0.0958 4084 Huangshan A-share Tourism China 0.0006 0.0271 -0.0330 4.0760 -0.1124 0.1771 4201 B-share

China 0.0003 0.0321 0.5550 6.9120 -0.2089 0.3184 4955 Huaxin A-share Cement China 0.0007 0.0312 0.0230 2.9760 -0.1509 0.1914 4711 B-share

China Inner 0.0000 0.0280 -0.1260 2.4050 -0.1057 0.0961 3047 Mongnia A-share Erduosi China 0.0005 0.0285 0.0620 3.7830 -0.1504 0.1893 4486 Cashmere B-share

China Jiangling 0.0003 0.0311 0.8240 9.9800 -0.2005 0.3478 4978 Motors A-share Corporation China 0.0007 0.0290 0.0790 5.0640 -0.2178 0.2114 4501 Limited B-share

Jinshan China 0.0000 0.0344 0.2430 7.5110 -0.3279 0.2969 5016 Develop- A-share ment & China Construc- 0.0001 0.0325 0.1030 4.2550 -0.1970 0.2623 4986 tion B-share

China -0.0001 0.0253 -0.1970 3.1630 -0.1181 0.0964 3538 Jinzhou A-share Port China 0.0003 0.0264 0.0060 3.7800 -0.1062 0.1221 3814 B-share

China 0.0000 0.0271 0.0380 6.5380 -0.2585 0.2373 5216 Konka A-share Group China 0.0001 0.0260 0.1460 7.9460 -0.2093 0.2937 5216 B-share

Livzon China 0.0005 0.0296 1.0250 15.0030 -0.1745 0.4075 5002 Pharmaceu- A-share tical Group China Incorpo- 0.0006 0.0289 0.2010 6.9750 -0.2045 0.2503 5074 rated B-share

continued on following page

277 Appendix

Table 3.1. Continued

Dual-listed Company Std. Name Market Mean Deviation Skewness Kurtosis Minimum Maximum Observation

China 0.0002 0.0250 -0.1140 3.7000 -0.1057 0.0958 3135 Lu Thai A-share Textile China 0.0008 0.0255 0.1570 4.0610 -0.1060 0.0989 4009 B-share

China 0.0000 0.0341 -0.3820 17.0890 -0.5266 0.3509 4906 SGSB A-share Group China 0.0000 0.0315 0.1230 10.2890 -0.2675 0.3622 4944 B-share

China Shanghai -0.0001 0.0333 0.1000 10.0600 -0.3815 0.3435 4897 Automation A-share Instrumen- China 0.0002 0.0308 0.2070 4.9620 -0.2405 0.2406 4871 tation B-share

China 0.0001 0.0323 0.9450 16.5140 -0.3199 0.4395 4906 Shanghai A-share Baosight China Software 0.0004 0.0309 0.1160 10.3390 -0.2929 0.3420 4903 B-share

China 0.0000 0.0336 0.6020 7.2210 -0.2066 0.3271 5216 Shanghai A-share Chlor-alkali China 0.0001 0.0297 -0.0150 3.1350 -0.1825 0.1205 5216 B-share

China -0.0001 0.0323 1.1490 14.9630 -0.2011 0.4507 4985 Shanghai A-share Dajiang China (Group) 0.0000 0.0305 0.2490 7.5560 -0.2437 0.3099 4967 B-share

China 0.0001 0.0314 0.3950 6.5620 -0.2263 0.2923 4906 Shanghai A-share Diesel China Engine 0.0002 0.0287 0.0300 3.1320 -0.1221 0.1266 4958 B-share

Shanghai China 0.0003 0.0337 0.0290 12.0580 -0.4531 0.3464 5216 Dingli A-share Technology China Develop- 0.0004 0.0318 -0.3270 8.1430 -0.2875 0.2342 5216 ment B-share

China 0.0000 0.0327 0.0640 8.6680 -0.3846 0.2630 5216 Shanghai A-share Erfangji China 0.0001 0.0315 0.1800 4.9100 -0.2412 0.2846 5216 B-share

China 0.0003 0.0297 1.3110 20.4580 -0.2238 0.4487 4931 Shanghai A-share Friendship China Group 0.0005 0.0269 0.1750 3.6890 -0.1213 0.1443 4953 B-share

China 0.0002 0.0298 0.2380 5.9080 -0.1746 0.2580 4890 Shanghai A-share Haixin China Group 0.0003 0.0308 -0.1200 9.9090 -0.3100 0.3035 4972 B-share

continued on following page

278 Appendix Table 3.1. Continued

Dual-listed Company Std. Name Market Mean Deviation Skewness Kurtosis Minimum Maximum Observation

China 0.0001 0.0319 0.3020 7.7950 -0.2840 0.2923 5216 Shanghai A-share Highly China Group 0.0003 0.0289 -0.0070 3.7350 -0.1635 0.1870 5205 B-share

China Shanghai 0.0002 0.0262 -0.1510 3.0340 -0.1677 0.0962 4231 Jinjiang In- A-share ternational China 0.0005 0.0265 0.0180 3.8480 -0.1376 0.1399 4707 Hotels B-share

China Shanghai -0.0001 0.0298 0.9980 17.3800 -0.2683 0.4109 5105 Jiniang In- A-share ternational China 0.0003 0.0276 0.1200 8.2420 -0.2775 0.2775 5010 Industrial B-share

Shanghai China 0.0002 0.0302 0.8700 9.9860 -0.1742 0.3341 5156 Jinqiao A-share Export China Processing 0.0003 0.0271 0.0610 4.1340 -0.1395 0.1619 5110 Zone B-share

China Shanghai -0.0001 0.0383 10.3280 331.6710 -0.1060 1.2193 3088 Kaikai A-share Industrial China 0.0003 0.0297 -0.0440 2.9650 -0.1067 0.0977 4168 Co Ltd B-share

China Shanghai 0.0002 0.0284 1.0110 10.8500 -0.1403 0.3365 5090 Lujiazui A-share Finance & China 0.0003 0.0258 0.0370 3.9140 -0.1065 0.1359 4724 Trade Zone B-share

China Shanghai 0.0003 0.0306 0.4500 11.5340 -0.3303 0.2924 4917 Mechanical A-share & Electrical China 0.0003 0.0284 0.0070 4.0940 -0.1648 0.1686 4935 Industry B-share

China -0.0001 0.0316 0.4250 7.6630 -0.2278 0.3503 4931 Shanghai A-share MRA China Trading 0.0003 0.0291 0.1640 5.4910 -0.2233 0.2233 4893 B-share

China -0.0002 0.0300 -0.5240 6.6030 -0.3256 0.0962 3068 Shanghai A-share Nine China Dragon 0.0004 0.0277 0.1840 3.8180 -0.1068 0.0970 3640 B-share

China 0.0001 0.0317 0.2720 11.1930 -0.3666 0.3758 5010 Shanghai A-share Potevio China 0.0002 0.0285 0.0130 4.0190 -0.1848 0.1504 4747 B-share

China Shanghai 0.0000 0.0330 0.3590 7.6070 -0.2591 0.3610 4995 Sanmao A-share Enterprise China 0.0002 0.0308 -0.5170 9.3420 -0.3778 0.2578 4955 (Group) B-share

continued on following page

279 Appendix

Table 3.1. Continued

Dual-listed Company Std. Name Market Mean Deviation Skewness Kurtosis Minimum Maximum Observation

China Shanghai 0.0001 0.0328 -0.1180 4.7380 -0.3238 0.1939 5216 Wingsung A-share Data China 0.0002 0.0338 0.3530 47.7250 -0.5562 0.5719 5216 Technology B-share

Shanghai China 0.0002 0.0246 0.0250 2.8470 -0.1054 0.0957 3137 Zhenhua A-share Port China Machinery 0.0005 0.0292 0.0510 2.9830 -0.1072 0.0968 4019 (Group) B-share

China Shenzhen 0.0005 0.0312 0.7580 8.1860 -0.1613 0.3629 5060 Accord A-share Pharmaceu- China 0.0007 0.0322 0.1050 8.0570 -0.3146 0.3317 5059 tical B-share

China Shenzhen 0.0002 0.0326 -0.1360 1.8620 -0.1339 0.1224 4279 Interna- A-share tional China 0.0005 0.0343 0.2120 5.4700 -0.1919 0.3409 4448 Enterprise B-share

China Shenzhen 0.0003 0.0295 0.5270 12.3300 -0.2713 0.3650 4826 Nanshan A-share Power China 0.0003 0.0290 0.0450 15.8200 -0.3330 0.3830 4720 Station B-share

China Shenzhen 0.0000 0.0308 0.2830 3.6980 -0.2053 0.2304 5216 Properties A-share & China 0.0001 0.0327 -0.0030 14.6420 -0.4126 0.3570 5216 Resources B-share

China -0.0001 0.0282 -0.5070 12.4930 -0.3958 0.2427 4177 Shenzhen A-share Seg Co Ltd China 0.0002 0.0291 0.1510 4.4690 -0.2047 0.2516 4290 B-share

China 0.0000 0.0338 0.1060 8.0810 -0.3814 0.3219 5216 Shenzhen A-share Shenbao China Industrial 0.0001 0.0355 0.2210 9.4390 -0.3100 0.3100 5216 B-share

China -0.0001 0.0347 0.3390 5.3450 -0.2375 0.3391 5095 Shenzhen A-share Tellus China (holdings) 0.0001 0.0378 0.5850 75.1690 -0.7101 0.8079 5095 B-share

China 0.0002 0.0324 0.2590 10.0480 -0.3450 0.3530 4795 Shenzhen A-share Textile China Holdings 0.0003 0.0336 -0.8690 18.0360 -0.5008 0.2291 4795 B-share

Shenzhen China -0.0001 0.0320 0.3480 9.9360 -0.3504 0.3608 5216 Victor A-share Onward China Textile 0.0000 0.0368 0.5630 29.0420 -0.4645 0.5211 5216 Industrial B-share

continued on following page

280 Appendix Table 3.1. Continued

Dual-listed Company Std. Name Market Mean Deviation Skewness Kurtosis Minimum Maximum Observation

China 0.0000 0.0359 6.6160 200.2220 -0.2018 1.1422 5216 Shenzhen A-share Zhongheng China Huafa 0.0000 0.0332 0.2530 15.5860 -0.3264 0.4051 5216 B-share

Shi- China 0.0000 0.0298 -0.2060 3.6100 -0.2813 0.1290 4243 jiazhuang A-share Baoshi China Electronic 0.0003 0.0303 0.0760 2.8420 -0.1960 0.1959 4300 Glass B-share

China 0.0006 0.0275 0.0030 2.6750 -0.1063 0.0974 3722 Weifu High- A-share Technology China 0.0007 0.0297 -0.0240 3.1330 -0.1625 0.1480 4515 B-share

China -0.0001 0.0276 -0.8900 17.4400 -0.4374 0.0984 4111 Wuxi A-share Littleswan China 0.0003 0.0279 0.0720 3.3340 -0.1234 0.1339 4292 B-share

China Yantai 0.0005 0.0214 0.1410 3.8490 -0.1054 0.0955 3177 Changyu A-share Pioneer China 0.0010 0.0260 0.0760 3.4740 -0.1066 0.1015 3984 Wine B-share

China 0.0001 0.0327 0.2590 7.7630 -0.3285 0.2777 4936 A-share Zhonglu China 0.0001 0.0310 0.1400 10.0300 -0.2837 0.3437 4990 B-share

Table 3.2. Descriptive statistics on returns of dual-listing Chinese firms traded on China A, and Hong Kong Markets for the period 01/01/1993 to 12/31/2012

Dual-listed Company Std. Name Market Mean Deviation Skewness Kurtosis Minimum Maximum Observation

Agricultural China A 0.0002 0.0095 0.4714 2.9896 -0.0346 0.0558 642 Bank of China Ltd Hong Kong 0.0004 0.0209 0.2843 4.0605 -0.0890 0.1207 641

Air China China A 0.0005 0.0324 -0.1109 1.8241 -0.1059 0.1350 1661 Ltd Hong Kong 0.0004 0.0324 0.2074 5.2313 -0.2134 0.2058 2098

Angang China A 0.0001 0.0247 0.1744 3.1815 -0.1124 0.0966 3916 Steel Co Ltd Hong Kong 0.0005 0.0413 0.4684 5.3202 -0.3390 0.3083 4027

Anhui China A 0.0008 0.0272 0.0105 2.6805 -0.1638 0.0957 2842 Conch Cement Co Hong Kong 0.0011 0.0374 0.2468 4.9369 -0.2515 0.2844 3964 Ltd

Anhui China A 0.0001 0.0219 -0.7254 11.1143 -0.2611 0.0961 2604 Expressway Co Ltd Hong Kong 0.0004 0.0284 0.0567 6.8032 -0.2877 0.1871 4208

continued on following page

281 Appendix

Table 3.2. Continued

Dual-listed Company Std. Name Market Mean Deviation Skewness Kurtosis Minimum Maximum Observation

Bank of China A 0.0000 0.0179 0.3339 6.6459 -0.1048 0.0968 1693 China Ltd Hong Kong 0.0002 0.0223 0.4552 9.5951 -0.1616 0.2006 1717

Bank of China A -0.0005 0.0219 -0.1392 3.6781 -0.1032 0.0963 1469 Communi- cations Co, Hong Kong 0.0005 0.0251 0.3454 6.0864 -0.1471 0.1775 1962 Ltd

BBMG China A -0.0013 0.0276 0.3432 1.6501 -0.0864 0.0960 479 Corporation Hong Kong -0.0004 0.0297 0.5223 3.2221 -0.1042 0.1675 893

Beijing China A -0.0001 0.0316 -0.3062 2.5561 -0.1060 0.0965 1620 North Star Co Ltd Hong Kong -0.0001 0.0350 0.3693 5.9660 -0.2712 0.2609 4078

Beiren China A 0.0001 0.0328 0.2991 8.9982 -0.3022 0.3509 4866 Printing Machinery Holdings Hong Kong 0.0001 0.0361 0.1650 7.7523 -0.3031 0.2799 5061 Ltd

BYD Co China A -0.0006 0.0300 0.2355 1.1605 -0.1050 0.0955 392 Ltd Hong Kong 0.0008 0.0341 0.6322 7.7148 -0.2197 0.3483 2718

China China A -0.0006 0.0232 -0.0968 3.3635 -0.1054 0.0962 1481 CITIC Bank Corporation Hong Kong -0.0001 0.0266 0.7087 6.8201 -0.0987 0.2256 1481 Ltd

China Coal China A -0.0008 0.0264 -0.0494 2.5304 -0.1055 0.0954 1281 Energy Co Ltd Hong Kong 0.0005 0.0356 -0.4490 4.7740 -0.2183 0.2001 1574

China Com- China A -0.0009 0.0174 0.3089 2.9445 -0.0721 0.0719 211 munications Construc- Hong Kong 0.0002 0.0295 -0.0693 6.6888 -0.2080 0.2030 1576 tion Co Ltd

China China A -0.0003 0.0182 0.0576 5.3703 -0.1065 0.0954 1374 Construc- tion Bank Corpora- Hong Kong 0.0007 0.0241 0.5544 8.2289 -0.1319 0.2093 1872 tion

China China A -0.0009 0.0307 0.1447 2.2123 -0.1055 0.0957 1439 COSCO Holdings Hong Kong 0.0001 0.0388 0.3650 7.5009 -0.2606 0.3463 1957 Co Ltd

China China A 0.0005 0.0223 0.2089 3.6498 -0.1054 0.0956 2799 Merchants Bank Co, Hong Kong 0.0005 0.0285 0.2627 4.7018 -0.1450 0.1894 1636 Ltd

China China A 0.0005 0.0226 -0.7499 15.8095 -0.3216 0.0962 3139 Minsheng Banking Hong Kong 0.0004 0.0189 -0.1524 3.0259 -0.1101 0.0911 807 Corp Ltd

China Mo- China A -0.0023 0.0364 0.3482 0.5589 -0.0899 0.0957 59 lybdenum Co, Ltd Hong Kong -0.0007 0.0369 0.7500 9.1382 -0.1993 0.3440 1482

continued on following page

282 Appendix Table 3.2. Continued

Dual-listed Company Std. Name Market Mean Deviation Skewness Kurtosis Minimum Maximum Observation

China China A -0.0006 0.0289 -0.0941 2.0550 -0.1057 0.0955 1371 Oilfield Services Hong Kong 0.0009 0.0334 0.1917 5.3984 -0.2313 0.2348 2638 Ltd

China China A -0.0005 0.0268 0.0100 1.7488 -0.1053 0.0957 1309 Pacific Insurance (Group) Co Hong Kong 0.0001 0.0212 -0.0726 2.6991 -0.1058 0.1109 788 Ltd

China China A -0.0005 0.0202 -0.1984 4.2043 -0.1051 0.0959 1255 Railway Construc- tion Corpo- Hong Kong -0.0002 0.0299 -0.1368 6.5701 -0.2088 0.1842 1252 ration Ltd

China China A -0.0007 0.0214 0.1230 4.6611 -0.1063 0.0964 1325 Railway Group Ltd Hong Kong -0.0003 0.0313 0.2217 7.3565 -0.2304 0.2059 1321

China China A -0.0007 0.0256 0.0809 2.7262 -0.1057 0.0955 1364 Shenhua Energy Co Hong Kong 0.0009 0.0291 0.1405 11.7196 -0.2685 0.2623 1968 Ltd

China China A -0.0012 0.0261 0.1801 2.9611 -0.1068 0.0961 1318 Shipping Container Lines Co Hong Kong 0.0002 0.0364 0.4524 3.7109 -0.1812 0.2231 2228 Ltd

China China A 0.0001 0.0273 -0.2232 2.6954 -0.1516 0.0962 2767 Shipping Develop- ment Co Hong Kong 0.0003 0.0420 0.0693 8.9820 -0.4144 0.3323 4731 Ltd

Chongqing China A -0.0004 0.0292 0.1395 2.7361 -0.1060 0.0969 1523 Iron & Steel Co Ltd Hong Kong 0.0002 0.0388 0.3901 7.7977 -0.3065 0.3459 3966

CITIC China A 0.0009 0.0297 0.0563 2.5220 -0.1839 0.0962 2605 Securities Co Ltd Hong Kong 0.0013 0.0281 0.0409 1.3778 -0.0887 0.1020 322

Dalian Port China A -0.0011 0.0172 0.4266 8.9795 -0.1045 0.0956 540 (PDA) Co Ltd Hong Kong -0.0004 0.0302 0.3245 11.0309 -0.2577 0.2796 1741

Datang In- China A -0.0002 0.0291 0.0577 2.9343 -0.1055 0.0957 1573 ternational Power Generation Hong Kong 0.0003 0.0331 0.1639 6.1709 -0.2195 0.2505 4116 Co, Ltd

Dongfang China A 0.0002 0.0284 -0.0311 2.5907 -0.1267 0.1500 4488 Electric Corporation Hong Kong 0.0006 0.0400 -0.1158 9.4087 -0.4643 0.3562 4845 Ltd

Dongjiang China A 0.0021 0.0243 0.4211 2.5304 -0.0970 0.0953 177 Environ- mental Co Hong Kong 0.0011 0.0295 0.2684 7.3764 -0.2428 0.1931 2588 Ltd

First Tractor China A 0.0010 0.0366 0.2214 1.1733 -0.1042 0.0959 103 Co Ltd Hong Kong 0.0002 0.0396 0.3933 6.0688 -0.3066 0.3352 4050

continued on following page 283 Appendix

Table 3.2. Continued

Dual-listed Company Std. Name Market Mean Deviation Skewness Kurtosis Minimum Maximum Observation

Great Wall China A -0.0011 0.0230 -0.2755 2.3895 -0.1059 0.0958 656 Motor Co Ltd Hong Kong 0.0009 0.0347 0.5963 7.6832 -0.2313 0.3008 2360

Guangzhou China A -0.0019 0.0219 -0.1384 1.9501 -0.0825 0.0750 197 Automobile Group Co Hong Kong -0.0003 0.0267 -0.0459 0.4928 -0.1040 0.0809 610 Ltd

Guangzhou China A 0.0001 0.0280 -0.0563 2.5188 -0.1193 0.0958 3104 Pharma- ceutical Co Hong Kong 0.0007 0.0328 0.4166 4.5374 -0.1743 0.2584 3957 Ltd

Guangzhou China A 0.0003 0.0327 0.6827 7.5875 -0.2427 0.2951 5002 Shipyard Internation- Hong Kong 0.0003 0.0398 0.4689 5.8296 -0.2400 0.2797 5061 al Co Ltd

Haitong China A 0.0005 0.0323 0.1200 7.1033 -0.2543 0.3315 4917 Securities Co Ltd Hong Kong 0.0013 0.0228 0.5003 1.2687 -0.0615 0.0722 176

Hisense China A -0.0003 0.0247 3.1388 71.9379 -0.1082 0.5517 3514 Kelon Electrical Holdings Hong Kong 0.0001 0.0366 0.1116 26.6257 -0.5569 0.4249 4289 Co Ltd

Huadian China A 0.0000 0.0278 -1.6161 25.8010 -0.4139 0.0967 2062 Power In- ternational Corporation Hong Kong 0.0003 0.0290 0.1074 6.3114 -0.2762 0.1802 3523 Ltd

Industrial China A 0.0003 0.0191 0.1055 6.0029 -0.1058 0.0958 1611 and Commercial Bank of Hong Kong 0.0004 0.0241 0.5360 5.7821 -0.1178 0.1521 1611 China Ltd

Jiangsu China A 0.0000 0.0192 -0.3022 5.7596 -0.1488 0.0962 3119 Expressway Co Ltd Hong Kong 0.0004 0.0282 -0.0358 6.4631 -0.2135 0.2059 4046

Jiangxi China A 0.0006 0.0313 0.2881 3.5469 -0.1055 0.2554 2861 Copper Co Ltd Hong Kong 0.0006 0.0409 0.3271 4.5882 -0.2718 0.2534 4057

Jingwei China A -0.0001 0.0297 -0.8377 10.2721 -0.4017 0.0970 4189 Textile Machinery Hong Kong 0.0004 0.0388 0.3465 8.9007 -0.3680 0.3221 4411 Co Ltd

Luoyang China A -0.0001 0.0298 0.1397 5.4339 -0.2536 0.3105 4478 Glass Co Ltd Hong Kong -0.0001 0.0381 2.0120 41.9689 -0.3102 0.7759 4821

Maanshan China A -0.0001 0.0280 0.8538 18.7902 -0.3513 0.3436 4952 Iron & Steel Co Ltd Hong Kong 0.0000 0.0376 0.6054 7.3318 -0.3594 0.3132 4998

Metal- China A -0.0013 0.0145 -0.3143 4.1170 -0.0888 0.0716 855 lurgical Corporation of China Hong Kong -0.0015 0.0218 0.0108 3.3983 -0.1192 0.1025 852 Ltd

continued on following page

284 Appendix Table 3.2. Continued

Dual-listed Company Std. Name Market Mean Deviation Skewness Kurtosis Minimum Maximum Observation

Nanjing China A -0.0002 0.0304 -0.4477 5.3481 -0.3340 0.0966 4205 Panda Electronic Hong Kong 0.0000 0.0429 0.2035 8.7242 -0.3604 0.3677 4347 Co Ltd

New China A 0.0004 0.0272 0.5075 2.2425 -0.0838 0.0955 271 China Life Insurance Hong Kong 0.0006 0.0256 0.0541 0.8967 -0.0856 0.0812 272 Co Ltd

Northeast China A -0.0002 0.0306 2.8901 78.0258 -0.2790 0.7360 4448 Electric De- velopment Hong Kong -0.0001 0.0465 0.6253 16.9422 -0.5402 0.5158 4562 Co Ltd

Ping An China A 0.0000 0.0270 -0.1228 2.3598 -0.1054 0.0956 1522 Insurance (Group) Co of China Hong Kong 0.0009 0.0277 0.0595 5.2249 -0.1577 0.1734 2222 Ltd

Shandong China A -0.0002 0.0264 -0.1632 3.2128 -0.1065 0.0965 4016 Xinhua Pharma- ceutical Co Hong Kong 0.0001 0.0326 0.3283 6.5502 -0.2007 0.2810 4174 Ltd

Shanghai China A -0.0004 0.0226 0.2663 3.9682 -0.1057 0.0956 1061 Electric Group Co Hong Kong 0.0004 0.0339 0.5877 10.4120 -0.1981 0.3518 2002 Ltd

Shanghai China A 0.0003 0.0287 0.7765 12.7730 -0.1926 0.3944 4897 Pharma- ceuticals Holding Co Hong Kong -0.0010 0.0251 -3.1279 36.0767 -0.2789 0.1074 421 Ltd

Shenzhen China A -0.0001 0.0236 -0.9097 15.6419 -0.3242 0.0962 2874 Expressway Co Ltd Hong Kong 0.0002 0.0277 0.2391 6.8480 -0.1967 0.2836 4123

Sichuan China A -0.0012 0.0220 0.1446 4.8381 -0.1054 0.0958 895 Expressway Co Ltd Hong Kong 0.0003 0.0304 0.3783 6.0503 -0.2052 0.2149 3974

Sinopec China A 0.0001 0.0280 0.8275 11.2297 -0.2059 0.3683 4624 Yizheng Chemical Fibre Co Hong Kong 0.0000 0.0384 0.7802 7.9331 -0.2991 0.3310 4894 Ltd

Tianjin China A 0.0001 0.0288 0.0345 5.2003 -0.2375 0.2499 4566 Capital En- vironmental Protection Hong Kong 0.0002 0.0382 0.6474 8.9245 -0.3243 0.3522 4859 Co Ltd

Tsingtao China A 0.0003 0.0265 1.1225 15.7268 -0.2440 0.3230 5046 Brewery Co Ltd Hong Kong 0.0006 0.0328 0.2205 14.9754 -0.4419 0.3516 5077

Weichai China A 0.0003 0.0277 0.0244 1.7859 -0.1056 0.0956 1480 Power Co Ltd Hong Kong 0.0010 0.0329 0.2137 3.2365 -0.1890 0.1846 2297

continued on following page

285 Appendix

Table 3.2. Continued

Dual-listed Company Std. Name Market Mean Deviation Skewness Kurtosis Minimum Maximum Observation

Xinjiang China A -0.0012 0.0304 -0.0602 2.1031 -0.1055 0.0958 1308 Goldwind Science & Technology Hong Kong -0.0029 0.0290 0.1065 2.3666 -0.1312 0.1197 581 Co Ltd

Zhejiang China A -0.0031 0.0471 -0.1626 -0.3701 -0.1056 0.0954 41 Shibao Co Ltd Hong Kong 0.0004 0.0379 -0.6755 26.5225 -0.4470 0.3448 1729

Zhengzhou China A -0.0006 0.0237 0.2825 0.5446 -0.0650 0.0952 629 Coal Mining Machinery Hong Kong 0.0025 0.0136 1.2161 3.7045 -0.0224 0.0423 18 Group Co. Ltd.

Zijin China A -0.0007 0.0280 0.2787 2.9749 -0.1055 0.0964 1221 Mining Group Co, Hong Kong 0.0010 0.0356 0.1715 3.8677 -0.1781 0.2614 2354 Ltd

ZTE China A 0.0005 0.0248 0.1493 2.8270 -0.1055 0.1460 3944 Corporation Hong Kong 0.0003 0.0310 -0.6297 8.3275 -0.2809 0.2307 2102

Table 3.3. Descriptive statistics on returns of dual-listing Chinese firms traded on China A, Hong Kong and New York Markets for the period 01/01/1993 to 12/31/2012

Dual and Triple- listed Company Std. Name Market Mean Deviation Skewness Kurtosis Minimum Maximum Observation

Aluminium China A -0.0009 0.0312 0.0527 2.3195 -0.1060 0.0962 1480 Corporation Hong Kong 0.0004 0.0334 0.3570 4.5774 -0.2202 0.2771 2883 of China Ltd. New York 0.0004 0.0349 0.3707 3.5457 -0.1643 0.2206 2884

China China A -0.0002 0.0258 0.1303 3.6371 -0.1059 0.0974 3953 Eastern Airlines Hong Kong 0.0002 0.0375 1.1593 17.8373 -0.3131 0.5600 4148 Corporation Ltd New York 0.0002 0.0374 1.2467 16.2961 -0.2129 0.5049 4149

China A -0.0003 0.0261 0.0426 2.2402 -0.1053 0.0955 1559 China Life Insurance Hong Kong 0.0008 0.0247 0.0108 5.0960 -0.1741 0.1490 2357 Co. Ltd New York 0.0008 0.0269 0.2801 4.3585 -0.1296 0.1665 2358

China A 0.0002 0.0224 -0.1886 8.1221 -0.2365 0.0967 2973 China Petroleum Hong Kong 0.0007 0.0249 0.1274 4.6723 -0.1797 0.1625 3182 & Chemical New York 0.0007 0.0270 0.1881 5.6634 -0.1689 0.1871 3183

China China A 0.0002 0.0294 -0.0649 2.3817 -0.1058 0.0963 2461 Southern Hong Kong 0.0001 0.0372 0.5793 6.1007 -0.2054 0.3576 4022 Airlines Co Ltd New York 0.0000 0.0383 -0.0015 7.9914 -0.4118 0.2640 4022

continued on following page

286 Appendix Table 3.3. Continued

Dual and Triple- listed Company Std. Name Market Mean Deviation Skewness Kurtosis Minimum Maximum Observation

China A -0.0004 0.0216 -0.2590 4.0176 -0.1058 0.0955 1571 Guangshen Railway Co Hong Kong 0.0002 0.0275 0.2509 5.5807 -0.1616 0.1902 4339 Ltd New York 0.0002 0.0277 0.3421 6.6380 -0.2063 0.2688 4340

Huaneng China A 0.0001 0.0229 -0.2731 5.4245 -0.2102 0.0959 2882 Power In- Hong Kong 0.0005 0.0287 0.3571 5.1614 -0.1681 0.2365 3898 ternational, Inc New York 0.0004 0.0284 0.1495 4.1486 -0.1749 0.1684 4757

China A -0.0011 0.0179 0.0172 5.2361 -0.0946 0.0948 1345 PetroChina Hong Kong 0.0009 0.0231 0.1569 6.8141 -0.1625 0.1817 3321 Co. Ltd. New York 0.0008 0.0242 -0.0001 5.4085 -0.1488 0.1443 3322

Sinopec China A 0.0002 0.0264 1.5741 18.3230 -0.1959 0.3246 4995 Shanghai Hong Kong 0.0003 0.0344 0.2814 5.4504 -0.2667 0.2427 5070 Petrochemi- cal Co Ltd New York 0.0003 0.0333 0.4017 5.0839 -0.1945 0.2710 5070

Yanzhou China A 0.0004 0.0270 0.0123 2.8143 -0.1432 0.0959 3783 Coal Hong Kong 0.0007 0.0354 0.1975 3.9184 -0.1897 0.2632 3848 Mining Co Ltd New York 0.0007 0.0357 0.2390 4.5496 -0.2022 0.2383 3848

China Hong Kong 0.0005 0.0244 0.1799 5.9613 -0.1527 0.1867 2641 Telecom New York 0.0005 0.0272 0.3807 6.6646 -0.1630 0.2099 2642

China Hong Kong 0.0000 0.0275 0.0244 3.1318 -0.1596 0.1477 3267 Unicom (Hong New York 0.0000 0.0298 0.1720 4.9661 -0.1616 0.2033 3268 Kong) Ltd

China Hong Kong 0.0006 0.0246 0.3185 4.9888 -0.1652 0.1561 3962 Mobile Ltd New York 0.0006 0.0269 0.2980 4.7277 -0.1576 0.1860 3963

CNOOC Hong Kong 0.0009 0.0252 0.0988 4.6917 -0.1537 0.2017 3088 Ltd New York 0.0009 0.0261 0.0958 5.3450 -0.1703 0.2223 3089

287 Appendix

APPENDIX 4: MEAN AND VARIANCE OF RETURN DISTRIBUTION

Table 4.1. Paired T-Test, variance results for Chinese dual-listed firms on China A and B Markets

Paired Differences F-Distribution

Company Paired Std. P Value P Value Name Correlation Mean Deviation T-Value (2-tailed) F Value (1-tailed) Observation

Anhui Guijing 0.5817 -0.0003 0.0255 -0.7689 0.4420 0.9733 0.1894 4241 Distiller

Bengang Steel 0.5699 -0.0004 0.0235 -1.0751 0.2824 0.9810 0.2750 3902 Plates

BOE Technol- 0.7203 -0.0004 0.0220 -1.0743 0.2828 1.1513 0.0000 3121 ogy

Changchai 0.6131 -0.0001 0.0258 -0.3268 0.7438 1.0290 0.1755 4251 Company

China Fangda 0.5861 -0.0003 0.0282 -0.7594 0.4476 1.0104 0.3660 4360 Group

China In- ternational Marine 0.4610 -0.0001 0.0279 -0.3109 0.7559 1.0894 0.0014 4886 Container Group

China Merchants Property 0.4256 -0.0003 0.0318 -0.5730 0.5667 1.1557 0.0000 5105 Develop- ment

China Textile 0.3509 0.0000 0.0358 0.0463 0.9631 1.0663 0.0102 5216 Machinery

Chongqing Changan 0.5526 -0.0003 0.0277 -0.5796 0.5622 0.7590 0.0000 4059 Automo- bile

CSG 0.4811 0.0000 0.0314 -0.1143 0.9090 1.2431 0.0000 5216 Holding

Dalian Refrigera- 0.5824 -0.0003 0.0239 -0.8992 0.3686 1.0230 1.0230 3856 tor

Danhua Chemical 0.5226 -0.0002 0.0322 -0.3980 0.6906 1.2275 0.0000 4906 Technol- ogy Co

Dazhong Trans- 0.3824 -0.0001 0.0328 -0.2041 0.8383 1.1021 0.0002 5216 portation (Group)

continued on following page

288 Appendix Table 4.1. Continued

Paired Differences F-Distribution

Company Paired Std. P Value P Value Name Correlation Mean Deviation T-Value (2-tailed) F Value (1-tailed) Observation

Double Coin 0.3955 -0.0001 0.0353 -0.1947 0.8456 1.1529 0.0000 5216 Holdings Ltd

Eastern Communi- 0.5755 -0.0003 0.0267 -0.6742 0.5002 1.0633 0.0234 4199 cations

Foshan Electrical 0.5538 -0.0001 0.0229 -0.3760 0.7070 1.0886 0.0021 4539 and Lighting

Guang- dong 0.4596 0.0000 0.0251 -0.0427 0.9659 1.0006 0.4922 4568 Electric Power

Guang- dong Provincial 0.4934 -0.0003 0.0223 -0.8575 0.3912 0.8371 0.0000 3876 Express- way

Guang- dong 0.3569 -0.0001 0.0360 -0.1973 0.8436 0.8435 0.0000 5019 Sunrise Holdings

Hainan 0.6717 -0.0003 0.0227 -0.8228 0.4107 1.0415 0.1191 3417 Airlines

Hainan Donghai Tourism 0.5554 -0.0002 0.0269 -0.4750 0.6348 1.0186 0.2768 4154 Centre (Holding)

Hainan Pearl River 0.4910 -0.0001 0.0360 -0.1492 0.8814 0.6963 0.0000 4566 Holdings Company

Hefei 0.5588 -0.0003 0.0275 -0.5983 0.5497 0.8240 0.0000 4263 Meiling

Huadian 0.4618 -0.0003 0.0267 -0.7958 0.4262 0.8366 0.0000 4305 Energy

Huangshan 0.4860 -0.0002 0.0256 -0.5917 0.5541 0.8055 0.0000 4084 Tourism

Huaxin 0.4662 -0.0002 0.0317 -0.5024 0.6154 0.9417 0.0196 4711 Cement

Inner Mongnia 0.7098 -0.0003 0.0202 -0.7296 0.4657 1.4416 0.0000 3047 Erduosi Cashmere

Jiangling Motors Corpo- 0.5055 -0.0003 0.0288 -0.6869 0.4922 0.9958 0.4443 4501 ration Limited continued on following page 289 Appendix

Table 4.1. Continued

Paired Differences F-Distribution

Company Paired Std. P Value P Value Name Correlation Mean Deviation T-Value (2-tailed) F Value (1-tailed) Observation

Jinshan Develop- ment & 0.4104 0.0000 0.0364 -0.0869 0.9307 1.1228 0.0000 4986 Construc- tion

Jinzhou 0.6350 -0.0004 0.0218 -1.2149 0.2245 0.9751 0.2270 3538 Port

Konka 0.4357 -0.0001 0.0282 -0.2502 0.8025 1.0900 0.0009 5216 Group

Livzon Pharma- ceutical 0.4446 -0.0001 0.0309 -0.2638 0.7919 1.0359 0.1062 5002 Group Incorpo- rated

Lu Thai 0.6609 -0.0005 0.0197 -1.4746 0.1404 1.2467 0.0000 3135 Textile

SGSB 0.3893 -0.0001 0.0363 -0.2370 0.8127 1.1729 0.0000 4906 Group

Shanghai Automa- 0.4854 -0.0002 0.0324 -0.4618 0.6442 1.1489 0.0000 4871 tion Instru- mentation

Shanghai Baosight 0.3855 -0.0004 0.0349 -0.7800 0.4354 1.0790 0.0039 4903 Software

Shanghai Chlor- 0.4293 -0.0001 0.0339 -0.1077 0.9142 1.2820 0.0000 5216 alkali

Shanghai Dajiang 0.3813 -0.0002 0.0349 -0.3129 0.7544 1.1072 0.0002 4967 (Group)

Shanghai Diesel 0.4190 -0.0001 0.0325 -0.1598 0.8731 1.1909 0.0000 4906 Engine

Shanghai Dingli Technol- 0.3711 -0.0001 0.0367 -0.1904 0.8490 1.1194 0.0000 5216 ogy Devel- opment

Shanghai 0.4064 -0.0001 0.0350 -0.2029 0.8392 1.0833 0.0019 5216 Erfangji

Shanghai Friendship 0.3571 -0.0002 0.0321 -0.4599 0.6456 1.2275 0.0000 4931 Group

Shanghai Haixin 0.4777 -0.0002 0.0310 -0.5030 0.6150 0.9272 0.0041 4890 Group

Shanghai Highly 0.4145 -0.0003 0.0329 -0.5668 0.5709 1.2151 0.0000 5205 Group

continued on following page

290 Appendix Table 4.1. Continued

Paired Differences F-Distribution

Company Paired Std. P Value P Value Name Correlation Mean Deviation T-Value (2-tailed) F Value (1-tailed) Observation

Shanghai Jinjiang Interna- 0.3795 -0.0003 0.0320 -0.6302 0.5286 1.1579 0.0000 5010 tional Industrial

Shanghai Jinjiang Interna- 0.5057 -0.0003 0.0265 -0.6397 0.5224 0.9358 0.0155 4231 tional Hotels

Shanghai Jinqiao Export 0.4575 -0.0002 0.0295 -0.4826 0.6294 1.1809 0.0000 5110 Processing Zone

Shanghai Kaikai 0.5988 -0.0002 0.0311 -0.4259 0.6702 1.9209 0.0000 3088 Industrial Co Ltd

Shanghai Lujiazui Finance 0.5146 -0.0002 0.0258 -0.6072 0.5437 1.0522 0.0401 4724 & Trade Zone

Shanghai Me- chanical & 0.3950 -0.0001 0.0325 -0.1847 0.8535 1.1592 0.0000 4917 Electrical Industry

Shanghai MRA 0.4211 -0.0004 0.0327 -0.8719 0.3833 1.1778 0.0000 4893 Trading

Shanghai Nine 0.6997 -0.0001 0.0220 -0.2563 0.7977 1.3058 0.0000 3068 Dragon

Shanghai 0.4777 -0.0001 0.0303 -0.2292 0.8188 1.1565 0.0000 4747 Potevio

Shanghai Sanmao 0.4620 -0.0001 0.0331 -0.2202 0.8257 1.1462 0.0000 4955 Enterprise (Group)

Shanghai Wingsung 0.3893 0.0000 0.0369 -0.0839 0.9331 0.9422 0.0158 5216 Data Tech- nology

Shanghai Zhenhua Port 0.6269 -0.0003 0.0217 -0.7945 0.4270 0.9129 0.0054 3137 Machinery (Group)

Shenzhen Accord 0.3864 -0.0002 0.0351 -0.4904 0.6239 0.9371 0.0105 5059 Pharma- ceutical

continued on following page 291 Appendix

Table 4.1. Continued

Paired Differences F-Distribution

Company Paired Std. P Value P Value Name Correlation Mean Deviation T-Value (2-tailed) F Value (1-tailed) Observation

Shenzhen Interna- 0.5856 -0.0002 0.0302 -0.3705 0.7111 0.9277 0.0071 4279 tional Enterprise

Shenzhen Nanshan 0.4976 -0.0001 0.0287 -0.3561 0.7218 0.9456 0.0273 4720 Power Station

Shenzhen Properties 0.4795 -0.0002 0.0324 -0.3953 0.6927 0.8862 0.0000 5216 & Resources

Shenzhen Seg Co 0.5835 -0.0001 0.0257 -0.2260 0.8212 1.0039 0.4496 4177 Ltd

Shenzhen Shenbao 0.3950 -0.0001 0.0382 -0.1846 0.8535 0.9080 0.0002 5216 Industrial

Shenzhen Tellus 0.4053 -0.0002 0.0396 -0.3225 0.7471 0.8401 0.0000 5095 (holdings)

Shenzhen Textile 0.3565 -0.0001 0.0392 -0.1107 0.9118 0.9295 0.0057 4795 Holdings

Shenzhen Victor Onward 0.3250 -0.0001 0.0402 -0.0990 0.9211 0.7571 0.0000 5216 Textile Industrial

Shenzhen Zhongheng 0.4518 -0.0001 0.0346 -0.2391 0.8110 1.1697 0.0000 5216 Huafa

Shi- jiazhuang Baoshi 0.5835 -0.0002 0.0275 -0.4517 0.6515 0.9646 0.1206 4243 Electronic Glass

Weifu High- 0.6039 -0.0002 0.0246 -0.5747 0.5656 0.9748 0.2186 3722 Technol- ogy

Wuxi 0.5266 -0.0003 0.0269 -0.6039 0.5459 0.9957 0.4454 4111 Littleswan

Yantai Changyu 0.4279 -0.0006 0.0239 -1.5056 0.1323 0.8415 0.0000 3177 Pioneer Wine

Zhonglu 0.4292 -0.0001 0.0339 -0.1122 0.9107 1.1318 0.0000 4936

292 Appendix Table 4.2. Paired T-Test, variance results for Chinese dual-listed firms on China A and Hong Kong Markets

Paired Differences F-Distribution

Company Paired Std. P Value P Value Name Correlation Mean Deviation T-Value (2-tailed) F-Value (1-tailed) Observation

Agricultural Bank of 0.3782 -0.0002 0.0194 -0.2374 0.8125 0.2095 0.0000 641 China Ltd

Air China 0.4171 -0.0001 0.0364 -0.0740 0.9410 0.8662 0.0017 1661 Ltd

Angang Steel Co 0.3165 -0.0006 0.0393 -0.9285 0.3532 0.3949 0.0000 3916 Ltd

Anhui Conch 0.4731 -0.0006 0.0322 -0.9134 0.3611 0.6250 0.0000 2842 Cement Co Ltd

Anhui Expressway 0.1396 -0.0004 0.0296 -0.7213 0.4708 0.8893 0.0014 2604 Co Ltd

Bank of 0.3607 -0.0002 0.0231 -0.2944 0.7685 0.6370 0.0000 1693 China Ltd

Bank of Communi- 0.4922 -0.0004 0.0250 -0.6811 0.4959 0.6563 0.0000 1469 cations Co, Ltd

BBMG 0.4435 -0.0004 0.0334 -0.2479 0.8043 0.6290 0.0000 479 Corporation

Beijing North Star 0.4978 -0.0001 0.0322 -0.0893 0.9289 0.9424 0.1162 1620 Co Ltd

Beiren Printing Machinery 0.2167 0.0000 0.0431 -0.0133 0.9894 0.8349 0.0000 4866 Holdings Ltd

BYD Co 0.5014 -0.0004 0.0345 -0.2124 0.8319 0.6321 0.0000 392 Ltd

China CITIC Bank 0.3900 -0.0004 0.0277 -0.5812 0.5612 0.7607 0.0000 1481 Corporation Ltd

China Coal Energy Co 0.4845 -0.0002 0.0318 -0.2463 0.8055 0.5783 0.0000 1281 Ltd

China Commu- nications 0.4625 -0.0008 0.0206 -0.5954 0.5522 0.6436 0.0007 211 Construc- tion Co Ltd

continued on following page

293 Appendix

Table 4.2. Continued

Paired Differences F-Distribution

Company Paired Std. P Value P Value Name Correlation Mean Deviation T-Value (2-tailed) F-Value (1-tailed) Observation

China Construc- tion Bank 0.5123 -0.0004 0.0226 -0.5934 0.5530 0.5040 0.0000 1374 Corpora- tion

China COSCO 0.4638 -0.0002 0.0395 -0.1681 0.8666 0.5128 0.0000 1439 Holdings Co Ltd

China Merchants 0.5209 -0.0001 0.0265 -0.0904 0.9280 0.6139 0.0000 1636 Bank Co, Ltd

China Minsheng 0.4474 0.0000 0.0180 -0.0404 0.9677 0.5893 0.0000 807 Banking Corp Ltd

China Mo- lybdenum 0.5439 -0.0025 0.0309 -0.6280 0.5325 5.8017 0.0000 59 Co, Ltd

China Oilfield 0.4116 -0.0006 0.0362 -0.6016 0.5475 0.6160 0.0000 1371 Services Ltd

China Pacific Insurance 0.4834 -0.0001 0.0213 -0.0726 0.9422 0.9464 0.2200 788 (Group) Co Ltd

China Railway Construc- 0.5004 -0.0003 0.0264 -0.4262 0.6700 0.4557 0.0000 1252 tion Corpo- ration Ltd

China Railway 0.4779 -0.0004 0.0282 -0.5237 0.6005 0.4638 0.0000 1321 Group Ltd

China Shenhua 0.4936 -0.0005 0.0289 -0.6958 0.4867 0.6745 0.0000 1364 Energy Co Ltd

China Shipping Container 0.4161 -0.0005 0.0384 -0.4575 0.6474 0.4057 0.0000 1318 Lines Co Ltd

China Shipping Develop- 0.3670 -0.0004 0.0365 -0.5311 0.5954 0.5664 0.0000 2767 ment Co Ltd

continued on following page

294 Appendix Table 4.2. Continued

Paired Differences F-Distribution

Company Paired Std. P Value P Value Name Correlation Mean Deviation T-Value (2-tailed) F-Value (1-tailed) Observation

Chongqing Iron & 0.4042 0.0000 0.0350 0.0068 0.9945 0.7153 0.0000 1523 Steel Co Ltd

CITIC Securities 0.6368 -0.0007 0.0218 -0.5433 0.5873 0.5401 0.0000 322 Co Ltd

Dalian Port (PDA) Co 0.3346 0.0000 0.0239 -0.0325 0.9741 0.5424 0.0000 540 Ltd

Datang In- ternational Power 0.3411 -0.0001 0.0348 -0.1121 0.9107 0.8493 0.0006 1573 Generation Co, Ltd

Dongfang Electric 0.2172 -0.0005 0.0443 -0.7341 0.4629 0.4870 0.0000 4488 Corporation Ltd

Dongjiang Environ- 0.3402 0.0016 0.0243 0.8883 0.3756 2.2105 0.0000 177 mental Co Ltd

First Tractor Co 0.4453 -0.0005 0.0331 -0.1410 0.8882 3.0166 0.0000 103 Ltd

Great Wall Motor Co 0.1465 -0.0034 0.0362 -2.3854 0.0173 0.5274 0.0000 656 Ltd

Guangzhou Automobile 0.2971 -0.0018 0.0281 -0.9165 0.3605 0.7525 0.0236 197 Group Co Ltd

Guangzhou Pharma- 0.3838 -0.0008 0.0324 -1.4222 0.1551 0.8541 0.0000 3104 ceutical Co Ltd

Guangzhou Shipyard 0.2175 0.0001 0.0456 0.1328 0.8943 0.6769 0.0000 5002 Internation- al Co Ltd

Haitong Securities 0.6117 -0.0010 0.0196 -0.6667 0.5058 0.8987 0.2403 176 Co Ltd

Hisense Kelon Electrical 0.1749 0.0000 0.0395 0.0041 0.9967 0.4848 0.0000 3514 Holdings Co Ltd

continued on following page

295 Appendix

Table 4.2. Continued

Paired Differences F-Distribution

Company Paired Std. P Value P Value Name Correlation Mean Deviation T-Value (2-tailed) F-Value (1-tailed) Observation

Huadian Power In- ternational 0.2606 -0.0001 0.0349 -0.1927 0.8472 0.8858 0.0030 2062 Corpora- tion Ltd

Industrial and Com- mercial 0.4389 -0.0001 0.0233 -0.2282 0.8195 0.6281 0.0000 1611 Bank of China Ltd

Jiangsu Expressway 0.2131 -0.0007 0.0276 -1.5109 0.1309 0.6239 0.0000 3119 Co Ltd

Jiangxi Copper Co 0.4283 -0.0005 0.0356 -0.7740 0.4390 0.8011 0.0000 2861 Ltd

Jingwei Textile 0.2440 -0.0005 0.0430 -0.8048 0.4210 0.5744 0.0000 4189 Machinery Co Ltd

Luoyang Glass Co 0.1868 0.0000 0.0443 -0.0493 0.9607 0.5925 0.0000 4478 Ltd

Maanshan Iron & 0.1957 0.0000 0.0423 -0.0563 0.9551 0.5539 0.0000 4952 Steel Co Ltd

Metallurgi- cal Corpo- 0.3982 0.0004 0.0207 0.5485 0.5835 0.4207 0.0000 852 ration of China Ltd

Nanjing Panda 0.2258 -0.0004 0.0470 -0.4994 0.6176 0.4901 0.0000 4205 Electronic Co Ltd

New China Life 0.4207 -0.0001 0.0285 -0.0610 0.9514 1.1304 0.1573 271 Insurance Co Ltd

Northeast Electric Develop- 0.2217 -0.0002 0.0501 -0.2369 0.8127 0.4235 0.0000 4448 ment Co Ltd

Ping An Insurance (Group) Co 0.6121 -0.0004 0.0257 -0.6648 0.5062 0.7728 0.0000 1522 of China Ltd

Shandong Xinhua Pharma- 0.2259 -0.0002 0.0369 -0.3373 0.7359 0.6605 0.0000 4016 ceutical Co Ltd

continued on following page 296 Appendix Table 4.2. Continued

Paired Differences F-Distribution

Company Paired Std. P Value P Value Name Correlation Mean Deviation T-Value (2-tailed) F-Value (1-tailed) Observation

Shanghai Electric 0.4245 -0.0007 0.0286 -0.7548 0.4505 0.5861 0.0000 1061 Group Co Ltd

Shanghai Pharma- ceuticals 0.4142 -0.0003 0.0246 -0.2230 0.8236 0.5915 0.0000 421 Holding Co Ltd

Shenzhen Expressway 0.2279 -0.0005 0.0284 -0.9592 0.3376 1.1419 0.0002 2874 Co Ltd

Sichuan Expressway 0.2686 -0.0011 0.0268 -1.2275 0.2200 0.9729 0.3409 895 Co Ltd

Sinopec Yizheng Chemical 0.2189 0.0002 0.0426 0.2869 0.7742 0.5188 0.0000 4624 Fibre Co Ltd

Tianjin Capital Environ- 0.1945 -0.0002 0.0434 -0.2868 0.7743 0.5568 0.0000 4566 mental Protection Co Ltd

Tsingtao Brewery 0.1331 -0.0002 0.0393 -0.4209 0.6739 0.6566 0.0000 5046 Co Ltd

Weichai Power Co 0.3892 -0.0005 0.0349 -0.5062 0.6128 0.6384 0.0000 1480 Ltd

Xinjiang Goldwind Science & 0.4524 0.0007 0.0273 0.6541 0.5133 0.5713 0.0000 581 Technology Co Ltd

Zhejiang Shibao Co 0.4882 -0.0023 0.0411 -0.3637 0.7180 4.0496 0.0000 41 Ltd

Zhengzhou Coal Mining 0.1912 0.0034 0.0206 0.6954 0.4962 1.8002 0.1178 18 Machinery Group Co. Ltd.

Zijin Mining 0.4843 -0.0003 0.0335 -0.3589 0.7198 0.5920 0.0000 1221 Group Co, Ltd

ZTE 0.4244 -0.0002 0.0308 -0.2994 0.7647 0.6935 0.0000 2102 Corporation

297 Appendix

APPENDIX 5: GRANGER-CAUSALITY TEST RESULTS

Table 5.1. Granger causality test results for Chinese firms dual-listed on China A- and B-Share Markets

Pairwise Granger Causality Pairwise Granger Causality

Ho: No causality from China A Ho: No causality from China B to China B to China A F-Statistic Prob. F-Statistic Prob. Anhui Guijing Distiller 0.882 0.474 2.624** 0.033 Bengang Steel Plates 3.537*** 0.007 1.931 0.103 BOE Technology 6.139 0.000 5.077*** 0.000 Changchai Company 1.121 0.345 1.366 0.243 China Fangda Group 1.792 0.128 0.391 0.815 China International Marine 0.951 0.433 1.946 0.100 Container Group China Merchants Property 5.409*** 0.000 3.787*** 0.004 Development China Textile Machinery 10.614*** 0.000 3.871*** 0.004 Chongqing Changan Automobile 0.512 0.727 3.017** 0.017 CSG Holding 1.066 0.372 2.008 0.091 Dalian Refrigerator 3.840*** 0.004 1.598 0.172 Danhua Chemical Technology 2.555** 0.037 5.964*** 0.000 Co Dazhong Transportation (Group) 1.403 0.230 2.218 0.065 Double Coin Holdings Ltd 0.145 0.965 1.115 0.347 Eastern Communications 2.933** 0.020 1.161 0.326 Foshan Electrical and Lighting 0.479 0.752 2.437** 0.045 Guangdong Electric Power 1.668 0.155 0.282 0.890 Guangdong Provincial 0.291 0.884 1.445 0.216 Expressway Guangdong Sunrise Holdings 18.295*** 0.000 5.932*** 0.000 Hainan Airlines 0.977 0.419 0.360 0.837 Hainan Donghai Tourism Centre 2.488** 0.041 10.052*** 0.000 (Holding) Hainan Pearl River Holdings 15.698*** 0.000 3.792*** 0.004 Company Hefei Meiling 1.035 0.388 1.953 0.099 ** denotes statistical significance at the 5% level, *** denotes statistical significance at the 1% level

continued on following page

298 Appendix Table 5.1. Continued

Pairwise Granger Causality Pairwise Granger Causality

Ho: No causality from China A Ho: No causality from China B to China B to China A F-Statistic Prob. F-Statistic Prob. Huadian Energy 1.464 0.211 1.171 0.321 Huangshan Tourism 0.540 0.707 1.673 0.153 Huaxin Cement 1.551 0.185 1.380 0.238 Inner Mongnia Erduosi 1.424 0.223 1.919 0.104 Cashmere Jiangling Motors Corporation 3.807*** 0.004 2.015 0.090 Limited Jinshan Development & 4.140*** 0.002 1.564 0.181 Construction Jinzhou Port 4.286*** 0.002 0.685 0.602 Konka Group 3.191** 0.013 0.521 0.720 Livzon Pharmaceutical Group 3.363*** 0.009 1.152 0.330 Incorporated Lu Thai Textile 2.835** 0.023 1.298 0.268 SGSB Group 3.328** 0.010 0.698 0.594 Shanghai Automation 2.426** 0.046 5.214*** 0.000 Instrumentation Shanghai Baosight Software 2.132 0.074 4.701*** 0.001 Shanghai Chlor-alkali 1.071 0.369 0.915 0.454 Shanghai Dajiang (Group) 0.197 0.940 6.051*** 0.000 Shanghai Diesel Engine 1.981 0.095 1.972 0.096 Shanghai Dingli Technology 4.475*** 0.001 4.515*** 0.001 Development Shanghai Erfangji 8.891*** 0.000 2.086 0.080 Shanghai Friendship Group 3.233** 0.012 0.625 0.645 Shanghai Haixin Group 0.884 0.472 3.980*** 0.003 Shanghai Highly Group 1.156 0.328 3.558*** 0.007 Shanghai Jinjiang International 1.364 0.244 2.856** 0.022 Industrial Shanghai Jinjiang International 3.400*** 0.009 1.800 0.126 Hotels Shanghai Jinqiao Export 1.726 0.141 1.708 0.145 Processing Zone ** denotes statistical significance at the 5% level, *** denotes statistical significance at the 1% level

continued on following page

299 Appendix

Table 5.1. Continued

Pairwise Granger Causality Pairwise Granger Causality

Ho: No causality from China A Ho: No causality from China B to China B to China A F-Statistic Prob. F-Statistic Prob. Shanghai Kaikai Industrial Co 5.176*** 0.000 15.160*** 0.000 Ltd Shanghai Lujiazui Finance & 0.484 0.747 2.204 0.066 Trade Zone Shanghai Mechanical & 2.844** 0.023 3.173** 0.013 Electrical Industry Shanghai MRA Trading 1.522 0.193 1.528 0.191 Shanghai Nine Dragon 1.127 0.342 1.892 0.109 Shanghai Potevio 0.640 0.634 0.480 0.750 Shanghai Sanmao Enterprise 2.377** 0.050 1.108 0.351 (Group) Shanghai Wingsung Data 2.897** 0.021 2.636 0.032 Technology Shanghai Zhenhua Port 1.211 0.304 2.164** 0.071 Machinery (Group) Shenzhen Accord 4.889*** 0.001 4.022*** 0.003 Pharmaceutical Shenzhen International 0.438 0.781 7.285*** 0.000 Enterprise Shenzhen Nanshan Power 3.324** 0.010 1.932 0.102 Station Shenzhen Properties & 1.347 0.250 5.682*** 0.000 Resources Shenzhen Seg Co Ltd 0.292 0.883 3.527*** 0.007 Shenzhen Shenbao Industrial 11.550*** 0.000 1.133 0.339 Shenzhen Tellus (holdings) 13.651*** 0.000 6.145*** 0.000 Shenzhen Textile Holdings 2.342 0.053 1.197 0.310 Shenzhen Victor Onward Textile 14.638*** 0.000 3.716*** 0.005 Industrial Shenzhen Zhongheng Huafa 9.429*** 0.000 4.599*** 0.001 Shijiazhuang Baoshi Electronic 1.536 0.189 2.806** 0.024 Glass Weifu High-Technology 1.596 0.173 3.140** 0.014 Wuxi Littleswan 0.942 0.439 0.698 0.594 Yantai Changyu Pioneer Wine 0.598 0.664 5.464*** 0.000 Zhonglu 2.760** 0.026 3.469*** 0.008 ** denotes statistical significance at the 5% level, *** denotes statistical significance at the 1% level

300 Appendix Table 5.2. Granger causality test results for Chinese firms dual-listed on China A-share and Hong Kong Markets

Pairwise Granger Causality Pairwise Granger Causality

Ho: No causality from China A Ho: No causality from Hong to Hong Kong Kong to China A F-Statistic Prob. F-Statistic Prob. Agricultural Bank of China Ltd 0.562 0.570 0.714 0.490 Air China Ltd 0.717 0.581 1.127 0.342 Angang Steel Co Ltd 4.309*** 0.002 8.485*** 0.000 Anhui Conch Cement Co Ltd 1.727 0.141 11.761*** 0.000 Anhui Expressway Co Ltd 1.218 0.301 4.243*** 0.002 Bank of China Ltd 1.382 0.238 0.739 0.566 Bank of Communications Co, Ltd 1.119 0.346 1.853 0.116 BBMG Corporation 0.375 0.827 1.060 0.376 Beijing North Star Co Ltd 1.222 0.300 1.992 0.093 Beiren Printing Machinery 2.592** 0.035 4.147*** 0.002 Holdings Ltd BYD Co Ltd 1.131 0.342 1.937 0.104 China CITIC Bank Corporation Ltd 2.376** 0.050 3.147** 0.014 China Coal Energy Co Ltd 1.107 0.352 4.403*** 0.002 China Communications 1.627 0.169 1.927 0.107 Construction Co Ltd China Construction Bank 1.989 0.094 2.574** 0.036 Corporation China COSCO Holdings Co Ltd 2.495** 0.041 3.914*** 0.004 China Merchants Bank Co, Ltd 0.847 0.495 2.717** 0.029 China Minsheng Banking Corp Ltd 1.357 0.247 0.356 0.840 China Molybdenum Co, Ltd 0.713 0.587 1.105 0.366 China Oilfield Services Ltd 0.208 0.934 3.012** 0.017 China Pacific Insurance (Group) 1.206 0.307 1.337 0.254 Co Ltd China Railway Construction 2.907** 0.021 3.289** 0.011 Corporation Ltd China Railway Group Ltd 3.592*** 0.006 2.882** 0.022 China Shenhua Energy Co Ltd 1.474 0.208 4.101*** 0.003 China Shipping Container Lines 1.060 0.375 1.687 0.151 Co Ltd China Shipping Development Co 1.570 0.180 4.783*** 0.001 Ltd ** denotes statistical significance at the 5% level, *** denotes statistical significance at the 1% level continued on following page 301 Appendix

Table 5.2. Continued

Pairwise Granger Causality Pairwise Granger Causality

Ho: No causality from China A Ho: No causality from Hong to Hong Kong Kong to China A F-Statistic Prob. F-Statistic Prob. Chongqing Iron & Steel Co Ltd 3.405*** 0.009 4.012*** 0.003 CITIC Securities Co Ltd 1.840 0.121 1.334 0.257 Dalian Port (PDA) Co Ltd 0.144 0.966 0.881 0.475 Datang International Power 2.922** 0.020 1.571 0.180 Generation Co, Ltd Dongfang Electric Corporation Ltd 0.317 0.867 10.297*** 0.000 Dongjiang Environmental Co Ltd 0.902 0.464 0.401 0.808 First Tractor Co Ltd 1.142 0.342 1.189 0.321 Great Wall Motor Co Ltd 2.808** 0.025 1.508 0.198 Guangzhou Automobile Group Co 0.466 0.760 1.477 0.211 Ltd Guangzhou Pharmaceutical Co Ltd 2.224 0.064 2.655** 0.031 Guangzhou Shipyard International 2.431** 0.046 6.072*** 0.000 Co Ltd Haitong Securities Co Ltd 1.402 0.236 0.168 0.955 Hisense Kelon Electrical Holdings 0.347 0.846 1.804 0.125 Co Ltd Huadian Power International 1.041 0.385 3.188** 0.013 Corporation Ltd Industrial and Commercial Bank of 0.597 0.665 1.642 0.161 China Ltd Jiangsu Expressway Co Ltd 0.804 0.523 0.575 0.681 Jiangxi Copper Co Ltd 0.301 0.878 9.053*** 0.000 Jingwei Textile Machinery Co Ltd 2.152 0.072 4.059*** 0.003 Luoyang Glass Co Ltd 0.514 0.725 1.747 0.137 Maanshan Iron & Steel Co Ltd 2.509** 0.040 3.416*** 0.009 Metallurgical Corporation of China 0.517 0.723 1.897 0.109 Ltd Nanjing Panda Electronic Co Ltd 2.984** 0.018 0.638 0.635 New China Life Insurance Co Ltd 1.533 0.193 1.093 0.361 Northeast Electric Development 1.188 0.314 3.812*** 0.004 Co Ltd Ping An Insurance (Group) Co of 2.251 0.062 4.265*** 0.002 China Ltd ** denotes statistical significance at the 5% level, *** denotes statistical significance at the 1% level

continued on following page 302 Appendix Table 5.2. Continued

Pairwise Granger Causality Pairwise Granger Causality

Ho: No causality from China A Ho: No causality from Hong to Hong Kong Kong to China A F-Statistic Prob. F-Statistic Prob. Shandong Xinhua Pharmaceutical 2.016 0.089 0.783 0.536 Co Ltd Shanghai Electric Group Co Ltd 0.327 0.860 3.168** 0.013 Shanghai Pharmaceuticals Holding 0.870 0.482 0.861 0.487 Co Ltd Shenzhen Expressway Co Ltd 1.562 0.182 0.824 0.509 Sichuan Expressway Co Ltd 1.697 0.149 2.372 0.051 Sinopec Yizheng Chemical Fibre 0.762 0.550 10.456 0.000 Co Ltd Tianjin Capital Environmental 1.256 0.285 1.095 0.357 Protection Co Ltd Tsingtao Brewery Co Ltd 3.653*** 0.006 4.817*** 0.001 Weichai Power Co Ltd 6.377*** 0.000 2.382** 0.050 Xinjiang Goldwind Science & 1.020 0.396 2.147 0.074 Technology Co Ltd Zhejiang Shibao Co Ltd 2.039 0.115 1.439 0.246 Zhengzhou Coal Mining Machinery 0.229 0.913 1.010 0.471 Group Co. Ltd. Zijin Mining Group Co, Ltd 3.502*** 0.008 0.636 0.637 ZTE Corporation 2.052 0.085 0.391 0.815 ** denotes statistical significance at the 5% level, *** denotes statistical significance at the 1% level

303 Appendix

Table 5.3. Granger causality test Results for Chinese Firms Triple-Listed on China A-Share, Hong Kong and New York Markets

Pairwise Granger Causality Pairwise Granger Causality

Ho: No causality from Ho: No causality from China A- to H-share H-share to China A-share Panel A: F-Statistic Prob. F-Statistic Prob. Aluminium Corporation of China Ltd. 2.781** 0.026 4.781*** 0.001 China Eastern Airlines Corporation Ltd 0.965 0.426 8.242*** 0.000 China Life Insurance Co. Ltd 2.348 0.053 0.358 0.838 China Petroleum & Chemical 3.776*** 0.005 8.308*** 0.000 China Southern Airlines Co Ltd 2.908** 0.021 8.073*** 0.000 Guangshen Railway Co Ltd 3.621*** 0.006 1.282 0.275 Huaneng Power International, Inc 1.378 0.239 6.394*** 0.000 PetroChina Co. Ltd. 2.946** 0.019 1.270 0.280 Sinopec Shanghai Petrochemical Co Ltd 0.950 0.434 3.149** 0.014 Yanzhou Coal Mining Co Ltd 1.144 0.334 4.226*** 0.002 Pairwise Granger Causality Pairwise Granger Causality

Ho: No causality from Ho: No causality from China A- to N-share N- to China A-share Panel B: F-Statistic Prob. F-Statistic Prob. Aluminium Corporation of China Ltd. 2.844** 0.023 17.855*** 0.000 China Eastern Airlines Corporation Ltd 1.634 0.163 16.182*** 0.000 China Life Insurance Co. Ltd 3.249** 0.012 12.691*** 0.000 China Petroleum & Chemical 1.605 0.170 20.450*** 0.000 China Southern Airlines Co Ltd 3.634*** 0.006 16.505*** 0.000 Guangshen Railway Co Ltd 4.479*** 0.001 2.870** 0.022 Huaneng Power International, Inc 1.161 0.326 11.076*** 0.000 PetroChina Co. Ltd. 1.211 0.304 19.378*** 0.000 Sinopec Shanghai Petrochemical Co Ltd 1.933 0.102 3.211** 0.012 Yanzhou Coal Mining Co Ltd 1.193 0.312 11.662*** 0.000

continued on following page

304 Appendix Table 5.3. Continued

Pairwise Granger Causality Pairwise Granger Causality

Ho: No causality from Ho: No causality from H- to N-share N- to H-share Panel C: F-Statistic Prob. F-Statistic Prob. Aluminium Corporation of China Ltd. 6.530*** 0.000 191.272*** 0.000 China Eastern Airlines Corporation Ltd 80.717*** 0.000 38.181*** 0.000 China Life Insurance Co. Ltd 4.548*** 0.001 164.303*** 0.000 China Petroleum & Chemical 16.483*** 0.000 118.836*** 0.000 China Southern Airlines Co Ltd 25.692*** 0.000 49.539*** 0.000 Guangshen Railway Co Ltd 21.406*** 0.000 90.854*** 0.000 Huaneng Power International, Inc 10.201*** 0.000 186.691*** 0.000 PetroChina Co. Ltd. 11.460*** 0.000 220.803*** 0.000 Sinopec Shanghai Petrochemical Co Ltd 33.273*** 0.000 74.811*** 0.000 Yanzhou Coal Mining Co Ltd 35.423*** 0.000 67.305*** 0.000 China Telecom 8.985*** 0.000 109.542*** 0.000 China Unicom (Hong Kong) Ltd 190.080*** 0.000 6.847*** 0.000 China Mobile Ltd 14.628*** 0.000 240.570*** 0.000 CNOOC Ltd 5.398*** 0.000 244.239*** 0.000 ** denotes statistical significance at the 5% level, *** denotes statistical significance at the 1% level

305