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The Journal of Portfolio Management

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Article

A Foreign Investor’s Guide to Accessing the Chinese Equity Market

Andrew W. Alford and Alison W. Lau
The Journal of Portfolio Management Special China Issue 2015, 41 (5) 31-40; DOI: https://doi.org/10.3905/jpm.2015.41.5.031
Andrew W. Alford
is managing director in the quantitative investment strategies group at Goldman Sachs Asset Management in New York, NY.
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  • For correspondence: andrew.alford@gs.com
Alison W. Lau
is managing director in the quantitative investment strategies group at Beijing Gao Hua Securities Company in Beijing, China.
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  • For correspondence: alison.lau@ghsl.cn
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Abstract

In this article the authors compare the extent to which Chinese companies with different types of shares provide balanced exposure to the Chinese equity market. Whereas many previous studies focus on Chinese stocks, the authors also examine the properties of Chinese companies. They find that companies that have issued A-shares exclusively (and are therefore inaccessible to most foreign investors) are distinct from companies that have also issued B-shares and/or H-shares, or those companies who have shares listed on a foreign stock exchange (and are therefore accessible to foreign investors). Consequently, the latter are not representative of the broader Chinese equity market. Foreign investors who wish to participate more fully in the Chinese market should consider obtaining a Qualified Foreign Institutional Investor (QFII) license and quota so that they can gain direct exposure to the large number of Chinese companies that have only A-shares.

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The Journal of Portfolio Management: 41 (5)
The Journal of Portfolio Management
Vol. 41, Issue 5
Special China Issue 2015
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A Foreign Investor’s Guide to Accessing the Chinese Equity Market
Andrew W. Alford, Alison W. Lau
The Journal of Portfolio Management Jan 2015, 41 (5) 31-40; DOI: 10.3905/jpm.2015.41.5.031

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A Foreign Investor’s Guide to Accessing the Chinese Equity Market
Andrew W. Alford, Alison W. Lau
The Journal of Portfolio Management Jan 2015, 41 (5) 31-40; DOI: 10.3905/jpm.2015.41.5.031
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  • Article
    • Abstract
    • HOLDINGS-BASED ANALYSIS OF FOREIGN INVESTORS’ ABILITY TO ACCESS CHINA’S EQUITY MARKET
    • RETURNS-BASED ANALYSIS OF FOREIGN INVESTORS’ ABILITY TO ACCESS CHINA’S EQUITY MARKET
    • IMPLICATIONS FOR INVESTORS
    • CONCLUSION
    • ENDNOTES
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