The Government Bonds Market The Government Bonds Market in ...

��The Government Bonds MarketThe Government Bonds Marketin the Shanghai Stock Exchangein the Shanghai Stock Exchange

�� Bo FENG Bo FENG Director of Bonds & Funds Dept Director of Bonds & Funds Dept

14th November 200214th November 2002

The Shanghai Stock Exchange:An OverviewThe Shanghai Stock Exchange:An Overview��

�� The Shanghai Stock ExchangeThe Shanghai Stock Exchange(SSE) was founded on Nov. 26th,(SSE) was founded on Nov. 26th,1990 and in operation on Dec. 19th1990 and in operation on Dec. 19ththe same year.the same year.It is a non-profit-making institutionIt is a non-profit-making institutiondirectly governed by the Chinadirectly governed by the ChinaSecurities Regulatory CommissionSecurities Regulatory Commission(CSRC).(CSRC).�� 19901990��1111��2626��1212��1919��


�� After 12-year operation, the Shanghai stock market hasAfter 12-year operation, the Shanghai stock market hasbecome the predominant stock market in Mainland Chinabecome the predominant stock market in Mainland Chinain terms of number of listed companies,number of sharesin terms of number of listed companies,number of shareslisted,total market value,tradable market value,securitieslisted,total market value,tradable market value,securitiesturnover in value,stock turnover in value and the T-bondturnover in value,stock turnover in value and the T-bondturnover in value. turnover in value. ��1212��


�� December 2001 ended with over 34 million investors andDecember 2001 ended with over 34 million investors and646 listed companies. The total market capitalization of646 listed companies. The total market capitalization ofSSE hit RMB 2.7 trillion, or 28.7% of the countrySSE hit RMB 2.7 trillion, or 28.7% of the country’’s GDPs GDPin 2001. Capital raised from SSE market surpassed RMBin 2001. Capital raised from SSE market surpassed RMB380 billion. A large number of companies from key380 billion. A large number of companies from keyindustries, infrastructure and high-tech sectors have notindustries, infrastructure and high-tech sectors have notonly raised capital, but also improved their operationonly raised capital, but also improved their operationmechanism through listing on Shanghai stock market.mechanism through listing on Shanghai stock market.

��20012001��34003400��646646��2.72.7��20012001��28.7%28.7%��38003800��


�� Listed SecuritiesListed Securities ��20022002��1010��3131�� As of Oct. 31th 2002As of Oct. 31th 2002��

811 811�� TotalTotal 3 3 ��Convertible BondsConvertible Bonds 11 11 �� CoporateCoporate Bonds Bonds

22 22 15 15 7 7

��T-bondsT-bonds ��SpotsSpots ��ReposRepos

25 25 ��FundsFunds

750750696696 54 54

��StocksStocks A A�� A ShareA Share B B�� B ShareB Share

�� numbernumber�� SecuritiesSecurities

The SSE Government Bonds MarketThe SSE Government Bonds Market��

��((��TurnoverTurnover��RMB100millionRMB100million��

457 764 34686047 5277 3657 4383 49271172 4962

63

1243911912

1518912124

176911534313147

0

5000

10000

15000

20000

25000

1994 1995 1996 1997 1998 1999 2000 2001 2002.1-10

ÏÖ »õ spot »Ø ¹º repo

The SSE Government Bonds MarketThe SSE Government Bonds Market��

�� T-bond T-bond vsvs. Total Securities. Total Securities

8 7 . 17 0 . 6

2 1 . 43 . 3

7 6 . 89 3 . 6

6 2 . 95 1 . 5

6 1 . 84 8 . 3

3 3 . 74 4 . 7

5 9 . 5

9 0 9 1 9 2 9 3 9 4 9 5 9 6 9 7 9 8 9 9

2 0 0 0

2 0 0 12 0 0 2 . 1 - 1 0

Æä Ëû Ö¤ È̄ Ot he r s¹ú Õ® T- bond

��

�� 19901990��1212��1919��

�� 19901990��55��

�� 19921992�� 19931993�� 19941994��

��

�� 19961996��11��88��

�� 19961996��66��1414��

�� 19971997�� 20002000�� 20012001��2020�� 20022002��

��

�� 5050�� 19801980��19921992�� 19921992��19961996��

�� 19971997��20012001�� :2001:2001��

��The Government Bonds Market StructureThe Government Bonds Market Structure

Ö ÐÖ ¤µ ÇCSDC

É Ï½ »Ë ùSSE

É î½ »Ë ùShenzhen Stock Exchange

³ ¡Ä ÚÊ Ð³ ¡stock exchange market

Ö ÐÑ ëµ Ç¼ Ç¹ «Ë ¾CGDC

Í ¬Ò µÖ ÐÐ Äinter-bank market

³ ¡Í âÊ Ð³ ¡OTC market

��

16Ö »¹ úÕ ®16 bonds

Ï ÖÈ ¯spots

7¸ öÆÚÏ ÞÆ·Å Æ7 repos from 1 day to 182days

» Ø¹ ºrepos

ÆÚ» õfutures

Ê Ð³ ¡Æ·Ö Ölisted securities

��SSE Market & Inter-bank Market:ComparisonSSE Market & Inter-bank Market:Comparison

13643

46233

33402580

10303

43653

2047

21862

×Ü ³É ½» ½ð ¶î Tot a l

Tur nov e r

ÏÖ »õ ³É ½» Spot s

»Ø ¹º ³É ½» Re pos

Õ® È̄ ÍÐ ¹Ü Á¿ Amount of

Cus t ody Bonds

ÉÏ º£ ÊÐ ³¡ SSE Ma r k e t

Òø ÐÐ ¼ä ÊÐ ³¡ I nt e r -ba n

��Unit:RMB 100 Million

��2002�1�6� As of First-half of 2002

��SSE Market & Inter-bank Market:ComparisonSSE Market & Inter-bank Market:Comparison

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�� 50%50%�� 11��22��44��

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THANK YOU! THANK YOU!

Contact: Contact: Bo FENG Bo FENG

bfengbfeng@@ssesse.com..com.cncn 0086-21-68800108 0086-21-68800108

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