A visual guide to
China’s multiple
share types
This document is for professional investors/
qualified investors/qualified clients.
A guide to China’s multiple share types
Onshore Offshore
(Domestic opportunities) (International & tech-focused opportunities)
Share type Share type
A-shares B-shares H-shares Red Chips P-Chips Foreign Listings
(e.g. US listed ADRs)
The China equity market is split into many different share types, which can be
grouped into onshore-listed (mainland China) and offshore-listed
(Hong Kong and US) shares.
Onshore market
The domestic onshore market is largely dominated by A-shares and more aligned
with China’s domestic growth. With a broad range of sectors that include both
old economy (e.g. chemicals, industrials) and new economy (e.g. technology,
consumers) companies, the A-share market represents China’s rapidly changing
domestic market.
Offshore market
The other part of the China market is offshore equities, which are listed on Hong
Kong and US stock exchanges. Since access to A-shares were historically limited
until recent years, foreign investors could only access Chinese companies through
offshore equities. Offshore shares are mostly comprised of well-known global tech
leaders with greater international presence, such as Alibaba and Tencent.
A guide to China’s multiple share types
Onshore Offshore
(Domestic opportunities) (International & tech-focused opportunities)
Share type Share type
A-shares B-shares H-shares Red Chips P-Chips Foreign Listings
(e.g. US listed ADRs)
Shanghai and Companies incorporated Significantly larger and
Shenzhen Stock and listed in mainland China. more diverse than the other
Exchanges Available only to Chinese domestic shares and offshore
(RMB). investors, or to international markets. Greater focus on
investors via QFII, RQFII, and domestic and consumer-
Stock Connect programs. oriented companies.
A guide to China’s multiple share types
Onshore Offshore
(Domestic opportunities) (International & tech-focused opportunities)
Share type Share type
A-shares B-shares H-shares Red Chips P-Chips Foreign Listings
(e.g. US listed ADRs)
Shanghai (USD) Companies incorporated Open to foreign investors,
and Shenzhen and listed in mainland but becoming increasingly
(HKD) Stock China, denominated in less relevant due to relatively
Exchanges. foreign currency. small universe.
A guide to China’s multiple share types
Onshore Offshore
(Domestic opportunities) (International & tech-focused opportunities)
Share type Share type
A-shares B-shares H-shares Red Chips P-Chips Foreign Listings
(e.g. US listed ADRs)
Hong Kong (HKD) Chinese companies Historically, the main way of
Stock Exchange. incorporated in mainland gaining China exposure for
China, listed in Hong Kong. international investors. No
restrictions on who can trade
H shares.
A guide to China’s multiple share types
Onshore Offshore
(Domestic opportunities) (International & tech-focused opportunities)
Share type Share type
A-shares B-shares H-shares Red Chips P-Chips Foreign Listings
(e.g. US listed ADRs)
Hong Kong (HKD) State-controlled Chinese Majority of revenue or assets
Stock Exchange. companies incorporated derived from mainland China.
in Hong Kong.
A guide to China’s multiple share types
Onshore Offshore
(Domestic opportunities) (International & tech-focused opportunities)
Share type Share type
A-shares B-shares H-shares Red Chips P-Chips Foreign Listings
(e.g. US listed ADRs)
Hong Kong (HKD) Shares of Chinese companies Majority of revenue or assets
Stock Exchange. incorporated offshore derived from mainland China.
(e.g. Cayman Islands),
controlled by mainland
Chinese individuals.
A guide to China’s multiple share types
Onshore Offshore
(Domestic opportunities) (International & tech-focused opportunities)
Share type Share type
A-shares B-shares H-shares Red Chips P-Chips Foreign Listings
(e.g. US listed ADRs)
NYSE and Chinese shares listed on international stock exchanges.
NASDAQ (USD) American depository receipts (ADRs) are issued by banks
Stock Exchanges. and allow US investors to invest in non-US companies.
Investment risks
The value of investments and any income will fluctuate (this may partly be the result of exchange rate
fluctuations) and investors may not get back the full amount invested.
Important Information
This document contains information that is for discussion purposes only and is exclusively for Professional
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Data as at 25 January 2021, unless otherwise stated.
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