The term D-Shares refers to shares issued offshore by companies limited by shares incorporated under the Company Act of the People’s Republic of China and listed on the D-Share Market of the China Europe International Exchange AG (hereinafter “CEINEX D-Share Market”). CEINEX utilizes Deutsche Börse Group’s reliable and highly integrated market infrastructure covering the entire value chain of financial services to provide for trading, clearing, settlement and custody for D-Shares.
- CEINEX D-Share Market is designed for quality Chinese issuers seeking access and exposure to European capital markets and international investors.
- For a listing on the CEINEX D-Share Market, an issuer must have its shares admitted to exchange trading in the regulated market of Frankfurt Stock Exchange (FSE) under Prime Standard and enter into a listing agreement with CEINEX in accordance with the General Terms and Conditions for the CEINEX D-Share Market.
- D-Share issuance and listing is subject to the prior approval by the China Securities Regulatory Commission (CSRC) and a prospectus must be published in accordance with the German Securities Prospectus Act (WpPG).
- A D-Share issuer needs to comply with the highest transparency requirements applicable to Prime Standard listing at the FSE.
- D-Shares will be traded on both venues of Xetra® and Börse Frankfurt.
- D-Shares are traded in the European time zone under applicable EU and German laws and regulations
Advantages of D-Shares
By issuing D-Shares, Chinese companies have an opportunity to develop into truly global enterprises by accessing European capital and bolstering their equity base for long-term development
- Promote internationalization and market integration of Chinese companies
- Enhance brand awareness and reputation of Chinese companies internationally
- Provide alternative financing channels, reduce cross-border capital transfer risk
- Promote cross-border M&A transaction and direct investment in China and Europe
- Efficient and flexible follow-up issuance, predictable IPO timetable
CEINEX D-Share Market offers a new way for international investors to access Chinese blue-chips with potential benefits.
- Trading facilities of Deutsche Börse and trading in Euro
- Trading in accordance with European capital market rules
- Highest transparency requirements applicable to a Prime Standard Listing in the EU regulated market of FSE
- English research reports and IFRS financial reports
Support from CEINEX
CEINEX is committed to promote and develop the CEINEX D-Share Market through:
- Maintaining a platform for communication among all stakeholders including issuers, investment community and service providers
- Organizing market promotion events to enhance awareness of the D-Share market as a whole
- Advocating and participating in the development of recommended practices and guidelines
- Providing training programs for issuers on topics of mutual concern
CEINEX pays the highest attention to each D-Share listing candidate, and provides assistance for the stakeholders from the earliest stages of listing preparation to post-listing obligations, including:
- Pre-IPO guidance and informational support
- Establishing a professional network with advisors and services providers
- Assisting in organizing listing ceremony with valuable media coverage
General Terms and Conditions for CEINEX D-Share Market
All D-Share issuers are expected to accept the General Terms and Conditions for CEINEX D-Share Market, which spell out in detail the eligibility requirements and application procedure for a D-Share listing.
Rules and Regulations of Frankfurt Stock Exchange
For admission of securities to exchange trading in the regulated market of FSE and on-going obligations, please refer to the rules and regulations of the FSE.
For more information about D-Share issuance and listing, please contact us:
Dr. ZHU Junjun
Tel: +49 69 2474159 61