D-Shares

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.

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

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

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.

 

Document for download:

General Terms and Conditions for CEINEX D-Share Market

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
 

Ms. Yi YANG

Tel: +49 69 2474159 72

Email: yi.yang@ceinex.com

 

Ms. DAI Qi
Tel: + 49 69 2474 159 58
Further Information :