What are red chips?

The early red chips were mainly formed after some China companies acquired small and medium-sized listed companies in Hong Kong, such as CITIC Pacific. In recent years, the emergence of red chips is mainly formed by some mainland provinces and cities reorganizing their window companies in Hong Kong and listing them in Hong Kong, such as "Shanghai Industry" and "Beijing Holding".

Red chips refer to stocks registered outside China and listed in Hongkong with the concept of Chinese mainland. "Chinese mainland Concept" mainly refers to China Holdings, whose main business is in Chinese mainland.

There are two views on the definition of red chips: one view is that

It should be distinguished according to the scope of business. If a listed company's main business is in Chinese mainland, and most of its profits come from this business, then the shares registered outside China and listed in Hong Kong are red chips. The red chip index compiled by Bloomberg Information, an international information company, was selected according to this standard.

Another view is that it should be divided according to the number of rights and interests. If most of the shareholders' equity of a listed company comes directly from Chinese mainland or has a mainland background, that is, it is controlled by Chinese capital, then this stock registered outside China and listed in Hong Kong is among the red chips. 1In April, 1997, when Hang Seng Index Service Company started to compile the Hang Seng Red Chip Index, it was according to this standard that red chips were defined. Because of the practicality of Hang Seng, the latter division method is more widely used.

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