Light commercial vehicle
A light commercial vehicle is the official term used within the European Union, New Zealand, in both Canada and Ireland, for a commercial carrier vehicle with a gross vehicle weight of no more than 3.5 metric tons. Qualifying light commercial vehicles include pickup trucks and three-wheelers – all commercially based goods or passenger carrier vehicles; the LCV concept was created as a compact truck and is optimised to be tough built, have low operating costs and powerful yet fuel efficient engines, to be utilised in intra-city operations. All of the above light commercial vehicles are sold through dealer networks. A car dealer will have a franchise for the sale of a manufacturer's cars and the LCVs will be sold as an addition; the exceptions to these are Mercedes-Benz, who have a dedicated commercial vehicle network for heavy and light commercial vehicles, Volkswagen whose franchised dealers have standalone van centres and Isuzu Truck. Isuzu Truck market commercial vehicles up to 18 tonnes GVW and Iveco market their heavy truck range with their Daily van to complement this.
Many franchised dealers retail used LCVs, with the poorer quality examples sent to specialist auctions for sale. There is a large network of independent used commercial vehicle retailers who retail thousands of used commercial vehicles every month. LCV dealers are using the Internet to help sell their vehicles in addition to the traditional print media. Enhanced environmentally friendly vehicle Light Haulage Truck classification
Dongfeng Motor Co., Ltd.
Dongfeng Motor Company Limited is an automobile manufacturing company headquartered in Wuhan, China. It is a 50 -- 50 joint-venture between Dongfeng Motor Nissan Motors, it produces passenger cars under the Nissan marque and commercial vehicles under the Dongfeng marque. Confusingly, Dongfeng Motor Corporation is a separate legal entity from Dongfeng Motor Co. Ltd.. Dongfeng Motor Corporation is a Chinese, state-owned automaker while Dongfeng Motor Co. Ltd. is a joint venture between Dongfeng Motor Group and Nissan. Dongfeng Motor Co. Ltd. had a subsidiary Dongfeng Automobile Co. Ltd. which had a similar name with Dongfeng Motor Co. Ltd.. As of 2011, according to Reuters, about 68% of Dongfeng Motor Group products were connected to Nissan, and, as of 2006, the company was being referred to as "the biggest Sino-foreign vehicle joint venture". According to Dongfeng Motor Group, Dongfeng Motor Co. Ltd. and it subsidiaries produced 1,501,562 unites of vehicles in year 2017, out of Dongfeng Motor Group's 3,306,086 units from all its divisions and joint ventures, or 45% production volume of the listed portion of the whole Dongfeng Motor Corporation group.
The figure did not distinguish licensed model by legal person basis. Dongfeng Motor Co. Ltd. was formally established on 9 June 2003 and began operations on 1 July 2003. Headquartered in Shiyan, it moved closer to its Chinese parent relocating to Wuhan in June, 2006. Sales targets in 2007 were in excess of 600,000 units. In September 2010, DFL unveiled a new automobile marque, Venucia, to sell vehicles tailored for second- and third-tier Chinese cities in the poorer interior of the country. In 2011, a roadmap for additional investment in Dongfeng Motor Co. Ltd. by its Japanese and Chinese parents was drawn up as part of a plan to boost annual sales from around 1.3 million vehicles in 2010 to over 2.3 million by 2015. In April 2012, it was announced that Dongfeng Motor Co. Ltd. would begin manufacturing models from the range of Nissan's luxury marque, beginning in 2014. In 2017 the majority stake of Zhengzhou Nissan, was acquired from the listed subsidiaries Dongfeng Automobile Company for CN¥788 million.
As of 2006, the company had factories in Hubei, the Guangxi Zhuang Autonomous Region, the Xinjiang Uygur Autonomous Region, Zhejiang. As of 2015, a subsidiary, Dongfeng Nissan Passenger Vehicle Company, is listed as having a R&D center as well as a variety of factories including sites in: Dalian, Huadu and Zhengzhou; the Dalian location may be the same site, in the planning stages as of 2012 and slated to produce Nissan-branded automobiles. A corporate campus and design center in Huadu, was announced in 2017; as of 31 December 2017Dongfeng Automobile Company Zhengzhou Nissan Automobile After the majority stake of Zhengzhou Nissan, was acquired by Dongfeng Motor Co. Ltd. there are three brands of products sold under the firm, including Dongfeng and Nissan. Dongfeng Rich Dongfeng Rich Dongfeng Rich EV Dongfeng Rich 6 Dongfeng Succe Dongfeng Succe Dongfeng Succe EV Dongfeng Succe EV panelvan Dongfeng Yufeng S16 Fengdu MX5 Fengdu MX6 Nissan NV200 Nissan Navara Nissan Terra Official website
A public company, publicly traded company, publicly held company, publicly listed company, or public limited company is a corporation whose ownership is dispersed among the general public in many shares of stock which are traded on a stock exchange or in over the counter markets. In some jurisdictions, public companies over a certain size must be listed on an exchange. A public company can be unlisted. Public companies are formed within the legal systems of particular nations, therefore have national associations and formal designations which are distinct and separate. For example one of the main public company forms in the United States is called a limited liability company, in France is called a "society of limited responsibility", in Britain a public limited company, in Germany a company with limited liability. While the general idea of a public company may be similar, differences are meaningful, are at the core of international law disputes with regard to industry and trade. In the early modern period, the Dutch developed several financial instruments and helped lay the foundations of modern financial system.
The Dutch East India Company became the first company in history to issue bonds and shares of stock to the general public. In other words, the VOC was the first publicly traded company, because it was the first company to be actually listed on an official stock exchange. While the Italian city-states produced the first transferable government bonds, they did not develop the other ingredient necessary to produce a fledged capital market: corporate shareholders; as Edward Stringham notes, "companies with transferable shares date back to classical Rome, but these were not enduring endeavors and no considerable secondary market existed." The securities of a publicly traded company are owned by many investors while the shares of a held company are owned by few shareholders. A company with many shareholders is not a publicly traded company. In the United States, in some instances, companies with over 500 shareholders may be required to report under the Securities Exchange Act of 1934. Public companies possess some advantages over held businesses.
Publicly traded companies are able to raise funds and capital through the sale of shares of stock. This is the reason publicly traded corporations are important; the profit on stock is gained in form of capital gain to the holders. The financial media and the public are able to access additional information about the business, since the business is legally bound, motivated, to publicly disseminate information regarding the financial status and future of the company to its many shareholders and the government; because many people have a vested interest in the company's success, the company may be more popular or recognizable than a private company. The initial shareholders of the company are able to share risk by selling shares to the public. If one were to hold a 100% share of the company, he or she would have to pay all of the business's debt; this increases asset liquidity and the company does not need to depend on funding from a bank. For example, in 2013 Facebook founder Mark Zuckerberg owned 29.3% of the company's class A shares, which gave him enough voting power to control the business, while allowing Facebook to raise capital from, distribute risk to, the remaining shareholders.
Facebook was a held company prior to its initial public offering in 2012. If some shares are given to managers or other employees, potential conflicts of interest between employees and shareholders will be remitted; as an example, in many tech companies, entry-level software engineers are given stock in the company upon being hired. Therefore, the engineers have a vested interest in the company succeeding financially, are incentivized to work harder and more diligently to ensure that success. Many stock exchanges require that publicly traded companies have their accounts audited by outside auditors, publish the accounts to their shareholders. Besides the cost, this may make useful information available to competitors. Various other annual and quarterly reports are required by law. In the United States, the Sarbanes–Oxley Act imposes additional requirements; the requirement for audited books is not imposed by the exchange known as OTC Pink. The shares may be maliciously held by outside shareholders and the original founders or owners may lose benefits and control.
The principal-agent problem, or the agency problem is a key weakness of public companies. The separation of a company's ownership and control is prevalent in such countries as U. K and U. S. In the United States, the Securities and Exchange Commission requires that firms whose stock is traded publicly report their major shareholders each year; the reports identify all institutional shareholders, all company officials who own shares in their firm, any individual or institution owning more than 5% of the firm's stock. For many years, newly created companies were held but held initial
Nissan Motor Co. Ltd. shortened to Nissan, is a Japanese multinational automobile manufacturer headquartered in Nishi-ku, Yokohama. The company sells its cars under the Nissan and Datsun brands with in-house performance tuning products labelled Nismo; the company traces its name to the Nissan zaibatsu, now called Nissan Group. Since 1999, Nissan has been part of the Renault–Nissan–Mitsubishi Alliance, a partnership between Nissan of Japan, Mitsubishi Motors of Japan and Renault of France; as of 2013, Renault holds a 43.4% voting stake in Nissan, while Nissan holds a 15% non-voting stake in Renault. From 2009 to 2017 Carlos Ghosn served as CEO of both companies. In February 2017 Ghosn announced he would step down as CEO of Nissan on 1 April 2017, while remaining chairman of the company. On 19 November 2018, Ghosn was fired as chairman following his arrest for the alleged underreporting of his income to Japanese financial authorities. After 108 days in detention, Ghosn was released on bail, but after 29 days he was again detained on new charges.
He'd been due to hold a news conference, but instead his lawyers released a video of Ghosn alleging this 2018-2019 Nissan scandal is itself evidence of value destruction and Nissan corporate mismanagement. In 2013, Nissan was the sixth largest automaker in the world, after Toyota, General Motors, Volkswagen Group, Hyundai Motor Group, Ford. Taken together, the Renault–Nissan Alliance would be the world's fourth largest automaker. Nissan is the leading Japanese brand in China and Mexico. In 2014 Nissan was the largest car manufacturer in North America. Nissan is the world's largest electric vehicle manufacturer, with global sales of more than 320,000 all-electric vehicles as of April 2018; the top-selling vehicle of the car-maker's electric lineup is the Nissan LEAF, an all-electric car and the world's top-selling highway-capable plug-in electric car in history. In January 2018, Nissan CEO Hiroto Saikawa announced that all Infiniti vehicles launched from 2021 will be hybrid vehicles or all-electric vehicles.
Masujiro Hashimoto founded the Kaishinsha Motor Car Works 1 July 1911 in Tokyo's Azabu-Hiroo district, Japan's first automobile manufacturer. In 1914, the company produced its first car, called DAT; the new car's model name was an acronym of the company's investors' surnames: Kenjiro Den Rokuro Aoyama Meitaro Takeuchi It was renamed to Kaishinsha Motorcar Co. Ltd. in 1918, again to DAT Jidosha & Co. Ltd. in 1925. DAT Motors built trucks in addition to the Datsun passenger cars; the vast majority of its output were trucks, due to an non- existent consumer market for passenger cars at the time, disaster recovery efforts as a result of the 1923 Great Kantō earthquake. Beginning in 1918, the first DAT trucks were produced for the military market. At the same time, Jitsuyo Jidosha Co. Ltd. produced small trucks using parts, materials imported from the United States. Commercial operations were placed on hold during Japan's participation in World War I, the company contributed to the war effort. In 1926 the Tokyo-based DAT Motors merged with the Osaka-based Jitsuyo Jidosha Co.
Ltd a.k.a. Jitsuyo Jidosha Seizo to become DAT Jidosha Seizo Co. Ltd Automobile Manufacturing Co. Ltd. in Osaka until 1932. From 1923 to 1925, the company produced light trucks under the name of Lila. In 1931, DAT came out with a new smaller car, called the Datsun Type 11, the first "Datson", meaning "Son of DAT". In 1933 after Nissan Group zaibatsu took control of DAT Motors, the last syllable of Datson was changed to "sun", because "son" means "loss" ) in Japanese, hence the name "Datsun". In 1933, the company name was moved to Yokohama. In 1928, Yoshisuke Aikawa founded the holding company Nihon Sangyo; the name'Nissan' originated during the 1930s as an abbreviation used on the Tokyo Stock Exchange for Nihon Sangyo. This company was Nissan "Zaibatsu" which included Tobata Hitachi. At this time Nissan controlled foundries and auto parts businesses, but Aikawa did not enter automobile manufacturing until 1933; the zaibatsu grew to include 74 firms, became the fourth-largest in Japan during World War II.
In 1931, DAT Jidosha Seizo became affiliated with Tobata Casting, was merged into Tobata Casting in 1933. As Tobata Casting was a Nissan company, this was the beginning of Nissan's automobile manufacturing. In 1934, Aikawa separated the expanded automobile parts division of Tobata Casting and incorporated it as a new subsidiary, which he named Nissan Motor Co. Ltd.. The shareholders of the new company however were not enthusiastic about the prospects of the automobile in Japan, so Aikawa bought out all the Tobata Casting shareholders in June 1934. At this time, Nissan Motor became owned by Nihon Sangyo and Hitachi. In 1935, construction of its Yokohama plant was completed. 44 Datsuns were shipped to Asia and South America. In 1935, the first car manufactured by an integrated assembly system rolled off the line at the Yokohama plant. Nissan built trucks and engines for the Imperial Japanese Army. November 1937 Nissan'
Hanyu Pinyin abbreviated to pinyin, is the official romanization system for Standard Chinese in mainland China and to some extent in Taiwan. It is used to teach Standard Mandarin Chinese, written using Chinese characters; the system includes four diacritics denoting tones. Pinyin without tone marks is used to spell Chinese names and words in languages written with the Latin alphabet, in certain computer input methods to enter Chinese characters; the pinyin system was developed in the 1950s by many linguists, including Zhou Youguang, based on earlier forms of romanizations of Chinese. It was published by revised several times; the International Organization for Standardization adopted pinyin as an international standard in 1982, was followed by the United Nations in 1986. The system was adopted as the official standard in Taiwan in 2009, where it is used for international events rather than for educational or computer-input purposes, but "some cities and organizations, notably in the south of Taiwan, did not accept this", so it remains one of several rival romanization systems in use.
The word Hànyǔ means'the spoken language of the Han people', while Pīnyīn means'spelled sounds'. In 1605, the Jesuit missionary Matteo Ricci published Xizi Qiji in Beijing; this was the first book to use the Roman alphabet to write the Chinese language. Twenty years another Jesuit in China, Nicolas Trigault, issued his Xi Ru Ermu Zi at Hangzhou. Neither book had much immediate impact on the way in which Chinese thought about their writing system, the romanizations they described were intended more for Westerners than for the Chinese. One of the earliest Chinese thinkers to relate Western alphabets to Chinese was late Ming to early Qing dynasty scholar-official, Fang Yizhi; the first late Qing reformer to propose that China adopt a system of spelling was Song Shu. A student of the great scholars Yu Yue and Zhang Taiyan, Song had been to Japan and observed the stunning effect of the kana syllabaries and Western learning there; this galvanized him into activity on a number of fronts, one of the most important being reform of the script.
While Song did not himself create a system for spelling Sinitic languages, his discussion proved fertile and led to a proliferation of schemes for phonetic scripts. The Wade–Giles system was produced by Thomas Wade in 1859, further improved by Herbert Giles in the Chinese–English Dictionary of 1892, it was popular and used in English-language publications outside China until 1979. In the early 1930s, Communist Party of China leaders trained in Moscow introduced a phonetic alphabet using Roman letters, developed in the Soviet Oriental Institute of Leningrad and was intended to improve literacy in the Russian Far East; this Sin Wenz or "New Writing" was much more linguistically sophisticated than earlier alphabets, but with the major exception that it did not indicate tones of Chinese. In 1940, several thousand members attended a Border Region Sin Wenz Society convention. Mao Zedong and Zhu De, head of the army, both contributed their calligraphy for the masthead of the Sin Wenz Society's new journal.
Outside the CCP, other prominent supporters included Sun Fo. Over thirty journals soon appeared written in Sin Wenz, plus large numbers of translations, some contemporary Chinese literature, a spectrum of textbooks. In 1940, the movement reached an apex when Mao's Border Region Government declared that the Sin Wenz had the same legal status as traditional characters in government and public documents. Many educators and political leaders looked forward to the day when they would be universally accepted and replace Chinese characters. Opposition arose, because the system was less well adapted to writing regional languages, therefore would require learning Mandarin. Sin Wenz fell into relative disuse during the following years. In 1943, the U. S. military engaged Yale University to develop a romanization of Mandarin Chinese for its pilots flying over China. The resulting system is close to pinyin, but does not use English letters in unfamiliar ways. Medial semivowels are written with y and w, apical vowels with r or z.
Accent marks are used to indicate tone. Pinyin was created by Chinese linguists, including Zhou Youguang, as part of a Chinese government project in the 1950s. Zhou is called "the father of pinyin," Zhou worked as a banker in New York when he decided to return to China to help rebuild the country after the establishment of the People's Republic of China in 1949, he became an economics professor in Shanghai, in 1955, when China's Ministry of Education created a Committee for the Reform of the Chinese Written Language, Premier Zhou Enlai assigned Zhou Youguang the task of developing a new romanization system, despite the fact that he was not a professional linguist. Hanyu Pinyin was based on several existing systems: Gwoyeu Romatzyh of 1928, Latinxua Sin Wenz of 1931, the diacritic markings from zhuyin. "I'm not the father of pinyin," Zhou said years later. It's a lo
Traditional Chinese characters
Traditional Chinese characters are Chinese characters in any character set that does not contain newly created characters or character substitutions performed after 1946. They are most the characters in the standardized character sets of Taiwan, of Hong Kong and Macau, in the Kangxi Dictionary; the modern shapes of traditional Chinese characters first appeared with the emergence of the clerical script during the Han Dynasty, have been more or less stable since the 5th century. The retronym "traditional Chinese" is used to contrast traditional characters with Simplified Chinese characters, a standardized character set introduced by the government of the People's Republic of China on Mainland China in the 1950s. Traditional Chinese characters are used in Taiwan, Hong Kong, Macau. In contrast, Simplified Chinese characters are used in mainland China and Malaysia in official publications. However, several countries – such as Australia, the US and Canada – are increasing their number of printed materials in Simplified Chinese, to better accommodate citizens from mainland China.
The debate on traditional and simplified Chinese characters has been a long-running issue among Chinese communities. A large number of overseas Chinese online newspapers allow users to switch between both character sets. Although simplified characters are taught and endorsed by the government of China, there is no prohibition against the use of traditional characters. Traditional characters are used informally in regions in China in handwriting and used for inscriptions and religious text, they are retained in logos or graphics to evoke yesteryear. Nonetheless, the vast majority of media and communications in China is dominated by simplified characters. In Hong Kong and Macau, Traditional Chinese has been the legal written form since colonial times. In recent years, simplified Chinese characters in Hong Kong and Macau has appeared to accommodate Mainland Chinese tourists and immigrants; this has led to concerns by many residents to protect their local heritage. Taiwan has never adopted simplified characters.
The use of simplified characters in official documents is prohibited by the government of Taiwan. Simplified characters are understood to a certain extent by any educated Taiwanese, learning to read them takes little effort; some stroke simplifications that have been incorporated into Simplified Chinese are in common use in handwriting. For example, while the name of Taiwan is written as 臺灣, the semi-simplified name 台灣 is acceptable to write in official documents. In Southeast Asia, the Chinese Filipino community continues to be one of the most conservative regarding simplification. While major public universities are teaching simplified characters, many well-established Chinese schools still use traditional characters. Publications like the Chinese Commercial News, World News, United Daily News still use traditional characters. On the other hand, the Philippine Chinese Daily uses simplified. Aside from local newspapers, magazines from Hong Kong, such as the Yazhou Zhoukan, are found in some bookstores.
In case of film or television subtitles on DVD, the Chinese dub, used in Philippines is the same as the one used in Taiwan. This is because the DVDs belongs to DVD Region Code 3. Hence, most of the subtitles are in Traditional Characters. Overseas Chinese in the United States have long used traditional characters. A major influx of Chinese immigrants to the United States occurred during the latter half of the 19th century, before the standardization of simplified characters. Therefore, United States public notices and signage in Chinese are in Traditional Chinese. Traditional Chinese characters are called several different names within the Chinese-speaking world; the government of Taiwan calls traditional Chinese characters standard characters or orthodox characters. However, the same term is used outside Taiwan to distinguish standard and traditional characters from variant and idiomatic characters. In contrast, users of traditional characters outside Taiwan, such as those in Hong Kong and overseas Chinese communities, users of simplified Chinese characters, call them complex characters.
An informal name sometimes used by users of simplified characters is "old characters". Users of traditional characters sometimes refer them as "Full Chinese characters" to distinguish them from simplified Chinese characters; some traditional character users argue that traditional characters are the original form of the Chinese characters and cannot be called "complex". Simplified characters cannot be "standard" because they are not used in all Chinese-speaking regions. Conversely, supporters of simplified Chinese characters object to the description of traditional characters as "standard," since they view the new simplified characters as the contemporary standard used by the vast majority of Chinese speakers, they point out that traditional characters are not traditional as many Chinese characters have been made more elaborate over time. Some people refer to traditional characters as "proper characters" and modernized characters as "simplified-stroke characters" (sim
Shanghai Stock Exchange
The Shanghai Stock Exchange is a stock exchange, based in the city of Shanghai, China. It is one of the two stock exchanges operating independently in the People's Republic of China, the other being the Shenzhen Stock Exchange. Shanghai Stock Exchange is the world's 4th largest stock market by market capitalization at US$5.5 trillion as of April 2018. Unlike the Hong Kong Stock Exchange, the Shanghai Stock Exchange is still not open to foreign investors and manipulated by the decisions of the central government; this is due to tight capital account controls exercised by the Chinese mainland authorities. The current exchange was re-established on November 26, 1990 and was in operation on December 19 of the same year, it is a non-profit organization directly administered by the China Securities Regulatory Commission. The Shanghai Clearing House provides security for financial market participants, efficient clearing services development purposes, but conductive to international peers inter-agency communication and cooperation.
It provides central counterparty clearing of foreign currency in the interbank market, including clearing, margin management, collateral management, information services, consulting services, related management department under other business. The formation of the International Settlement in Shanghai was the result of the Treaty of Nanking of 1842 and subsequent agreements between the Chinese and foreign governments were crucial to the development of foreign trade in China and of the foreign community in Shanghai; the market for securities trading in Shanghai begins in the late 1860s. The first shares list appeared in June 1866 and by Shanghai's International Settlement had developed the conditions conducive to the emergence of a share market: several banks, a legal framework for joint-stock companies, an interest in diversification among the established trading houses. In 1891 during the boom in mining shares, foreign businessmen founded the "Shanghai Sharebrokers' Association" headquartered in Shanghai as China's first stock exchange.
In 1904 the Association applied for registration in Hong Kong under the provision of the Companies ordinance and was renamed as the "Shanghai Stock Exchange". The supply of securities came from local companies. In the early days, banks dominated private shares but, by 1880, only the Hong Kong and Shanghai local banks remained. In 1920 and 1921, "Shanghai Securities & Commodities Exchange" and "Shanghai Chinese Merchant Exchange" started operation respectively. An amalgamation took place in 1929, the combined markets operated thereafter as the "Shanghai Stock Exchange". Shipping and docks persisted to 1940 but were overshadowed by industrial shares after the Treaty of Shimonoseki of 1895, which permitted Japan, by extension other nations which had treaties with China, to establish factories in Shanghai and other treaty ports. Rubber plantations became the staple of stock trading beginning in the second decade of the 20th century. By the 1930s, Shanghai had emerged as the financial center of the Far East, where both Chinese and foreign investors could trade stocks, government bonds, futures.
The operation of Shanghai Stock Exchange came to an abrupt halt after Japanese troops occupied the Shanghai International Settlement on December 8, 1941. In 1946, Shanghai Stock Exchange resumed its operations before closing again 3 years in 1949, after the Communist revolution took place. After the Cultural Revolution ended and Deng Xiaoping rose to power, China was re-opened to the outside world in 1978. During the 1980s, China's securities market evolved in tandem with the country's economic reform and opening up and the development of socialist market economy. On 26 November 1990, Shanghai Stock Exchange was re-established and operations began a few weeks on 19 December. 1866 - The first share list appeared in June. 1871 - Speculative bubble burst triggered by monetary panic. 1883 - Credit crisis resulted speculation in Chinese companies. 1890 - Bank crisis started from Hong Kong. 1891 - "Shanghai Sharebrokers Association" established. 1895 - Treaty of Shimonoseki opened Chinese market to foreign investors.
1904 - Renamed to "Shanghai Stock Exchange". 1909-1910 - Rubber boom. 1911 - Revolution and the abdication of the Qing Dynasty. Founding of the Republic of China. 1914 - Market closed for a few months due to the Great War. 1919 - Speculation in cotton shares. 1925 - Second rubber boom. 1929 - "Shanghai Securities & Commodities Exchange" and "Shanghai Chinese Merchant Exchange" were merged into the existing Shanghai Stock Exchange. 1931 - Incursion of Japanese forces into northern China. 1930s - The market was dominated by the rubber share price movements. 1941 - The market closed on Friday 5 December. Japanese troops occupied Shanghai. 1946-1949 - Temporary resumption of the Shanghai Stock Exchange until the communist revolution. Founding of the People's Republic of China in 1949. 1978 - Deng Xiaoping emerged as the dominant figure in China's leadership, thus beginning a period of'opening up' to the rest of the world. 1981 - Trading in treasury bonds were resumed. 1984 - Company stocks and corporate bonds emerged in Shanghai and a few other cities.
1990 - The present Shanghai Stock Exchange re-opened on November 26 and began operation on December 19. 2001-2005 - A four-year market slump which saw Shanghai's market value halved, after reaching a peak in 2001. A ban on new IPOs was put in April 2005 to curb the slump and allow more than US$200 billion of state-owned equity to be converted to tradable shares. 2006 - The SSE resumed full operation as the yearl