A-shares, or RMB-denominated common shares, refer to ordinary shares issued by companies incorporated and listed in mainland China and subscribed and traded in RMB.

B-shares refer to RMB-denominated special shares subscribed and traded in foreign currencies. B-shares are foreign investment shares listed and traded in mainland China exchanges, i.e. Shanghai Stock Exchange and Shenzhen Stock Exchange. They are issued by companies incorporated and listed in mainland China.

Chinese Depository Receipts (CDRs) are certificates issued by mainland China custodian banks, representing the listed shares that are deposited by foreign listed companies (Hong Kong companies included) in their local depositary banks. CDRs are listed on the A-share market in mainland China and are traded and settled in RMB by mainland China investors.