The term P chip () refers to Chinese companies listed on the

Hong Kong Stock Exchange The Stock Exchange of Hong Kong (, SEHK, also known as Hong Kong Stock Exchange) is a stock exchange based in Hong Kong. It is one of the largest stock exchanges in Asia and the List of major stock exchanges, 9th largest globally by market ...

which are incorporated in the

Cayman Islands The Cayman Islands () is a self-governing British Overseas Territories, British Overseas Territory, and the largest by population. The territory comprises the three islands of Grand Cayman, Cayman Brac and Little Cayman, which are located so ...

Bermuda Bermuda is a British Overseas Territories, British Overseas Territory in the Atlantic Ocean, North Atlantic Ocean. The closest land outside the territory is in the American state of North Carolina, about to the west-northwest. Bermuda is an ...

and the

British Virgin Islands The British Virgin Islands (BVI), officially the Virgin Islands, are a British Overseas Territories, British Overseas Territory in the Caribbean, to the east of Puerto Rico and the United States Virgin Islands, US Virgin Islands and north-west ...

with operations in mainland China, and are run by

private sector The private sector is the part of the economy which is owned by private groups, usually as a means of establishment for profit or non profit, rather than being owned by the government. Employment The private sector employs most of the workfo ...

Chinese businessmen. During the

2008 financial crisis The 2008 financial crisis, also known as the global financial crisis (GFC), was a major worldwide financial crisis centered in the United States. The causes of the 2008 crisis included excessive speculation on housing values by both homeowners ...

, P chips showed a dramatic increase in the rate of bankruptcy failures as compared to

H share H shares () refer to the shares of companies incorporated in mainland China that are traded on the Hong Kong Stock Exchange. Many companies float their shares simultaneously on the Hong Kong market and one of the two mainland Chinese stock excha ...

s or

red chip Red chip stocks () are the stocks of mainland China companies incorporated outside mainland China and listed in Hong Kong. It refers to businesses based in mainland China and with (majority) shares controlled either directly or indirectly by a ...

s. Since the main difference among private sector Chinese companies incorporated abroad is the exchange in which they are listed, the following terms are used to differentiate them: * P chip if traded in Hong Kong (P stands for "private"). *

S chip S chips () are Chinese companies listed on the Singapore Exchange. Their shares are known as S shares. S chips are incorporated in Singapore, the British Virgin Islands, the Cayman Islands and Bermuda and have their business operations in mainland ...

if traded in Singapore. *

N share N-Shares () refers to Chinese companies listed on the NYSE, NASDAQ, or the NYSE MKT. The term stands for New York. They may or may not be incorporated in China, but they have their main business operations in mainland China. Most of them are incorp ...

if traded in the

NYSE The New York Stock Exchange (NYSE, nicknamed "The Big Board") is an American stock exchange in the Financial District, Manhattan, Financial District of Lower Manhattan in New York City. It is the List of stock exchanges, largest stock excha ...

NASDAQ The Nasdaq Stock Market (; National Association of Securities Dealers Automated Quotations) is an American stock exchange based in New York City. It is the most active stock trading venue in the U.S. by volume, and ranked second on the list ...

, or the AMEX. *

L share L-Shares () refers to Chinese companies listed on the London Stock Exchange. The listed companies are incorporated in the Cayman Islands, Bermuda, British Virgin Islands and Jersey, but they have their main business operations in mainland China. ...

if traded in London. Therefore, the main difference between P chips and

s is the exchange on which they are traded. However, a few market participants may use the term "P chips" to refer to the entire universe of private sector Chinese companies incorporated abroad, regardless of the exchange in which they are traded. Therefore, these market participants may refer to

s or

s as P chips. An index that covers prices of P chips is the MSCI P Chip Index.

Recent IPOs of P chips

''As of August 2010'' *Bright Smart Securities & Commodities Group Ltd. 428(Cayman Islands) (25/08/2010) *West China Cement Ltd. 233(Jersey) (23/08/2010) (It is also an

) *Infinity Chemical Holdings Co. Ltd. 40(Cayman Islands) (12/08/2010) *Manta Holdings Co. Ltd. 36(Cayman Islands) (19/07/2010) *China ITS (Holdings) Co., Ltd. 900(Cayman Islands) (15/07/2010) *Tian Shan Development (Holding) Ltd. 118(Cayman Islands) (15/07/2010) *Convoy Financial Services Holdings Ltd. 019(Cayman Islands) (13/07/2010) *Chiho-Tiande Group Ltd. 76(Cayman Islands) (12/07/2010) *Sinoref Holdings Ltd. 020(Cayman Islands) (07/07/2010) *Chaowei Power Holdings Ltd. 51(Cayman Islands) (07/07/2010) *Trauson Holdings Co. Ltd. 25(Cayman Islands) (29/06/2010) *China Liansu Group Holdings Ltd. 128(Cayman Islands) (23/06/2010)

Partial list of suspended or delisted P chips

''This list includes name of company, stock symbol, and place of incorporation. The Hong Kong Exchange might have reassigned to other companies the stock symbols in this list.'' * Asia Aluminum () (Bermuda) *Bep International () (Bermuda) *Fu Ji Food and Catering () (Cayman Islands) *Peace Mark () (Bermuda) *Smart Union () (Cayman Islands) *Tack Fat () (Cayman Islands) *U-right International () (Bermuda) *A-S China Plumbing Products Ltd. () (Cayman Islands) *ABC Communications (Holdings) Ltd. () (Bermuda) *Automated Systems Holdings Ltd. () (Bermuda) *China Information Technology Development Ltd. () (Cayman Islands) *China Jin Hui Mining Corporation Ltd. () (Cayman Islands) *China Medical and Bio Science Ltd. () (Cayman Islands) *China Nickel Resources Holdings Co. Ltd. () (Cayman Islands) *China Packaging Group Co. Ltd. () (Cayman Islands) *China Post E-Commerce (Holdings) Ltd. () (Cayman Islands) *China Star Film Group Ltd. () (Bermuda) *China Trends Holdings Ltd. () (Cayman Islands) *CIL Holdings Ltd. () (Bermuda) *Climax International Co. Ltd. () (Bermuda) *EganaGoldpfeil (Holdings) Ltd. () (Cayman Islands) *Extrawell Pharmaceutical Holdings Ltd. () (Bermuda) *Grand Field Group Holdings Ltd. () (Bermuda) *Hong Kong Resources Holdings Co. Ltd. () (Bermuda) *Info Communication Holdings Ltd. () (Cayman Islands) *Jackin International Holdings Ltd. () (Bermuda) *Kith Holdings Ltd. () (Bermuda) *M Dream Inworld Ltd. () (Cayman Islands) *Mitsumaru East Kit (Holdings) Ltd. () (Cayman Islands) *Nam Fong International Holdings Ltd. () (Bermuda) *Nam Hing Holdings Ltd. () (Bermuda) *New City (China) Development Ltd. () (Cayman Islands) *Ngai Lik Industrial Holdings Ltd. () (Bermuda) *Ocean Grand Holdings Ltd. () (Bermuda) *Pan Asia Mining Ltd. () (Cayman Islands) *Pan Sino International Holding Ltd. () (Cayman Islands) *Peaktop International Holdings Ltd. () (Bermuda) *Prosten Technology Holdings Ltd. () (Cayman Islands) *QPL International Holdings Ltd. () (Bermuda) *Rojam Entertainment Holdings Ltd. () (Cayman Islands) *SMI Publishing Group Ltd. () (Cayman Islands) *Wai Chun Group Holdings Ltd. () (Bermuda) ;former suspended companies * Warderly International Holdings () (Cayman Islands)

References

{{reflist

Recent IPOs of P chips

Partial list of suspended or delisted P chips

References

See also