P chip
The term P chip refers to Chinese companies listed on the Hong Kong Stock Exchange which are incorporated in the British Overseas Territories of the Cayman Islands, Bermuda and the British Virgin Islands with operations in mainland China, and are run by private sector Chinese businessmen. During the 2008 financial crisis, P chips showed a dramatic increase in the rate of bankruptcy failures as compared to H shares or red chips.
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.
- S chip if traded in Singapore.
- N share if traded in the NYSE, NASDAQ, or the AMEX.
- L share if traded in London.
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 chips or N shares 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.
- West China Cement Ltd.
- Infinity Chemical Holdings Co. Ltd.
- Manta Holdings Co. Ltd.
- China ITS Co., Ltd.
- Tian Shan Development Ltd.
- Convoy Financial Services Holdings Ltd.
- Chiho-Tiande Group Ltd.
- Sinoref Holdings Ltd.
- Chaowei Power Holdings Ltd.
- Trauson Holdings Co. Ltd.
- China Liansu Group Holdings Ltd.
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
- Bep International
- Fu Ji Food and Catering
- Peace Mark
- Smart Union
- Tack Fat
- U-right International
- A-S China Plumbing Products Ltd.
- ABC Communications Ltd.
- Automated Systems Holdings Ltd.
- China Information Technology Development Ltd.
- China Jin Hui Mining Corporation Ltd.
- China Medical and Bio Science Ltd.
- China Nickel Resources Holdings Co. Ltd.
- China Packaging Group Co. Ltd.
- China Post E-Commerce Ltd.
- China Star Film Group Ltd.
- China Trends Holdings Ltd.
- CIL Holdings Ltd.
- Climax International Co. Ltd.
- EganaGoldpfeil Ltd.
- Extrawell Pharmaceutical Holdings Ltd.
- Grand Field Group Holdings Ltd.
- Hong Kong Resources Holdings Co. Ltd.
- Info Communication Holdings Ltd.
- Jackin International Holdings Ltd.
- Kith Holdings Ltd.
- M Dream Inworld Ltd.
- Mitsumaru East Kit Ltd.
- Nam Fong International Holdings Ltd.
- Nam Hing Holdings Ltd.
- New City Development Ltd.
- Ngai Lik Industrial Holdings Ltd.
- Ocean Grand Holdings Ltd.
- Pan Asia Mining Ltd.
- Pan Sino International Holding Ltd.
- Peaktop International Holdings Ltd.
- Prosten Technology Holdings Ltd.
- QPL International Holdings Ltd.
- Rojam Entertainment Holdings Ltd.
- SMI Publishing Group Ltd.
- Wai Chun Group Holdings Ltd.