Fei Le Share
February 6th, 2006
This is a stock certificate from the Shanghai Feile Stereo Company, dated December 1984, issued “with the approval of the Shanghai PBOC.” Feile is usually cited as the first, or at least one of the first, PRC companies to publicly issue shares.
I wonder what would have happened to China’s stock markets if experimentation with decentralized share-issuing–of the kind represented by Feile–had not been “rectified” and “standardized” by the central government’s take-over of the IPO process. I doubt the PRC’s stock markets would be worse off than they are now.