A company based in Mainland China that is incorporated internationally and listed on the Hong Kong Stock Exchange. Red chip stocks are expected to maintain the filing and reporting requirements of the Hong Kong exchange, which makes them a main outlet for foreign investors who wish to participate in the rapid growth of the Chinese economy. Red chips may be issued in addition to A-shares in the same companies, although only Chinese citizens can invest in A-shares. Taobiz explains Red Chip Thirty red chip stocks (a reference to the color of China's flag) make up the Hang Seng China-Affiliated Corporations Index, which appreciated rapidly in the 2002-2007 time frame. As a sign of the pent-up demand among mainland Chinese citizens for Chinese stocks, the A-shares they are permitted to invest in often have 30-50% premiums compared to red chips for the exact same companies.
The Federal Reserve Board regulation that governs customer cash accounts and the amount of credit that brokerage firms and dealers may extend to customers for the purchase of securities. Taobiz explains Regulation T - Reg T According to Regulation T, you may borrow up to 50% of the purchase price of securities that can be purchased on margin. This is known as the initial margin.
National Market System (NMS) is a set of rules passed by the Securities and Exchange Commission (SEC), which looks to improve the U.S. exchanges through improved fairness in price execution as well as improve the displaying of quotes and amount and access to market data. Taobiz explains Regulation NMS This regulatory ruling is comprised of four main components: The Order Protection Rule aims to ensure that investors receive the best price when their order is executed by removing the ability to have orders traded through (executed at a worse price). The Access Rule, aims to improve access to quotations from trading centers in the National Market System by requiring greater linking and lower access fees. The Sub-Penny Rule, which sets the lowers quotation increment of all stocks over $1.00 per share to at least $0.01. Market Data Rules, which allocate revenue to self-regulator organizations that promote and improve market data access.
A contractual right giving investors holding restricted stock the ability to demand that the issuing company register the shares to the SEC, effectively making the stock available for sale to the public. Taobiz explains Registration Right This right acts as an important safety blanket for investors with restricted shares, as they are able to sell their ownership, should they feel that the company is moving in the wrong direction. Also referred to as a demand registration right.
An offer issued by a corporation to shareholders to purchase more shares of the corporation's stock (usually at a discount). Renounceable rights have a value and can be traded. Taobiz explains Renounceable Right Stockholders that have received renounceable rights have three choices of what to do with the rights. They can act on the rights and buy more shares as per the particulars of the rights issue; they can sell them on the market; or they can pass on taking advantage of their rights.
The return to listed status for a stock after having been delisted from an exchange for not being in compliance with the exchange's listing requirements. A company's stock may be delisted either by the exchange or voluntarily for a number of reasons including bankruptcy, failure to file mandatory reports, or a depressed share price that is below the exchange's minimum threshold. once the company puts its house in order and meets the listing requirements, it can apply to relist its shares. Taobiz explains Relisted Unlike a hot initial public offering (IPO), the reception from investors to a company's relisting is likely to be mixed, as it may be weighed down by its past record. Historically, few companies have gone on to reach their previous highs after relisting their shares.
The term residual dividend refers to a method of calculating dividends. A dividend is a payment made by a company to its shareholders. It is essentially a portion of the company's profits that is divided amongst the people who own stock in the company. A residual dividend policy is one where a company uses residual or leftover equity to fund dividend payments. Typically, this method of dividend payment creates volatility in the dividend payments that may be undesirable for some investors. Taobiz explains Residual Dividend Companies that use the residual dividend policy first use the cash flow to fullfill necessary capital expenditures and the remaining amount available (the residual) is paid out to shareholders. Also, if the company is maintaining a certain target debt to equity capital structure, then the full amount of the capital expenditure will not be paid entirely by equity but also with part debt.
A statement from a brokerage firm or other investment advisory service discussing a specific security, industry, market or news item. Research notes are usually meant to contain time-sensitive information that applies to the current day's trading session or some event in the near future. Taobiz explains Research Note Research notes are often short in length (only a few paragraphs is common) and may make reference to an existing and more thorough investment call to buy or sell a security; research notes are also often used to advise clients to change their tactics and take a different course of action, along with the firm's reasons for this advice. Depending on the issuing firm, research notes may only be released to existing or prospective clients, and not to the general public. Many of them make their way into the public domain quickly, even later in the same trading day.
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