At present there are no preferred shares in China. Privately issued preferred shares are only issued to qualified investors (not more than 200 persons at a time), including financial institutions approved by the financial regulatory authorities and their issued wealth management products, QFIIs, RQFIIs, as well as corporate legal persons, partnerships and individual investors. There are certain requirements on the asset size of the latter three, but no requirement on the number of years of investment experience. In order to prevent the transfer of benefits, directors, executives and their spouses of the issuing company are excluded from the scope of qualified investors for the non-public offering.

I. Minsheng Bank

Joins R3 blockchain alliance

China's Minsheng Bank has announced that it has established a partnership with R3, an international financial innovation company, and formally joined the R3 blockchain alliance.

Members of the R3 Blockchain Alliance include more than 60 large international financial institutions such as Morgan Stanley, Wells Fargo, Goldman Sachs and HSBC. Not long ago, the alliance released Corda, a distributed ledger platform for financial institutions to record, manage and synchronize financial agreements between regulated financial institutions.

"The bank of the future must use the Internet as a platform, cloud-based big data as a driving force, and intelligence as a direction to develop in the direction of a technology company, so as to realize the transformation of traditional banks." Hong Qi, chairman of Minsheng Bank, said that as a testing ground for China's banking reform, Minsheng Bank maintains a constant focus on emerging technologies and actively explores the integration and development of the financial industry with new technologies.

"Blockchain, a new technology that combines the technology of cryptographically distributed databases with market technology, is likely to lead to the formation of a new financial industry." Zheng Wanchun, president of Minsheng Bank, recently pointed out at the 2016 China Financial Annual Forum that large banks around the world are currently actively laying out blockchain, and Minsheng Bank has also been brave enough to venture into the field, and has achieved positive results.