Why have there been so few IPOs of trusts

Though only two trust companies are listed on Chinese stock exchanges, and the last IPO occurred in 1994, there is no blanket ban on the listing of trust companies.  In general, the listing of financial institutions has always been approached with caution by the Chinese government.  Almost no Chinese banks were listed until 2005, when a wave of IPOs occurred in close succession; trusts may follow a similar pattern, and many applications are pending.

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