Compared to the rather large A and H markets, which have experienced a consistently fast development, the B market is much smaller sized and less active as an investment avenue. Since 2002, it has almost lost its meaning in raising foreign capital for the domestic industry. This setting triggers the question whether the Chinese Securities Regulatory Commission shall support further independence of the B market or foster a merge into A or H market. 4 For this, investigating the nature and scope of integration sheds light on the issue of informational leadership between the A, B and H markets
