A-shares are shares of Chinese corporations+G6 traded on either the Shanghai Stock Exchange or the Shenzhen stock exchange in the Chinese currency Renminbi. Initially, A-shares were tradable only for Chinese investors. Since 2002, selected foreign institutional investors are allowed to trade A-shares. A company can issue both A- and B- shares. Since these types of shares are not interchangeable, no arbitrage transactions are possible, and the value of both types of shares may differ. Since only A-shares are available to Chinese investors without any restrictions, they are usually traded at a higher price than B-shares of the same company.