In 1993 a new phenomenon appeared on the Chinese securities scene: the H-share. Hshares are shares issued by enterprises located in China and incorporated under Chinese law, but which are listed and traded on an overseas stock exchange. H-shares are denominated in renminbi (RMB), the Chinese national currency, but are subscribed for and traded in the foreign currency of the market of listing. In New York, H-shares are traded in the form of American or Global Depository Receipts, which are receipts for shares in a non-American company entitling the holder to all dividends and capital gains in relation to the underlying shares. Whatever the jurisdiction of listing, H-shares can only be held and traded by foreign (that is non-Chinese) nationals.