2) A unique feature of the Chinese stock market is the co-existence of tradable and non- tradable shares. a) What are the rights of the holders of tradable and non-tradable shares and how do they differ? [2 marks] b) What was the historical reason for some shares to be non-tradable? [4 marks) c) The share of market capitalization of non-tradable shares decreased from 80% in early 1990s to 20% in recent years. Describe the reform that enabled such change. What was the main challenge of the reform and how did the reform achieve the effect it did? [4 marks]