L-Shares (Chinese:L股) refers to Chinese companieslisted on theLondon Stock Exchange. The listed companies are incorporated in theCayman Islands,Bermuda,British Virgin Islands and Jersey, but they have their main business operations inmainland China.[1] They are listed on the London Stock Exchange according to a memorandum of understanding signed between theUK andChina's relevant authorities on October 7, 1996.[2]