China momentum and transparency

Many listed companies in Shenzhen and Shanghai just leave from traditional business models and begin construct their modern accounting system. The transparency of financial statements quietly attract attention in these backgrounds. This study identifies that the world's second largest stock market has contrarian profit. Momentum profit for Shenzhen, Shanghai and Hong Kong are all negative and differ obviously from American or Euro in past literatures. We also point out the share-category for Shenzhen-Shanghai would lead to opposite or lower momentum profit. Another inference is that the corporations cannot compute their transparency indices have no trend and insignificant profit.