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Privatizing China : inside China's stock markets /

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Bibliographic Details
Main Author: Walter, Carl E., 1947-
Other Authors: Howie, Fraser J. T.
Format: eBook
Language:English
Published: Singapore : John Wiley & Sons (Asia), 2006.
Edition:2nd ed.
Subjects:
Stock exchanges > China.
Stocks > China.
Privatization > China.
China > Economic conditions > 2000-
Electronic books.
Online Access:Connect to the full text of this electronic book
Table of Contents:
  • 1 You're None of Those! 1
  • 2 How China's Stock Markets Came to Be 19
  • The evolution of the Shenzhen and Shanghai securities markets 21
  • Original structure of the Shanghai and Shenzhen exchanges 29
  • The Stock Exchange Executive Council and the electronic markets (STAQ and NETS) 33
  • The regional trading centers 39
  • The auction houses 41
  • The Third Board 42
  • 3 Who Minds the Fox: The Regulators 45
  • The PBOC: Market player or market regulator? 46
  • Building the CSRC 51
  • The internationalization of the CSRC 54
  • The Stock Exchange of Hong Kong goes to the top 56
  • The CSRC's domestic struggle 56
  • Regulatory philosophy 60
  • The CSRC takes the initiative, 2000-02 61
  • 4 Defining Ownership: Share Types 67
  • Shares of what? 69
  • The 1992 Standard Opinion 73
  • The 1994 Company Law 78
  • Listed company shares 82
  • The 1999 Securities Law 83
  • 5 Packaging SOEs: Restructuring and Listing 85
  • Evolution of Chinese corporate law 86
  • How to package an SOE 91
  • Corporate restructuring for international listing 95
  • 6 The Fortunate Few: Listed Companies 107
  • Who decides who lists? 109
  • International pricing 111
  • A share pricing 112
  • Analysis of listed companies 113
  • A note on private companies 129
  • 7 Where Have All the (Retail) Investors Gone? 131
  • How many investors? 132
  • Who are China's investors? 142
  • 8 Sliced and Diced: China's Segmented Stock Markets 165
  • Segmented markets 167
  • Is there a company value? 181
  • Economic inefficiencies of segmented markets 184
  • Circles of ownership 186
  • Privatization with Chinese characteristics 189
  • 9 Searching for the Big Fix, 2001-05 193
  • Trying to merge the segmented markets 194
  • The character of the market in the new century 198
  • Coming up with the Big Fix 203
  • The terms of the debate about state shares 207
  • The securities industry debacle 209
  • 10 How CSRC Sought to Merge the Markets: the G Company Reform 219
  • SASAC: defender of state property rights 219
  • The CSRC's Final Fix 222
  • Pilot cases of the new policy 223
  • Warrants and SASAC's champion: BaoSteel 233
  • 11 Foreign Investors in China's Stock Market 241
  • All about QFII 242
  • How is QFII being used? 249
  • QFII investment allocation 255
  • Does QFII matter? 256
  • Foreign investment in non-tradable (then tradable) shares 258
  • 12 Bulls and Bears: Summing Up 263
  • China's bull markets, 1990-2001 264
  • The end of an era: China's Internet boom and bust, 2000-05 270
  • Taking the market's measure 274
  • Appendix 1 China's Red-Hot Primary Markets 285
  • Appendix 2 Glossary of English/Chinese Securities Terminology 288.