Privatizing China
Inside China's Stock Markets
2nd Edition
Published on 29. September 2011
376 pages
978-1-118-17943-7 (ISBN)
Description
PRIVATIZING CHINA
INSIDE CHINA'S STOCK MARKETS
In more depth than any other, this highly readable book lays barewhy China's capital markets have fallen so far short of theirpromise. It is required reading for anyone seeking to understandthe realities and the future of an extraordinary economictransformation. - James Kynge, Former Beijing Bureau Chief,Financial Times, Author, China Shakes the World
Carl Walter and Fraser Howie bring together a wealth of experienceto this complex and deeply important topic. Their book contains amine of invaluable quantitative and qualitative information as wellas an incredible depth of knowledge. It is essential reading foranyone investing in companies from mainland China. - ProfessorPeter Nolan, Judge Institute of Management Studies, University ofCambridge
Privatizing China is essential for anyone who wants to understandChina's companies and stock markets. no one should invest in Chinawithout reading it. - Arthur Kroeber, Managing Editor, ChinaEconomic Quarterly
Carl Walter and Fraser Howie combine a deep knowledge of China andfinance to provide an unflinching perspective on the country'seffort to build functioning capital markets. China may have wowedthe world with its high-speed economic growth and manufacturingprowess, but this book is compelling evidence that Beijing'smastery of the universe does not yet extend to the stock market. -Richard MacGregor, beijing Correspodent, FinancialTimes
This book will answer many people's questions regarding SOEs andthe stock market. I think it is destined to become the standardreference work on the subject. - Jean C. Oi, Director, Center forEast Asian Studies, Stanford University
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Persons
Carl E. Walter is a Managing Director of JP Morgan and ChiefOperating Officer of its China businesses. Prior to joining JPMorgan in 2001, Mr. Walter was a Managing Director and Member ofthe Management committee of China International CapitalCorporation. He was Chief Representative in Beijing for CreditSuisse First Boston from 1993-8. During his 15 years in china, Mr.Walter has participated in a number of groundbreaking internationaland domestic share listings and debt issues for Chinese companies,banks and the Ministry of Finance. He holds a PhD from Stanforduniversity and a graduate certificate from Beijing University.
Fraser Howie has been trading, analyzing and writingabout Asian stock markets for 15 years. During that time he hasworked in Hong Kong, trading equity derivatives at Bankers Trustand Morgan Stanley. After moving to China in 1998, he worked in thesales and trading department of China International CapitalCorporation followed by a stint with China M&A ManagementCompany. He is a frequent speaker on the Chinese stock marketshaving spoken in Hong Kong, Tokyo, Beijing, Shanghai, Singapore andCambridge. He currently works for a leading Asia-Pacific investmentbank in Singapore helping international investors invest in boththe Indian and domestic Chinese markets.
Content
Preface.
List of Abbreviations.
Chronology.
1. "You're None of Those!"
2. How China's Stock Markets Came to Be.
The evolution of the Shenzhen and Shanghai securitiesmarkets.
Original structure of the Shanghai and Shenzhen exchanges.
The Stock Exchange Executive Council and the electronic marketsSTAQ and NETS).
The regional trading centers.
The auction houses.
The Third Board.
3. Who Minds the Fox: The Regulators.
The PBOC: Market player or market regulator?
Building the CSRC.
The internationalization of the CSRC.
The Stock Exchange of Hong Kong goes to the top.
The CSRC's domestic struggle.
Regulatory philosophy.
The CSRC takes the initiative.
4. Defining Ownership: Share Types
Shares of what?
The 1992 Standard Opinion.
The 1994 Company Law.
Listed company shares.
The 1999 Securities Law.
5. Packaging SOEs: Restructuring and Listing.
Evolution of Chinese corporate law.
How to "package" an SOE.
Corporate restructuring for international listing.
6. The Fortunate Few: Listed Companies.
Who decides who lists?
International pricing.
A-share pricing.
Analysis of listed companies.
A note on private companies.
7. Where Have All the (Retail) Investors Gone?
How many investors?
Who are China's investors?
8. Sliced and Diced: China's Segmented Stock Markets.
Segmented markets.
Is there a company value?
Economic inefficiencies of segmented markets.
Circles of ownership.
Privatization with Chinese characteristics?
9. Searching for the Big Fix, 2001-05.
China's bull markets.
Fund index performance.
The forgettable B share.
Taking the market's measure.
The Fall of China's Stock Markets, 2001-2006.
10. How CSRC Sought to Merge the Markets: the G CompanyReform.
Trying to merge the segmented markets.
The character of the market in the new century.
Trying to restore the status quo.
The terms of the debate about state shares.
The securities industry debacle.
11. Foreign Investors in China'sw Stock Market.
SASAC: defender of state property rights.
The CSRC's "Final Fix".
Pilot cases of the new policy.
Warrants and the National Champion: BaoSteel.
12. Bulls and Bears: Summing Up.
Market entry regulations and restrictions.
The approval process.
Market strategies.
Investment history.
Appendix 1: China's Red-Hot Primary MArkets.
Appendix 2: Glossary of English/Chinese SecuritiesTerminology.
Endnotes.
Select Bibliography.
Index.
