China's Capital Markets by Yong Zhen (Auth.) PDF

Risk Management

By Yong Zhen (Auth.)

Capital markets in China comprise inventory, bond, futures and different derivatives, in addition to the non-public fairness industry. China's Capital Markets is the 1st publication to systematically research China's capital markets, reading its evolution, guidelines, reforms, present scenario and demanding situations. Following an advent to China's capital markets and fiscal progress, the ebook strikes directly to conceal additional capital markets in China, together with: the banking procedure, mergers and acquisitions, and valuation adjustment mechanisms, sooner than concluding with a dialogue of the hole up and internationalization of China's capital markets.

  • Provides an total photo of China's capital markets together with: coverage research; case experiences; investor concepts and behaviours; and proposals for achievement within the markets
  • Offers various views, utilizing wealthy facts and analysis
  • This is the 1st ebook to systematically research China's capital markets

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Example text

It could be argued that China’s stock market has a mechanism problem or defect. It focuses on the financing function more than the investment function. Since CSRC was established in 1992, financing from the stock market has been an important part of SOE reform. Requiring SOEs, particularly large SOEs, to be listed on the stock market has been a goal of central and local governments. To encourage local companies to be listed on the stock market, local governments made a policy of providing the companies with subsidies and financial support for their IPOs.

The IB can help them directly raise capital on the mainland and support their business development. Another reason for launching IB is to improve the mechanism of the A-share market. Since many companies that target listing on the IB may have already been listed in key global stock markets where information disclosure is much more stringent than in the Chinese stock market, the IB can help achieve high standards for Chinese companies’ information disclosure. Furthermore, it may help the A-share market to adjust its high valuation.

There has been no such transfer yet. The second solution is to transfer B-shares to become A-shares. A B-share listed company is moved to be on the A-share market. This can be used for both Shenzhen and Shanghai B-share markets, particularly for Shanghai B-shares. For those companies that have issued both A-shares and B-shares, it is quite easy to convert their B-shares to A-shares. One B-share company, Zhejiang Southeast Electric Power Company Limited (900949: SSE), announced its plan of “B” to “A” share change on 20 February 2013.

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