PRIVATIZING CHINA
INSIDE CHINA’S STOCK MARKETS
In more depth than any other, this highly readable book lays bare
why China’s capital markets have fallen so far short of their
promise. It is required reading for anyone seeking to understand
the realities and the future of an extraordinary economic
transformation. – James Kynge, Former Beijing Bureau Chief,
Financial Times, Author, China Shakes the World
Carl Walter and Fraser Howie bring together a wealth of experience
to this complex and deeply important topic. Their book contains a
mine of invaluable quantitative and qualitative information as well
as an incredible depth of knowledge. It is essential reading for
anyone investing in companies from mainland China. – Professor
Peter Nolan, Judge Institute of Management Studies, University of
Cambridge
Privatizing China is essential for anyone who wants to understand
China’s companies and stock markets. no one should invest in China
without reading it. – Arthur Kroeber, Managing Editor, China
Economic Quarterly
Carl Walter and Fraser Howie combine a deep knowledge of China and
finance to provide an unflinching perspective on the country’s
effort to build functioning capital markets. China may have wowed
the world with its high-speed economic growth and manufacturing
prowess, but this book is compelling evidence that Beijing’s
mastery of the universe does not yet extend to the stock market. –
Richard Mac Gregor, beijing Correspodent, Financial Times
This book will answer many people’s questions regarding SOEs and
the stock market. I think it is destined to become the standard
reference work on the subject. – Jean C. Oi, Director, Center for
East Asian Studies, Stanford University
Inhaltsverzeichnis
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 securities
markets.
Original structure of the Shanghai and Shenzhen exchanges.
The Stock Exchange Executive Council and the electronic markets
STAQ 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 Company
Reform.
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: Bao Steel.
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 Securities
Terminology.
Endnotes.
Select Bibliography.
Index.
Über den Autor
Carl E. Walter is a Managing Director of JP Morgan and Chief
Operating Officer of its China businesses. Prior to joining JP
Morgan in 2001, Mr. Walter was a Managing Director and Member of
the Management committee of China International Capital
Corporation. He was Chief Representative in Beijing for Credit
Suisse First Boston from 1993-8. During his 15 years in china, Mr.
Walter has participated in a number of groundbreaking international
and domestic share listings and debt issues for Chinese companies,
banks and the Ministry of Finance. He holds a Ph D from Stanford
university and a graduate certificate from Beijing University.
Fraser Howie has been trading, analyzing and writing
about Asian stock markets for 15 years. During that time he has
worked in Hong Kong, trading equity derivatives at Bankers Trust
and Morgan Stanley. After moving to China in 1998, he worked in the
sales and trading department of China International Capital
Corporation followed by a stint with China M&A Management
Company. He is a frequent speaker on the Chinese stock markets
having spoken in Hong Kong, Tokyo, Beijing, Shanghai, Singapore and
Cambridge. He currently works for a leading Asia-Pacific investment
bank in Singapore helping international investors invest in both
the Indian and domestic Chinese markets.
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