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Author: Patrick Müller
Publisher: diplom.de
ISBN: 3836609967
Category : Business & Economics
Languages : en
Pages : 118
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Book Description
Inhaltsangabe:Abstract: This paper aims at explaining the phenomenon of price anomalies between dual-class shares of companies located in mainland China (hereafter China). A-shares listed on either the Shanghai Stock Exchange (SHSE) or Shenzhen Stock Exchange (SZSE) command a premium over the price of the corresponding firm s H-shares traded at the Stock Exchange of Hong Kong (HKSE). This pricing puzzle arises from the segmentation of Chinese equity markets H-shares may be exclusively acquired by Hong Kong residents and international investors whereas A-shares are restricted to mainland Chinese investors. Although both classes of stock are entitled to the same future cash flows, investors are only willing to buy H-shares at a price significantly lower than that of A-shares. This unique setup offers the opportunity to test competing theories about the effects of market segmentation on asset pricing and to examine the factors that induce the price gap between cross-listed shares on different stock exchanges. Knowledge of the variables determining the price spread between H- and A-shares can make valuable contributions in a number of ways. Firstly, companies in mainland China pursuing initial public offerings (IPO) or seasoned equity offerings (SEO) may base their financing decision on a more thorough understanding of the parameters affecting stock prices of cross-listings in the respective markets. Secondly, policymakers in emerging country stock markets may draw conclusions concerning the design of foreign ownership regulation and investment restraints imposed on domestic and foreign investors. Lastly, international and local investors may build on a more profound understanding of the H- versus A-share discount (hereafter H-share discount) to narrow down attractive investment opportunity sets, especially in the light of the latest regulatory changes on the Chinese equity market. As of August 2007 the government body monitoring and regulating the national currency, China s State Administration of Foreign Exchange (SAFE), loosened its rigorous foreign exchange policy. Prior to the recent SAFE ruling, the annual amount to be freely converted from Chinese Yuan Renminbi (RMB) into foreign currencies was capped at a 50,000 United States Dollar (USD) limit. Under the new regime, mainland retail investors are granted unlimited convertibility of RMB into Hong Kong Dollar (HKD) given that investments flow into the Hong Kong securities market. In the [...]
Author: Patrick Müller
Publisher: diplom.de
ISBN: 3836609967
Category : Business & Economics
Languages : en
Pages : 118
Get Book
Book Description
Inhaltsangabe:Abstract: This paper aims at explaining the phenomenon of price anomalies between dual-class shares of companies located in mainland China (hereafter China). A-shares listed on either the Shanghai Stock Exchange (SHSE) or Shenzhen Stock Exchange (SZSE) command a premium over the price of the corresponding firm s H-shares traded at the Stock Exchange of Hong Kong (HKSE). This pricing puzzle arises from the segmentation of Chinese equity markets H-shares may be exclusively acquired by Hong Kong residents and international investors whereas A-shares are restricted to mainland Chinese investors. Although both classes of stock are entitled to the same future cash flows, investors are only willing to buy H-shares at a price significantly lower than that of A-shares. This unique setup offers the opportunity to test competing theories about the effects of market segmentation on asset pricing and to examine the factors that induce the price gap between cross-listed shares on different stock exchanges. Knowledge of the variables determining the price spread between H- and A-shares can make valuable contributions in a number of ways. Firstly, companies in mainland China pursuing initial public offerings (IPO) or seasoned equity offerings (SEO) may base their financing decision on a more thorough understanding of the parameters affecting stock prices of cross-listings in the respective markets. Secondly, policymakers in emerging country stock markets may draw conclusions concerning the design of foreign ownership regulation and investment restraints imposed on domestic and foreign investors. Lastly, international and local investors may build on a more profound understanding of the H- versus A-share discount (hereafter H-share discount) to narrow down attractive investment opportunity sets, especially in the light of the latest regulatory changes on the Chinese equity market. As of August 2007 the government body monitoring and regulating the national currency, China s State Administration of Foreign Exchange (SAFE), loosened its rigorous foreign exchange policy. Prior to the recent SAFE ruling, the annual amount to be freely converted from Chinese Yuan Renminbi (RMB) into foreign currencies was capped at a 50,000 United States Dollar (USD) limit. Under the new regime, mainland retail investors are granted unlimited convertibility of RMB into Hong Kong Dollar (HKD) given that investments flow into the Hong Kong securities market. In the [...]
Author: Flora Xiao Huang
Publisher: Routledge
ISBN: 1134671040
Category : Social Science
Languages : en
Pages : 266
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Book Description
Listing by companies from one country on the stock market of another country is a device often used both to raise capital in, and to increase bonding with, the target country. This book examines the listing by Chinese companies on the Hong Kong stock market. It discusses the extent of the phenomenon, compares the two different regulatory regimes, and explores the motivations for the cross-listing. It argues that a key factor, in addition to raising capital and bonding with the Hong Kong market, is Chinese companies’ desire to encourage legal and regulatory reforms along Hong Kong lines in mainland China, in order to develop and open up China’s domestic capital markets.
Author: Alice De Jonge
Publisher: Edward Elgar Publishing
ISBN: 1848442785
Category : Business & Economics
Languages : en
Pages : 323
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Book Description
Using detailed case studies of the first nine mainland Chinese companies to be listed on the Hong Kong stock exchange (1993 94), Alice de Jonge examines the evolution of corporate governance law and culture in China s H-share market. A story emerges not of tensions between ideas of corporate governance from two different legal systems Hong Kong vs. mainland Chinese nor about legal convergence as China adopts concepts from Anglo-American jurisdictions. Rather, it is a story of individual firms being pragmatic in mediating the different agendas of state-agencies that own or control them. Corporate Governance and China s H-Share Market looks at corporate governance in a cross-border context is unique in providing a detailed understanding of China s H-share market reveals why a beer company was the first ever Chinese firm to be listed overseas. This fascinating work will appeal to postgraduate students and scholars of corporate governance, Asian law and legal systems and Asian business, as well as Chinese scholars more generally. Professionals such as law practitioners working in Chinese law will also find the book of interest.
Author: jshop.javvin.com
Publisher: Javvin Technologies Inc.
ISBN: 1602670064
Category : Business
Languages : en
Pages : 560
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Book Description
This handbook is designed to help investors and financial professionals understand how China's stock market operates, and to harness their power to win more. It includes fundamental information of both the mainland China and Hong Kong markets.
Author: Carl E. Walter
Publisher: John Wiley & Sons
ISBN:
Category : Business & Economics
Languages : en
Pages : 384
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Book Description
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 MacGregor, beijing Correspodent, FinancialTimes 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
Author: Bobby Reddy
Publisher: Cambridge University Press
ISBN: 1108839355
Category : Business & Economics
Languages : en
Pages : 487
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Book Description
The first comprehensive collation of the international history of, and evidence on, dual-class stock, and their relevance to UK policy.
Author: Marlene Amstad
Publisher: Princeton University Press
ISBN: 0691205736
Category : Business & Economics
Languages : en
Pages : 504
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Book Description
"The Chinese economy is now easily one of the most important and closely scrutinized economies in the world. Relatively minuscule changes in predictions of how the Chinese economy will perform can drive up or down stocks and the price of oil and other commodities. At the heart of how the Chinese economy works is its financial system-but the Chinese financial system is vastly different than most people in the West can understand. How do house prices work, for example, in a country where the very concept of property ownership is significantly different than our own? This edited volume will serve as a standard reference guide to China's financial system. With eighteen chapters, the handbook features overviews on the banking sector-the core of China's financial system and the key channel for implementing China's monetary policy-China's ongoing reforms, and the quickly growing bond and money markets, among other topics. Each chapter is written by a leading expert in the field, and as a whole the list of contributors represents an impressive mix of leading scholars and high-level policy officials, some with first-hand knowledge of setting and carrying out Chinese financial policy. The handbook will serve as the first real authoritative volume of literature in the field, and will shed extensive new light on the links between China's financial system and the real economy"--
Author: Dominique Jolly
Publisher: World Scientific
ISBN: 9811276277
Category : Business & Economics
Languages : en
Pages : 252
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Book Description
With a strategic and geopolitical view on China's financial system, this book explores a number of roles that it plays in the world's second largest economy. The first key mission has been the financing of the domestic economy. The second one has been the financing of infrastructures (transportation, energy, and telecommunication) to offer companies a conducive environment to develop manufacturing facilities. Thirdly, it supports Chinese foreign investment. The final and most recent role is the active use of technology in finance and investment to collect big data.The book supports three theses. The first thesis argues that finance and investment are not only the product of market forces but also other dimensions like regulations, geopolitics, technology and internal governance. Another thesis is that the State Council is metaphorically the conductor, and financial and economic actors are the performers who must imperatively follow the conductor. Last but not least, the third thesis is that the sino-centric perspective adopted by the Chinese authorities impedes foreign entry. Contrary to industries opened to foreign companies, the Chinese government left ajar the door to banking industry — characterizing foreign banks as marginal actors in the system.
Author: Grace L K Leung
Publisher: Routledge
ISBN: 1351655019
Category : Social Science
Languages : en
Pages : 226
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Book Description
The experience of Hong Kong’s innovative and creative industries and the challenges they face serves as an important case study for other Chinese and Asian cities that are actively developing their innovative and creative industries in the era of globalization. The return of sovereignty over Hong Kong back to China in 1997 has led to both collaboration and competition between the two places in innovative and creative sectors for the Greater China and Asian Regions. Hong Kong has remained unique in spite of the integration, but she has to strike a delicate balance between being simultaneously a Chinese and an international city. This book looks at different innovative and creative industries, such as international art and culture exhibition, innovative technology, digital entertainment, TV and movies, as well as government policy for innovative and creative industries, particularly the changing competitive landscape brought about by the latest Great Bay Area development. Drawing insights from cultural history, innovation economics, cultural policy studies, and cultural geography, this book explores the opportunities and challenges of Hong Kong's innovative and creative industries, in particular after the change of sovereignty in 1997. It demonstrates that the city’s legacy, and heavy government input in capital, do not guarantee their sustainable development. This is a book not only for policymakers or academics interested in innovative and creative industries but also to students contemplating a career in these areas in Hong Kong, the Greater China and the Asian Region.
Author: Liu, Lixian
Publisher: IGI Global
ISBN: 1466650486
Category : Business & Economics
Languages : en
Pages : 380
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Book Description
While many nations are still struggling from the global financial crisis and regaining their financial security, investors are considering alternative options for investing their money; and the secure financial sector is China appears as a viable option. International Cross-Listing of Chinese Firms examines the successful techniques and strategies that Chinese companies are using within their financial practices. It highlights the foreign-based multinational enterprise theories related to the major international stock markets. By providing the latest theories and research, this book will be beneficial for business practitioners, researchers, and managers interested in the relationship between cross-listing and firm valuation of Chinese firms.
