Privatizing China by Fraser J. T. Howie -- Read -- Imperial Library of Trantor

Index

Chapter 1: “You’re None of Those!” Chapter 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

Chapter 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, 2000–02

Chapter 4: Defining Ownership: Share Types

Shares of what? The 1992 Standard Opinion The 1994 Company Law Listed company shares The 1999 Securities Law

Chapter 5: Packaging SOEs: Restructuring and Listing

Evolution of Chinese corporate law How to “package” an SOE Corporate restructuring for international listing

Chapter 6: The Fortunate Few: Listed Companies

Who decides who lists? International pricing A share pricing Analysis of listed companies A note on private companies

Chapter 7: Where Have All the (Retail) Investors Gone?

How many investors? Who are China’s investors?

Chapter 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?

Chapter 9: Searching for the Big Fix, 2001–05

Trying to merge the segmented markets The character of the market in the new century Coming up with the Big Fix The terms of the debate about state shares The securities industry debacle

Chapter 10 How CSRC Sought to Merge the Markets: the G Company Reform

SASAC: defender of state property rights The CSRC’s “Final Fix” Pilot projects for the new policy: Sany Industrial Warrants and SASAC’s champion: BaoSteel

Chapter 11 Foreign Investors in China’s Stock Market

All about QFII How is QFII being used? QFII investment allocation Does QFII matter? Foreign investment in non-tradable (then tradable) shares

Chapter 12 Bulls and Bears: Summing Up

China’s bull markets, 1990–2001 The end of an era: China’s Internet boom and bust, 2000–05 Taking the market’s measure A summing up

Appendix 1 China’s Red-Hot Primary Markets Appendix 2 Glossary of English/Chinese Securities Terminology Endnotes Select Bibliography Index