How to Harness a Unicorn? Demystifying China's Reform of Share Listing Rules and Chinese Depositary Receipts (CDRs). PDF Download
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Author: Ningyao Ye
Publisher:
ISBN:
Category :
Languages : en
Pages : 17
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Book Description
This article introduces and analyses China's latest reform of securities laws to attract domestic unicorn companies (with a valuation over $1 billion) and tech giants to list or dual-list their shares on mainland China's Shanghai and Shenzhen Stock Exchanges. In the past, most Chinese tech businesses tried to obtain a listing in either Hong Kong or New York to raise funds, owing to China's onerous listing rules and various legal restrictions on critical issues such as the variable interest entity, dual-share structure and the issuers' profitability. However, the recently introduced initial public offering (IPO) green channel and Chinese depositary receipts (CDRs) aim to entice Chinese businesses to list their shares at home. The Chinese smartphone-maker Xiaomi, as well as the British bank HSBC, are said to be the first group of global companies planning to issue CDRs and float their shares in mainland China.
Author: Ningyao Ye
Publisher:
ISBN:
Category :
Languages : en
Pages : 17
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Book Description
This article introduces and analyses China's latest reform of securities laws to attract domestic unicorn companies (with a valuation over $1 billion) and tech giants to list or dual-list their shares on mainland China's Shanghai and Shenzhen Stock Exchanges. In the past, most Chinese tech businesses tried to obtain a listing in either Hong Kong or New York to raise funds, owing to China's onerous listing rules and various legal restrictions on critical issues such as the variable interest entity, dual-share structure and the issuers' profitability. However, the recently introduced initial public offering (IPO) green channel and Chinese depositary receipts (CDRs) aim to entice Chinese businesses to list their shares at home. The Chinese smartphone-maker Xiaomi, as well as the British bank HSBC, are said to be the first group of global companies planning to issue CDRs and float their shares in mainland China.
Author: Thomas Walker
Publisher: Springer Nature
ISBN: 3031662059
Category :
Languages : en
Pages : 315
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Book Description
Author: Eric Girardin
Publisher: Springer Nature
ISBN: 303017123X
Category : Business & Economics
Languages : en
Pages : 125
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Book Description
Mainstream research has rationalized China’s stock market on the basis of paradigms such as the institutional approach, the efficient market hypothesis, and corporate valuation principles. The deviations from such paradigms have been analyzed as puzzles of China’s stock market. Girardin and Liu explore to what extent, in the perspective of Chinese cultural and historical characteristics, far from being puzzles, these 'deviations’ are rather the symptoms of a consistent strategy for the design, development and regulation of a government-dominated financial system. This book will help investors, observers and researchers understand the hidden logic of the design and functioning of China’s modern stock market, taking a political economy view.
Author: Lerong Lu
Publisher:
ISBN:
Category :
Languages : en
Pages : 4
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Book Description
In this article the authors analyse the reform of listing rules in China and the operating mechanism of the new Chinese Depositary Receipts (CDRs). Most technology giants in mainland China, such as Alibaba, Tencent, Baidu, JD and NetEase have listed their shares on overseas stock markets such as Hong Kong and New York, in order to avoid China's rigid and onerous listing rules concerning foreign ownership, variable interest entities, weighted voting rights and the strict profitability requirement. Recently, the China Securities Regulatory Commission (CSRC) has launched a pilot project to allow certain foreign-listed Chinese companies to issue CDRs which can be traded in the Shanghai and Shenzhen stock exchanges. Technically speaking, CDRs are not shares but they represent equity interests in foreign companies through an offshore custodian bank. Clearly, the popularisation of CDRs will benefit several parties. Chinese investors will be able to purchase interests in some of the top tech companies in the world. It will also lure international capital to the Chinese market and boost the valuation of issuing companies. The market scale of CDRs is estimated to be over $1 trillion, which will be a source of income for investment banks and international law firms.
Author: Carl E. Walter
Publisher: John Wiley & Sons
ISBN:
Category : Business & Economics
Languages : en
Pages : 340
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Book Description
Much is written about the various efforts aimed at reforming China’s state-owned enterprises. But in all this literature the Chinese government’s determined effort to use the equity capital markets as a tool of enterprise reform has been virtually ignored. The fact is that during the past decade this has been, and will continue to be, the principal thrust with regard to the reform of state-owned enterprises. On-again, off-again, noises about bankruptcy, M&A solutions and asset management companies are only sideshows in the process. 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 decade in China, Mr. Walter has participated in a number of pathbreaking international and domestic share listings and debt issues for Chinese companies, banks and the Ministry of Finance. He holds a PhD from Stanford University and a graduate certificate from Beijing University. Fraser Howie is an independent financial analyst located in Beijing. Over the past ten years 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 then with a domestic retail financial services company and most recently with China M&A Management Company.
Author: Lerong Lu
Publisher: Routledge Research in Finance and Banking Law
ISBN: 9780367513955
Category :
Languages : en
Pages : 182
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Book Description
This book explores China's private lending market from historical, economic, legal, and regulatory perspectives. Private lending refers to moneylending agreements between business borrowers and their debt investors without the involvement of banks. In China, it remains difficult for private entrepreneurs to obtain sufficient loans from state-owned banks. Thus, private lending has been a vital alternative financing channel for over 80 million businesses which are reliant on private funds as their major source of operating capital. The market volume of private financing stands at 5 trillion yuan ($783bn), making it one of the largest shadow banking systems in the world. Despite the wide popularity and systemic importance of private lending activities, they have remained outside of the official regulatory framework, leading to extra financial risks. In 2011, China's private lending sector encountered a severe financial crisis, as thousands of business borrowers failed to repay debts and fell into bankruptcy. Lots of bosses who found it impossible to liquidate debts ran away to hide from creditors. The financial turmoil has caused substantial monetary losses for investors across the country, which triggered social unrest and undermined the financial stability. This book is a timely work intended to demystify China's private lending market by investigating its historical development, operating mechanism, and special characteristics. It evaluates the causes and effects of the latest financial crisis by considering a number of real cases relating to helpless investors and runaway bosses. It conducts an in-depth doctrinal analysis of Chinese laws and regulations regarding private lending transactions. It also examines China's ongoing financial reform to bring underground lending activities under official supervision. Finally, the book points out future development paths for the private lending market. It offers suggestions for global policymakers devising an effective regulatory framework for shadow banking. It appeals to researchers, lecturers, and students in several fields, including law, business, finance, political economy, public policy, and China study.
Author: Chris Adcock
Publisher: Taylor & Francis
ISBN: 1000217000
Category : Business & Economics
Languages : en
Pages : 336
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Book Description
In the past China’s capital market featured prevalent state ownership and a weak legal environment. It has, however, achieved very substantial development in the past two decades. China has surpassed Japan as the world’s second-largest stock market and has also emerged as a leading player in green bonds and Fintech markets. The chapters in this book provide insights on Chinese listed firms and advance the understanding of China’s unique institutions. Some important questions are covered including the governance role of foreign investors in partially privatized firms, the financial implications of political connections, the "Chinese model" of commercial banks and regulatory reforms that promote the marketization of the stock markets, among others. These studies have important implications for other emerging economies, on the recent China-US trade conflicts and about the Trump administration's complaints about the role of the Chinese government in capital markets. This book selectively includes the most influential articles from two special issues of The European Journal of Finance, which were based on selections of papers presented at a series of conferences on the Chinese Capital Markets.
Author: S. SUDALAIMUTHU
Publisher: PHI Learning Pvt. Ltd.
ISBN: 8120337921
Category : Business & Economics
Languages : en
Pages : 402
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Book Description
In today’s globalised economic development, international transactions form an integral part of economic activities. Logistics Management encompasses planning and management of all activities, involving sourcing and procurement of cargo by effective and economically feasible coordination and collaboration with channel partners, and provision of product and service packages from point-of-origin to point-of-consumption at the right time and at the right place. This book gives, with theoretical and practical expertise, a comprehensive coverage of the logistic concepts, techniques, and their applications in the world cargo industry. Besides, it provides an in-depth understanding of the strategic framework of Logistics Management, the technologies, and the components used in logistic operations. It also covers export-import trade and documentations, shipping formalities, warehouse and inventory management, ERP concepts, logistics operation of major ports—and more. Key Feature : Case Studies are provided at the end of most chapters, which tend a practical orientation to the subject. This book is primarily intended as a text for postgraduate students of Management (MBA/MIB) and Commerce (M.Com.IB). It will also prove useful for the students of those engineering disciplines where the subject is prescribed as an elective course. In addition, practising managers in international business will find the book valuable as a reference
Author: Pamela Peterson Drake
Publisher: John Wiley & Sons
ISBN: 0470526025
Category : Business & Economics
Languages : en
Pages : 324
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Book Description
Comprehensive coverage of the time value of money In this book, authors Pamela Peterson Drake and Frank Fabozzi fully expand upon the type of time value of money (TVM) concepts usually presented as part of overviews given in other general finance books. Various TVM concepts and theories are discussed, with the authors offering many examples throughout each chapter that serve to reinforce the tools and techniques covered. Problems and detailed solutions-demonstrated using two different financial calculators, as well as Excel-are also provided at the end of each chapter, while glossary terms are provided in an appendix to familiarize you with basic terms. Provides the basic foundations of the time value of money Covers issues ranging from an introduction of financial mathematics to calculating present/future values and understanding loan amortization Contains problem/solution sets throughout, so you can test your knowledge of the topics discussed Understanding the time value of money is essential, and this reliable resource will help you gain a firm grasp of its many aspects and its real-world applications.
Author: Madanmohan Rao
Publisher: Routledge
ISBN: 113638961X
Category : Business & Economics
Languages : en
Pages : 444
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Book Description
Knowledge management (KM) - or the practice of using information and collaboration technologies and processes to capture organizational learning and thereby improve business performance - is becoming one of the key disciplines in management, especially in large companies. Many books, magazines, conferences, vendors, consultancies, Web sites, online communities and email lists have been formed around this concept. This practical book focuses on the vast offerings of KM solutions—technology, content, and services. The focus is not on technology details, but on how KM and IT practitioners actually use KM tools and techniques. Over twenty case studies describe the real story of choosing and implementing various KM tools and techniques, and experts analyse the trends in the evolution of these technologies and tools, along with opportunities and challenges facing companies harnessing them. Lessons from successes and failures are drawn, along with roadmaps for companies beginning or expanding their KM practice. The introductory chapter presents a taxonomy of KM tools, identifies IT implications of KM practices, highlights lessons learned, and provides tips and recommendations for companies using these tools. Relevant literature on KM practices and key findings of market research groups and industry consortia such as IDC, Gartner and APQC, are presented. The majority of the book is devoted to case studies, featuring clients and vendors along the entire spectrum of solutions: hardware (e.g. handheld/wearable devices), software (e.g. analytics, collaboration, document management) and content (e.g. newsfeeds, market research). Each chapter is structured along the "8Cs" framework developed by the author: connectivity, content, community, commerce, community, capacity, culture, cooperation and capital. In other words, each chapter addresses how appropriate KM tools and technologies help a company on specific fronts such as fostering adequate employee access to knowledge bodies, user-friendly work-oriented content, communities of practice, a culture of knowledge, learning capacity, a spirit of cooperation, commercial and other incentives, and carefully measured capital investments and returns. Vendor history, product/service offerings, implementation details, client testimonials, ROI reports, and future trends are highlighted. Experts in the field then provide third-party analysis on trends in KM tools and technique areas, and recommendations for KM practitioners.
