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

By Yong Zhen (Auth.)

Capital markets in China contain inventory, bond, futures and different derivatives, in addition to the non-public fairness industry. China's Capital Markets is the 1st e-book to systematically research China's capital markets, interpreting its evolution, guidelines, reforms, present state of affairs and demanding situations. Following an creation to China's capital markets and monetary progress, the e-book strikes directly to hide additional capital markets in China, together with: the banking method, mergers and acquisitions, and valuation adjustment mechanisms, ahead of concluding with a dialogue of the outlet up and internationalization of China's capital markets.

  • Provides an total photograph 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 info and analysis
  • This is the 1st e-book to systematically learn China's capital markets

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Extra resources for China's Capital Markets

Example text

The existing tradable shareholders were compensated in various ways such as bonus shares, cash and options by non-tradable shareholders. By this compensation, the state-owned shares of listed companies and non-tradable shares could obtain the tradable qualification. Non-tradable shares were then allowed to be tradable. The reform achieved great success in that way. By the end of 2007, 98 percent of listed companies had finished the reform. Thus, nearly all shares were tradable. The non-tradable share reform greatly encouraged the development of China’s stock market.

The following five problems probably cause most concern. The first is that China’s stock market focuses on fundraising much more than investment, and investment returns on stock investment are always poor in general. In developed capital markets, the bond market is much larger than the stock market. The bond market normally provides about 80 percent of the total direct financing. But China’s capital markets are an “inverted pyramid” kind of structure. The bond market is much smaller than the equities market.

Since the B-share market was established, its performance had been acceptable until 2000. 10 H-share capital raised from 1993 to 2009 (RMB 100 million Yuan) Source: CSRC attractive for overseas investors. Few institutional investors would like trading B-shares. The trading volume on the B-share was tiny compared with the main board. So, since 2001 the B-share market has gradually become inactive and lost its fundraising and investment functions. The B-share market has been at a crossroads. The future of the B-share market There are several solutions to solve the fate of the B-share market.

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