Chinese Dual Class Shares Listed In Hong Kong And Mainland China PDF Download
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Author | : Patrick Müller |
Publisher | : diplom.de |
Total Pages | : 122 |
Release | : 2008-02-21 |
Genre | : Business & Economics |
ISBN | : 3836609967 |
Download Chinese Dual-Class Shares Listed in Hong Kong and Mainland China Book in PDF, ePub and Kindle
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 |
Total Pages | : 326 |
Release | : 2013-10-30 |
Genre | : Social Science |
ISBN | : 1134671113 |
Download Chinese Companies and the Hong Kong Stock Market Book in PDF, ePub and Kindle
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 | : BNP Paribas Peregrine |
Publisher | : |
Total Pages | : 56 |
Release | : 2003 |
Genre | : Stock exchanges |
ISBN | : |
Download A Guide to the Hong Kong and China Equity Markets Book in PDF, ePub and Kindle
Author | : Wing Him Yeung |
Publisher | : |
Total Pages | : 70 |
Release | : 2007 |
Genre | : Stock exchanges |
ISBN | : |
Download Changes in Regulation and Prices of Dual-listed Stocks in China Book in PDF, ePub and Kindle
The share prices of a company listed on more than one stock exchange usually are in or close to equilibrium. Nevertheless, it has been observed the prices of the same Chinese company listed in China (A shares) and Hong Kong (H shares) are not anywhere close to equivalent. The article invesitgates whether the A and H share returns experience any co-movement, and whether changes in regulations have an impact on the correlations between the returns. Empirical results from this article show that the A and H shares only demonstrate very limited co-movement. In addition, the correlations between the returns are time-varying and are affected by changes in regulations by the Chinese government.
Author | : Bobby V. Reddy |
Publisher | : Cambridge University Press |
Total Pages | : 487 |
Release | : 2021-11-11 |
Genre | : Law |
ISBN | : 1108997112 |
Download Founders without Limits Book in PDF, ePub and Kindle
Big Tech has flourished on the US public markets in recent years with numerous blue-chip IPOs, from Google and Facebook, to new kids on the block such as Snap, Zoom, and Airbnb. A key trend is the burgeoning use of dual-class stock. Dual-class stock enables founders to divest of equity and generate finance for growth through an IPO, without losing the control they desire to pursue their long-term, market-disrupting visions. Bobby Reddy scrutinises the global history of dual-class stock, evaluates the conceptual and empirical evidence on dual-class stock, and assesses the approach of the London Stock Exchange and ongoing UK regulatory reforms to dual-class stock. A policy roadmap is presented that optimally supports the adoption of dual-class stock while still protecting against its potential abuses, which will more effectively attract high-growth, innovative companies to the UK equity markets, boost the economy, and unleash the true potential of 'founders without limits'.
Author | : Marlene Amstad |
Publisher | : Princeton University Press |
Total Pages | : 504 |
Release | : 2020-11-17 |
Genre | : Business & Economics |
ISBN | : 0691205736 |
Download The Handbook of China's Financial System Book in PDF, ePub and Kindle
"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 |
Total Pages | : 252 |
Release | : 2023-11-14 |
Genre | : Business & Economics |
ISBN | : 9811276277 |
Download Chinese Financial System, The: Sino-centricity And Orchestrated Control Book in PDF, ePub and Kindle
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 | : Zhijun Zhao |
Publisher | : |
Total Pages | : 31 |
Release | : 2007 |
Genre | : |
ISBN | : |
Download Equity Valuation in Mainland China and Hong Kong Book in PDF, ePub and Kindle
This paper studies the links between fundamental value and market price of the companies listed in both mainland A-share and Hong Kong H-share markets. As the valuation model has been inadequately applied in the literature, this study theoretically clarifies that the dividends discount model (DDM) and it derivatives are suitable for firms, but not for general consumers and investors, to evaluate equity fundamental values. Thus, using DDM and its derivatives to determine the market price of equity, which has been done in many other studies, is problematic. This paper also empirically studies how accounting data determines fundamental values of equities using a pooled-data vector autoregressive method. It indicates that although fundamental value can be a benchmark for investors to price equity, prices of equity may deviate from fundamental values substantially for a long time due to differences in preference and the extent of risk aversion between A-shares and H-shares. Correlation between equity price and its fundamental value for H-shares is larger than the correlation for A-shares. This paper also explains why there has been a big price gaps between A-shares and H-shares with exactly the same yields rights. The estimates of fundamental value for each company help investors make rational investment decisions. It suggests that, in the long run, healthy development of Chinese securities markets will depend on the progress of privatisation and marketisation of the Chinese economy. Measures such as the Qualified Foreign Institutional Investors (QFII) and Qualified Domestic Institutional Investors (QDII) programmes should be adopted to improve the efficiency of financial resources utilisation in mainland China, despite the short-run pressure that may put on A-share markets.
Author | : Alice De Jonge |
Publisher | : Edward Elgar Pub |
Total Pages | : 313 |
Release | : 2008-01-01 |
Genre | : Business & Economics |
ISBN | : 9781847209078 |
Download Corporate Governance and China's H-share Market Book in PDF, ePub and Kindle
Using detailed case studies of the first nine mainland Chinese companies to be listed on the Hong Kong stock exchange, this book 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.
Author | : Grace L K Leung |
Publisher | : Routledge |
Total Pages | : 226 |
Release | : 2018-10-29 |
Genre | : Social Science |
ISBN | : 1351655019 |
Download Innovative and Creative Industries in Hong Kong Book in PDF, ePub and Kindle
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.