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Betting on China
Chinese Stocks, American Stock Markets, and the Wagers on a New Dynamic in Global Capitalism
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Artikel-Nr:
9781118087145
Seiten:
240
Autor:
Robert W. Koepp
Sprache:
Englisch
Beschreibung:
Robert W. Koepp is an author and financial, economics, business, and communications consultant. His finance and economics-related writing focuses on creative and pioneering individuals, organizations, regions, and phenomena around the world. Fluent in Chinese, Japanese, and English, Koepp is the author of Clusters of Creativity: Enduring Lessons on Innovation and Entrepreneurship from Silicon Valley and Europe s Silicon Fen and the translator of a bestselling Japanese illustrated biography of George Soros, both published by Wiley.
The promise and perils of Chinese stocks in American stock markets
Betting on China takes readers on an illuminating journey into the often confusing and poorly understood world of Chinese stock issuances in America. With insightful qualitative and quantitative analysis, it looks at the phenomenon of equity and capital exchanged between the world's two largest economies and the implications for global finance. Written in an accessible narrative style and amply supported by hard data, the book examines the context and underpinnings of the Sino-American equity relationship, revealing its core dynamics through real-world case studies that range from the precedent-setting blockbuster IPO of China Mobile to the near breakdown of the U.S.-China equity exchange mechanism brought about by short seller attacks on Chinese concept stocks.
Combining an insider's eye with an outsider's objectivity, American born author and Beijing-based consultant Robert Koepp explores the reasons and the means by which China, America, and the global economy reap enormous gains from the process of Chinese companies issuing equity shares on U.S. stock markets. Betting on China exposes the complexities and nuances of a vital but underappreciated pillar of modern international finance and offers a window into China's role as a dominant but still modernizing economic superpower.
Analyzes on a macro- and microscale the forces that move Chinese companies to raise capital on NASDAQ and the New York Stock Exchange and what this means for the world at large
Explores the real stories behind why and how China-based enterprises develop as public companies listed in the United States--and why government regulations need to work in support of and not against this force of market nature
Shows that the "betting" on China that occurs through the U.S. equity market exchanges is critical for getting an accurate picture of China's position and prospects in our interactively connected global economy
Detailed but accessible, Betting on China is essential reading for global finance professionals, policymakers and regulators, students of finance, people doing business in China, and anyone curious about China's place in--and impact on--the global economy today and in the years to come.
Betting on China takes readers on an illuminating journey into the often confusing and poorly understood world of Chinese stock issuances in America. With insightful qualitative and quantitative analysis, it looks at the phenomenon of equity and capital exchanged between the world's two largest economies and the implications for global finance. Written in an accessible narrative style and amply supported by hard data, the book examines the context and underpinnings of the Sino-American equity relationship, revealing its core dynamics through real-world case studies that range from the precedent-setting blockbuster IPO of China Mobile to the near breakdown of the U.S.-China equity exchange mechanism brought about by short seller attacks on Chinese concept stocks.
Combining an insider's eye with an outsider's objectivity, American born author and Beijing-based consultant Robert Koepp explores the reasons and the means by which China, America, and the global economy reap enormous gains from the process of Chinese companies issuing equity shares on U.S. stock markets. Betting on China exposes the complexities and nuances of a vital but underappreciated pillar of modern international finance and offers a window into China's role as a dominant but still modernizing economic superpower.
Analyzes on a macro- and microscale the forces that move Chinese companies to raise capital on NASDAQ and the New York Stock Exchange and what this means for the world at large
Explores the real stories behind why and how China-based enterprises develop as public companies listed in the United States--and why government regulations need to work in support of and not against this force of market nature
Shows that the "betting" on China that occurs through the U.S. equity market exchanges is critical for getting an accurate picture of China's position and prospects in our interactively connected global economy
Detailed but accessible, Betting on China is essential reading for global finance professionals, policymakers and regulators, students of finance, people doing business in China, and anyone curious about China's place in--and impact on--the global economy today and in the years to come.
Acknowledgments xi
Preface xv
Chapter 1 Wagers of the Dance: China, America, and the Interplay of Public Equity 1
A Hierarchy of Financial Footwork 1
IPOs for Cash-out and Cash-in 5
A Ground-Level View 7
U.S. China Issuances Measuring Up 22
Chapter 2 Realities, Theories, and Gung Ho: The Ying and Yang of Chinese Issuances 25
The China Wave 25
Big-Stakes Games 28
Ying-Yang IPOs 32
Market Détente 35
Breaking Molds 40
Adam Smith's China Bet 42
Gains, Rules, and Risks 44
Information versus Noise 46
Real "Gung Ho" 48
Chapter 3 China Mobile: The Big Bet 51
First Dish in an IPO Banquet 53
Birth in a Maelstrom 57
Ripple Effects 60
Assimilating Global Standards 62
Of Men and Governance 66
Red Chip Scare 68
Spillover Effects 71
Quantity, Banditry, and Quality 75
New Generations, New Markets 78
Nothing and Everything 81
Chapter 4 Spreadtrum Communications: When the Chips Are Down 85
Stirring the Waters 87
The Basic Spreadtrum Story 92
Leading a New Chinese Industry 96
Pulling Back from the Brink 98
Shortsighted Shorting 101
Shorts Caught Short 105
Chapter 5 Calling the Bluff: Truths, Fictions, and CRMs 109
Initial Misgivings 111
In Through the Back Door 113
Dawn of the CRM Dread 116
A Short Love Affair for CRMs 119
Unaccountable Accounting 123
The Din of CRM Noise 125
A Reversal for RM Overhype 128
Chapter 6 Longtop Financial: The Costs of Dirty Dealing 133
The Longtop Shocker 133
A Fallen Icon 137
Deception's Depths 139
A China Problem? 142
New Stakes in the Game 145
The SEC's Big Bet 148
Upping the Ante 150
Beyond the Brink? 155
Chapter 7 Continuing the Bet: Accountability and Adaptability 161
Evolving Accountability 161
The Adaptability Challenge 163
Appendix 167
Notes 187
About the Author 199
Index 201
Preface xv
Chapter 1 Wagers of the Dance: China, America, and the Interplay of Public Equity 1
A Hierarchy of Financial Footwork 1
IPOs for Cash-out and Cash-in 5
A Ground-Level View 7
U.S. China Issuances Measuring Up 22
Chapter 2 Realities, Theories, and Gung Ho: The Ying and Yang of Chinese Issuances 25
The China Wave 25
Big-Stakes Games 28
Ying-Yang IPOs 32
Market Détente 35
Breaking Molds 40
Adam Smith's China Bet 42
Gains, Rules, and Risks 44
Information versus Noise 46
Real "Gung Ho" 48
Chapter 3 China Mobile: The Big Bet 51
First Dish in an IPO Banquet 53
Birth in a Maelstrom 57
Ripple Effects 60
Assimilating Global Standards 62
Of Men and Governance 66
Red Chip Scare 68
Spillover Effects 71
Quantity, Banditry, and Quality 75
New Generations, New Markets 78
Nothing and Everything 81
Chapter 4 Spreadtrum Communications: When the Chips Are Down 85
Stirring the Waters 87
The Basic Spreadtrum Story 92
Leading a New Chinese Industry 96
Pulling Back from the Brink 98
Shortsighted Shorting 101
Shorts Caught Short 105
Chapter 5 Calling the Bluff: Truths, Fictions, and CRMs 109
Initial Misgivings 111
In Through the Back Door 113
Dawn of the CRM Dread 116
A Short Love Affair for CRMs 119
Unaccountable Accounting 123
The Din of CRM Noise 125
A Reversal for RM Overhype 128
Chapter 6 Longtop Financial: The Costs of Dirty Dealing 133
The Longtop Shocker 133
A Fallen Icon 137
Deception's Depths 139
A China Problem? 142
New Stakes in the Game 145
The SEC's Big Bet 148
Upping the Ante 150
Beyond the Brink? 155
Chapter 7 Continuing the Bet: Accountability and Adaptability 161
Evolving Accountability 161
The Adaptability Challenge 163
Appendix 167
Notes 187
About the Author 199
Index 201