Author: Yijing YaoPublisher:
ISBN:
Category :
Languages : en
Pages :
Book Description
An Analysis of Corporate Restructuring of Listed Company in China's Stock Market
Author: Yijing YaoChinese Capital Market Takeover and Restructuring Guide
Author: Chengwei LiuPublisher: Kluwer Law International B.V.
ISBN: 904114255X
Category : Law
Languages : en
Pages : 536
Book Description
Although several useful entry guides to China for business investors have appeared in recent years, this is the first book to focus on a business strategy that is becoming increasingly important – and attractive – to businesses in China: the takeover and restructuring of a listed company. This practice orientated book has an additional value, moreover, in that it fully takes into account not only the relevant regulations, most of which were promulgated or updated from 2005 to 2010, but also the actual structures and procedures of nearly ninety announced deals, right up to September 2010. In unprecedented details, the author, an experienced M&A lawyer, describes China specific takeover and restructuring cases involving foreign investors as well as state-owned shareholders on the Shanghai Stock Exchange, the Shenzhen Stock Exchange and ‘ChiNext’. The presentation and analysis covers such elements as the following: the standard bids, such as tender offers, negotiated transfers, indirect takeovers and subscriptions for new shares; the special accesses available to a foreign investor such as qualifying as a ‘strategic investor’ or ‘qualified foreign institutional investor’ (QFII); the particular situations where ‘state-owned shareholder’ (SS) is involved or where a share exchange occurs, including where a foreign investor subscribes by injecting, or acquires indirectly via, its ‘onshore foreign invested enterprise’; the basic restructuring approaches of a listed company – public offering and private placement; and the full meaning and significance of the ‘substantial asset restructuring’ (SAR), which may be asset purchases, disposals or swaps, or the SAR in special cases – merger or separation deals. The author’s illustration of deal structures and step-by-step procedures, visualized in over 150 charts and checklists, gives the reader a clear path to follow through what can seem like a forbiddingly difficult process – a path rendered more secure by the deal histories presented. For companies with operations in China, or considering such operations, as well as professionals advising on these companies, this book is a goldmine of crucially valuable information and guidance. There is nothing else available that comes close to its authority or expertise in this area.
Political Embeddedness as a Double-edged Sword
Author: Lu ZhengCorporate Control and Enterprise Reform in China
Author: Christian BüchelhoferPublisher: Springer Science & Business Media
ISBN: 3790820202
Category : Business & Economics
Languages : en
Pages : 122
Book Description
This intriguing study sheds light on the efficiency of corporate control allocation in Chinese listed firms. Using a panel data set for the period 1996 to 2006, it examines the frequency, causes and consequences of changes in corporate control. The results indicate that poorly performing firms are the predominant targets of control changes. The findings provide insights into the motives and constraints of the key players involved in governance practices in China.
Privatizing China
Author: Carl E. WalterPublisher: John Wiley & Sons
ISBN:
Category : Business & Economics
Languages : en
Pages : 340
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.
Deals Happen Where Deal Opportunities Are
Author: Wen XuPublisher: Open Dissertation Press
ISBN: 9781361440179
Category :
Languages : en
Pages :
Book Description
This dissertation, "Deals Happen Where Deal Opportunities Are: Investigating the Economic Rationality of Corporate Restructuring Activities in China" by Wen, Xu, 胥雯, was obtained from The University of Hong Kong (Pokfulam, Hong Kong) and is being sold pursuant to Creative Commons: Attribution 3.0 Hong Kong License. The content of this dissertation has not been altered in any way. We have altered the formatting in order to facilitate the ease of printing and reading of the dissertation. All rights not granted by the above license are retained by the author. Abstract: Abstract of the thesis entitled Deals Happen Where Deal Opportunities are: Investigating the Economic Rationality of Corporate Restructuring Activities in China Submitted By Xu, Wen For the Degree of Doctor of Philosophy at the University of Hong Kong in June 2007 This paper studies the determinants and consequent performance of corporate restructuring activities in China. By studying the restructuring transactions of the listed manufacturing companies' during 2000 - 2003, I find distinct differences in the rates of restructuring activities both across industries and across the regions. The evidence suggests that industrial and regional economic factors might account for the corporate restructuring activities in China. To examine the effect of industrial and regional variables, both industry-level and firm-level analyses are implemented. The industry-level study indicates that industrial concentration, competition from foreign investors and industrial average value of ii firm's q affect the industrial restructuring rate. The results of firm-level regressions suggest that industrial, regional and firm-specific factors affect restructuring activities of individual firms. Specifically, firms in the industries where competition is fiercer and in the regions with higher levels of marketization and internationalization are more likely to undertake restructuring transactions. Next, the paper investigates the influence of restructuring activities on post-event performance. Three common measures of performance are employed: productivity, measured by total factor productivity; market performance, measured by cumulative abnormal return; and, operating performance, measured by some financial ratios relative to benchmarks. The study of productivity performance shows that large firms are less efficient in enhancing efficiency through the restructuring activities, and only the target firms in the ownership transfer deals can significantly improve their productivity. The evidence from the market performance study illustrates that all main types of restructuring transactions, including merger and acquisition, ownership transfer and divestiture, create shareholder's wealth. The study of operating performance finds that significant improvement in efficiency only happens in the announcement year. The performance significantly declines in the post-announcement years. To examine the impact of economic rationality on the post-deal performance, I construct an index based on the determinants of restructuring activities identified earlier, where the level of economic rationality is defined as the extent to which a given transaction is motivated by economic considerations. I find significant correlations between the index score and market/productivity performances measures. The results iii imply that the deals with higher levels of economic rationality do lead to higher post-deal performance. The study offers an in-depth analysis on the restructuring activities in China. It identifies several industrial and regional factors affecting the restructuring activities. This research is also one of the first to construct an index to measure the economic rationality of the restructuring transactions, and to examine the its effect on the post-restructuring performance. iv DOI: 10.5353/th_b3890315 Subjects: Corporate reorganizatio
Mergers and Acquisitions and Takeovers in China
Author: Cristiano RizziPublisher: Kluwer Law International B.V.
ISBN: 9041142134
Category : Law
Languages : en
Pages : 288
Book Description
This hugely informative book - unique in its overarching emphasis on the laws governing M&As and takeovers in China - not only shows those interested in investing in China how to avoid legal mistakes and miscalculations. In addition to offering singular interpretive analysis of strictly legal matters, the authors concentrate extensively on the all-important cultural and environmental factors that can make business in China daunting for the uninitiated. Extending this double emphasis on cultural understanding and M&A and takeover expertise, the authors clearly explain such elements of how to enter the Chinese market (or expand a presence in it) as the following: concepts of guanxi and mienzi; understanding China’s rising middle class; valuation of state-owned assets; maximum permitted debt-to-equity ratios; key PRC government agencies involved in the approval of transactions; taxation framework for enterprise restructuring in China; employees as an asset; share swaps; prohibited trading activities when acquiring a listed company; legal framework for dispute resolution; administrative proceedings; liabilities for breach of contract; and responding to intellectual property rights abuse. The authors provide precise details on the characteristics of, and procedures involved in, the wide range of investment options available in China, with knowledgeable guidance on the choice of investment options and protection of investor interests. Because China is clearly a major global economic force and will continue to be so in the foreseeable future, this thorough but down-to earth guide is of immeasurable practical value to foreign investors of every kind, from multinational corporations to individual venture capitalists.
The Privatisation Two-step at China's Listed Firms
Author: Stephen GreenPublisher:
ISBN:
Category : Business
Languages : en
Pages : 87
Book Description
Regulation of Foreign Mergers and Acquisitions Involving Listed Companies in the People's Republic of China
Author: Lusong ZhangPublisher:
ISBN:
Category : Business & Economics
Languages : en
Pages : 294
Book Description
Since its accession to the World Trade Organization (WTO), China has undertaken stronger initiatives toward adapting its legal system to support the development of a market-oriented economy. However, in this important new study the author contends that Chinaand’s steps in this direction are not sufficient. Although barriers to merger and acquisition (Mand&A) targeting of state-owned enterprises (SOEs) have been significantly reduced, excessive administrative intervention continues to discourage foreign Mand&Ainvolving domestic listed companies. This book proposes changes in Chinese law, including a new full-scale regulatory scheme, which would enhance and expand such foreign direct investment. The discussion proceeds from the perspectives of company law, securities law, antimonopoly law, and foreign investment law. Based on the analysis of the market situation and policy background in China, and on a comparison among the relevant aspects of the legal systems of China and other jurisdictions, the book addresses the Chinese legal system for foreign Mandamp;A involving listed companies, including its policy support. The analysis highlights such aspects as the following: and• features and structures of the current Chinese foreign Mandamp;A market; and• China's state-owned enterprise reform and• functions of the Chinese stock market; and• Chinese foreign investment policy; and• components of the Chinese legal system specific to foreign Mand&A; and and• comparative studies of foreign Mandamp;A regulation and experience (US, EU, UK, and Russia) and what may be useful in each for China. The authorand’s detailed recommendations for the improvement of the Chinese legal system primarily concern the regime of state ownership exercise, the establishment of an antitrust scheme, the improvement in the regulation of corporate takeovers, and national treatment of foreign investors under the WTO system. This is in every way a ground-breaking contribution to the literature of international trade law. The authorand’s deeply informed and cogent analysis will be of immeasurable value to policy makers and academics across a range of fields, and the bookand’s practical value to business persons everywhere with an eye on China cannot be overestimated.
Privatizing China
Author: Carl E. WalterPublisher: John Wiley & Sons
ISBN:
Category : Business & Economics
Languages : en
Pages : 384
Book Description
PRIVATIZING CHINA INSIDE CHINA'S STOCK MARKETS In more depth than any other, this highly readable book lays bare why China's capital markets have fallen so far short of their promise. It is required reading for anyone seeking to understand the realities and the future of an extraordinary economic transformation. - James Kynge, Former Beijing Bureau Chief, Financial Times, Author, China Shakes the World Carl Walter and Fraser Howie bring together a wealth of experience to this complex and deeply important topic. Their book contains a mine of invaluable quantitative and qualitative information as well as an incredible depth of knowledge. It is essential reading for anyone investing in companies from mainland China. - Professor Peter Nolan, Judge Institute of Management Studies, University of Cambridge Privatizing China is essential for anyone who wants to understand China's companies and stock markets. no one should invest in China without reading it. - Arthur Kroeber, Managing Editor, China Economic Quarterly Carl Walter and Fraser Howie combine a deep knowledge of China and finance to provide an unflinching perspective on the country's effort to build functioning capital markets. China may have wowed the world with its high-speed economic growth and manufacturing prowess, but this book is compelling evidence that Beijing's mastery of the universe does not yet extend to the stock market. - Richard MacGregor, beijing Correspodent, FinancialTimes This book will answer many people's questions regarding SOEs and the stock market. I think it is destined to become the standard reference work on the subject. - Jean C. Oi, Director, Center for East Asian Studies, Stanford University