Capital Choice of the Red Chip Companies in Hong Kong PDF Download

Author: Wai Wong Chan
Publisher:
ISBN:
Category : Corporations
Languages : en
Pages : 80

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Author: Lui-Ming Wong
Publisher:
ISBN: 9781361181867
Category :
Languages : en
Pages :

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Author: Lui-ming Wong
Publisher:
ISBN:
Category : Capital
Languages : en
Pages : 84

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Author: Weishi Jia
Publisher:
ISBN:
Category :
Languages : en
Pages : 42

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There is a long line of Chinese firms waiting for government approval to list on mainland Chinese or international stock exchanges. There are also hundreds of Chinese firms that have not received government listing approval, but have reorganized themselves as overseas corporations, followed by listing on the Hong Kong Stock Exchange. These overseas corporations with mainland Chinese operations and Hong Kong listings are called "Red-chips" if they are state-owned entities (SOEs) and "P-chips" if they are not SOEs. We use a comprehensive sample of Chinese firms listed in mainland China and in Hong Kong to test whether Red-chips and P-chips are (a) more likely to be firms the Chinese government does not want on mainland exchanges (because they are neither the largest and most profitable Chinese firms nor the most politically connected), or (b) likely to be firms that eschew Chinese exchanges in favor of the Hong Kong capital market (because of the immediacy of the approval process in Hong Kong or for more efficient pricing in a better-behaved market). We find that more politically connected SOEs are listed on Chinese stock exchanges, and that larger and more profitable non-SOEs are listed in Hong Kong as P-chips, for the overwhelming majority of which we can find no evidence that they ever applied for government approval to IPO. We conclude that the largest and most profitable Chinese firms that are unconstrained by their relationships with central and provincial government prefer to be listed in the Hong Kong capital market.

Author: Weishi Jia
Publisher:
ISBN:
Category :
Languages : en
Pages : 38

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The very long line of Chinese firms waiting to be approved for listing on the Chinese stock exchanges provides a context for testing whether the Chinese government picks the best (largest and most profitable) firms for listing on the Chinese stock exchanges. Capital-hungry Chinese firms that are not approved for listing on the Shanghai and Shenzhen Stock Exchanges frequently choose to reorganize themselves as overseas corporations, followed by listing on the Hong Kong Stock Exchange. These overseas corporations with mainland Chinese operations and Hong Kong listings are called "Red-chips" if they are predominantly state-owned entities (SOEs) and "P-chips" if they are not SOEs. We propose that the Chinese government granted approval to raise equity capital domestically to those firms with better political connections (the political connectedness hypothesis) and/or to those firms with better performance and prospects (the performance hypothesis) We find that different hypotheses are consistent with the results for SOEs than with the results for Non-SOEs. We find that the political connectedness hypothesis holds for the SOEs, and the performance hypothesis holds for the Non-SOEs. We conclude that the Chinese government has approved more politically connected SOEs and more profitable Non-SOEs to list domestically.

Author: U.S.-China Economic and Security Review Commission
Publisher:
ISBN:
Category : Capital market
Languages : en
Pages : 88

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Author: William Scheela
Publisher: Business Expert Press
ISBN: 1606497774
Category : Business & Economics
Languages : en
Pages : 102

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This book is one of the first to analyze the development of private equity, to include venture capital and business angel investing in emerging Southeast Asian economies of Thailand, Philippines, Vietnam, Indonesia, and China. The author analyzes the investment strategies of both types of private equity investors who face significant challenges when investing in emerging economies lacking the legal and financial institutions needed to support effective private equity investing. With the author’s detailed field research in Southeast Asia, as well as recent private equity research in China, you’ll learn about investment strategies (whether you’re a venture capitalist or business angel) in emerging markets. This investment strategy is based on significant networking that is used to build social capital, in-depth due diligence, and hands-on post-investment monitoring.

Author: Yin-Wong Cheung
Publisher: Emerald Group Publishing
ISBN: 0857247468
Category : Business & Economics
Languages : en
Pages : 410

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The process of Asia's rise to a position of eminence in global finance has accelerated in the wake of the international financial crisis. This volume intends to explore and understand the dynamics created by this process of transition.

Author: Kwek Ping Yong
Publisher: John Wiley & Sons
ISBN: 0470826541
Category : Business & Economics
Languages : en
Pages : 326

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Book Description
Learn valuable lessons from the newly successful private equity players in China and explore the challenges and opportunities offered in Chinese markets The first book to deal with private equity finance in China, Private Equity in China: Challenges and Opportunities provides much-needed guidance on an investment concept that has so far proved elusive in Asia. Focusing on the opportunities that the Chinese finance market offers to private equity firms, the book shows how these firms can strategically position themselves in order to maximize success in this new marketplace. Private Equity in China includes in-depth case studies illustrating both successful and failed ventures by private equity firms operating in China, outlining the challenges faced by private equity firms in setting up new funds. It contains a collection of valuable experience and insights about acquiring companies and turning them around essential for any firm currently operating in, or considering entering, the Chinese market. Discusses the challenges faced by private equity firms in China including setting up the initial fund, fund raising, deal sourcing, deal execution, and monitoring and exit strategies Provides key insights drawn from keen observations and knowledge of the more mature private equity market in Western countries, analyzing the way forward for the Chinese private equity industry Discusses the role of renminbi-denominated funds in the development of the private equity industry in China Breaking new ground in exploring and explaining the private equity market in China, the book offers incredible new insight into how equity companies can thrive in the Chinese marketplace.

Author: Kellee S. Tsai
Publisher: Cornell University Press
ISBN: 9780801473265
Category : Business & Economics
Languages : en
Pages : 292

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Book Description
Focusing on the activities and aspirations of the private entrepreneurs who are driving China's economic growth.