PRIVATIZING CHINA WALTER C., HOWIE F Księgarnia

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.

Table of Contents

Preface.

List of Figures.

List of Tables.

List of Boxes.

List of Abbreviations.

Chronology.

1. "You're None of Those!"

2. How China's Stock Markets Came to Be.

3. Who Minds the Fox: The Regulators.

4. Defining Ownership: Share Types.

5. Packaging SOEs: Restructuring and Listing.

6. The Fortunate Few: Listed Companies.

7. Where Have All the (Retail) Investors Gone?

8. Sliced and Diced: China's Segmented Stock Markets.

9. The 10-year Bull Market.

10. Looking Ahead 10 Years: Divvying Things Up.

Appendices.

Endnotes.

Select Bibliography.

Index.

296 pages

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