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By Carl E. Walter, Fraser T. J. Howie

This e-book offers a advisor to twenty years of China's inventory markets. Carl Walter and Fraser Howie learn the alterations that experience happened in all parts of China's securities together with felony, regulatory, percentage constitution, issuers, investor base, and marketplace functionality. those themes are tested within the context of the industry's total improvement to focus on the market's present scenario as China enters the hot century.

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Extra info for 'To Get Rich Is Glorious!': China's Stock Markets in the '80s and '90s (Studies on the Chinese Economy)

Sample text

There were even more enterprises which had retained significant amounts of capital as a result of the contract responsibility system seeking to issue shares. These companies and enterprises and the securities they had issued, however, had almost no legal basis in law although the Shenzhen government had made some effort toward codification. The securities, at best, were traded over the counter at the business offices of a few semiregulated securities firms; there were no formal securities exchanges.

Obviously, all the social support and other non-productive assets are excluded. Based on this preliminary definition of the company, accountants are brought in to conduct a full audit and lawyers are brought in to prepare the required documents and formally define the relationship between the new company and what is left outside of it, that is, the former SOE, now called the parent. In other words, what has been done is to carve out the heart of the SOE, form it into a new company, and leave the rest behind in place but without direct access to that cash flow which was its life’s blood.

Limited data suggest that this ‘experiment’, had it not been interrupted by the events of 1989, might have had untold consequences for Chinese companies and the Chinese economy, had the path China later on pursued closely followed the Shenzhen practice. The ‘coupon clipping’ investor mentality The late 1980s was obviously a period of spontaneous fundraising through the sale of a wide variety of nonstandardized securities. ‘Shares’, moreover, bore a strong resemblance to debt securities since they were issued at par value and paid dividends at a rate fixed in excess of the bank deposit rate.

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