Betting on ChinaChinese Stocks, American Stock Markets, and the Wagers on a New Dynamic in Global Capitalism
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.
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
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 world is betting that China will continue as the major engine of growth for the global economy, with U.S. stock markets providing the most liquid and rewarding conduit for placing the high-stakes wagers that back that assumption. Exploring this crucial but poorly understood topic from a refreshingly insightful angle, Betting on China: Chinese Stocks, American Stock Markets, and the Wagers on a New Dynamic in Global Capitalism analyzes on a macro- and microscale the forces that are moving waves of Chinese companies to list their shares on major American exchanges and what this means for China, the United States, and the world at large. Combining an insider's eye with an outsider's objectivity, American born author and Beijing-based consultant Robert Koepp explores the multidimensional contexts of 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. The book looks into 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. The book shows how the "betting" on China that occurs through the U.S. equity market exchanges is in fact critical to getting an accurate picture of China's position and prospects in our interactively connected global economy. Betting on China takes a bold and unflinching look at the complex and often controversial aspects of Chinese stock issuances in America, using both market trend data and company-specific case studies to provide substantiated, practical, and revealing perspectives on the characteristics of the dynamics at play. From the watershed mega IPO and highly successful listing of China Mobile on the New York Stock Exchange in 1997 to the near breakdown of the U.S.-China equity exchange relationship brought about by the high-profile failures of Chinese issuances during the amassing of short seller attacks on Chinese concept stocks in 2011, Betting on China looks critically yet constructively at milestone events and their consequences. It presents compelling evidence that illuminates 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. Detailed in its analysis but readily accessible to the average reader, 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.
Praise for Betting on China "Based on his deep understanding acquired through years of experience in China, Rob Koepp provides remarkably keen observations in Betting on China. Through this book, China's role in the U.S. capital markets and its position in the global economy can be seen in a new and refreshingly informative light." —Eddie Wang, former President of China Minsheng Banking Corp., Ltd. "Rob Koepp's book is an entertaining and well written romp through the new Wild West of US listed Chinese companies. But it is also a nuanced look at the costs and benefits to both countries of continued interaction at corporate and capital market levels and highlights the challenges facing public oversight bodies on both sides of the Pacific. At the time of the book's publication both Chinese and U.S. regulators are undertaking reviews that could threaten the nascent, cross-border, public equity market relationship, and Koepp's book illustrates the concerns and approaches of each side. This is well worth a read whether you are a student of capital markets or just someone trying to understand the risks and benefits of 'betting on China.'" —Ian Charles Stewart, Co-founder of Wired magazine, venture philanthropist, and Beijing resident "Betting on China is a valuable contribution to the debate about the country's role in the global economy and international capital markets." —Alexandra Harney, author of The China Price: The True Cost of Chinese Competitive Advantage
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