Details

Betting on China


Betting on China

Chinese Stocks, American Stock Markets, and the Wagers on a New Dynamic in Global Capitalism
1. Aufl.

von: Robert W. Koepp

29,99 €

Verlag: Wiley
Format: EPUB
Veröffentl.: 15.03.2012
ISBN/EAN: 9781118087176
Sprache: englisch
Anzahl Seiten: 256

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Beschreibungen

<b>The promise and perils of Chinese stocks in American stock markets</b> <p><i>Betting on China</i> 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.</p> <p>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.</p> <ul> <li>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</li> <li>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</li> <li>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</li> </ul> <p>Detailed but accessible, <i>Betting on China</i> 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.</p>
Acknowledgments xi <p>Preface xv</p> <p><b>Chapter 1 Wagers of the Dance: China, America, and the Interplay of Public Equity 1</b></p> <p>A Hierarchy of Financial Footwork 1</p> <p>IPOs for Cash-out and Cash-in 5</p> <p>A Ground-Level View 7</p> <p>U.S. China Issuances Measuring Up 22</p> <p><b>Chapter 2 Realities, Theories, and Gung Ho: The Ying and Yang of Chinese Issuances 25</b></p> <p>The China Wave 25</p> <p>Big-Stakes Games 28</p> <p>Ying–Yang IPOs 32</p> <p>Market Détente 35</p> <p>Breaking Molds 40</p> <p>Adam Smith's China Bet 42</p> <p>Gains, Rules, and Risks 44</p> <p>Information versus Noise 46</p> <p>Real "Gung Ho" 48</p> <p><b>Chapter 3 China Mobile: The Big Bet 51</b></p> <p>First Dish in an IPO Banquet 53</p> <p>Birth in a Maelstrom 57</p> <p>Ripple Effects 60</p> <p>Assimilating Global Standards 62</p> <p>Of Men and Governance 66</p> <p>Red Chip Scare 68</p> <p>Spillover Effects 71</p> <p>Quantity, Banditry, and Quality 75</p> <p>New Generations, New Markets 78</p> <p>Nothing and Everything 81</p> <p><b>Chapter 4 Spreadtrum Communications: When the Chips Are Down 85</b></p> <p>Stirring the Waters 87</p> <p>The Basic Spreadtrum Story 92</p> <p>Leading a New Chinese Industry 96</p> <p>Pulling Back from the Brink 98</p> <p>Shortsighted Shorting 101</p> <p>Shorts Caught Short 105</p> <p><b>Chapter 5 Calling the Bluff: Truths, Fictions, and CRMs 109</b></p> <p>Initial Misgivings 111</p> <p>In Through the Back Door 113</p> <p>Dawn of the CRM Dread 116</p> <p>A Short Love Affair for CRMs 119</p> <p>Unaccountable Accounting 123</p> <p>The Din of CRM Noise 125</p> <p>A Reversal for RM Overhype 128</p> <p><b>Chapter 6 Longtop Financial: The Costs of Dirty Dealing 133</b></p> <p>The Longtop Shocker 133</p> <p>A Fallen Icon 137</p> <p>Deception's Depths 139</p> <p>A China Problem? 142</p> <p>New Stakes in the Game 145</p> <p>The SEC's Big Bet 148</p> <p>Upping the Ante 150</p> <p>Beyond the Brink? 155</p> <p><b>Chapter 7 Continuing the Bet: Accountability and Adaptability 161</b></p> <p>Evolving Accountability 161</p> <p>The Adaptability Challenge 163</p> <p>Appendix 167</p> <p>Notes 187</p> <p>About the Author 199</p> <p>Index 201</p>
<b>Robert W. Koepp</b> 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 <i>Clusters of Creativity: Enduring Lessons on Innovation and Entrepreneurship from Silicon Valley and Europe's Silicon Fen</i> and the translator of a bestselling Japanese illustrated biography of George Soros, both published by Wiley.
<b>Praise for Bett<i>ing on China</i></b> <p>"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."<br /> —<b>Eddie Wang</b>, former President of China Minsheng Banking Corp., Ltd.</p> <p>"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.'"<br /> —<b>Ian Charles Stewart</b>, Co-founder of Wired magazine, venture philanthropist, and Beijing resident</p> <p>"<i>Betting on China</i> is a valuable contribution to the debate about the country's role in the global economy and international capital markets."<br /> —<b>Alexandra Harney</b>, author of <i>The China Price: The True Cost of Chinese Competitive Advantage</i></p>

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