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Privatizing China: Inside china's Stock Markets goes behind the hype and the headlines to show the reality of China's stock markets. Understanding these markets and knowing how they need to develop is essential to the rising generation of foreign investors, fund managers, executives and regulators who only recently have been given access. It is the only book to provide a comprehensive analysis of how the market was established and how this history has shaped its current strengths and weaknesses.

In this second edition of Privatizing China, the authors Carl Walter and Fraser Howie have completely revised and updated their account of the evolution of China's equity markets. As long-term market participants, the authors have added three new chapters that provide an insider's view of the political struggle over market reform, an in-depth look at the resulting 2005 G share reforms and a full treatment of the policies and market practice of the Qualified Foreign Institutional Investor （QFll）channel.

Against this larger background, this book shows how the markets have developed from their early dominance by local governments to ones that are controlled and deliberately manipulated by the central government in pursuit of its own policy goals.

Privatizing China: Inside China's Stock Markets is indispensable reading for those who wish to understand the limits of China's unique approach to economic reforms - combining the past with an enthusiasm to embrace real market past with an enthusiasm to embrace real market practices.No one should consider investing in Chinese stocks or companies without reading this book.

Preface

List of Abbreviations

Chronology

1 "You're None of Those!"

2 How China's Stock Markets Came to Be

The evolution of the Shenzhen and Shanghai securities market

Original structure of the Shanghai and Shenzhen exchanges

The Stock Exchange Executive Council and the electronic markets （STAQ and NETS）

The regional trading centers The auction houses

The Third Board

3. Who Minds the Fox：The Regulators

The PBOC：Market player or market regulator？

Building the CSRC

The internationalization of the CSRC

The Stock Exchange of Hong Kong goes to the top

The CSRC's domestic struggle

Regulatory philosophy

The CSRC takes the initiative, 2000-02

4. Defining Ownership：Share Types

Shares of what？

The 1992 Standard Opinion

The 1994 Company Law

Listed company shares

The 1999 Securities Law

5. Packaging SOEs：Restructuring and Listing

Evolution of Chinese corporate law

How to "package" an SOE

Corporate restructuring for international listing

6. The Fortunate Few：Listed Companies

Who decides who lists？

International pricing

A share pricing

Analysis of listed companies

A note on private companies

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

How many investors？

Who are China's investors？

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

Segmented markets

Is there a company value？

Economic inefficiencies of segmented markets

Circles of ownership

Privatization with Chinese characteristics

9.Searching for the Big Fix, 2001-05

Trying to merge the segmented markets

The character of the market in the new century

Coming up with the Big Fix

The terms of the debate about state shares

The securities industry debacle

10.How CSRC Sought to Merge the Markets:the G Company Reform

SASAC：defender of state property rights

The CSRC's "Final Fix".

Pilot cases of the new poltcy

Warrants and SASAC's champion：BaoSteel

11.Foreign Investors in China's Stock Market

All about QFII

How is QFII being used？

QFII investment allocation

Does QFII matter？

Foreign investment in non-tradable （then tradable） shares

12.Bulls and Bears：Summing Up

China's bull markets, 1990-2001

The end of an era：China's Internet boom and bust, 2000-05

Taking the market's measure

A summing up

Appendices

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• 作者： Yet 发布时间：2015-10-18 00:01:54

  2015.10.6-10.17.中国股市是为了在不改变国企所有权/控股权的前提下解决国企融资问题而允许发展出来的，随之而来的不同属性股权造成了股票市场的分裂（A,B,H,国有股，国有法人股），市场的定价功能失效，市场操纵横行，由股份改革来促企业效率的初衷也未实现。此书成于06年，随后中国股市也发生了一些变化，比如2014年沪港通，不知目前股市又是怎样一个光景。每个论点都有数据支撑，用词亲民，金融小白也可一读。

• 作者： The Chosen One 发布时间：2021-03-12 17:01:55

  “从一开始，股票市场就是地方企业改革的产物。反过来，这也反映了地方财政资源的匮乏…………从历史上看，中央政府并没有这种热情，因为它允许交易所的建立最初只是为了维持社会秩序…………简而言之，在1998年期间，中央政府一直认为中国市场的重要性微不足道，但其造成社会混乱的潜力却很大。”

• 作者： miya 发布时间：2016-05-22 20:09:09

  http://vdisk.weibo.com/s/z9muGSzoAWmh8 电子版

• 作者： Kevin Lee 发布时间：2019-04-28 23:49:02

  分析了06年之前中国股市的情况。多年过去，中国股市基本情况未变：国家依据自己的意愿管理股票市场。导致的结果：股市不是靠市场力量来调节资源，而是一个投机市场，所以只存在短时间赚快钱的机会，而不具有长期投资的价值。

• 作者： 枸橼之尘 发布时间：2010-04-14 02:08:38

  大二上学期的挑战！

• thorough, insightful, in-depth

  作者：amber 发布时间：2008-04-14 02:06:22

  indispensable reading for those who wish to understand china's stock market