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Capital markets in China include stock, bond, futures and other derivatives, as well as the private equity market.
China’s Capital Markets is the first book to systematically study China’s capital markets, examining its evolution, policies, reforms, current situation and challenges.
Following an introduction to China’s capital markets and economic growth, the book moves on to cover further capital markets in China, including: the banking system, mergers and acquisitions, and valuation adjustment mechanisms, before concluding with a discussion of the opening up and internationalization of China’s capital markets.
List of figures and tables
List of abbreviations
Acknowledgements
About the author
Introduction
Chapter 1: Chinaâs stock market
Abstract:
Introduction
Chinaâs A-share market
Chinaâs B-share market
Small and Medium-sized Enterprise Board Market
The Growth Enterprise Market
The Third Board Markets
Chinaâs International Board
Discussing the problems that Chinaâs stock market is facing
Summary
Chapter 2: Chinaâs bond market
Abstract:
Introduction
Major types of bonds in Chinaâs bond market
Bond trading
Bond issuance and supervision
A problem in Chinaâs interbank bond trading: âClass CÂ account and âSubstitute holdingÂ
Opening up of Chinaâs bond markets
Problems and challenges of Chinaâs bond markets
Summary
Chapter 3: Chinaâs derivatives markets
Abstract:
Introduction
Chinaâs futures market
T-bond derivatives market
Chinaâs warrant market
Interest rate (IR) derivatives market
Foreign exchange derivatives market
Credit Default Swap (CDS) market
Local derivatives markets
Chinaâs supervision of financial derivatives markets
The problems of developing Chinaâs derivatives markets
Summary
Chapter 4: Chinaâs private equity market
Abstract:
Recent development of Chinaâs PE market
Main players in Chinaâs PE industry
PE management
PE performance
RMB-denominated PE funds
China Sovereign Wealth Fund
Taxation issue in Chinaâs PE industry
Policies to manage the PE industry
How to make a successful PE in China?
Challenges in developing PE in China
The future of private equity in China
Summary
Chapter 5: Investors in Chinaâs capital markets
Abstract:
Introduction
Chinese funds
Securities companies
Qualified Foreign Institutional Investors (QFIIs)
Qualified Domestic Institutional Investors (QDIIs)
Insurance companies
Pension funds
China enterprise annuity fund
Summary
Chapter 6: Chinaâs banking industry
Abstract:
Introduction
Chinaâs traditional banking
Chinaâs shadow banking
Chinaâs private banking
Chinaâs banking and local governmentsâ debts
Summary
Chapter 7: Mergers and acquisitions (M&A) in Chinaâs capital markets
Abstract:
Introduction
M&A in Chinaâs capital markets
Chinaâs outbound M&A
Foreign investorsâ M&A in China
Chinaâs legal system on M&A
Challenges and problems of M&A in Chinaâs capital markets
Summary
Chapter 8: Valuation adjustment mechanism in Chinaâs capital markets
Abstract:
What is valuation adjustment mechanism (VAM)?
VAM in China
Is a VAM clause legal in China?
Summary
Chapter 9: Opening up of Chinaâs capital markets
Abstract:
Introduction
Chinese firmsâ overseas IPOs
QFII
QDII
RQFII
Joint venture securities in mainland China
Internationalization of Chinese securities
Summary
References
Index
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