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Praise for Investment Banking & Investment Opportunities in China
"I first met Tom Liaw when my company was exploring potential opportunities in Taiwan. He clearly knew the market and proved invaluable in explaining the financial landscape and in arranging meetings with potential clients, other market participants, and senior government officials. Investment Banking and Investment Opportunities in China should prove equally valuable as we now look to further expand our activities to mainland China."
–Douglas Reinfeld–Miller, EVP, Ambac Assurance, and Chairman/CEO, Ambac Assurance UK Ltd
"There is no more important market than China today. Dr. Liaw′s book provides an overview of the current situation and recommendations as to how investors can profit from China′s amazing growth."
–Donald Tang, Chairman, Bear, Stearns Asia Ltd, and Vice Chairman, Bear, Stearns & Co., Inc.
"Professor Liaw′s book takes you on a quick walk through the major milestones in China′s economic development over the past two decades. It shows a clear understanding of the environment for doing business in China and explains hot topics in the marketplace. This book is simple, easy to read, and yet highly informative."
–Jesse Wang, Vice Chairman, China Central SAFE Investments Ltd, and Chairman, China International Capital Corporation Ltd
"Provides a clear map of China′s financial system, investment banking business, and investment opportunities. It should be read by all who are interested in China."
–Mao–Wei Hung, Dean, College of Management, National Taiwan University
"Dr. Liaw′s book is a comprehensive professional reference work for those of us involved in the global investment arena. I highly recommend it."
–Charles P. Menges, Jr., CFA, Principal, Business Global Wealth Management, a Unit of Alliance Bernstein LP
"China′s development has a unique track, including the financial market. People who want to profit from China should have a clear view of this market. Dr. Liaw′s book, explaining China′s market opening and foreign participation, is the one necessary for them to read."
–Wei Xing, Director of Rules and Regulations, China Insurance Regulatory Commission
目录
Contents 9
Preface 11
Acknowledgments 13
PART I: INTRODUCTION TO CHINA\u2019S FINANCIAL MARKETS AND BUSINESS BASICS 15
Chapter 1: An Overview of China's Powerful and Growing Economy 17
THE GLOBAL POWERHOUSE 17
RAPIDLY EXPANDING INTERNATIONAL TRADE AND FOREIGN EXCHANGE RESERVES 20
SPECIAL ECONOMIC ZONES 27
MEMBERSHIP IN THE WORLD TRADE ORGANIZATION 29
BEIJING 2008 OLYMPICS 35
CONCLUSION 37
Chapter 2: Opening Financial Markets through World Trade Organization Membership 38
CHINA\u2019S TRADE COMMITMENTS 38
COMMITMENTS IN FINANCIAL SERVICES 41
MARKET OPENING IN BANKING 44
MARKET OPENING IN SECURITIES 52
MARKET OPENING IN INSURANCE 54
CONCLUSION 63
Chapter 3: Huge Opportunities and Unique Challenges of Investing in China 64
THE NEW ENVIRONMENT 64
OPPORTUNITIES FOR INVESTING 66
FORMS OF FOREIGN INVESTMENTS 68
AUTOMOBILE MARKET 69
RETAIL AND CONSUMER MARKET 73
MEDICINE AND PHARMACEUTICAL 77
TELECOMMUNICATIONS 82
FINANCIAL SERVICES 87
MANY CHALLENGES 88
CONCLUSION 92
Chapter 4: Navigating China\u2019s Business Culture, Political Risks, and Corruption 93
BUSINESS CULTURE 93
GUANXI 97
POLITICAL STRUCTURE 99
CORRUPTION 100
CONCLUSION 106
Chapter 5: Chinese Business and Financial Law 107
FOREIGN INVESTMENTS IN CHINA 107
BANKING 109
SECURITIES REGULATIONS 110
INSURANCE REGULATION 113
CONCLUSION 114
Chapter 6: Greasing the Wheels and Entering the Chinese Markets 115
POTENTIAL VEHICLES FOR INVESTING IN CHINA 115
REPRESENTATIVE OFFICES 116
JOINT VENTURES 117
WHOLLY FOREIGN-OWNED ENTERPRISES 118
HONG KONG CEPA 121
CONCLUSION 125
PART II: CHINA'S FINANCIAL MARKETS AND INVESTMENT BANKING 127
Chapter 7: Opportunities and Challenges for Foreign Firms in China\u2019s Financial System 129
THE FINANCIAL SYSTEM 129
PEOPLE\u2019S BANK OF CHINA 131
BANKING MARKETS 133
SECURITIES MARKETS 136
INSURANCE MARKETS 140
FOREIGN EXCHANGE MARKETS 146
FINANCIAL MARKET REFORMS 148
CONCLUSION 149
Chapter 8: Private Equity Fund Management and Investing 150
OVERVIEW 150
PRACTICAL CONSIDERATIONS 154
PRIVATE EQUITY FUND OF FUNDS 160
PRIVATE EQUITY VALUATION METHODS 160
VENTURE CAPITAL 162
VC INVESTMENT STRATEGIES 165
BUYOUT FUNDS 171
CONCLUSION 173
Chapter 9: The Growing Market for Mergers and Acquisitions 174
OVERVIEW 174
CHINA PRESENCE AND SECTOR RESTRICTIONS 176
TYPES OF M& A TRANSACTION 177
REGULATIONS AND FOREIGN EXCHANGE CONTROL 179
MERGER AND ACQUISITION AGREEMENTS 180
ACQUISITION MOTIVATIONS 183
STRATEGIC PLANNING AND INTERMEDIARY 186
INVESTMENT BANKING FEES AND VALUATION 186
RISK ARBITRAGE 191
CONCLUSION 192
Chapter 10: Underwriting Stocks 193
MARKET OVERVIEW 193
CHINA STOCK MARKET 195
QUALIFIED FOREIGN INSTITUTIONAL INVESTORS 204
DEPOSITARY RECEIPTS 205
LISTING IN THE UNITED STATES AND LONDON 207
PRICING AND RISKS FOR UNDERWRITERS 210
COSTS OF GOING PUBLIC 212
CONCLUSION 214
Chapter 11: Underwriting Fixed-Income Securities 215
OVERVIEW 215
BOND MARKET REFORMS 221
THE INTERBANK MARKETS 222
FUNDING AND HEDGING 223
U. S. TREASURY SECURITIES MARKET 224
MUNICIPAL SECURITIES MARKET 233
U. S. CORPORATE DEBT MARKETS 236
CONCLUSION 240
Chapter 12: Derivatives Markets and Risk Management 241
OVERVIEW 241
REPURCHASE AGREEMENTS 242
FORWARDS AND FUTURES 246
SWAPS CONTRACTS 250
ASSET BACKED SECURITIES 254
CREDIT DERIVATIVES 258
STRUCTURED NOTES 261
CONCLUSION 263
Chapter 13: Asset Management Business 264
OVERVIEW 264
OPPORTUNITIES FOR FOREIGN INSTITUTIONS 268
OPEN-END MUTUAL FUNDS 270
EXCHANGED-TRADED FUNDS 275
HEDGE FUNDS 276
REAL ESTATE INVESTMENT TRUSTS 280
CONCLUSION 281
PART III: PROFITABLE INVESTMENTS IN CHINA 283
Chapter 14: Profit from Investment Opportunities in China 285
OVERVIEW 285
ALLOCATION TO CHINESE ASSETS 291
TRADING MECHANICS 296
TRADING AND TRADING COSTS 299
EXECUTION TECHNIQUES 301
BROKERAGE SERVICES 305
CONCLUSION 307
Chapter 15: Investing in Growth Sectors 308
GROWTH VERSUS VALUE INVESTING 308
GROWTH STOCKS 309
VALUATION OF INTERNET OR HIGH-GROWTH STOCKS 309
TRADING TECHNIQUES 314
TECHNICAL ANALYSIS 317
CONCLUSION 326
Chapter 16: Investing in Value Sectors 327
VALUE OR GROWTH 327
INDIVIDUAL INVESTORS 332
VALUE AND GROWTH IN A PORTFOLIO 335
STOCK TRADING STYLES 338
VALUATION TECHNIQUES 342
CONCLUSION 347
Chapter 17: Investing in Chinese Companies Listed on U.S. Exchanges 348
CHINESE COMPANIES LISTED IN THE UNITED STATES 348
ADR STRUCTURE AND ISSUANCE 351
LISTING REQUIREMENTS 353
ADVANTAGES OF ADRs 357
TRADING ADRs 359
U. S. REGULATIONS 361
CONCLUSION 362
Chapter 18: Investing in Chinese Mutual Funds 363
CHINESE MUTUAL FUNDS 363
GROWTH OF MUTUAL FUNDS IN THE UNITED STATES 370
BENEFITS OF INVESTING IN MUTUAL FUNDS 372
DRAWBACKS OF INVESTING IN MUTUAL FUNDS 373
STRUCTURE AND REGULATION OF MUTUAL FUNDS 375
TYPES OF MUTUAL FUNDS 377
CONCLUSION 381
Chapter 19: Investing in Chinese Exchanged-Traded Funds Listed on U.S. Exchanges 382
ETFs 382
CHINA ETFs 393
CONCLUSION 396
Appendix A: Foreign Corrupt Practices Act: Antibribery Provisions 397
BACKGROUND 397
ENFORCEMENT 398
ANTIBRIBERY PROVISIONS 399
PERMISSIBLE PAYMENTS AND AFFIRMATIVE DEFENSES 401
SANCTIONS AGAINST BRIBERY 402
GUIDANCE FROM THE GOVERNMENT 403
Appendix B: Law of the People\u2019s Republic of China on Banking Regulation and Supervision 404
CHAPTER I: GENERAL PROVISIONS 404
CHAPTER II: THE BANKING REGULATORY AUTHORITY 405
CHAPTER III: REGULATORY AND SUPERVISORY RESPONSIBILITIES 406
CHAPTER IV: SUPERVISORY METHODS AND PROCEDURES 408
CHAPTER V: LEGAL LIABILITY 411
CHAPTER VI: SUPPLEMENTARY PROVISIONS 413
Appendix C: Securities Law of the People\u2019s Republic of China 414
CHAPTER I: GENERAL PROVISIONS 414
CHAPTER II: ISSUANCE OF SECURITIES 415
CHAPTER III: TRANSACTION OF SECURITIES 421
CHAPTER V: STOCK EXCHANGES 434
CHAPTER VI: SECURITIES COMPANIES 436
CHAPTER VII: SECURITIES REGISTRATION AND CLEARING INSTITUTIONS 442
CHAPTER VIII: SECURITIES TRADING SERVICE INSTITUTIONS 445
CHAPTER IX: SECURITIES INDUSTRY ASSOCIATION 446
CHAPTER X: SECURITIES REGULATORY BODIES 447
CHAPTER XI: LEGAL LIABILITIES 449
CHAPTER XII: SUPPLEMENTARY ARTICLES 459
Appendix D: Insurance Law of the People\u2019s Republic of China 460
CHAPTER I: GENERAL PROVISIONS 460
CHAPTER II: INSURANCE CONTRACT 461
CHAPTER III: INSURANCE COMPANY 470
CHAPTER IV: INSURANCE OPERATIONAL RULES 474
CHAPTER V: SUPERVISION AND ADMINISTRATION OF THE INSURANCE BUSINESS 476
CHAPTER VI: INSURANCE AGENTS AND INSURANCE BROKERS 479
CHAPTER VII: LEGAL LIABILITY 480
CHAPTER VIII: SUPPLEMENTARY PROVISIONS 484
Appendix E: Encouraged, Restricted, and Prohibited Foreign Investment Industries 485
ENCOURAGED INDUSTRIES 485
RESTRICTED INDUSTRIES 493
(B) 495
PROHIBITED 499
Appendix F: China\u2019s Law on Chinese-Foreign Equity Joint Ventures 502
Appendix G: China\u2019s Law on Chinese-Foreign Contractual Joint Ventures 506
Appendix H: Provisional Administrative Rules Governing Derivatives Activities of Financial Institutions 511
CHAPTER I: GENERAL PROVISIONS 511
CHAPTER II: REGULATION OF MARKET ENTRY 512
CHAPTER III: RISK MANAGEMENT 515
CHAPTER IV: LEGAL LIABILITY 518
CHAPTER V: SUPPLEMENTAL PROVISIONS 518
Appendix I: ETFs on American Stock Exchange 519
Chapter Notes 525
Glossary 533
Bibliography 543
Index 553
About the Author 575
Preface 11
Acknowledgments 13
PART I: INTRODUCTION TO CHINA\u2019S FINANCIAL MARKETS AND BUSINESS BASICS 15
Chapter 1: An Overview of China's Powerful and Growing Economy 17
THE GLOBAL POWERHOUSE 17
RAPIDLY EXPANDING INTERNATIONAL TRADE AND FOREIGN EXCHANGE RESERVES 20
SPECIAL ECONOMIC ZONES 27
MEMBERSHIP IN THE WORLD TRADE ORGANIZATION 29
BEIJING 2008 OLYMPICS 35
CONCLUSION 37
Chapter 2: Opening Financial Markets through World Trade Organization Membership 38
CHINA\u2019S TRADE COMMITMENTS 38
COMMITMENTS IN FINANCIAL SERVICES 41
MARKET OPENING IN BANKING 44
MARKET OPENING IN SECURITIES 52
MARKET OPENING IN INSURANCE 54
CONCLUSION 63
Chapter 3: Huge Opportunities and Unique Challenges of Investing in China 64
THE NEW ENVIRONMENT 64
OPPORTUNITIES FOR INVESTING 66
FORMS OF FOREIGN INVESTMENTS 68
AUTOMOBILE MARKET 69
RETAIL AND CONSUMER MARKET 73
MEDICINE AND PHARMACEUTICAL 77
TELECOMMUNICATIONS 82
FINANCIAL SERVICES 87
MANY CHALLENGES 88
CONCLUSION 92
Chapter 4: Navigating China\u2019s Business Culture, Political Risks, and Corruption 93
BUSINESS CULTURE 93
GUANXI 97
POLITICAL STRUCTURE 99
CORRUPTION 100
CONCLUSION 106
Chapter 5: Chinese Business and Financial Law 107
FOREIGN INVESTMENTS IN CHINA 107
BANKING 109
SECURITIES REGULATIONS 110
INSURANCE REGULATION 113
CONCLUSION 114
Chapter 6: Greasing the Wheels and Entering the Chinese Markets 115
POTENTIAL VEHICLES FOR INVESTING IN CHINA 115
REPRESENTATIVE OFFICES 116
JOINT VENTURES 117
WHOLLY FOREIGN-OWNED ENTERPRISES 118
HONG KONG CEPA 121
CONCLUSION 125
PART II: CHINA'S FINANCIAL MARKETS AND INVESTMENT BANKING 127
Chapter 7: Opportunities and Challenges for Foreign Firms in China\u2019s Financial System 129
THE FINANCIAL SYSTEM 129
PEOPLE\u2019S BANK OF CHINA 131
BANKING MARKETS 133
SECURITIES MARKETS 136
INSURANCE MARKETS 140
FOREIGN EXCHANGE MARKETS 146
FINANCIAL MARKET REFORMS 148
CONCLUSION 149
Chapter 8: Private Equity Fund Management and Investing 150
OVERVIEW 150
PRACTICAL CONSIDERATIONS 154
PRIVATE EQUITY FUND OF FUNDS 160
PRIVATE EQUITY VALUATION METHODS 160
VENTURE CAPITAL 162
VC INVESTMENT STRATEGIES 165
BUYOUT FUNDS 171
CONCLUSION 173
Chapter 9: The Growing Market for Mergers and Acquisitions 174
OVERVIEW 174
CHINA PRESENCE AND SECTOR RESTRICTIONS 176
TYPES OF M& A TRANSACTION 177
REGULATIONS AND FOREIGN EXCHANGE CONTROL 179
MERGER AND ACQUISITION AGREEMENTS 180
ACQUISITION MOTIVATIONS 183
STRATEGIC PLANNING AND INTERMEDIARY 186
INVESTMENT BANKING FEES AND VALUATION 186
RISK ARBITRAGE 191
CONCLUSION 192
Chapter 10: Underwriting Stocks 193
MARKET OVERVIEW 193
CHINA STOCK MARKET 195
QUALIFIED FOREIGN INSTITUTIONAL INVESTORS 204
DEPOSITARY RECEIPTS 205
LISTING IN THE UNITED STATES AND LONDON 207
PRICING AND RISKS FOR UNDERWRITERS 210
COSTS OF GOING PUBLIC 212
CONCLUSION 214
Chapter 11: Underwriting Fixed-Income Securities 215
OVERVIEW 215
BOND MARKET REFORMS 221
THE INTERBANK MARKETS 222
FUNDING AND HEDGING 223
U. S. TREASURY SECURITIES MARKET 224
MUNICIPAL SECURITIES MARKET 233
U. S. CORPORATE DEBT MARKETS 236
CONCLUSION 240
Chapter 12: Derivatives Markets and Risk Management 241
OVERVIEW 241
REPURCHASE AGREEMENTS 242
FORWARDS AND FUTURES 246
SWAPS CONTRACTS 250
ASSET BACKED SECURITIES 254
CREDIT DERIVATIVES 258
STRUCTURED NOTES 261
CONCLUSION 263
Chapter 13: Asset Management Business 264
OVERVIEW 264
OPPORTUNITIES FOR FOREIGN INSTITUTIONS 268
OPEN-END MUTUAL FUNDS 270
EXCHANGED-TRADED FUNDS 275
HEDGE FUNDS 276
REAL ESTATE INVESTMENT TRUSTS 280
CONCLUSION 281
PART III: PROFITABLE INVESTMENTS IN CHINA 283
Chapter 14: Profit from Investment Opportunities in China 285
OVERVIEW 285
ALLOCATION TO CHINESE ASSETS 291
TRADING MECHANICS 296
TRADING AND TRADING COSTS 299
EXECUTION TECHNIQUES 301
BROKERAGE SERVICES 305
CONCLUSION 307
Chapter 15: Investing in Growth Sectors 308
GROWTH VERSUS VALUE INVESTING 308
GROWTH STOCKS 309
VALUATION OF INTERNET OR HIGH-GROWTH STOCKS 309
TRADING TECHNIQUES 314
TECHNICAL ANALYSIS 317
CONCLUSION 326
Chapter 16: Investing in Value Sectors 327
VALUE OR GROWTH 327
INDIVIDUAL INVESTORS 332
VALUE AND GROWTH IN A PORTFOLIO 335
STOCK TRADING STYLES 338
VALUATION TECHNIQUES 342
CONCLUSION 347
Chapter 17: Investing in Chinese Companies Listed on U.S. Exchanges 348
CHINESE COMPANIES LISTED IN THE UNITED STATES 348
ADR STRUCTURE AND ISSUANCE 351
LISTING REQUIREMENTS 353
ADVANTAGES OF ADRs 357
TRADING ADRs 359
U. S. REGULATIONS 361
CONCLUSION 362
Chapter 18: Investing in Chinese Mutual Funds 363
CHINESE MUTUAL FUNDS 363
GROWTH OF MUTUAL FUNDS IN THE UNITED STATES 370
BENEFITS OF INVESTING IN MUTUAL FUNDS 372
DRAWBACKS OF INVESTING IN MUTUAL FUNDS 373
STRUCTURE AND REGULATION OF MUTUAL FUNDS 375
TYPES OF MUTUAL FUNDS 377
CONCLUSION 381
Chapter 19: Investing in Chinese Exchanged-Traded Funds Listed on U.S. Exchanges 382
ETFs 382
CHINA ETFs 393
CONCLUSION 396
Appendix A: Foreign Corrupt Practices Act: Antibribery Provisions 397
BACKGROUND 397
ENFORCEMENT 398
ANTIBRIBERY PROVISIONS 399
PERMISSIBLE PAYMENTS AND AFFIRMATIVE DEFENSES 401
SANCTIONS AGAINST BRIBERY 402
GUIDANCE FROM THE GOVERNMENT 403
Appendix B: Law of the People\u2019s Republic of China on Banking Regulation and Supervision 404
CHAPTER I: GENERAL PROVISIONS 404
CHAPTER II: THE BANKING REGULATORY AUTHORITY 405
CHAPTER III: REGULATORY AND SUPERVISORY RESPONSIBILITIES 406
CHAPTER IV: SUPERVISORY METHODS AND PROCEDURES 408
CHAPTER V: LEGAL LIABILITY 411
CHAPTER VI: SUPPLEMENTARY PROVISIONS 413
Appendix C: Securities Law of the People\u2019s Republic of China 414
CHAPTER I: GENERAL PROVISIONS 414
CHAPTER II: ISSUANCE OF SECURITIES 415
CHAPTER III: TRANSACTION OF SECURITIES 421
CHAPTER V: STOCK EXCHANGES 434
CHAPTER VI: SECURITIES COMPANIES 436
CHAPTER VII: SECURITIES REGISTRATION AND CLEARING INSTITUTIONS 442
CHAPTER VIII: SECURITIES TRADING SERVICE INSTITUTIONS 445
CHAPTER IX: SECURITIES INDUSTRY ASSOCIATION 446
CHAPTER X: SECURITIES REGULATORY BODIES 447
CHAPTER XI: LEGAL LIABILITIES 449
CHAPTER XII: SUPPLEMENTARY ARTICLES 459
Appendix D: Insurance Law of the People\u2019s Republic of China 460
CHAPTER I: GENERAL PROVISIONS 460
CHAPTER II: INSURANCE CONTRACT 461
CHAPTER III: INSURANCE COMPANY 470
CHAPTER IV: INSURANCE OPERATIONAL RULES 474
CHAPTER V: SUPERVISION AND ADMINISTRATION OF THE INSURANCE BUSINESS 476
CHAPTER VI: INSURANCE AGENTS AND INSURANCE BROKERS 479
CHAPTER VII: LEGAL LIABILITY 480
CHAPTER VIII: SUPPLEMENTARY PROVISIONS 484
Appendix E: Encouraged, Restricted, and Prohibited Foreign Investment Industries 485
ENCOURAGED INDUSTRIES 485
RESTRICTED INDUSTRIES 493
(B) 495
PROHIBITED 499
Appendix F: China\u2019s Law on Chinese-Foreign Equity Joint Ventures 502
Appendix G: China\u2019s Law on Chinese-Foreign Contractual Joint Ventures 506
Appendix H: Provisional Administrative Rules Governing Derivatives Activities of Financial Institutions 511
CHAPTER I: GENERAL PROVISIONS 511
CHAPTER II: REGULATION OF MARKET ENTRY 512
CHAPTER III: RISK MANAGEMENT 515
CHAPTER IV: LEGAL LIABILITY 518
CHAPTER V: SUPPLEMENTAL PROVISIONS 518
Appendix I: ETFs on American Stock Exchange 519
Chapter Notes 525
Glossary 533
Bibliography 543
Index 553
About the Author 575
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