Chapter 5: Nine Case Studies: The Story of Nine Vanguard Firms in China’s H-Share Market
5. Nine case studies: the story of nine vanguard ﬁrms in China’s H-share market I INTRODUCTION The chronological examination in Chapter 2 of the way in which the ﬁrst nine candidates were introduced to the H-share market provided an opportunity to examine a number of issues related to timing: political, legal and ﬁnancial. Politically, the timing of an IPO may, for example, tend to indicate oﬃcial favouritism bestowed upon an individual company and/or the locality in which it is based. Financially, timing of an IPO may, deliberately or otherwise, coincide with times of positive or negative market sentiment, positive or negative market trends and/or positive or negative economic circumstances generally. Particularly in a newly emerging market, timing may aﬀect the degree of regulatory clariﬁcation available in respect of legal issues to do with the way in which a particular IPO is conducted. Conversely, lack of legal clarity may aﬀect timing, with oﬃcials more inclined to delay IPOs involving a greater degree of regulatory and legal complexity, while giving the green light to others. The chronological pattern is continued in this chapter, enabling an exploration of similar issues of timing and the way in which events and circumstances coincide to aﬀect the fortunes of companies and stocks. This chapter tells the story of the ﬁrst batch of H-share companies, beginning in 1993 with the ﬁrst to be launched onto the market (Tsingtao) and ending in 2007, nearly 12 years after the last of the ﬁrst...
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