Corporate Governance and China’s H-Share Market
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Corporate Governance and China’s H-Share Market

Alice de Jonge

Using detailed case studies of the first nine mainland Chinese companies to be listed on the Hong Kong stock exchange, this book examines the evolution of corporate governance law and culture in China’s H-share market. A story emerges not of tensions between ideas of corporate governance from two different legal systems – Hong Kong vs mainland Chinese – nor about legal convergence as China adopts concepts from Anglo-American jurisdictions. Rather, it is a story of individual firms being pragmatic in mediating the different agendas of state-agencies that own or control them.
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Chapter 5: Nine Case Studies: The Story of Nine Vanguard Firms in China’s H-Share Market

Alice de Jonge


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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