The Chinese experience of listing of a company 5 climax issues

The news of BeijingRubing thoroughly big coherent chairman and administrative president Li Xiao of Chinese district add to go on for the process of appearing on the market in Chinese enterprise history stage partition, the listing of a company of each stage has the characteristic of self.

銆€銆€1993Arrive1995Year is the climax of the first group of Chinese listing of a company , is that the overseas of national directiveness appears on the market basically. It is decided that 22 the first batch of 9, second batches are synthesized by national department, basically is who is short of money who appears on the market , the national method of having no solution fund goes to enterprise style capital market, very quickly, having person to point out that a company can not do the climax of two, the first group of Chinese listing of a companies have finished very quickly.

The climax of second1995Arrive1997In year claiming red chips the climax that appears on the market. Especially with Shanghai industry and commerce and Beijing, controling the window company of 3 municipality directly under the Central Governments of share and Tianjin development to appear on the market , in capital market, have gained , have also left many sequelaes. At that time, think that relation is very important, a government may some thing big assorted cold dishes, put beer here , put steel mill, elevator factory or highway here, packing to take go out assorted cold dishes appear on the market , in hope goes constantly throw new thing to go in , share price more and more rises , is thrown more and more , this is the financing pyramid homework of very typical old type. This kind of cycle increases , with Beijing, controling the time that share has reached peak on the market and appears on the market have locked the fund of how many ten billions, finally, publishing stock have gone to close to 100 times , disappear finally , have lost the function of basic financing.

Catch is market the Chinese large scale listing of a company that enters mature period , profession large-scale reshuffle has caused large-scale overseas to appear on the market. Begin with the profession of electric power, have China can , Shandong and country in news , news etc.. At that time with Shandong China can and China can be international to represent beginning, in closely afterwards, it is petroleum, in petroleum , in sea oil , petrochemical industry, it is that country adopts policy , values a profession completely , strips this profession bad thing , good thing takes the form of going out on the market. The again next change of big profession is few big telecommunications companies, China Mobile, China Telecom, China Netcom and China Unicom are large-scale on the market , have again brought up a batch of new enterprise on the market here. Especially interesting, the development except at that time straight value global telecommunications profession is also when large-scale financing, for example the financing at that time of China Unicom50100 million dollars, now,GSMJustCDMADo not make money basically, complete loss, the money that how to melt , why can capital market melt such money? At the time that we know capital on the market, stock is to sell market value with profit , no profit has again the big net asset that has not also used , haven't you gotten profit what to be done? On the one handGSMWe are called the industry of the morning sun, it does not make money basically , but has a industry of the setting sun, the profession that all have not now known does not exist completely, shout for example biography field, at that time, it has gained many money , is the industry of the setting sun that will soon decline , have hit it at this time pack, using the capital window of very momentary market, with the profit of industrial today of the setting sun, have sold the multiple of the future industrial profit of the morning sun , can melt finally50The fund of many 100 million dollarses, it is also

Next process is people Qi appear on the market , also shout personal Qi appear on the market. Investment bank likes people Qi, because at last, have seen the new dawn of Chinese capital market , do not arrive as a result for two years, all discover suddenly a lot people Qi want boss has whirled money , want parent company takes out money to go , in a word, many persons are painful recollections , return beyond the limit and say that or state-owned enterprise is good, the boss of state-owned enterprise is conservative at most , but will not violate rule, personal Qi possibility is very good, but in in a twinkle your money go to him to wrap up have gone , so return to state-owned enterprise still, at that time this as personal Qi is great strike. This kind of situation approximate 4 years ago control, today we have again seen new round of people Qi large-scale enter market, this group of people Qi first is from the share of science and technology, from network, from new economic beginning, then, go to real estate industry and the other very big professions such as retail trade, fund is solid, the profession with dense demand, these peoples Qi have realized capital market diversification really. Chinese overseas capital market has begun overall transition really , has come at last for Chinese economy in period with more representative.

Certainly recent this recent 12 months of two years in, is most paid attention to by market, influence the biggest for market , is also that the financing issue of the highest summit in Chinese history is the large scale bank of China on the market. Bank has completed Chinese state-owned enterprise on the market really to move towards capital market start. 24 months ago, nobody can feel today, take 20 some 100 millions from Bank of Communications, construction bank takes 80 100 million dollarses, now, Bank of China takes 9000 million dollars, possible the second half of this year time industrial and commercial bank may take the 100 million dollarses more than 100, this explains that Chinese economy has entered the beginning until mature period, foreign capital market does not already treat as the market of China tradition edge , edge the emerging market claimed that melts.