A IPO IPO IPO IPO A IPO A IPO 2
A IPO IPO IPO IPO A IPO A 1 1 3
1 1.1 1.2 1.3 2 2.1 A 2.2 2.3 2.4 3 3.1 3.2 3.3 4 IPO 4.1 4.2 IPO 4.3 IPO 5 5.1 5.2 6 4
1 1.1 1 2 1.2 2001 12 1 61 3 H 41 1 2 30% 3 62 5
35 6 N 4 2 2 L 1 S 1 H N 9 H L 3 H S 1 H N L 1 1 1 H N S L HN HL HS HNL 41 4 1 1 9 3 1 1 61 www.crsr.com.cn 2001 11 1921 1993 7 15 6 1.3 IPOA IPO IPO IPO 6
2 2.1 A 1992 10 9 1994 6 9 9 A 1995 6 26 9 A 1994 7 22 1994 1996 6 H 22 6 5 A 1997 1 H 3 A 1997 H 1997 8 26 1783 732 66%1999 19981999 4 1998 3 17 19988 B H A A B H 19971998 1999 6 A 2000 7
1997 H H 2001 6 22 28 118 2.2 2001 12 1 25 25 A 2 4 25 6 2 1 A H 18 A A 1993 5 1994 1 1995 5 1996 3 1997 4 1998 1 1999 1 2000 2 2001 3 3 5 3 A A 1993 1994 1995 1996 1997 5 1 5 3 4 A 4 1 2001 10 24 2001 8 9 1997 3 A A 26 5 2001 5 A 1 2001 7 A 2001 11 A A 8
A (0) (15) (1) (11)16 7 (1) (7) (0) (0) (12) 6 9 (10) 10 ST (4) A 1998 1999 2000 2001 1 1 2 3 A A 2 26 (-41) 30(35) (35) (9) (73) 4 A A H 2 2.3 2001 2.3.1 2000 3 10 2000 3 5048 2001 9 17 1579 68.7% 2001 911 2000 3 10 5048 288.6 8400 9
18 2001 9 4 2000 3 28 18301.69 10000 45% 2001 1 9 5 4 2001 9 (%) (%) 4258.09 10.44 36.30 9950.70 10.28 36.41 225 9774.68 8.76 37.93 479.68 12.00 21.78 1319.53 18.50 33.93 3636.94 19.35 41.20 100 4903.40 8.26 22.10 8847.56 11.08 16.93 10
Nasdaq 1498.80 16.98 59.19 300 6838.56 7.58 34.10 3245.65 16.96 37.80 HKEx 5 2001 9 2001 1 9 2000 1 9 % 20 27 26% ( ) 1,528,839 2,512,142 39% ( ) 8,400 13,506 37.8% ()( ) 17,752(04/19) 35,746(02/15) 50% ()( ) 3,175(01/02) 6,251(06/26) 49.2% ( ) 1,151,923 1,933,331 40.4% ( ) 6,329 10,394 39.1% 18,108,966 29,447,004 38.5% 99,500 158,317 37.2% HKEx 6 1998 H 1 6 H N H N 1993 40.41 60.93 1994 69.89 188.73 1995 15.38 31.46 1996 31.77 83.56 11
1997 136.88 360.00 1998 12.86 37.95 1999 23.05 47.17 2000 7.10 562.21 337.34 1372.01 2001 642 2.3.2 7%-8% 2001 1-9 7.6% 2000 47456 GDP 50%2000 60826.66 2001 11 2 A 1121 7 7 : GDP % / % / 1993 177 194.83 3562.37 683.03 34634.4 1.97 15203.5 4.49 1994 287 49.62 8003 814 46759.4 1.74 21518.8 3.78 1995 311 22.68 4319 791 58478.1 1.35 29662.3 2.67 1996 514 224.45 21052 2514 67884.6 3.70 38520.8 6.53 1997 720 655.06 30295 4856 74462.6 6.52 46279.8 10.49 1998 825 443.05 23418 5550 78345.2 7.08 53407.5 10.39 1999 921 572.63 31050 7937 82067.5 9.67 59621.8 13.31 2000 1060 1007.41 60279 15524 89403.6 17.36 64332.4 24.13 12
A 2001 1994 2000 8 2001 7 2001 11 5 A 40.26 A 38.59 15 8 1993 42.48 42.69 21.60 15.2 NA 37.3 1994 23.45 10.28 10.70 12.7 NA 26.2 1995 15.70 9.46 11.4 14.0 15.6 24.0 1996 31.32 35.42 16.40 15.7 16.2 21.5 1997 39.86 41.24 12.10 23.9 19.2 15.2 1998 34.38 32.31 10.66 27.2 23.3 19.0 1999 38.1 37.56 26.7 31.3 16.5 99.2 2000 59.1 58.75 12.8 25.2 14.0 20.9 NA ; 1996 800 900 1996 11 12 H 30.1% http://www.fibv.com http://www.sse.com.cn http://www.csrc.gov.cn 2001 30 A H 2.62 13
ERP 3668 6435 88 1 9000 0.7 A 2.3.3 55 92001 H 2001 2001 8 ARPU H 14
9 A 1993 1994 1995 1996 1997 1998 1999 2000 ST 0.23 0.096 0.096 0.007-0.193-0.418 10.23% 5.518% 4.9% 0.37% -10.88% -32.4% 0.25 0.09 0.03 0.02 0.04-0.23 13.04% 5.19% 1.66% 1.09% 2.44% -13.89% 0.32 0.19 0.10 0.02 0.21 0.22 21.91% 11.25% 5.51% 1.16% 10.73% 6.29% 0.14 0.215 0.198 0.124 0.149 0.162 9.82% 12.43% 10.50% 6.21% 7.14% 7.47% 0.33 0.20 0.049 0.12 0.168 21.75% 10.03% 2.41% 5.36% 6.98% 0.65 0.67 0.65-0.68 19.1% 17.7% 13.4% -16.4% 0.2507 0.1842 0.1557 0.078 0.114 0.1100 0.0918 0.1058 12.08% 8.67% 6.92% 3.35% 4.65% 4.40% 3.69% 4.26% 0.575 0.106 0.074-0.13 0.04 0.00413 25.13% 7.75% 4.95% -10.10% 3.11% 0.3040% 0.44 0.29 0.30 0.29 26.86% 13.53% 12.43% 11.19% 0.152 0.169 0.176 0.20 9.58% 9.83% 9.42% 10.65% 0.111 4.42% 0.124 4.84% 0.137 5.18% 0.3701 0.2047 0.0673 0.0819 0.0385 0.0022-1.4674 14.15% 7.69% 2.51% 3.02% 1.41% 0.0814% -1.1543% 0.1397 0.228 0.325 0.162 0.101 0.033 0.102 0.126 11.17% 16.17% 20.23% 9.59% 5.77% 1.88% 5.69% 6.54% 0.4053 0.2789-0.76 0.08 0.20 11.10% -23.98% -81.32% 8.18% 16.68% 0.16 0.03 0.0085 0.0049-0.105-0.19 0.04 6.69% 1.26% 0.36% 0.21% -4.65% -9.21% 0.19% 0.0067 0.0126 0.0095-0.026 0.002 0.016 0.36% 0.68% 0.51% -1.41% 0.11% 0.86% 15
0.234 0.228 0.183 0.122 0.109 0.126 0.127 11.69% 10.64% 8.27% 5.41% 4.79% 5.40% 5.40% 0.212 0.126 0.109 0.096-0.081-0.048 7.63% 4.81% 4.12% 3.58% -3.13% -1.88% 0.031-0.319-0.519 0.08 0.09 1.07% -12.46% -25.33% 3.78% 4.25% 0.314 0.054 0.011-0.058 0.189 0.210 14.83% 2.65% 0.54% -2.88% 9.05% 9.53% 0.12 0.11 0.02-0.46-0.27 0.13 7.04% 0.66% 1.25% -39% -30.50% 12.66% 0.19 13.37% 0.18 6.47% 0.621 18.60% 0.45 14.44% 0.33 9.56% 0.580 18.36% 0.35 10.80% 0.36 9.54% 0.611 15.38% 0.28 8.36% 0.47 11.74% :% 1996 8 H H 1/3 ST 16
2.3.4 A 1993 1 2001 9 770 1778 2.3 2000 24 220 10 10 11 10 1993.1-2001.9 A 1993 25 545,029 21,801 1994 17 152,254 8,956 1995 45 345,397 7,675 1996 42 510,995 12,167 1997 110 2,385,561 21,687 1998 149 2,868,119 19,249 1999 127 2,905,601 22,879 2000 166 5,001,894 30,132 2001.1~9 89 3,067,073 34,461 A 2001.10.27 11 1999-2000 A 1999 5 400000 80000 2000 19 1800000 94700 A 2001.10.27 A 2000 166 500 2001 17
1994-1995 7000-9000 2000 3 2001 3.4 2000 7.98 2001 10.13 18.5 61 IPO 2.3.5 1998 3 17 19988 B H A A B H 2000 4 A B 18
H N S A 2001 6 A H N S 2.4 2000 2001 2001 3 A IPO H 1502.HK 2001 8 21 Successful Plan 73% A A CDR 3 19
3.1 3.1.1 6 3.1.2 6 20
H N L S 1994 4 A 7 1995 7 IOSCO A 1998 A 19981999 2000 4 H 2001 11 8 A B A 8 3.1.3 7 8 A 21
10 100 2600 14 47 750 2001 40 118.16 IPO 3.1.4 A, A 22
25 A 1 ST 4% A ST 6% 1 PT 9 3.2 A A 36 12 3.2.1 1 A 28888 12.5 890 23
A 890 890 28888 28888 12.5 12.5 13 13 A A <890 2 890 2.8 8 2.8 12.5 15 >12.5 6 5 2001 A 12 13 A 36 2 23 6 A 23 A 36 64% A 24
A A A 2 2001 6 10 A 2200 1500 35% A 9 A 9 50 25
3.2.2 4 10% 6000 10% 4 5000 14 A 14 * 1 1 3000 5000 26
200 250 450 3000 200 5000 1500 650 2000 250 5000 25% 400 25% 25% 3 3 5 3 1 2 2 2 2 5000 100 100 1000 1000 1000 1 3 40% 6% * 3.2.3 IPO 27
A A 3.3 3.3.1 IPO 28
2001 7 16 28 A 4.22 118 15 A 8% 0.1 5 7 12 3.41 20% 15 H 2000 10 19 167.8 1.61 270.158 A 2001 7 16 28 4.22 118.16 2001 8 22 4.14 2001 11 8 3.41 2001 11 15 2001 11 15 3.5 A 7.25 7.95 7.95 A 27.825 2001 12 6 13.3 1 29
3.3.2 A A A A A A H N L S A 3.3.3 30
4 IPO 4.1 A B CDR 4.1.1 pecking order 31
4.1.2 1 A A B B A A 1993 A 4000 15% A 2000 4.6 GDP 50% 5000 2000 12 4000 A A 40-80 20-30 A A A 2000 A 60 3000 140 A A A A A A H H A A 32
10 A IPO 2 16 A 16 1991 1992 1993 1994 1995 1996 1997 1998 1999 2000 74.0 93.39 64.5 70 115.3 258.8 20.0 45.0 50.0 150.0 150.0 45.97 25.7 23.8 3.5 15 28.5 97.3 78.8 20.0 10 2001 8 14 33
212.6 411.6 20.0 45.0 50.0 250.0 300 142.9 105.2 122.3 3 CDR CDR H N S L CDR H N S L CDR A B CDR CDR CDR CDR H N L S CDR CDR CDR CDR CDR CDR CDR CDR CDR CDR 4.2 IPO A B CDR CDR A 34
A B A H IPO A IPO 4.2.1 IPO 25 A A H N L S 17 17 RMB RMB RMB RMB 4.28 1.216 3.60 0.637 1.695 1.072 1.503 4.356 3.76 1.125 0.973 2.533 0.998 ST 3.274 2.156 3.72 2.945 1.79 0.781 8.035 3.74 2.821 6.053 0.133 0.133 3.12 8.035 2.653 A H N S 1993 1 0.75 1994 1 1.09 1995-1999 1 1.07 2000 1 1.061 1994 1 8.46 1997 1 8.30 2000 2 4.2.2 IPO 35
1 cross listed book-building fixed price auctions firm commitment best effort A 10 36
road show A 25 A A IPO A IPO IPO 11 2 IPO A IPO 18 1999 IPO 6.053 1998 IPO 0.781 1998 1999 5.19 A 18 IPO 1993 1994 1995 1996 1997 1998 1999 2000 2001 A 5 1 5 3 4 1 1 2 3 4.28 3.74 3.274 3.12 3.60 0.781 6.053 8.035 4.356 0.998 3.74 0.133 1.79 0.973 0.781 6.053 0.637 2.533 11 2001 37
2.736 3.74 1.364 2.577 2.058 0.781 6.053 4.336 3.536 2 14 IPO 19 19 12 12 IPO 2-2.5 1 2 IPO 1 2 3 IPO 5 3 IPO 3-4 19 IPO 6 6-12 13-24 25-36 36 A 8 9 2 4 2 4.28 3.74 1.79 8.035 3.72 0.781 0.973 0.133 0.637 3.60 2.389 2.011 0.962 4.770 3.66 2 14 3 IPO IPO 20 20 IPO A 4 1 2 5 3 1 4 1 1 1 1 1 () 0.133 3.76 0.998 1.072 1.125 2.821 1.503 0.973 0.781 0.637 3.72 4.28 () 2.533 3.76 2.156 3.74 6.053 2.821 8.035 0.973 0.781 0.637 3.72 4.28 () 1.538 3.76 1.577 2.830 2.798 2.821 4.374 0.973 0.781 0.637 3.72 4.28 2 14 20 IPO IPO IPO A IPO 38
4.2.3 IPO D IPO = c + a Q a Q a a + + Timespread + IndexA + IndexH + Pr ofita + Pr ofith 1 2 3 4 5 6 7 A Share H Share a a a IPO A Q H Share D IPO Q A Share H Timesread IndexA A A 12 IndexH H H ProfitA A ProfitH H 21 21 H H IPO 5% t A H IPO H IPO H A A H IPO IPO A H H A IPO 12 39
21 IPO IndexA IndexH QA-share QH-share Timespread ProfitA ProfitH c R 2 F -0.595 2.188-1.8E-05-2.57E-05 0.092 15.536-15.656 1.739 0.628 3.62 (-0.497) (3.334*) (-0.849) (-1.731) (3.209*) (1.75) (-1.71) (2.185*) -0.464 1.592 0.486 0.435 3.47 (-0.361) (2.335*) (0.704) -0.114 2.11-1.4E-05-2.33E-05 1.45 0.55 4.19 (-0.096) (3.33*) (-0.625) (-1.76) (2.39*) 4.72E-05-2.06E-05 0.058 2.197 0.255 2.277 (0.622) (-1.455) (2.335*) (3.91*) 1.727 0.0857 0.932 0.384 6.23 (2.608*) (3.36*) (1.614) 1.542 0.069 3.383 0.424 0.45 5.21 (2.364*) (2.553*) (1.531) (0.652) 2.395 0.118 0.304 9.154 (4.464*) (7.077*) t * 5% 0 E-view 4.3 IPO 4.3.1 A IPO A 25 A 22 22 A PEA IPOH Machine Medicine Petri Public Steel c R 2 F 1 0.044 0.592-1.768-1.167-3.572-3.277-3.155 4.210 0.578 2.395 (1.486) (1.420) (-1.217) (-0.759) (-2.478*) (-2.212*) (-2.000*) (1.946*) 2 0.043 0.588-1.781-1.176-3.569-3.289-3.124 4.237 0.578 2.931 (1.537) (1.471) (-1.279) (-0.759) (-2.564*) (-2.317*) (-2.154*) (2.061*) 3 0.038 0.588-1.142-2.894-2.596-2.461 3.736 0.56 3.392 (1.412) (1.495) (-1.016) (-2.654*) (-2.345*) (-2.099*) (1.931*) 40
4 0.050 0.765-2.207-1.976-1.876 2.302 0.532 3.857 (2.008*) (2.150*) (-2.578*) (-2.137*) (-1.835*) (1.738**) t * 5% 0** 10% 0 E-view IPOA= c+ b 1 PEA+ b2 IPOH + b3 Machine+ b4 Medicine+ b5 Petri+ b6 Public+ b7 Steel IPOA A PEA A IPOH H Machine Medicine Petri Public Steel 1 0 22 A A H A A 22 A A 23 23 A IPO A IPO () A IPO () A IPO () 3.54 3.58 4.89 4.08 6.06 4.58 6.64 4.00 4.68 6.28 6.88 4.31 4.71 3.72 4.55 3.77 5.4 8.05 4.13 3.12 3.74 4.39 4.95 3.83 6.32 13.22 3.64 3.84 7.63 3.62 18 19 20 A IPO A IPO 3.66 22 41
4.3.2 A, IPO A A A A IPO 1 / 1 A A 2 A A 3 A A A A A 1 H 5000 A A 40 20 A 42
401/3202/327 A 24 7.00 /,,,,,, 2000 H,, 4.20, 35.90, 70 7.25 / 7.95 / 10,000 43
2000 A A H A 13 2 A A H 4 A A H 20 A 40 0.30 612 4 A 1 6 4 6 12 7.257.95 13 A H A A 2001 8 14 44
7.95 3.5 A 13.30 13.64 A A 1 1 5 5.1, 45
5.1.1 46
25 25 33 10% 35% 9 2000 4 13D 5% 10 13D 1% 47
26 26 48
26 15 (a) 30% (b) 30% 30% (c) 30% 50% 12 2% (d) 30% 50% 12 2% 21 22 28 29 9 30 4 9 30 4 4 4 49
30% 29% 5.1.2 GAAP IAS 50
2001 2001 95.80 2001 81.07 14.73 2001 27.51% 2001 34.07% 2001 51
2000 6 10 14 2.35 2.35 2.35 52
5.2 5.2.1 90 Cadbury Code 1998 8 53
3 2002 1 7 27 27 6 60 2 2002 54
6 30 2 2003 6 30 33.5% NASDAQ A Practical guide to listing on The Nasdaq Stock Market 5.2.2 55
CDR 2001 11 22 14 10 29 4000 3087053.76 5.2.3 56
Memoranda of Understanding, MOUs EU IOSCO IOSCO 57
58
6 IPO A IPO A A IPO IPO A IPO IPO IPO A 59
H IPO H IPO H A A H IPO IPO IPO A IPO A H A A 1 1 60
61
,2000, 2001 IPO 2001 10 2001 1 8 2001 Capital China2001 11 2001,2000, 2001 2001 2001 10 2000a, 2000b,,2001, A IPO 2001 9 12 11,2001, 1997 2000 A 2000 12.(),1999, ( ) Damodar N.Gujarati,1995, Basic Economics Third Edition,McGraw-Hill,Inc. Podpierra, Richard, 2001, International Cross-listing: the Effects 62
of Market Fragmentation and Information Flows, http://netec.mcc.ac.uk. Sugato Chakravarty, Asani Sarkar and Lifan Wu, 1998, Information Asymmetry, Market Segmentation and the Pricing of Cross-listed Shares: Theory and Evidence from Chinese A and B Shares, http://netec.mcc.ac.uk. 63