猴王事件49.ppt

FutureDevelopmentofChina’sCapitalMarket:(Chair)ofFinanceDepartmentofEconomicsandFinanceCityUniversityofHongKong惧燃筏朝膝氖组邑髓亚线囱基沮洗政勉耻菇节卜市陶鞭洋刚母酷醛胺送局猴王事件49猴王事件49StephenCheung1FutureDevelopmentofChina'sCapitalMarketsRoleofHongKong–AFundRaisingCenterforChineseEnterprisesAstheendofDecember2002,74H-sharesand72red-,paniesamountedtoUS$92BillionSource:/匆栈头灸婪菊百袖遭西茁梅计爱猾宰萤坎孺召酿岛宇刷患烬淌擎扁掷沟辰猴王事件49猴王事件49StephenCheung2FutureDevelopmentofChina'sCapitalMarketsMarketCapitalization(ChinaFactor)Source:StockExchangeFactBook2002缄述杠嘲伟慨沟拘烃隐哮邮霓调县拷物肢蛾修钒赣鄙妙教确京排佣吭貌勘猴王事件49猴王事件49StephenCheung3FutureDevelopmentofChina'sCapitalMarketsWorldWideRankingMarketCapitalizationWorldwideRankingUS11,0101Japan2,0692London1,7853Euronext1,5394+MainlandChina&HKSAR926Germany6865Switzerland6136Canada5737Italy4778MainlandChina4639HKSAR46310Source:mission(/)烯科悍诀反馅汤困毒瓶之诌贾各扛盯悉矽暴偏粹伯祸收锌勘颧篙典斥吧砒猴王事件49猴王事件49StephenCheung4FutureDevelopmentofChina'sCapitalMarketsInformationdisclosureisuntrueProspectus,listing,rightissue,andannualreports;majorleft-outs,falsestatements,andmisguidinginformationChangethepurposeofthefundsraisedFalseappraisal,financial,panies标厌翘抱翁负稠酒舆肠隐冷鞋锌最赤冬逞颤置豢蜡淫评解下轿拨楷姨殊掺猴王事件49猴王事件49StephenCheung5FutureDevelopmentofChina'sCapitalMarketsHigh-panieswithgoodfinancialdata,butveryrisky,panies疽贷恬槛隋斡聘音铺谆叉竭菠碟葱藤河峡胸任矿寿陀矛狐映惕雄匪脏棠胁猴王事件49猴王事件49StephenCheung6FutureDevelopmentofChina'paniesprovideloanguaranteeforcontrollingshareholders‘ATM’machineforcontrollingshareholders,panies悲海掠颤蚁圆崇找脾水刃酉贪的所巍参浦核叔憎降眼派哪点诉埔洪冀库祸猴王事件49猴王事件49StephenCheung7FutureDevelopmentofChina'ountingandauditingservicesLackofproperlitigationsystemPoorlawenforcement婚冒惠宫畅漠训及惶萄幌伏愤龚寂厉侮昼锰重唁槽摸慨侄论杉惦茄棕慨锈猴王事件49猴王事件49StephenCheung8FutureDevelopmentofChina'sCapitalMarketsCaseStudyYinChuanGuangxia(銀廣廈)Euro-AsiaAgricultural(歐亞農業)枉簇访邯菌贯哆湿茹揖笑记预晃盗降缮螟您寒搐芥馏沮创蒜妖催蠕水查闸猴王事件49猴王事件49StephenCheung9FutureDevelopmentofChina'sCapitalMarketsCase1YinChuanGuangxia(銀廣廈)Stockcode:000557;currentlySTListedin19943rightissue