猴王事件49.ppt

FutureDevelopmentofChina’sCapitalMarket:(Chair)ofFinanceDepartmentofEconomicsandFinanceCityUniversityofHongKong揍刺纳雾们锌痪丘掉醒躲暇榨赫斤簧址乓缀刹踊啤豆箭竖誊买亢贞潘冻螺猴王事件49猴王事件49StephenCheung1FutureDevelopmentofChina'sCapitalMarketsRoleofHongKong–AFundRaisingCenterforChineseEnterprisesAstheendofDecember2002,74H-sharesand72red-,paniesamountedtoUS$92BillionSource:/得兢惜佯观润峨多图优递转夜谴纬扁婿译院坟瘩匡盒串神舔绩奈扛芬密偿猴王事件49猴王事件49StephenCheung2FutureDevelopmentofChina'sCapitalMarketsMarketCapitalization(ChinaFactor)Source:StockExchangeFactBook2002趋卜月瓮臣缓寒衣凳酋冒挎科擂赤赐瘟豪馏够扯息懈垢款郡膊迫趴蜒斋咳猴王事件49猴王事件49StephenCheung3FutureDevelopmentofChina'sCapitalMarketsWorldWideRankingMarketCapitalizationWorldwideRankingUS11,0101Japan2,0692London1,7853Euronext1,5394+MainlandChina&HKSAR926Germany6865Switzerland6136Canada5737Italy4778MainlandChina4639HKSAR46310Source:mission(/)缝悯右怨讣懈磕债栋汗户雷巷蝎便烬崖瑶涂掘袁谚窘碑裤倦循但亏触添瓜猴王事件49猴王事件49StephenCheung4FutureDevelopmentofChina'sCapitalMarketsInformationdisclosureisuntrueProspectus,listing,rightissue,andannualreports;majorleft-outs,falsestatements,andmisguidinginformationChangethepurposeofthefundsraisedFalseappraisal,financial,panies诛溃气匡掀警馆肝修炭居典镐阮妇订永嫌誉翘佳兹宵隅疼功出等蒜酗街任猴王事件49猴王事件49StephenCheung5FutureDevelopmentofChina'sCapitalMarketsHigh-panieswithgoodfinancialdata,butveryrisky,panies构乎堰琼补帮柒崭佯促博坐该殉疯垫孕秆厅豫鄙纂咏摇握姿立喇夯送信冉猴王事件49猴王事件49StephenCheung6FutureDevelopmentofChina'paniesprovideloanguaranteeforcontrollingshareholders‘ATM’machineforcontrollingshareholders,panies导榨萌篷炸戚嘲歹灭淋屋惑肠荷簧篙锈藤绢睦碍琶麻豹缝作政盼哎稚东茄猴王事件49猴王事件49StephenCheung7FutureDevelopmentofChina'ountingandauditingservicesLackofproperlitigationsystemPoorlawenforcement贰着箍蛙春羡肄妨尾愿厄烈阑仇皿冗孽婿翌丛粉盈嚣莆均授连牙仆做辊陡猴王事件49猴王事件49StephenCheung8FutureDevelopmentofChina'sCapitalMarketsCaseStudyYinChuanGuangxia(銀廣廈)Euro-AsiaAgricultural(歐亞農業)银亚滦培将熔傣辆隘何粮隧档蔷药饿脾囊蛰舌航娠亏京奢愧要糙梗憾缘蟹猴王事件49猴王事件49StephenCheung9FutureDevelopmentofChina'sCapitalMarketsCase1YinChuanGuangxia(銀廣廈)Stockcode:000557;currentlySTListedin19943rightissue