Betting on China Chinese Stocks, American Stock Markets, and the Wagers on a New Dynamic in Global Capitalism

Author: Robert W. Koepp
Publisher: John Wiley & Sons
ISBN: 9781118087145
Published In: June 2012
Format: Hardback , 256 pages
Jurisdiction: China, U.S. ? Disclaimer:
Countri(es) stated herein are used as reference only

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A timely and controversial discussion of the way that China's emerging business financing structures are outperforming those in the West

The phrase "Made in China" is ubiquitous, and China's status as a consumer of everything from natural resources to advanced technology is well established, but how did it get there? Looking at the financial drivers of the country's phenomenal growth, in particular, the high-risk venture capital and private equity finance currently feeding the entrepreneurship and innovation that is positioning China at the forefront of tomorrow's industries, Betting On Chinasheds much needed light on the poorly understood, often disregarded subject of how China became a global power.

One of the hottest topics in global finance, China's meteoric rise from producer to consumer presents a fascinating opportunity for reexamining Western business financing models. The book looks at how the Chinese approach to financing new enterprises is changing the shape of development, not only in the world's fastest growing economy, but around the world. Written by a leading business and finance consultant based in Beijing, Betting On China explores these and other crucial questions, providing compelling, often provocative answers.

Presents a timely, often controversial discussion of the ways China's emerging financing models are outperforming the West and what this means for the future
Focuses on three types of related forms of high-risk equity finance currently in play in China: angel investment, venture capital, and private equity
Features many real-world case studies from which the author draws powerful lessons for business leaders, institutional investors, and venture capitalists

A fascinating insight into an overlooked aspect of today's global industrial landscape, Betting On China is essential reading for private equity and finance professionals, policy makers, MBA students, people doing business in China, and anyone curious about the China's place in—and impact on—the global economy today and in the years to come.

Acknowledgments xi

Preface xv

Chapter 1 Wagers of the Dance: China, America, and the Interplay of Public Equity 1

A Hierarchy of Financial Footwork 1

IPOs for Cash-out and Cash-in 5

A Ground-Level View 7

U.S. China Issuances Measuring Up 22

Chapter 2 Realities, Theories, and Gung Ho: The Ying and Yang of Chinese Issuances 25

The China Wave 25

Big-Stakes Games 28

Ying–Yang IPOs 32

Market Détente 35

Breaking Molds 40

Adam Smith's China Bet 42

Gains, Rules, and Risks 44

Information versus Noise 46

Real "Gung Ho" 48

Chapter 3 China Mobile: The Big Bet 51

First Dish in an IPO Banquet 53

Birth in a Maelstrom 57

Ripple Effects 60

Assimilating Global Standards 62

Of Men and Governance 66

Red Chip Scare 68

Spillover Effects 71

Quantity, Banditry, and Quality 75

New Generations, New Markets 78

Nothing and Everything 81

Chapter 4 Spreadtrum Communications: When the Chips Are Down 85

Stirring the Waters 87

The Basic Spreadtrum Story 92

Leading a New Chinese Industry 96

Pulling Back from the Brink 98

Shortsighted Shorting 101

Shorts Caught Short 105

Chapter 5 Calling the Bluff: Truths, Fictions, and CRMs 109

Initial Misgivings 111

In Through the Back Door 113

Dawn of the CRM Dread 116

A Short Love Affair for CRMs 119

Unaccountable Accounting 123

The Din of CRM Noise 125

A Reversal for RM Overhype 128

Chapter 6 Longtop Financial: The Costs of Dirty Dealing 133

The Longtop Shocker 133

A Fallen Icon 137

Deception's Depths 139

A China Problem? 142

New Stakes in the Game 145

The SEC's Big Bet 148

Upping the Ante 150

Beyond the Brink? 155

Chapter 7 Continuing the Bet: Accountability and Adaptability 161

Evolving Accountability 161

The Adaptability Challenge 163

Appendix 167

Notes 187

About the Author 199

Index 201

Robert W. Koepp is an author and financial, economics, business, and communications consultant. His finance and economics-related writing focuses on creative and pioneering individuals, organizations, regions, and phenomena around the world. Fluent in Chinese, Japanese, and English, Koepp is the author of Clusters of Creativity: Enduring Lessons on Innovation and Entrepreneurship from Silicon Valley and Europe's Silicon Fen and the translator of a bestselling Japanese illustrated biography of George Soros, both published by Wiley.