ABSTRACT

Listing by companies from one country on the stock market of another country is a device often used both to raise capital in, and to increase bonding with, the target country. This book examines the listing by Chinese companies on the Hong Kong stock market. It discusses the extent of the phenomenon, compares the two different regulatory regimes, and explores the motivations for the cross-listing. It argues that a key factor, in addition to raising capital and bonding with the Hong Kong market, is Chinese companies’ desire to encourage legal and regulatory reforms along Hong Kong lines in mainland China, in order to develop and open up China’s domestic capital markets.

chapter |6 pages

Introduction

chapter |23 pages

Theoretical foundations

chapter |36 pages

Weak and strong markets

A comparison of securities regulation and enforcement between China and Hong Kong

chapter |30 pages

Chinese cross-listings in Hong Kong

Procedures and requirements

chapter |40 pages

Company-level evidence

Liquidity and bonding

chapter |29 pages

Market and legal development explanation

China's legal and regulatory reform

chapter |31 pages

Implications of Chinese cross-listings

Market integration via dual-listing and regulatory cooperation/competition

chapter |7 pages

Conclusion