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

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Praise for Betting on China

"Based on his deep understanding acquired through years of experience in China, Rob Koepp provides remarkably keen observations in Betting on China. Through this book, China's role in the U.S. capital markets and its position in the global economy can be seen in a new and refreshingly informative light."
Eddie Wang, former President of China Minsheng Banking Corp., Ltd.

"Rob Koepp's book is an entertaining and well written romp through the new Wild West of US listed Chinese companies. But it is also a nuanced look at the costs and benefits to both countries of continued interaction at corporate and capital market levels and highlights the challenges facing public oversight bodies on both sides of the Pacific. At the time of the book's publication both Chinese and U.S. regulators are undertaking reviews that could threaten the nascent, cross-border, public equity market relationship, and Koepp's book illustrates the concerns and approaches of each side. This is well worth a read whether you are a student of capital markets or just someone trying to understand the risks and benefits of 'betting on China.'"
Ian Charles Stewart, Co-founder of Wired magazine, venture philanthropist, and Beijing resident

"Betting on China is a valuable contribution to the debate about the country's role in the global economy and international capital markets."
Alexandra Harney, author of The China Price: The True Cost of Chinese Competitive Advantage


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.
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