组织行为学business letter.docx
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组织行为学business letter.docx
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组织行为学businessletter
SHANGHAI—ThehighlyanticipatedopeningofChina’snewNasdaq-stylestockexchangelastFridayisalreadybeingseenasawatershedmomentforthecountry’scapitalmarkets,providingnewopportunitiesforChineseinvestorsandanalternativesourceoffinancingforupstartcompanies.
SkiptonextparagraphInvestorswentonawildbuyingspreeduringthefirstdayoftradingFridayontheGrowthEnterpriseMarket,orGEM,sendingthesharesofsomecompaniessoaringasmuchas210percent.
“ThisispotentiallyamajorgamechangerinChina’shigh-techindustry,”saidYuZhou,aprofessoratVassarCollegeinPoughkeepsie,N.Y.“Forabout10years,thebiggestproblemforChina’sinnovativecompanieswasfinance.Youknowitisveryhardforthemtogetloansfromstate-ownedbanks.”
Thebuyingwassofeverishthatregulators,tryingtocalmthemarket,temporarilysuspendedtradinginthesharesofall28newlylistedcompaniesatdifferentpointsonFriday,andanalystswarnedabouttherisksposedbyexcessivespeculationandinflatedstockprices.
StocksontheGEMopenedsharplyloweronMonday,withmanysharesdown10percent.
Still,thefirstbatchofcompanieslistedontheGEM—includingfilmproducers,softwaremakersandpharmaceuticalcompanies—raisedabout$2billionintheirinitialpublicofferings,farmorethanthecompanieshadhoped.
BytheendoftradingFriday,thecombinedmarketvalueofthenewlylistedcompanieswasmorethan$20billion,creatingfortunesforthefoundersandinvestorsinthosecompanies.
Chinaisalreadytheworld’sbiggestmarketforinitialpublicofferings,anditsresurgenteconomyisflushwithcapitalandinvestorswithabigappetiteforrisk.
Buttradingexpertshavelongcomplainedthatthiscountry’smarketsystemisseriouslyflawed,partlybecauseofamisallocationofcapital.
State-runbankslendprimarilytostate-ownedcompanies,whichtendtobeinefficient.ListingsontheShanghaiandShenzhenstockexchangesaredominatedbygovernmententerprises.YoungprivateChinesecompaniesgenerallylisttheirsharesoverseas,inHongKongorontheNasdaqorNewYorkStockExchange,becausetherearefewopportunitiesforstocklistingsinsidethecountry.
ButthegovernmenthopestochangethatwiththecreationoftheGEM,whichisbasedinthesouthernboomtownofShenzhen.Thegovernmentisseekingtocreateamoreefficientcapitalmarketsystem,onethatwouldsteerinvestmentcapitaltosmallandmidsizeprivateenterprises—companiesthatcanhelpreshapetheeconomythroughtechnologyandinnovation,ratherthanlow-priceexports.
AlthoughtheGEM,whichisalsoknownhereasChiNext,istinywhencomparedwiththeShanghaiandHongKongstockexchanges,regulatorshopeitwilleventuallycompetewithNasdaqandenticemoreChinesecompaniestolistwithGEM.
TheGEMisalsoexpectedtogiveaboosttoChina’sventurecapitalandprivateequitymarkets,whichhavebeenhamperedbyasystemthatuntilnowhasnotprovidedwealthyinvestorswithwhatindustryinsiderscallanexitstrategy,orawaytoeventuallycashoutoftheirinvestmentsinsmallcompaniesthroughadomesticstockmarket.
TherearebighurdlestocreatingastockexchangesimilartoNasdaq,whichincludescompanieslikeMicrosoft,IntelandGoogle.Forinstance,volatilestockpricesandhighvaluationscouldhurtthenewbourse’scredibilitywithentrepreneursandinvestors.
Chineseinvestorsareknowntospeculate,favoringmomentumbuyingandsellingratherthantheunderlyingfundamentalsofacompany,analystssay.Indeed,thecasinolikenatureoftheShanghaiandexistingShenzhenexchanges,combinedwithgovernmentintervention,haveaddedtothevolatilityoftheChinesemarkets.
AnalystswarnthattheGEMcouldalsobepronetosimilarspeculativefrenzies.
AndyXie,aneconomistwhoformerlyworkedatMorganStanley,isalreadycallingtheGEMa“V.I.P.tableontopofabigcasino.”
ChangChun,anexpertonfinancialmarketsattheChinaEuropeInternationalBusinessSchoolinShanghai,saidthatChinaneededamarkettoservestart-ups,but“theissueisthematurityofChineseinvestors.”
BeforetradingopenedFriday,hesaid,regulatorscreatedrulestoguardagainstexcessivevolatilityandevenwarnedinvestorsthattheywouldcrackdownonaggressivespeculation.Still,Friday’sopening—with28companiesbeginningtotradeatonce—wasmarkedbywildpriceswings.
OnecauseofconcernwasthehugevaluationsofthefirstbatchofstockslistedFriday.
TheaverageGEM-listedcompanyhasaprice-to-earningsratioofabout100—meaninginvestorsarepayingabout$100forevery$1of2008earnings.Bycomparison,theStandard&Poor’s500-stockindexofbigAmericancompaniestradesatcloserto20timesearnings.
GEMstocksarealsopricedfaraboveShanghaistocks,whichhavelongbeenconsideredinflatedbyUnitedStatesstandards.
Still,hundredsofChinesecompaniesareeagerlyawaitingtheirturntolistontheGEM,andmanyanalystssaytheexchangewillfillanimportantneed:
directingfinancingtowardsmallerstart-upsthathelprebalanceeconomicgrowth.Ms.ZhouatVassarsaidshehadheardthattherewereover1,000companiesinBeijing’shigh-techdistrictalonethatmettherequirementstolistsharesontheGEMexchange.
Analystssaymanymorestart-upswillbeeagertolistafterseeingtherichesmadebythefirstgroupofcompaniestogopublicontheGEM.
Forinstance,WangZhongjunandhisbrotherWangZhongleiarethefoundersofBeijing-basedHuayiBrothersMedia,oneofthecountry’sleadingfilmproducers.Sharesintheircompanyjumped148percentFriday,foravaluationofabout$1.7billion.
ChinaOpensNasdaq-LikeExchangeinShenzhen
October30,2009,7:
45am
It’sthestart-upexchangeforstart-ups:
Anewstockmarket,ChiNext,openedFriday,makingiteasierforsmallerChinesecompaniestoraisecapitalbyreducingtherequirementsforgoingpublic.
Twenty-eightcompanieswerelistedtoinaugurateChiNext,asideboardoftheShenzhenexchangethatismodeledontheNasdaqstockmarketintheUnitedStates,withitslargeshareoftechnologycompanies.ThesharescanbepurchasedbymainlandChineseonly,andalimitednumberofforeigninstitutionalinvestors.
Thecompanies,whichtogetherraised15.5billionrenminbi($2.27billion)fromtheirinitialpublicofferings,hadacombinedmarketcapitalizationof70billionrenminbibeforeChiNextopened.Bythecloseoftheirfirstdayoftrade,theyhadalmostdoubledtheirtotalvalue,aperformancethatmayencouragemorecompaniestolist.
Securitiesregulatorshaveatleast100moreapplicationstolistunderreview,andbysomeestimates,thenewboardcouldattract1,000companieswithintheyear.
Afterbattingtheideaaroundforyears,Beijingofficialshopethatopeningthenewmarketwillstimulatesectorsthathavelanguishedinaneconomystilldominatedbystate-ownedbehemothsorthathavebeenlittlehelpedbythecountry’sgiantstimulusefforts.
“LaunchingChiNextisastrategicdecisionmadebythecentralgovernment,”ShangFulin,headoftheChinesesecuritiesregulator,saidataceremonyforthenewexchangelastweek.
UntilFriday,manysmallerChinesecompanieshadbeenforcedtoseekfundsoutsidethemainland,withdozenslistingontheGrowthEnterpriseBoardinHongKong,orontheNasdaqitself.
OnFriday,theChiNextlisteesallgainedatleast76percent,withmorethanathirdofthemmorethandoublingtheirsharepricebytheclose.Bycontrast,theShanghaicompositeindexrose1percent.
HuayiBrothersMedia,amoviestudioandartistmanagementcompanybasedinBeijing,sawitssharesclimb210percentbymidday,onlytoretreattoa161percentrisebytheafternoon,settlingat74.78renminbi,aftersecuritiesregulatorshadsuspendedtradingonalmosteverystockatleastonceduringthedaytocurtailrampantspeculation.Ifastockrisesmorethan20percentquicklyinintradaytradeontheShenzhenexchange,itisautomaticallysuspendedfor30minutes.
Excessiverisk-takingwasaworryevenbeforetheboardopened.
“ChiNextfacesrelativelyhighrisksofirrationaltrading,speculationandmarketmanipulation,”Mr.Shangsaidattheceremony,evenasherecognizedtheimportanceadeepercapitalmarketwouldhaveforChinesebusiness.
ExtramarketvolatilitymaybethepricethatChinahastopayasitpursuesitslargergoalofdiversifyingitseconomyandstimulatingsectorslikemediaortechnologytochallengeforeign,notablyAmerican,firms.
Separately,theNationalDevelopmentandReformCommissionsaidFridayonitsWebsitethatwiththeFinanceMinistryitwouldsetup20venturecapitalfundsinsevencitiesacrossChina“tosupporttherapiddevelopmentofinnovativeenterprises”inhigh-techsectorslikeenergy,informationtechnology,biotechandenvironmentalconservation.
–ChrisV.Nicholson
ChinaOpensNewStockExchange
o
o
ByTHEASSOCIATEDPRESS
Published:
October30,2009
HONGKONG—AnewChinesestockexchangemeanttonurturesmallandhigh-techenterprises,modeledontheU.S.-basedNasdaqmarket,startedtradingFridayandall28listedcompaniessoaredinprice.
HuayiBrothersMediaoneofChina’stopmoviestudios,soared210percentbymiddayontheChiNextexchangeinthesoutherncityofShenzhen.Othercompaniesrosebyatleast119percent.
ThenewboardisintendedtohelpsmallerChinesecompaniesinafinancialsystemthathaslongfavoredbig,state-ownedcompanies.HuayiBrothersandmostoftheothercompaniesonthenewexchangewereprivatelyowned,whileChina’smainexchangesinShanghaiandShenzhenaredominatedbygovernmententerprises.
Thecommunistgovernmenthastalkedformorethanadecadeaboutc
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