Word: mainlanders
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China's dream 2008 Olympics in Beijing have one potential nightmare: Taiwan. And the bogeyman is the island's outgoing president Chen Shui-bian, with his vision of a state separate and independent of the mainland, which claims the territory as an inseparable part of China. Any hint that Taiwan may declare itself a nation on its own - neither part of China nor Chinese - have elicited bellicose threats of military intervention from Beijing in the past. That has been enough to keep populist sentiment in Taiwan sober-minded about separatism. But Chen may have found a new way to insinuate...
...China's two mainland capitals of capitalism, it's raining money. The relentless increase in stock prices in both Shanghai and Shenzhen - the former has tripled in value in just the last 18 months - has triggered a stampede of companies in China to offer their shares to a public that has a ravenous appetite for them. Astonishingly, according to a forecast just out from Price Waterhouse Coopers, a global consulting firm, the two main equity markets in China will raise $52 billion in capital this year in initial public offerings (IPOS), more than double the amount forecast at the start...
...Economists believe the Chinese government has nudged companies that had already listed in Hong Kong to list their shares on the mainland. Officials in China knew well that their equity markets had a well-earned reputation for being poorly regulated - more casino than orderly market. That's why they introduced a new securities law a year ago, and it's also why, bankers in China say, they wanted to give retail investors a shot at investing in well known companies. "For the last year," says a western banker in Hong Kong, "the word has definitely gone out that solid, state...
...question now: Does this year's extraordinary pace of IPOs in China signal a sea change - a year that marks financial leadership in greater China moving from Hong Kong to the mainland? That thought, when the PwC forecast came out on July 4, was definitely giving western investment banks in Hong Kong heartburn, because China still maintains strict limits on their ability to underwrite deals on mainland markets. They probably needn't worry too much, at least not yet. "Hong Kong is still an international market, and the mainland markets aren't, and won't be anytime soon," says...
...regulating its stock markets and successfully enticed some of the country's blue chip companies to issue stock at home, what happens now if a crash comes? Some investors in China, in fact, are already miffed at the government, saying that the new supply of shares coming to the mainland's markets - regional banks such as the Bank of Nanjing are next in the IPO line - are starting to put downward pressure on equity prices. As far as the authorities are concerned, a bit of a correction is probably welcome. But as tech investors in the US learned...