碧生源的新营销

在颇具争议的保健茶市场,碧生源以遍地开花的营销战术实现了全面出击,并希望借助上市挑战新的高度。凭借一句"快给你的肠子洗洗澡吧",碧生源迅速开启了在中国保健茶     

诈骗高手现形记

骗取银行贷款，“引诱”金融机构，直接诈骗企业。仅用10年左右的时间，一个高手通过自己的操作手法，在腾挪辗转间完成了上百亿元的骗贷。     

安永发布《跨境上市的回顾及热点评析》报告

2010年7月13日，安永发布“跨境上市的回顾及热点评析”报告。报告围绕着四个全球主要证券交易所——香港联合交易所（香港联交所）、纽约泛欧证券交易所（纽交所）、伦敦证券交易所和纳斯达克，分析了过去10年全球各地主要证券交易所的跨境上市走势。     

财政部、国家税务总局、证监会关于沪港股票市场交易互联互通机制试点有关税收政策的通知

经国务院批准,现就沪港股票市场交易互联互通机制试点涉及的有关税收政策问题明确如下：一、关于内地投资者通过沪港通投资香港联合交易所有限公司（以下简称香港联交所）上市股票的所得税问题（一）内地个人投资者通过沪港通投资香港联交所上市股票的转让差价所得税。对内地个人投资者通过沪港通投资香港联交所上市股票取得的转让差价所得,自2014年11月17日起至2017年11月16日止,暂免征收个人所得税。     

龙杰智能卡为ACOS7和ACOS10双界面卡推出SDK

龙杰智能卡有限公司(ACS,龙杰智能卡控股有限公司之全资附属公司,香港联交所上市编号:8210),近日宣布推出ACOS7和ACOS10双界面卡软件开发工具包(SDK)。此款SDK内提供的技术文档、示例应用以及智能卡和读卡器工具除英语外,还支持中文语言。ACS销售及市场副总裁梁天泽先生表示:"现在有越来越多的国家和地区开始推广智能卡技术。仅就中国而言,其在银行、交通和其它领域的智能     

“碧生源”平安落地

“平安落地”,是很多靠某个产品驱动增长的公司的愿望,碧生源在“落地”过程中也有困惑。“商人不挣钱是不可能的,关键是看挣什么钱。我要挣的不仅是人民币,还要挣花花绿绿全世界的钞票。”北京澳特舒尔保健品公司董事长赵家宏说这话的意思,一是希望自己旗下的品     

李懿：规范跨境人民币贸易融资业务操作

中国农业银行山东潍坊分行李懿2013年7月10日来稿指出，在当前跨境人民币业务稳步、快速发展的形势下，商业银行应当完善处理程序，规范跨境人民币贸易融资业务操作。加强跨境人民币贸易融资产品的创新不应仅局限于创新出一个独立的全新产品，更应在现有国内贸易融资产品基础上，进一步创新操作模式，实施营销策略。     

纪源资本 合纵连横

从2000年成立至今,十年间纪源资本经历了中国私募股权投资行业的起起伏伏,见证了一个行业的周期轮转。但纪源资本一直保持着低调的身姿,调整着步伐,冷静地做事。纪源资本在私募股权投资这十年的"混战"中存活下来,并且取得了相当的成绩,单单在2010年就有6家企业上市退出,201 1年也已经有2家实现退出。对阿里巴巴、百度、梅花集团、世纪互联、碧生源、海辉软件、土豆网等一系列明星企业的投资,令纪源资本成为了拥有魔力的象征,也成为了点石成金的"金手指"。     

调整交易时间能改善市场流动性吗?——基于香港恒生指数成份股的实证分析

本文基于香港恒生指数成份股数据研究了香港联交所交易时间的调整对于股市流动性的影响。首先,运用事件研究法从异常收益率角度实证了交易时间的调整对香港恒生指数的成份股的影响是显著的。其次,通过计算证券市场流动性指数进一步研究了交易时间调整前后半年恒生指数成份股流动性的总体变化情况,研究结果显示延长交易时间对恒生指数成份股的总体流动性有着较为明显的影响。最后,根据亚洲各国交易所对交易时间调整的历史经验,本文对于沪深交易所交易时间的调整提出了相关的建议。     

沈阳公用 艰难复牌

沈阳公用发展股份有限公司是一家房地产开发及教育投资的公司,于2004年12月23日被香港股市停牌,2011年4月1日复牌进行交易。沈阳公用上市后,可谓是问题连连。首先是上市后没有按照香港联交所的规定处理香港联交所提出的问题,没有履行上市公司的责任。上市三年没有发布年报,音信皆无,电话也是空号,一度有股民在网上直呼"上当受骗"。     

周炜 做VC需慢工出细活儿

对于KPCB的合伙人周炜来说,选择做VC的生活,注定不轻松。不过,虽然过程经常与风险与困难相伴,但收获同样颇多。     

股市“隐形人”

上市,一直被赋以"催生千万富翁"的光环。资本市场一夜暴富的神化不可尽数。然而,并不是每一个上市的故事都是完美的童话,有时候,上市"后时代"也许是噩梦的开始。信息披露不完整、不及时,公司业绩不理想,涉嫌信息造假等诸多因素,都可能将上市公司推向难已逾越的深渊,沦为"僵尸公司"。     

Return spread and liquidity: Evidence from Hong Kong ADRs

Fifteen Chinese H-shares listed on the Stock Exchange of Hong Kong are cross listed as ADRs on the NYSE. We empirically determine the role of security specific liquidity associated with those ADRs and their underlying H-shares on return spreads, differences between the returns on ADRs and their corresponding H-shares after controlling for ADRs and H-shares excess market returns and their respective price inverses denoting conditional betas. We use three proxies for liquidity, trading volume, turnover, and illiquidity (Amihud, 2002) and find that only trading volume and turnover are consistent determinants of return spread for the majority of Chinese ADRs with primary listing in Hong Kong Stock Exchange (SEHK). We use a switching regression model and find that the model parameter estimates are not stationary and change, often drastically between pre and post 2000 and 2003. Further tests using Bai Perron indicate return spreads data as non-stationary with multiple regime changes during the sample period. Further the causes of non-stationarity seem to be largely security specific and not driven by broad market swings in either market.     

The spillover effect of disclosure rules and materiality thresholds: Evidence from profit warnings issued in Hong Kong market

Dual-listed firms simultaneously follow the relevant rules in their home country and in their cross-listed country. In contrast, other firms only listed in the cross-listed country are only subject to the local regulations. Previous literature has found evidence that cross-listing can improve firms’ information transparency because of more stringent listing rules in the cross-listed country. The existing research, however, has not paid enough attention to the potential influence of dual-listed firms and their home country institutional factors (e.g. unique disclosure policies) on other firms only listed in the cross-listed country (i.e. spillover effect). In the Hong Kong market, Chinese dual-listed firms are under the mandatory profit warning regulation of mainland China, but other firms listed only in Hong Kong only need to follow the voluntary disclosure rule of the Hong Kong Stock Exchange. Such a setting provides us with the opportunity to investigate a spillover effect, i.e. whether these Chinese dual-listed firms influence their peers only listed in Hong Kong to release profit warnings. We find that firms only listed in Hong Kong are more likely to issue profit warnings if their Chinese dual-listed peers have also issued warnings. We further find that this spillover effect increases with the market capitalization of Chinese dual-listed firms and increases with the market share of these firms before they dominate the industry. Lastly, due to an underlying duty to disclose material information in Hong Kong, the spillover effect is weaker for firms with large earnings surprises.     

Stock market closure and intraday stock index futures market volatility: “contagion”, bid–ask bias or both?

Chang et al. [Journal of Business 68 (1) (1995) 61] examine the impact of the closure of the New York Stock Exchange (NYSE) on S&P500 stock index futures traded on the Chicago Mercantile Exchange. They document a decline in futures market volatility immediately after the close of the NYSE, and an increase 15 minutes later when the futures market closes. They attribute this to contagion–i.e. a decline in information transfer from equities to futures markets following the closure of the underlying market. This paper examines the impact of the extension of trading hours in Hang Seng Index futures traded on the Hong Kong Futures Exchange on the 20 November, 1998 to 15 minutes after the close of the underlying market (the Stock Exchange of Hong Kong). Using the unique natural experiment provided by this change, a pattern similar to US markets is documented for the Hang Seng Index Futures following the change in trading hours. This provides strong evidence that the intraday pattern in volatility is caused by market closure. Unlike US futures exchanges, price reporters on the floor of the Hong Kong Futures Exchange collect quote data in addition to trade data. This data facilitates a test of another plausible microstructure explanation for the observed behaviour–bid–ask bounce associated with trading activity. This paper provides evidence that bid–ask bounce also explains part of the observed intraday behaviour in price volatility.     

上证所与港交所上市公司投资者关系管理的比较研究

对上海证券交易所和香港证券交易所上市的蓝筹公司的网站中与投资者关系有关的条目进行了调查统计分析,提出了用WBIRX指数来衡量上市公司基于网站的投资者关系工作的发展水平。通过对WBIRX指数和调查数据进行分析发现,尽管上交所蓝筹公司在网站投资者关系建设方面取得了长足的进步,但是在总体水平上还与港交所蓝筹公司有一定差距,同网站投资者关系有关的栏目数量、类别和质量都还有待提高。     

Market closure effects on return, volatility, and turnover patterns in the Hong Kong index futures market

This paper examines the market closure effect of the Stock Exchange of Hong Kong (SEHK) on the intraday behaviour of the index futures contract which continues to trade for 5–15 min after the close of the SEHK. The behaviour of the index futures market in Hong Kong is consistent with the contagion model of King and Wadhwani (1990) in that the close of the SEHK leads to an immediate downturn in the return, volatility, and turnover in the index futures market. The long period of nontrading before the morning also leads to a higher morning volatility and turnover.     

资本市场开放能否提高企业信息披露质量？——基于“沪港通”和年报文本挖掘的分析

提高信息披露质量对于改善上市公司治理结构和保护股东权益具有重要意义。本文利用2014年开通的“沪港通”机制这一准自然实验,研究资本市场开放是否提高了企业的信息披露质量。从2010-2019年A股上市公司年报文本中提炼可读性指标衡量信息披露质量,使用匹配和双重差分方法进行实证研究,发现“沪港通”机制实施以后,标的公司(纳入“沪港通”的A股上市公司)的信息披露质量显著提高。这一结论对不同的估计方法、样本区间及控制变量组均保持稳健。异质性分析表明,对于盈余操纵水平较高、股价信息含量较低的企业,资本市场开放能够更好地改善其信息披露质量。本文丰富了资本市场开放对企业行为和绩效影响的实证研究,为继续推进资本市场开放政策提供了理论依据。     

Does bonding really bond? Liability of foreignness and cross-listing of Chinese firms on international stock exchanges

This study examines the relationship between cross-listing and firm valuation in the context of Chinese firms cross-listed on major international exchanges, such as the NASDAQ, New York Stock Exchange (NYSE), Hong Kong Main Board, Hong Kong Growth Enterprise Market (GEM), Singapore Stock Exchange, and London Alternative Investment Market (LAIM). Through the lenses of bonding theory and liability of foreignness-based multinational enterprise theories, two sets of alternative hypotheses are developed and tested using panel data over a period of twelve years during 2001–2012. Contrary to the bonding theory, the results reveal that the firms listed in Mainland China recorded better valuation than the firms cross-listed on the international stock exchanges. The more sophisticated corporate governance mechanisms applied in international stock exchanges do not always entail better firm valuation. Institutional distance, cultural distance and the distance in economic freedom between China and the cross-listing location countries interact with governance variables negatively affecting performance of cross-listed firms. The direct negative impact of the three distance variables on the firm valuation is also statistically significant. The outcome of Chinese firms’ cross-listing behaviours appears to contradict the general bonding theory.     

Choice of foreign listing location: Experience of Chinese firms

At the end of October 2003, there were 237 Chinese firms' listings on various stock exchanges outside of Mainland China. Beyond geographical proximity and other obvious explanations of why Chinese firms prefer listing in Hong Kong more than in the United States, we identify two additional benefits of a Hong Kong listing. We find that Chinese firms listed in Hong Kong have a better information environment than those listed solely in the United States. We also find that the Hong Kong-listed firms are less financially constrained, which may be due to their ability to access the Hong Kong capital market for external financing. The results of our study show that different stock markets offer different benefits as a listing venue and the benefits of foreign listing may depend on the choice of listing location.