A Study on IPO of CITIC Securities Company |
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| Authors: | Chao Chen Wuyang Zhao |
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| Institution: | 1. School of Management, Fudan University, Shanghai 200433, China; 2. School of Management, Fudan University, Shanghai 200433, China |
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| Abstract: | On January 6, 2003, CITIC Securities Co., Ltd. (CITICS hereafter) issued A-shares in the Shanghai Stock Exchange to become the first public listed securities company through IPO in China. CITICS’s net capital rose to about 5 billion yuan, much higher than any other competitor. This teaching case aims to demonstrate how a company gains first-mover advantage as being the first company to go public in an industry, how its competitors respond by changing their strategies after the IPO, and consequently, how a series of relevant events influence the competition. This case offers important implications for understanding the competitive dynamics of a securities company in China. |
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| Keywords: | CITICS IPO first-mover advantage ownership structure competitive dynamics |
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