DOCSLIB.ORG

Anatomy of the Hostile Takeover of China Vanke Co

Total Page：16

File Type：pdf, Size：1020Kb

Download full-text PDF Read full-text
Anatomy of the Hostile Takeover of China Vanke Co Disturbing the Peace: Anatomy of the Hostile Takeover of China Vanke Co. Taurai Muvunza∗ Terrill Frantzy Abstract Wang Shi, a business mogul who created his empire of wealth from scratch, relished in his fame and basked in the glory of his affluent business. Nothing lasts forever! After mastering the turbulent business of real estate development in his country and there- fore enjoying a rising and robust stock price, China Vanke Co. Ltd (âĂIJVankeâĂİ) founder and Chairman of the Board of Directors, Wang Shi was suddenly presented with a scathing notice from the Hong Kong Stock Exchange: rival Baoneng Group (âĂIJBaonengâĂİ) filed the regulatory documentation indicating that it had nicode- mously acquired 5% of his company and was looking to buy more. Vanke case became brutal and sparked national controversy over corporate governance and the role of Chi- nese government in capital markets. Keywords: Vanke; Baoneng; corporate governance; hostile takeover; China arXiv:2003.06019v2 [q-fin.GN] 9 Jul 2020 ∗Tsinghua-Berkeley Shenzhen Institute. Tsinghua Shenzhen International Graduate School. Shenzhen, 518055, China. Email: [email protected]. The author wishes to thank an ’anonymous’ employee from Vanke for providing helpful comments yProfessor of eBusiness and Cybersecurity, Harrisburg University of Science and Technology, Pennsylva- nia; U.S. Email: [email protected]. 1 1 Introduction tion of yearly sales are driven by this cate- gory through providing U8 decoration sys- Baoneng is a fierce rival that does busi- tem, BIM based quality control and refab- ness in a way Wang calls âĂIJvulgarâĂİ; in ricated housing. Secondly, Vanke markets no way would he allow his company and its itself as an integrated urban property ser- stellar reputation and glory be plundered by vice provider which includes shopping malls, an ensuing majority ownership and thus con- integrated complex development, Vanke Ed- trol over Vanke by BaonengâĂŹs predatory ucation, Vanke Resort, and long term leasing founder and 46 year old CEO Yao Zhenhua. apartments. Lastly, Vanke Worldwide is also The tranquility of business at Vanke and one of the oldest focus areas of the company. the harmony in ChinaâĂŹs nascent world of Having established operations in more than M&A was rattled in their core. Even the 71 cities in China, Vanke Worldwide Strat- Chinese government disapprovingly took no- egy has enabled the company to cover five tice. Wang Shi labelled the takeover not cities outside China including Singapore, San only hostile but also âĂŸpredatoryâĂŹ and Francisco, New York and London. Real es- further denounced an attempt by Baoneng tate started experiencing significant growth to become the major shareholder stating around 1990 largely because of opening up that Shenzhen Jushenghua Industrial Devel- and reform agenda. After Shanghai and opment Co., ("Jushenghua"), BaonengâĂŹs Shenzhen stock exchanges were set up in 1990 subsidiary, used reckless debt to finance the and 1991, respectively, Vanke was one of the share acquisition. This marked the brewing first companies to be listed in 1991 on Shen- of a takeover battle, which gained attention zhen Stock Exchange. In 1993, Vanke also in mainstream media, boardrooms and fur- issued B shares and established residential ther attracted a consortium of companies to property development as its core business. the battleground for control. Revenue and profit growth for Vanke aver- aged 29.1% and 31.3% compounded yearly from 1991, and the shares increased value correspondingly. From 1990, there was a 2 History of Vanke steady growth in urban population. Between 1990 and 2000, urban population surged from Wang Shi founded China Vanke, which 28% to 36% and by 2007; urban population boasts over thirty years of experience in the was approaching 50%. This increased the housing market, in 1988 in Shenzhen. The demand for housing as more and more peo- 1982 draft of the sixth Five Year Plan under ple relocated to urban areas in search for the leadership of Deng Xiaoping focused on jobs and a better life. Consequently, middle- reform and premised on progress towards a income households grew faster and the num- market economy, at the same time opening a ber of households who could afford to own a window for the then 1988 provisional regula- house increased as wages soured. Urbaniza- tions on private enterprises that allowed the tion became the driver for real estate growth. legitimization of sole proprietorship, partner- In addition to that, the government relaxed ships and limited liability corporations. The regulations on land, for example, Article 64 same wave of reform saw the inception of of the Property Rights Law made it possi- conglomerates that have now become lead- ble to own estates and immovable property, ing brands in todayâĂŹs Chinese markets. which opened doors for real estate compa- When Vanke was established, real estate and nies to borrow excessively from banks and housing in China had not gained traction buy land from government for development. and average income per capita was below 2 Total revenue hit 100 billion yuan in 2010 000 yuan. Low demand for housing is at- and Vanke has continued to enjoy enviable tributed to this phenomenon where China profits. In 2015, Vanke posted 261.47 billion had a large rural population accounting for yuan in revenue (see Figure 1), a year on year over 80% in early 1980s and roughly, 20% growth of 14.3% making it an industry leader lived in the cities. This curtailed growth in in China based on sales revenue. In July real estate sector. Vanke, a first mover in 2016, the company was listed on the âĂIJ- real estate, consolidated market share and Fortune Global 500âĂİ by Fortune Magazine as GDP grew exponentially each year, the for the first time, ranked 356th. demand for houSsing and real estate devel- Other Chinese developers that appeared on opment boomed. the list include Wanda and Evergrande. VankeâĂŹs mission has three focus areas. VankeâĂŹs success cannot only be attributed Firstly, the company has defined itself as a to ChinaâĂŹs rising middle income and ur- Global Residential Developer. A large por- 2 banization, but also to Wang ShiâĂŹs strat- ket after Brexit vote. Despite speculation of egy to enter new international territories such a decline in housing market due to uncertain- as Singapore, United States and United King- ties following Brexit, Vanke’s overseas invest- dom. China Vanke entered the U.S. when ments have paid off. It improved the com- the real estate market was recovering from panyâĂŹs performance, positioned it to be the 2008 recession and its investments have the market leader in ChinaâĂŹs real estate - been made during a period with reasonable making it one of the attractive companies on prices. Major Chinese developers such as the stock market. Individual investors and Wanda and Greenland Group have targeted corporations began to regard Vanke as an Chinese immigrants in New York and Cal- investment choice after the company outper- ifornia as their customer base. They have formed all other developers consecutively in also invested in office property acquisitions, China. However, when China’s economy re- schools and hotels. According to Wang Shi, verted to a "New Normal", a dilemna occured entering US market gives Vanke an opportu- on the markets: stocks were overvalued and nity to learn and understand business models economic performance could not match the in a developed market and gain management rising stock prices. The government encour- experience through project cooperation with aged companies to prop up the stock market. other US developers. In 2013, Vanke part- New regulation that was passed to allow pen- nered with Tishman Speyer and another US sion funds and insurance companies to invest developer, Hines, to develop a San Francisco in bonds and money market instruments pro- condominium project which became one of vided a leeway for real estate companies to the early moves of Vanke in U.S. In Septem- access capital easily. Pension funds and in- ber 2016, in a bid to step up its overseas surance companies which had huge sums of investments from 5% to the 20% target, the cash reserves also snapped the opportunity company agreed to purchase Ryder Court in to venture in trading high risk assets. On Mayfair, an office building located in Cen- the market, amongst real estate companies, tral London for GBP115 million. The prop- Vanke stood out due to its stunning perfor- erty was acquired from UK-based Hender- mance and this triggered a takeover attempt. son Global Investors whose shareholders had mounting uncertainties in the real estate mar- Figure 1: Vanke’s Annual Sales Revenue 3 The Battle for Control 1: March 30, 1994 when Junan Securities rep- resenting 4 big investors purchased large vol- Baoneng vs Vanke ume of stocks of Vanke on the secondary mar- ket. The stock market in China was barely Vanke had not encountered a takeover at- 4 years old and the regulations vague. Wang tempt and battle for control since its found- Shi considered it as a potential takeover. ing. The only time there was a tussle was on Vanke shares were suspended and Wang Shi 3 met with the investors from Jinan Securities. yuan per piece since July 10th. At that time, On April 4, Wang Shi announced victory and Foresea Life was 20% owned by Jushenghua the shares resumed trading. Despite the po- which in turn was 99% owned by Baoneng tential takeover, Wang Shi did not consider Group (see Figure 2). Wang Shi called the consolidating his ownership, which he gave purchase an attempt for hostile takeover and up when the company went public in 1991, rejected Jushenghua and Foresea Life as ma- instead, shares kept floating on the market jor shareholders of Vanke, citing that the âĂŞ posing a threat for another takeover.
Load more

Recommended publications
  • China – 2009 Ipo
    CHINA – 2009 IPO Data do IPO Companhia Preço (US$) Volume (US$ MM) Subscrição 30-dez Shanghai Xinpeng Industrial Co Ltd 2,84 212,873 Qilu Securities Co Ltd 30-dez Shenzhen Fuanna Bedding and Furnishing Co Ltd 4,39 114,236 PingAn Securities Co Ltd 29-dez China CNR Corp Ltd 0,81 2.035,590 CICC, HUARON, HUATAI 25-dez Beijing Cisri-Gaona Materials & Technology Co Ltd 2,86 85,806 Guosen Securities Co Ltd 25-dez Beijing SuperMap Software Co Ltd 2,87 54,539 PingAn Securities Co Ltd 25-dez Guangzhou Improve Medical Instrument Co Ltd 3,66 68,100 Guosen Securities Co Ltd 25-dez Hexin Flush Information Network Co Ltd 7,73 129,908 Shenyin & Wanguo Securities Co Ltd 25-dez Hunan Zhongke Electric Co Ltd 5,27 81,720 PingAn Securities Co Ltd 25-dez Jiangsu Huasheng Tianlong Photoelectric Co Ltd 2,66 133,124 Everbright Securities Co 25-dez Jinlong Machinery & Electronic Co Ltd 2,78 99,338 Guosen Securities Co Ltd 25-dez Shenzhen Gas Corp Ltd 1,02 132,331 Guosen Securities Co Ltd 25-dez Wuxi Boton Belt Co Ltd 5,57 69,565 Qilu Securities Co Ltd 22-dez Shenzhen Hongtao Decoration Co Ltd 3,95 118,636 Guosen Securities Co Ltd 22-dez Zhejiang Yongtai Technology Co Ltd 2,93 98,131 Rising Securities Co Ltd 18-dez Jiangsu Zhonglian Electric Co Ltd 4,39 92,252 Goldstate Securities 18-dez Ningbo Lugong Online Monitoring Technology Co Ltd 5,86 97,817 CITIC Securities Co Ltd 18-dez Shanghai Pret Composites Co Ltd 3,29 115,315 China Merchants Securities Co Ltd 16-dez China Shipbuilding Industry Co Ltd 1,08 2.156,600 China International Capital Corp 16-dez Hainan Strait
    [Show full text]
  • Three Red Lines” Policy
    Real Estate Developers with High Leverage to See Inventory Quality Tested Under Broader “Three Red Lines” Policy October 28, 2020 In our view, the widening of regulations aimed at controlling real estate developers’ interest- ANALYSTS bearing debt would further reduce the industry’s overall credit risk in the long term. However, the nearer term may see less headroom for highly leveraged developers to finance in the capital Xiaoliang Liu, CFA market, pushing them to sell off inventory to ease liquidity pressure. Beijing +86-10-6516-6040 The People’s Bank of China said in September that measures aimed at monitoring the funding [email protected] and financial management of key real estate developers will steadily be expanded. Media reports suggest that the new regulations would see a cap of 15% on annual growth of interest-bearing Jin Wang debt for all property developers. Developers will be assessed against three indicators, which are Beijing called “red lines”: whether asset liability ratios (excluding advance) exceeded 70%; whether net +86-10-6516-6034 gearing ratio exceeded 100%; whether cash to short-term debt ratios went below 1.0. Developers [email protected] which breached all three red lines won’t be allowed to increase their debt. If only one or two of the red lines are breached, such developers would have their interest-bearing debt growth capped at 5% and 10% respectively. The first half of the year saw debt grow rapidly among developers. In a sample of 87 real estate developers that we are monitoring, more than 40% saw their interest-bearing debt grow at a faster rate than 15% year over year as of the end of June (see the chart below).
    [Show full text]
  • DS Automobiles Annonce Un Modèle Surprise Les Peugeot 3008 Et 308
    Vendredi 13 Avril 2018 DS Automobiles annonce un modèle surprise C’est sur Twitter qu'Yves Bonnefont, directeur général de DS Automobiles, a annoncé une surprise concernant la gamme de la marque. Une vidéo Instagram de Thierry Metroz, directeur du style de la marque, dévoile quant à elle partiellement un modèle électrifié haute performance, à l’aspect plutôt conceptuel. Rendez-vous est donné le 14 avril à 9h00 pour davantage de détails. L’électrification de la gamme est une des priorités de la marque, et plus globalement du Groupe PSA. L’indépendance de DS Automobiles par rapport à Citroën, officialisée en 2015, s’est matérialisée par la commercialisation il y a quelques mois du véhicule de loisir DS 7 Crossback, premier modèle d’une toute nouvelle gamme composée d’un nouveau produit lancé par an, et ce jusqu’en 2021. Prochain sur la liste, le DS 3 Crossback, puis une grande routière, dont le nom n’a pas encore été dévoilé. Les remplaçantes des DS 4 et DS 4 Crossback, dont l’arrêt de la production vient d’être décidé, viendront compléter la gamme à l’horizon 2020. Chacun de ces modèles bénéficiera d’une version électrifiée, dont le DS 7 Crossback, en version hybride rechargeable E-Tense, qui sera disponible mi-2019, et le DS 3 Crossback, vraisemblablement en version 100 % électrique. (JOURNALAUTO.COM 12/4/18) Les Peugeot 3008 et 308 récompensés aux prix Best Cars Le jury des lecteurs de l’Automobile Magazine a élu le Peugeot 3008 meilleur SUV compact et la 308 meilleure compacte lors de la 24ème édition des prix Best Cars.
    [Show full text]
  • Global Offering
    (Incorporated in the Cayman Islands with limited liability) Stock Code: Global Offering Joint Sponsors, Joint Global Coordinators, Joint Bookrunners and Joint Leadad ManagersManagers (in alphabetical order) Other Joint Global Coordinator, Joint Bookrunner and Joint Lead Manager Other Joint Bookrunners and Joint Lead Managers (in alphabetical order) Project A_PPTUS cover(Eng) Cover size: 210 x 280mm / Open size: 445.3 x 280mm / Spine width: 25.3mm IMPORTANT If you are in any doubt about any of the contents of this prospectus, you should obtain independent professional advice. (Incorporated in the Cayman Islands with limited liability) GLOBAL OFFERING Number of Offer Shares under : 550,000,000 Shares (subject to the Over- the Global Offering allotment Option) Number of Hong Kong Offer Shares : 27,500,000 Shares (subject to reallocation) Number of International Offer Shares : 522,500,000 Shares (including 55,000,000 Reserved Shares under the Preferential Offering) (subject to reallocation and the Over-allotment Option) Maximum Offer Price : HK$22.30 per Share plus brokerage of 1.0%, SFC transaction levy of 0.0027% and the Hong Kong Stock Exchange trading fee of 0.005% (payable in full on application, subject to refund) Nominal value : US$0.00001 per Share Stock code : 1209 Joint Sponsors, Joint Global Coordinators, Joint Bookrunners and Joint Lead Managers (in alphabetical order) Other Joint Global Coordinator, Joint Bookrunner and Joint Lead Manager Other Joint Bookrunners and Joint Lead Managers (in alphabetical order) Hong Kong Exchanges and Clearing Limited, The Stock Exchange of Hong Kong Limited and Hong Kong Securities Clearing Company Limited take no responsibility for the contents of this prospectus, make no representation as to its accuracy or completeness and expressly disclaim any liability whatsoever for any loss howsoever arising from or in reliance upon the whole or any part of the contents of this prospectus.
    [Show full text]
  • 2017Annual Report CONTENTS
    (A joint stock company incorporated in the People’s Republic of China with limited liability) Stock Code: 6066 2017 Annual2017 Report 2017Annual Report CONTENTS Definitions ................................ 2 Chairman’s Statement ....................... 6 Section 1 Important Notice ................. 9 Section 2 Material Risk Factors ............. 10 Section 3 Company Information ............. 11 Section 4 Financial Summary ............... 26 Section 5 Management Discussion and Analysis .................... 32 Section 6 Report of Directors ............... 84 Section 7 Other Significant Events ........... 96 Section 8 Changes in Shares and Information on Substantial Shareholders .......... 108 Section 9 Directors, Supervisors, Senior Management and Employees ....... 114 Section 10 Corporate Governance Report ...... 150 Section 11 Environmental, Social and Governance Report ............... 177 Annex Independent Auditor’s Report and Notes to the Consolidated Financial Statements ..................... 205 Annual Report 2017 1 DEFINITIONS Unless the context otherwise requires, the following expressions have the following meanings in this annual report: “A Share(s)” the ordinary shares with a nominal value of RMB1.00 each proposed to be issued by the Company under the A Share Offering, to be listed on the Shanghai Stock Exchange and traded in RMB “A Share Offering” the proposed initial public offering of not more than 400,000,000 A Shares in the PRC by the Company “Articles of Association” or “Articles” the articles of association of CSC Financial
    [Show full text]
  • US Adds 287,000 Jobs in June, Giving Stock Markets a Boost
    HOPES DASHED | Page 2 BANKING NORMS | Page 3 Tata Steel to PBoC queries halt UK plant some banks on sale process MLF demand Saturday, July 9, 2016 BREXIT IMPACT: Page 12 Shawwal 4, 1437 AH GULF TIMES UK consumer confi dence suff ers BUSINESS one of its biggest falls in 21 years Qatar firm calls for best practices in waste management By Peter Alagos 100% natural fruit and vegetable juices, bottles, which we recycle. Hopefully, the be used for composting. The company disposes around 3,000 tonnes of solid Business Reporter does not only practice recycling but practice will inspire them to recycle as also supports local and regional farmers domestic waste, according to statistics encourages customers to recycle by well,” al-Dorani told Gulf Times. by buying their products first, depending from the Ministry of Municipality and returning the company’s plastic bottles. To help educate the community on on their availability. Environment (MME). A local firm specialising in the production As an incentive, al-Dorani said customers sustainable development and best The Qatari-American entrepreneur The figure, however, does not include of natural juice drinks has underscored get QR1 off on their next order for every practices, al-Dorani said Raw Middle East also emphasised the need for more construction and hazardous wastes the need for more companies in Qatar bottle returned. has posted on its website other initiatives awareness on recycling initiatives from collected from diff erent industrial and to maintain best practices in waste Aside from plastic bottles, Raw Middle that help minimise the company’s the private and public sector.
    [Show full text]
  • Lu Zhiqiang China Oceanwide
    08 Investment.FIN.qxp_Layout 1 14/9/16 12:21 pm Page 81 Week in China China’s Tycoons Investment Lu Zhiqiang China Oceanwide Oceanwide Holdings, its Shenzhen-listed property unit, had a total asset value of Rmb118 billion in 2015. Hurun’s China Rich List He is the key ranked Lu as China’s 8th richest man in 2015 investor behind with a net worth of Rmb83 billlion. Minsheng Bank and Legend Guanxi Holdings A long-term ally of Liu Chuanzhi, who is known as the ‘godfather of Chinese entrepreneurs’, Oceanwide acquired a 29% stake in Legend Holdings (the parent firm of Lenovo) in 2009 from the Chinese Academy of Social Sciences for Rmb2.7 billion. The transaction was symbolic as it marked the dismantling of Legend’s SOE status. Lu and Liu also collaborated to establish the exclusive Taishan Club in 1993, an unofficial association of entrepreneurs named after the most famous mountain in Shandong. Born in Shandong province in 1951, Lu In fact, according to NetEase Finance, it was graduated from the elite Shanghai university during the Taishan Club’s inaugural meeting – Fudan. His first job was as a technician with hosted by Lu in Shandong – that the idea of the Shandong Weifang Diesel Engine Factory. setting up a non-SOE bank was hatched and the proposal was thereafter sent to Zhu Getting started Rongji. The result was the establishment of Lu left the state sector to become an China Minsheng Bank in 1996. entrepreneur and set up China Oceanwide. Initially it focused on education and training, Minsheng takeover? but when the government initiated housing Oceanwide was one of the 59 private sector reform in 1988, Lu moved into real estate.
    [Show full text]
  • STOXX Hong Kong All Shares 50 Last Updated: 01.12.2016
    STOXX Hong Kong All Shares 50 Last Updated: 01.12.2016 Rank Rank (PREVIOUS ISIN Sedol RIC Int.Key Company Name Country Currency Component FF Mcap (BEUR) (FINAL) ) KYG875721634 BMMV2K8 0700.HK B01CT3 Tencent Holdings Ltd. CN HKD Y 128.4 1 1 HK0000069689 B4TX8S1 1299.HK HK1013 AIA GROUP HK HKD Y 69.3 2 2 CNE1000002H1 B0LMTQ3 0939.HK CN0010 CHINA CONSTRUCTION BANK CORP H CN HKD Y 60.3 3 4 HK0941009539 6073556 0941.HK 607355 China Mobile Ltd. CN HKD Y 57.5 4 3 CNE1000003G1 B1G1QD8 1398.HK CN0021 ICBC H CN HKD Y 37.7 5 5 CNE1000001Z5 B154564 3988.HK CN0032 BANK OF CHINA 'H' CN HKD Y 32.6 6 7 KYG217651051 BW9P816 0001.HK 619027 CK HUTCHISON HOLDINGS HK HKD Y 32.0 7 6 HK0388045442 6267359 0388.HK 626735 Hong Kong Exchanges & Clearing HK HKD Y 28.5 8 8 CNE1000003X6 B01FLR7 2318.HK CN0076 PING AN INSUR GP CO. OF CN 'H' CN HKD Y 26.5 9 9 CNE1000002L3 6718976 2628.HK CN0043 China Life Insurance Co 'H' CN HKD Y 20.4 10 15 HK0016000132 6859927 0016.HK 685992 Sun Hung Kai Properties Ltd. HK HKD Y 19.4 11 10 HK0883013259 B00G0S5 0883.HK 617994 CNOOC Ltd. CN HKD Y 18.9 12 12 HK0002007356 6097017 0002.HK 619091 CLP Holdings Ltd. HK HKD Y 18.3 13 13 KYG2103F1019 BWX52N2 1113.HK HK50CI CK Property Holdings HK HKD Y 17.9 14 11 CNE1000002Q2 6291819 0386.HK CN0098 China Petroleum & Chemical 'H' CN HKD Y 16.8 15 14 HK0688002218 6192150 0688.HK 619215 China Overseas Land & Investme CN HKD Y 14.8 16 16 HK0823032773 B0PB4M7 0823.HK B0PB4M Link Real Estate Investment Tr HK HKD Y 14.6 17 17 CNE1000003W8 6226576 0857.HK CN0065 PetroChina Co Ltd 'H' CN HKD Y 13.5 18 19 HK0003000038 6436557 0003.HK 643655 Hong Kong & China Gas Co.
    [Show full text]
  • Vanke - a (000002 CH) BUY (Initiation) Steady Sales Growth Target Price RMB31.68 Up/Downside +16.8% Current Price RMB27.12 SUMMARY
    10 Jun 2019 CMB International Securities | Equity Research | Company Update Vanke - A (000002 CH) BUY (Initiation) Steady sales growth Target Price RMB31.68 Up/downside +16.8% Current Price RMB27.12 SUMMARY. We initiate coverage with a BUY recommendation on Vanke – A share. Vanke is a pioneer in China property market, in terms of leasing apartment, prefabricated construction and etc. We set TP as RMB31.68, which is equivalent to China Property Sector past five years average forward P/E of 9.0x. Upside potential is 16.8%. Share placement strengthened balance sheet. Vanke underwent shares Samson Man, CFA placement and completed in Apr 2019. The Company issued and sold 263mn (852) 3900 0853 [email protected] new H shares at price of HK$29.68 per share. The newly issued H shares represented 16.67% and 2.33% of the enlarged total issued H shares and total Chengyu Huang issued share capital, respectively. Net proceeds of this H shares placement was (852) 3761 8773 HK$7.78bn and used for debt repayment. New capital can flourish the balance [email protected] sheet although net gearing of Vanke was low at 30.9% as at Dec 2018. Stock Data Bottom line surged 25% in 1Q19. In 1Q19, revenue and net profit surged by Mkt Cap (RMB mn) 302,695 59.4% to RMB48.4bn and 25.2% to RMB1.12bn, respectively. The slower growth Avg 3 mths t/o (RMB mn) 1,584 in bottom line was due to the scale effect. Delivered GFA climbed 88.2% to 52w High/Low (RMB) 33.60/20.40 3.11mn sq m in 1Q19 but only represented 10.5% of our forecast full year Total Issued Shares (mn) 9.742(A) 1,578(H) delivered GFA.
    [Show full text]
  • Signature Redacted I MIT Sino in School of Management May 6, 2016
    Individual Investors, Social Media and Chinese Stock Market: a Correlation Study By Yonghui Wu B.E., Shanghai Jiao Tong University, 2007 M.E., Shanghai Jiao Tong University, 2010 SUBMITTED TO THE MIT SLOAN SCHOOL OF MANAGEMENT IN PARTIAL FULFILLMENT OF THE REQUIREMENTS FOR THE DEGREE OF MASTER OF SCIENCE IN MANAGEMENT STUDIES MASSACHUSETTS INSTITUTE OF TECHNOLOGY AT THE MASSACHUSETTS INSTITUTE OF TECHNOLOGY JUN 082016 JUNE 2016 LIBRARIES @2016 Yonghui Wu. All rights reserved. ARCHIVES The author hereby grants to MIT permission to reproduce and to distribute publicly paper and electronic copies of this thesis document in whole or in part in any medium now known or hereafter created. Signature of Author: Signature redacted I MIT Sino in School of Management May 6, 2016 Certified by: Signature redacted Erik Brynjolfsson Schussel Family Professor Thesis Supervisor Signature redacted____ Accepted by: Rodrigo S. Verdi Associate Professor of Accounting Program Director, M.S. in Management Studies Program MIT Sloan School of Management Individual Investors, Social Media and Chinese Stock Market: a Correlation Study By Yonghui Wu Submitted to MIT Sloan School of Management on May 6, 2016 in Partial fulfillment of the requirements for the Degree of Master of Science in Management Studies. ABSTRACT Chinese stock market is a unique financial market where heavy involvement of individual investors exists. This article explores how the sentiment expressed on social media is correlated with the stock market in China. Textual analysis for posts from one of the most popular social media in China is conducted based on Hownet and NTUSD, two most commonly used sentiment Chinese dictionaries.
    [Show full text]
  • LEAGUE TABLES H1 2018 Preliminary As of 25 June 2018 H1 2018 PRELIMINARY AS of 25 JUNE 2018 MANAGER RANKINGS ASIA PACIFIC CAPITAL MARKETS
    ASIA PACIFIC CAPITAL MARKETS LEAGUE TABLES H1 2018 Preliminary As of 25 June 2018 H1 2018 PRELIMINARY AS OF 25 JUNE 2018 MANAGER RANKINGS ASIA PACIFIC CAPITAL MARKETS The Bloomberg Capital Markets Tables represent the top arrangers, bookrunners and advisors across a broad array of deal types including loans, bonds, equity and M&A transactions; according to Bloomberg standards. LEAG<GO> for a full range of league tables MA<GO> for a full range of merger & acquisition tables NI LEAG CRL<GO> or http://www.bloomberg.com/ for a full range of market-specific league table publications Due to the dynamic nature of the Professional Service product, league table rankings may vary between this release and data found on the Bloomberg Professional Service. DATA SUBMISSIONS AND QUERIES Contact Phone Email Equities Zhen Hao Toh +65 6499 2931 [email protected] Fixed Income Jennifer Passos +65 6231 9677 [email protected] Loans Colin Tang +65 6499 2949 [email protected] APAC League Xin Yu Chen +65 6212 1123 [email protected] © 2018 Bloomberg Finance L.P. All rights reserved. Bloomberg Preliminary APAC Capital Markets | H1 2018 Asia ex-Japan G3 Currency Bonds: Industry Breakdown Asia Pacific Fixed Income 13% 6% 6% Asia ex-Japan G3 Currency Bonds 7% 55% H1 2018 H1 2017 12% Mkt Volume (USD Deal Prev Prev Mkt Mkt Share Firm Rank Share(%) Mln) Count Rank Share(%) Chg(%) HSBC 1 7.327 10,159 126 1 9.020 -1.693 Citi 2 5.929 8,219 85 3 6.455 -0.526 Financials 55% Bank of China 3 5.352 7,421 115 4 5.037 0.315 Government 12% Standard Chartered Bank 4
    [Show full text]
  • Hang Seng Indexes Announces Index Review Results
    14 August 2020 Hang Seng Indexes Announces Index Review Results Hang Seng Indexes Company Limited (“Hang Seng Indexes”) today announced the results of its review of the Hang Seng Family of Indexes for the quarter ended 30 June 2020. All changes will take effect on 7 September 2020 (Monday). 1. Hang Seng Index The following constituent changes will be made to the Hang Seng Index. The total number of constituents remains unchanged at 50. Inclusion: Code Company 1810 Xiaomi Corporation - W 2269 WuXi Biologics (Cayman) Inc. 9988 Alibaba Group Holding Ltd. - SW Removal: Code Company 83 Sino Land Co. Ltd. 151 Want Want China Holdings Ltd. 1088 China Shenhua Energy Co. Ltd. - H Shares The list of constituents is provided in Appendix 1. The Hang Seng Index Advisory Committee today reviewed the fast expanding innovation and new economy sectors in the Hong Kong capital market and agreed with the proposal from Hang Seng Indexes to conduct a comprehensive study on the composition of the Hang Seng Index. This holistic review will encompass various aspects including, but not limited to, composition and selection of constituents, number of constituents, weightings, and industry and geographical representation, etc. The underlying aim of the study is to ensure the Hang Seng Index continues to serve as the most representative and important benchmark of the Hong Kong stock market. Hang Seng Indexes will report its findings and propose recommendations to the Advisory Committee within six months. The number of constituents of the Hang Seng Index may increase during this period. Hang Seng Indexes Announces Index Review Results /2 2.
    [Show full text]