TABLE OF CONTENTS
EXECUTIVE SUMMARY
Chapter 01
THE MACRO SITUATION – CHINA’S ECONOMY AND BEYOND
The positives
The negatives
The rocky road ahead
China’s investment needs
The thirst for energy – can it continue?
The need to push jobs and capital up the
value chain
The branding of China
An unenviable challenge
China-bashing
Brand attractiveness
The dark arts of allure
The next generation of brands
Managing foreign firms
Environmental pressures
More bad news
Xenophobia rules
Chapter 02
THE RISE OF CHINA’S EQUITY MARKETS
Background
Capital raising
Foreign listings: inside-out
Foreign listings: outside-in
The future of China IPOs
Hong Kong stability
The Shanghai squeeze
When Hong Kong listings fail
will Shanghai overtake Hong Kong?
The through-train
Uncertain plans
The through-train rationale
Legal Person Shares – the ultimate
government overhang
The path ahead
The securities players
The road ahead
China International Capital Corp (CICC)
CITIC Group
Goldman Sachs and UBS
Chapter 03
CHINA’S DEBT MARKETS
Background
The markets
Sovereign debt
Long-term corporate debt – the
awakening
Making the sale
Short-term paper
Rating agencies
Municipal bonds
Securitisation
Chapter 04
CHINA’S BANKS
Background
What is the point of China’s leading
banks?
What’s next?
Who controls the banks?
China’s leading banks – now and down
the line
Industrial and Commercial Bank of
China
Bank of China
China Construction Bank
Agricultural Bank of China
China Development Bank
Accommodating the customer
The best and worst of China’s banks
Foreign barbarians at the gate
Big bad loans
The end of the failed state
Restructuring the industry
Chapter 05
CHINA'S FINANCIAL AND INSTITUTIONAL INVESTOR MARKETS
Mutual funds
Wealth management services and private
banking
Asset management companies
National Social Security Fund
China’s foreign exchange wealth
Chapter 06
CHINA’S M&A SECTOR
Overview and background
The next round of state consolidation
State consolidation: attracting attention
Where the money will be made
A new era of China M&A
State-supported overseas investment
Dipping into the market
Bagging the big elephants
The private sector
Why buy abroad?
Patchy margins
The changing landscape
The grab for energy – where China wins,
for now
CIC – China’s powerful M&A sidekick
Inward M&A
Who will be bought?
CICC
Unocal-CNOOC
D’Long
Chapter 07
PRIVATE EQUITY IN CHINA
Introduction
The first big deals
Making private equity acceptable
Too much chasing too little
Confronting challenges
Future investments
Getting the deals done
How to sell out
Running your private equity firm
Technology and IT investments
How China is different
Regulations
Who do you need approval from?
Regulators
How to avoid elephant traps
The offshore option
The practitioners
Buyout deals
Growth capital
Venture capital
Distressed debt
TABLES AND CHARTS
