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Asiamoney translates leaked China CSRC document

November 17, 2011  

From Daniel Flatt

Asiamoney PLUS has published a full English translation of a leaked memo from the Chinese securities regulator. It outlines thoughts on how China can make its capital market more accommodating and details a number of Chinese internet companies who have adopted the use of complex corporate structures in order to easier raise financing from abroad.

Much has been said of late about the reinvigorated Chinese activity of setting up complex corporate structures—variable interest entities (VIEs)—that allow domestic corporates to bypass strict foreign investment rules in order to raise pre-IPO financing offshore and eventually list on...


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OFFSHORE RMB DCM

Rank Bookrunner Value ($m) No. %Share 2011 YTD Rank
1 HSBC 1,439 15 33.0 1
2 Bank of China Ltd 1,079 5 24.8 14
3 Standard Chartered Bank 513 10 11.8 11
4 Citi 208 4 4.8 3
5 Barclays 198 2 4.5 0
6 Deutsche Bank 159 4 3.6 2
7 Goldman Sachs 152 2 3.5 6
8 RBS 136 3 3.1 5
9 BNP Paribas 95 2 2.2 21
10 JPMorgan 79 1 1.8 7
Subtotal 4,059 29 93.2
Total 4,356 29 100.0


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