The development of China's equity market dates from the early 1980s when the shareholding system was inaugurated in certain trial cities andstocks began tobe issued. The authors discuss a series of features and problems in the primary market (issuing new securities) and the secondary market...

We examine the information content of changes in shareholdings after private issuance of public equity (PIPE) by mutual funds that participate in PIPEs in China. The results show that the changes in shareholdings are positively related to alpha and cumulative abnormal return (CAR) for PIPE...

We study firms that go public through reverse mergers (RMs) versus initial public offerings (IPOs) in China. Using a manually assembled data set, we show that pre-listing RM firms are larger, more profitable, and less politically connected than pre-listing IPO firms. Chinese RM firms also have...