Topic: China’s Secondary Privatization: Perspectives from the Split-Share Structure Reform
Speaker: Bibo Liu, Vice President, Equity Capital Markets Department, CITIC Securities Co. Ltd.
Date: March 5th, 2014 (Wed.)
Time: 1:00-2:30pm
Location: Building 4, Room 101
Language: English
Abstract:
The Split-Share Structure Reform granted legitimate trading rights to the state-owned shares of listed state-owned enterprises (SOEs), opening up the gate to China's secondary privatization. The expectation of privatization quickly boosted SOE output, profits, and employment, but did not change their operating efficiency and corporate governance. The improvements to SOE performance are positively correlated to government agents' privatization-led incentive of increasing state-owned share value. In terms of privatization methodology, the reform adopted a market mechanism that played an effective information discovery role in converging the interests of the government and private investors.
About the speaker:
Dr. Bibo Liu is a vice president of equity capital markets department in CITIC Securities Co. Ltd.. His job responsibilities focus on investment banking business, including pitching, pricing, share allocation, covering investors, in-house research, etc. Dr. Liu completed his Ph.D. and bachelor degree in Economics from Tsinghua University. Dr. Liu’s current research interests cover information asymmetry, agency issues, corporate finance and Chinese capital market. His research has been published in leading academic journals, such as Journal of Financial Economic, Financial Management and China Industrial Economics.
