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Preface.List of Abbreviations.Chronology.1. "You’re None of Those!"2. How China’s Stock Markets Came to Be.The evolution of the Shenzhen and Shanghai securities markets.Original structure of the Shanghai and Shenzhen exchanges.The Stock Exchange Executive Council and the electronic markets STAQ and NETS).The regional trading centers.The auction houses.The Third Board.3. Who Minds the Fox: The Regulators.The PBOC: Market player or market regulator?Building the CSRC.The internationalization of the CSRC.The Stock Exchange of Hong Kong goes to the top.The CSRC’s domestic struggle.Regulatory philosophy.The CSRC takes the initiative.4. Defining Ownership: Share TypesShares of what?The 1992 Standard Opinion.The 1994 Company Law.Listed company shares.The 1999 Securities Law.5. Packaging SOEs: Restructuring and Listing.Evolution of Chinese corporate law.How to "package" an SOE.Corporate restructuring for international listing.6. The Fortunate Few: Listed Companies.Who decides who lists?International pricing.A-share pricing.Analysis of listed companies.A note on private companies.7. Where Have All the (Retail) Investors Gone?How many investors?Who are China’s investors?8. Sliced and Diced: China’s Segmented Stock Markets.Segmented markets.Is there a company value?Economic inefficiencies of segmented markets.Circles of ownership.Privatization with Chinese characteristics?9. Searching for the Big Fix, 2001-05.China’s bull markets.Fund index performance.The forgettable B share.Taking the market’s measure.The Fall of China’s Stock Markets, 2001-2006.10. How CSRC Sought to Merge the Markets: the G Company Reform.Trying to merge the segmented markets.The character of the market in the new century.Trying to restore the status quo.The terms of the debate about state shares.The securities industry debacle.11. Foreign Investors in China'sw Stock Market.SASAC: defender of state property rights.The CSRC’s "Final Fix".Pilot cases of the new policy.Warrants and the National Champion: BaoSteel.12. Bulls and Bears: Summing Up.Market entry regulations and restrictions.The approval process.Market strategies.Investment history.Appendix 1: China's Red-Hot Primary MArkets.Appendix 2: Glossary of English/Chinese Securities Terminology.Endnotes.Select Bibliography.Index.