CARL E. WALTER is Managing Director of China International Capital Corporation (CICC), the first joint venture investment bank in China. He was Chief Representative in Beijing for Credit Suisse First Boston from 1993-1998, during which time he participated in a number of international share listings and debt issues for Chinese companies, banks and the Ministry of Finance.FRASER J.T. HOWIE is a member of the Sales and Trading Department of China International Capital Corporation.

'A timely constituent of the literature aimed at understanding China, this book provides a comprehensive coverage on every aspect of the market, from shares as an investment instrument to the migrating corporate structure to the regulatory environment to the market trend. It therefore makes a valuable reference book in its own right. The book's usefulness is matched with stimulating observations. While it consistently focuses on the fundamental purpose of stock market, the stories are also revealing and sometimes humorous. The book is compelling reading for anyone interested in China's fast-changing equity market'. - Qian Ouyang, Executive Vice President, CITIC Industrial Bank, Beijing 'The book will answer many questions that people in a number of fields have about what has been going on with the SOE's and the stock market. I think it is destined to become the standard reference work on the subject.' - Jean C.Oi, Director, Centre for East Asian Studies, Stanford University, California

• Preface Foreword List of Abbreviations List of Figures, Charts and Tables To Get Rich is Glorious! Chinese Equity Shares The Impact of Share and Ownership Structure China's Stock Exchanges Market Regulatory Structure The Issuers and the Listing Process Investors and Other Market Participants Market Trends and Performance Summing Up and Looking Ahead Notes Appendices Bibliography Index