Privatization through an overseas listing: Evidence from China's H-share firms

Jin Jia, Qian Sun, Hin Sang Tong

Research output: Journal article publicationJournal articleAcademic researchpeer-review

40 Citations (Scopus)


We study the partial privatization of 53 Chinese state-owned enterprises (by their listings on the Hong Kong Exchange over the period July 1993 to December 2002. We find that listing has led to a median increase of 70% in real net profits, 80% in real sales, 50% in capital spending, and a mild but nonsignificant improvement in coverage ratios, but no improvement in return on sales and a significant underperformance of returns against several market index benchmarks. Further investigation shows that firm performance is negatively related to state ownership, but positively related to legal-personal ownership and foreign ownership.
Original languageEnglish
Pages (from-to)5-30
Number of pages26
JournalFinancial Management
Issue number3
Publication statusPublished - 1 Jan 2005

ASJC Scopus subject areas

  • Accounting
  • Finance
  • Economics and Econometrics


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