Journal articles on the topic 'Chinese A-share Market'
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Lu, Changjiang, Kemin Wang, Haiwei Chen, and James Chong. "Integrating A- and B-Share Markets in China: The Effects of Regulatory Policy Changes on Market Efficiency." Review of Pacific Basin Financial Markets and Policies 10, no. 03 (September 2007): 309–28. http://dx.doi.org/10.1142/s0219091507001082.
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We investigate the effectiveness of two recent regulatory policy changes on market efficiency in the Chinese A- and B-share markets. Overall, the opening of the B-share market to domestic Chinese investors and the limited opening of the A-share market to foreign investors increase market efficiency. The opening of the B-share market significantly reduces the price differential between A- and B-shares. Furthermore, there is no longer feedback in returns between the two markets in recent years. Our results provide evidence that there is no detrimental effect to market efficiency by integrating Chinese investors to international markets and foreign investors to the Chinese stock markets.
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Heaney, Richard A., John G. Powell, and Jing Shi. "Share Return Seasonalities and Price Linkages of Chinese A and B Shares." Review of Pacific Basin Financial Markets and Policies 02, no. 02 (June 1999): 205–29. http://dx.doi.org/10.1142/s0219091599000138.
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This paper investigates share price linkages between Chinese corporations' foreign-designated B shares and the numerically dominant domestic A shares of the same companies. Chinese share return seasonalities are examined and the suggested satellite trading relationships are subsequently tested in order to provide an understanding of the linkages between A and B shares. The seasonality results along with arbitrage activity in the market for Chinese A and B shares suggest that a dominant-satellite relationship is likely to exist whereby the A share market is the dominant market for price formation and the B share market is the satellite. The paper identifies significant price linkages from the A to B share markets which are nevertheless weaker in an economic sense than might be expected.
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Ju, Xin-Ke. "Herding behaviour of Chinese A- and B-share markets." Journal of Asian Business and Economic Studies 27, no. 1 (July 17, 2019): 49–65. http://dx.doi.org/10.1108/jabes-03-2019-0022.
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Purpose The purpose of this paper is to examine the evidence of herding phenomenon, spill-over effects related to herding and whether herding is driven by fundamentals or non-fundamentals for various sub-periods and sub-samples. Design/methodology/approach The cross-sectional absolute deviation model is applied to China’s A- and B-share markets in combination with fundamental information. Findings Herding is prevalent on both A- and B-share markets. In detail, investors on A-share market herd for small and growth stock portfolios irrespective of market states while they only herd for large or value stocks in down market, therefore leading the whole herding behaviour to be pronounced in down market. Comparatively, on B-share market, herding is robust for various investment styles (small or large, value or growth) or market situations. Additionally, spill-over effects related to herding do not exist no matter from A-shares to B-shares or from B-shares to A-shares. Moreover, investors on B-share markets tend to herd as the response to non-fundamental information more frequently during financial crisis. Originality/value Investors on A- and B-share markets tend to herd as the response to non-fundamental information more frequently during financial crisis. Analysing the herding behaviours could be helpful in controlling the financial risk.
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Choudhry, Taufiq, and Yuan Wu. "Momentum phenomenon in the Chinese Class A and B share markets." Review of Behavioral Finance 7, no. 2 (November 9, 2015): 116–33. http://dx.doi.org/10.1108/rbf-06-2014-0032.
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Purpose – The purpose of this paper is to investigate the momentum phenomenon in two market segments of the Chinese stock market – the Class A share market and Class B share market over time period spanning from January 1996 to December 2010. Design/methodology/approach – The authors largely follow Jegadeesh and Titman (1993) paper; the authors decompose the momentum returns following the procedure first proposed by Jegadeesh and Titman (1995). In addition, a liquidity factor (Pastor and Stambaugh, 2003) and a share ownership factor (Wang and Xu, 2004) are incorporated in the procedure to gauge the contribution of liquidity and the dynamics of share ownership towards the momentum returns, respectively in the two segments of the Chinese stock market. Findings – The authors find compelling evidence showing distinctively different momentum phenomena exist in the two market segments of the Chinese stock market. Specifically, the momentum phenomenon is more pronounced in the Chinese Class A share market compared to those found in the Chinese Class B share market. Through decomposing the momentum returns, the authors find evidence showing the dismal momentum returns observed in the Class B share market can be attributed to markedly weakened contributions of the liquidity factor and the share ownership factor. Research limitations/implications – Relatively short sample time horizon compared to the most of major financial markets such as USA and UK. The number of B shares has been rather limited. Practical implications – Subsequent to the opening of the Chinese Class B share market to domestic investors in 2001 and the opening of the Chinese Class A share market to qualified foreign institutional investors (QFII) in 2003, the empirical evidence found in this study provides a crucial reference point for domestic and foreign portfolio strategists in guiding them to form suitable portfolio strategies concerning investments in a nascent financial market such as the Chinese stock market, fraught with volatility and speculative trading behaviour. Social implications – It offers a comprehensive view of the momentum phenomenon in the Chinese Class A and B share markets over the sample period from January 1996 to December 2010. Second, the reasons behind the dichotomy of the momentum returns found in the two market segments were investigated through decomposing the momentum returns based on Jegdeesh and Titman’s (1995) method while incorporating three new explanatory factors – the liquidity factor, share ownership factor and the under reaction towards firm-specific news factor. Originality/value – A couple of extant papers have visited the topic before. yet this paper offers more comprehensive view on the existence of momentum premium in both Chinese Class A and B share markets and investigates the driving forces behind the subdued momentum returns observed in the B share market.
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Reddy, Krishna, Muhammad Ali Jibran Qamar, and Marriam Rao. "Return reversal effect in Shanghai A share market." Managerial Finance 45, no. 6 (June 10, 2019): 698–715. http://dx.doi.org/10.1108/mf-04-2018-0140.
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Purpose The existing literature about return reversal effect in Chinese stock markets is inconclusive and controversial. Therefore, the purpose of this paper is to investigate the presence of return reversal effect in the Shanghai A stock market. Design/methodology/approach The authors used the late-stage contrarian strategy of Malin and Bornholt (2013) for the period March 2011‒March 2016. Findings The results show that there is a long-term return reversal effect in the Shanghai A stock market for the period March 2011‒March 2016. When portfolios are in the formation period (P=24 months), the excess returns are significant in the holding period, Q=6, 9, 12, 24 months. Further, there is also a significant short-term momentum effect in the Shanghai A stock market. For the robustness check, a new reversal factor was introduced into the Fama‒French three-factor model. Results show that portfolios have a smaller size and have lower book-to-market ratios; the return reversal factor explains a portion of the abnormal returns and coefficient of the reversal effect is significant. Research limitations/implications The authors caution readers from generalizing the findings of this study, as the sample is small and the focus is only on A stocks listed on the Shanghai Stock Exchange. Originality/value The present research expands the current literature by providing a comprehensive information about the presence of the long-term and short-term return reversal effects in Shanghai A stock market. Furthermore, the Chinese stock markets have distinctive features in comparison to the developed stock markets in terms of government control, institutional structure, liquidity, cultural background, etc. Such differences affect the pattern in stock returns compared with those observed in developed stock markets. Contrary to previous studies, the present study also accounts for robustness checks. Finally, it also evaluates the possible reasons for the return reversal effect in the Shanghai market.
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Cai, Huan, Meining Wang, and Chaonan Bai. "An Empirical Study of Investors’ Disposition Effect in China Based on Open Data from the Chinese Stock Markets." International Journal of Economics and Finance 10, no. 5 (April 13, 2018): 165. http://dx.doi.org/10.5539/ijef.v10n5p165.
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This paper focuses on investors’ different behavioral biases in China’s segmented stock markets and investigates the correlation between average holding periods, stock returns and investors’ disposition effect between 2010 and 2014. The results show that the disposition effect is prevalent in A-share market but is very weak in Growth Enterprise market and there is a lack of evidence to support the existence of disposition effect in B-share market. The study supports the view that investors’ experience and sophistication can partly help reduce investors’ behavioral biases in stock markets. It also indicates that investors in A-shares market prefer to hold stocks with larger market capitalization for longer periods, while investors of B-shares markets and Growth Enterprise market do not reveal a specific preference for market capitalization.
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Hong, Hui. "Information Cascade and Share Market Volatility: A Chinese Perspective." Journal of Asian Finance, Economics and Business 3, no. 4 (November 30, 2016): 17–24. http://dx.doi.org/10.13106/jafeb.2016.vol3.no4.17.
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Gu, Anthony Yanxiang, and Chauchen Yang. "Short Sales Constraints and Return Volatility: Evidence from the Chinese A and H Share Markets." Review of Pacific Basin Financial Markets and Policies 10, no. 04 (December 2007): 469–78. http://dx.doi.org/10.1142/s021909150700115x.
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Returns of the same companies' common stocks, both non-market-adjusted and market-adjusted, exhibit greater volatility, on the Stock Exchange of Hong Kong where short selling is allowed than on the Shanghai Stock Exchange and Shenzhen Stock Exchange where short selling is restrained. This unique evidence indicates that short selling increases stock price volatility for the Chinese stocks in the Chinese stock markets.
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Wu, Congsheng, and Ke Chen. "Return transmissions between ADRs and A-shares of dual-listed Chinese firms." Managerial Finance 41, no. 5 (May 11, 2015): 465–79. http://dx.doi.org/10.1108/mf-02-2014-0034.
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Purpose – A number of Chinese firms have dual-listed in USA and China. The US listing takes the form of American Depositary Receipts (ADRs) whereas the China listing in the form of A-shares. Though ADRs and their underlying A-shares lack full fungibility due to regulatory constraints, they nevertheless represent the same claiming rights and hence should be affected by the same fundamentals or news. The purpose of this paper is to examine the mutual return influences between ADRs and A-shares of dual-listed Chinese firms, and whether and how the recent global financial crisis has altered the mutual feedback dynamics. Design/methodology/approach – The paper uses the bivariate VAR approach to model the returns of ADRs and A-shares. The model is jointly estimated with the three-stage least squares (3SLS) method. It also accounts for the non-synchronous trading problem caused by the fact that the Chinese and US markets are located in different time zones and that the two market observe different national and religious holidays. Findings – The authors find significant mutual return transmissions between ADRs and their A-share counterparts. In the absence of local market sentiments, the return transmission is more prevalent going from USA to China than it is the other way around. After the market factors are included in the models, the information flows between A-shares and ADRs become stronger and bidirectional. Additionally, both ADR and A-share returns are strongly affected by the market sentiment of the marketplace where they are traded. Lastly, the authors find evidence showing that the recent global financial crisis has enhanced the linkage between ADRs and their underlying A-shares. Originality/value – This paper adopts a more rigorous approach to overcome the potential issue caused by non-synchronous trading. It investigates how the global financial crisis has altered the ADR and A-share return feedback dynamics.
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Ying, Shangjun, Xiaojun Li, and Xiuqin Zhong. "Initial value sensitivity of the Chinese stock market and its relationship with the investment psychology." International Journal of Modern Physics C 26, no. 11 (August 31, 2015): 1550128. http://dx.doi.org/10.1142/s0129183115501284.
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This paper discusses the initial value sensitivity (IVS) of Chinese stock market, including the single stock market and the Chinese A-share stock market, with respect to real markets and evolving models. The aim is to explore the relationship between IVS of the Chinese A-share stock market and the investment psychology based on the evolving model of genetic cellular automaton (GCA). We find: (1) The Chinese stock market is sensitively dependent on the initial conditions. (2) The GCA model provides a considerable reliability in complexity simulation (e.g. the IVS). (3) The IVS of stock market is positively correlated with the imitation probability when the intensity of the imitation psychology reaches a certain threshold. The paper suggests that the government should seek to keep the imitation psychology under a certain level, otherwise it may induce severe fluctuation to the market.
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Liu, Chelsea, Graeme Gould, and Barry Burgan. "Value-relevance of financial statements." International Journal of Managerial Finance 10, no. 3 (May 27, 2014): 332–67. http://dx.doi.org/10.1108/ijmf-02-2011-0016.
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Purpose – The Chinese capital markets are divided into two segments comprising of A-shares (traded by domestic investors) and B-shares (traded by foreign investors). Firms issuing A-shares are required to produce accounting reports under the Chinese Accounting Standards (CAS) and firms issuing B-shares are required to report under the International Accounting Standards (IAS). The purpose of this paper is to investigate the comparative value-relevance of accounting information in the Chinese capital markets, in particular whether the value-relevance associated IAS exceeds that of CAS. Design/methodology/approach – This study undertakes a capital market research approach. Two statistical models are employed to test the value-relevance of competing accounting information on share prices: the Price Model and the Return Model. This study takes advantage of the parallel reporting frameworks governing the A-share and B-share markets buy using the same firms which issue both A-shares and B-shares. Findings – The analysis supporting the study demonstrates that both CAS and IAS information is value relevant to investors in the Chinese capital markets but that IAS provide more useful information. Additionally it is observed that reconciliation variables (representing the discrepancy between IAS- and CAS-based accounting figures) are not significant in explaining market valuation or returns on stock. Research limitations/implications – This study provides evidence of value-relevance of accounting reports on the Chinese capital markets for the period of 1999-2005. The period under investigation captures the significant development in China's accounting regulations which took place in 1998 and 2001. The recent shift in accounting regulations in China from CAS to IAS is expected to improve the dissemination of financial information by publicly listed Chinese firms. Practical implications – This study investigates the reporting requirements on the Chinese capital markets during a period in which accounting reporting requirements underwent a significant change as part of the internationalization of accounting standards. Both A- and B-share markets were investigated simultaneously in order to provide an objective analysis and avoid sampling selection bias present in other studies. Social implications – The recent shift in accounting regulations in China from CAS to IAS is expected to improve the dissemination of financial information by publicly listed Chinese firms. Originality/value – This paper extends previous research on value-relevance of accounting reports in the Chinese capital markets by capturing the period in which the reporting requirements had experienced significant change. This paper also takes advantage of the dual reporting framework in order to mitigate potential sampling bias present in previous studies and employs a reconciliation variables not previously used.
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Hong, Philip K., Tao Ma, and Guochang Zhang. "Accruals Quality and Cost of Capital: Evidence from the Chinese Stock Market." Journal of International Accounting Research 18, no. 1 (July 1, 2018): 71–95. http://dx.doi.org/10.2308/jiar-52216.
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ABSTRACT We seek evidence of a link between accruals-based earnings quality (EQ) and cost of capital by examining two classes of shares traded in China's segregated markets prior to 2001.The A- and B-shares introduced respectively for domestic and foreign investors carry identical cash flow rights, but B-shares are traded at deep discounts relative to A-shares. We predict that whereas the differential informedness of domestic versus foreign investors causes A- and B-share prices to diverge, high-quality public reporting serves to narrow the information and hence price gaps. Consistent with our predictions, we find that EQ is negatively related to the A-B share price differential and that the negative effect is more pronounced for firms with large disparities in informedness between the markets. We further find that this EQ effect vanishes after the new policy in 2001, which permits domestic investors also to trade B-shares and consequently reduces the inter-market information gap. By employing this unique setting, the study circumvents some of the research design limitations in prior studies, which enables us to better identify the pricing effect of accruals quality. JEL Classifications: M41; G12.
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Wang, Peng. "Foreign institutional investor trading in Chinese A-share markets." Managerial Finance 40, no. 10 (October 7, 2014): 1007–23. http://dx.doi.org/10.1108/mf-11-2013-0326.
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Purpose – This paper addresses the topic “The interaction between financial institutions and firms in the nonfinancial sectors” in the special issue of “Banking and finance in China.” The purpose of this paper is to examine the trading behavior and price effects of foreign institutions under the celebrated Qualified Foreign Institutional Investor (QFII) scheme on all non-financial firms in the Chinese A-share markets. Design/methodology/approach – Using quarterly equity-level foreign institution transactions from 2005Q1 to 2011Q4 in the Chinese A-share market, the author finds a positive and significant contemporaneous relationship between foreign flows and equity returns. For each quarter, the author sorts the stocks into ten portfolios based on the percentage of foreign flows, and employs the bivariate vector autoregression (VAR) model to examine the contemporaneous association in detail. Findings – Foreign institutions in the Chinese A-share markets do not show positive or negative feedback trading; however, their flows have a strong impact on future equity returns because of informational advantage. Additionally, different associations are found between foreign flows and equity returns. Research limitations/implications – Constraints on data availability exist, and a quarterly dimension is too coarse to provide a statistically precise result, although certain related papers use quarterly dimension data. Further research is required using higher frequency data. Originality/value – This paper provides a first look at foreign institution trading patterns and price effects on local equity returns in the Chinese A-share markets. Additionally, the equity level data allow the author to exclude the stocks that were not bought by foreign institutions and to detect the “pure effect” of foreign flows on equity returns.
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Fazal, Ossama, and Sonia kanwal. "US-Sino Trade War, A Trading Setback Or An Opportunity For Emerging Markets." Journal of Educational Paradigms 3, no. 1 (June 15, 2021): 164–66. http://dx.doi.org/10.47609/0301042021.
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After trying to nurture positive diplomatic relationships among two major economies in the world, a cold war has been converted into a trade war between China and the United States of America. Massive tariffs have been imposed on Chinese imports by Trump administration due to which china stroked back with its tariff policy for American products. Different Chinese companies like Huawei and Haier must face unforeseen circumstances due to trade war. The market for Chinese products seems to shrank post trump policy; on one side, it is a major setback for the Chinese market as an emerging market. On the other hand, it is a golden opportunity for other emerging markets like India, Taiwan, Singapore, South Korea, and the Philippines. US-market is a vast market for Chinese electronics, technology, agriculture, leather, furniture, and many more household products since china entered in the race of globalization. A rise in tariff triggered a trade war, resulting in a decrease in Chinese share in US-market. This trade war has offered a golden opportunity for emerging markets to take over Huawei and Haier's market due to trade barriers and bans on them from the US. This paper will study deep-rooted causes of the US-Sino trade war by examining the impact of a trade war on Huawei technologies and Haier; big Chinese firms dealing worldwide and have a large share in the US-market. The research type will be exploratory, and most of the data is based on secondary data sources. It has been found in this article that the US-Sino trade war is causing losses to both economies on international trade forum. The products from other Asian countries are replacing the Chinese products in the USA. On the other hand, the emerging markets like India, Hong Kong, South Korea, and Taiwan benefit from the absence of Chinese products from the international market. Hence, the winner of the US-Sino trade wars is emerging economies.
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Wu, Yuan. "The Asymmetric Momentum Effect in the Chinese Class A Share Market Amid Market Swings." Asia-Pacific Financial Markets 23, no. 1 (March 2016): 107–36. http://dx.doi.org/10.1007/s10690-016-9211-0.
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Li, Bob, Yee Ling Boo, Mong Shan Ee, and Cindy Chen. "A re-examination of firm's attributes and share returns: Evidence from the Chinese A-shares market." International Review of Financial Analysis 28 (June 2013): 174–81. http://dx.doi.org/10.1016/j.irfa.2013.02.007.
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殷, 浩. "An Analysis of Plate Linkage Based on Chinese A-Share Market." Hans Journal of Data Mining 10, no. 03 (2020): 209–20. http://dx.doi.org/10.12677/hjdm.2020.103022.
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Jiufang, Tang, Lin Xiaohua, and Tang Jiuhong. "Environmental Disclosure of Chemical Industry: Evidence from Chinese A-Share Market." Chinese Journal of Population Resources and Environment 7, no. 1 (January 2009): 23–29. http://dx.doi.org/10.1080/10042857.2009.10684906.
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Li, Larry, Adela McMurray, and Bo Liu. "The Functionality of Book-to-Market Ratio in Chinese Markets." International Research in Economics and Finance 2, no. 2 (August 8, 2018): 50. http://dx.doi.org/10.20849/iref.v2i2.514.
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We investigate the question whether the book to market ratio acts as a “risk-based” or “mispricing-based” proxy for share price formation in Chinese markets. We find that a strong relationship is observed between the firms’ book to market ratio and stock returns both in current and following years, while we cannot find a steady relationship between market leverage ratio and stock returns. In addition, the findings support the notion that a mispricing-based explanation is more plausible in China due to the speculative features of the Chinese markets.
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Lin, Hung-Wen, Kun-Ben Lin, Jing-Bo Huang, and Xia-Ping Cao. "An Anecdote of Investor Anxiety and Momentum in China." Complexity 2020 (April 25, 2020): 1–21. http://dx.doi.org/10.1155/2020/6564731.
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We show the effect of investor anxiety on momentum in the Chinese stock market. In this market dominated by retail investors, we examine the momentum profits in 900 types of daily testing periods. We find prevalent price reversals in the long formation and holding periods in the Chinese A-share market. Compared to Goyal and Wahal (2015), Wang and Xie (2010), and Kang et al. (2002) who found no momentum, our novel finding from a daily basis is that the A-share market presents price momentum within the short formation and holding periods. We first test the momentum profits under different strengths of anxiety in the A-share market. The stocks held by the least anxious investors elicit the strongest price momentum, whereas the stocks held by the most anxious investors encounter much weaker price momentum in the A-share market. According to our empirical outcomes, the A-share market overall exhibits higher anxiety and weaker momentum, whereas the B-share market embodies milder anxiety and stronger momentum. From the results of single market and cross-market comparisons, the intrinsic anxiety of retail investors is an essential factor stimulating the Chinese stock market to be prone to price reversals.
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Sang, Yufeng. "The Compatibility between Fibonacci Sequence and Elliott Impulse Wave in the Context of A-share Market." Finance and Market 6, no. 1 (April 21, 2021): 66. http://dx.doi.org/10.18686/fm.v6i1.3266.
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The connections between Fibonacci sequence and Elliott impulse wave that Ralph Elliot has proposed in Elliott Wave Principle are not valid all the time owing to the type and variability of the stock market. It is a probabilistic event which can reflect the compatibility between Fibonacci sequence and Elliott impulse wave. In order to explore the compatibility between Fibonacci sequence and basic-form Elliott impulse wave in the context of Chinese A-share market, a research via analyzing the historical trend of 50 core assets’ individual stocks was conducted in Chinese A-share market. The study reveals that Fibonacci sequence does not highly fit basic-form Elliott impulse wave in the context of Chinese A-share market. Suggestions for investors are diversifying the investment strategy to enhance risk controllability, rather than using Elliott Wave Principle singly.
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Gan, Christopher, Chao Bian, Damon Wu, and David A. Cohen. "Determinants of share returns following repurchase announcements in China." Investment Management and Financial Innovations 14, no. 2 (May 31, 2017): 4–18. http://dx.doi.org/10.21511/imfi.14(2).2017.01.
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By combining the market model with the three-factor model, this study investigates firms’ share returns after the announcement of share repurchase. Employing data for China’s A-share market, this study’s sample utilizes 417 share repurchase announcements over the period of 2000 to 2012. Empirical results show that firms with higher sales growth rates are more likely to send a positive signal to the market through their share repurchase efforts. Analysis also shows that the higher a firm’s price-to-earnings ratio (utilized as a measure of overvaluation), the lower the firm’s cumulative abnormal returns. These results imply that Chinese share markets put more emphasis on the firm’s future growth and share overvaluation.
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Xinyuan, Zhang, Bao Nan, and Zhao Yufei. "Ownership Concentration, Financial Leverage and Inefficient Investment-evidence from Chinese A-share Market." Applied Finance and Accounting 3, no. 2 (July 14, 2017): 70. http://dx.doi.org/10.11114/afa.v3i2.2478.
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This paper analyzes the data from Chinese A-share market during 2 years from 2014 to 2015. Basing on 2297 listed firms, we use theoretical analysis and empirical analysis to explore and validate the relationship between ownership concentration, financial leverage and the company's inefficient investment behavior. The result shows that in Chinese A-share market, financial leverage can effectively inhibit the company's inefficient investment behavior; the concentration of equity will effectively inhibit the company's inefficient investment behavior.
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Chen, Jun, Alireza Tourani-Rad, and Ronghua Yi. "Short sales and price discovery of Chinese cross-listed firms." International Journal of Managerial Finance 12, no. 4 (August 1, 2016): 408–21. http://dx.doi.org/10.1108/ijmf-02-2015-0025.
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Purpose – The purpose of this paper is to investigate the impact of short selling and margin trading on the price discovery and price informativeness of cross-listed firms, using a sample of Chinese firms listed on the China and Hong Kong stock exchanges. Design/methodology/approach – The sample consists of 67 Chinese cross-listed firms on A-share and H-share markets out of which 18 firms are allowed to be sold short/ traded on margin since March 2010. Using pre- and post-event period, the authors compare and contrast various market microstructure variables. The contributions of the home (A-share) and overseas (H-share) markets to the incorporation of new information into prices are calculated following the permanent-transitory approach of Gonzalo and Granger (1995) as well as the adverse selection component of Lin et al. (1995). Findings – The findings indicate that for the group of Chinese cross-listed firms that are not allowed to be sold short or bought on margin, the home (A-share) market contributes more to the price discovery process over time. However, for the group of cross-listed firms that are eligible for short selling and margin trading, the authors observe no significant difference in the contribution of either A- or H-share markets to the price discovery. The contribution of home market for these firms is even lower around the announcement of major events. The authors further find that while the short sale activities appears to be informative, measured by the adverse selection (AS) component of spread, on the whole they have not led the A-share markets to be more informative. Research limitations/implications – The sample of cross-listed Chinese firms that are allowed to be sold short or bought on margin are rather limited. Hence, the results should be read with some caution. Practical implications – The removal of short selling constraints appears to improve the contribution of the respective markets to the process price discovery, in the case for larger cross-listed firms. Originality/value – The authors shed new lights on how the introduction of short selling and margin trading impacts on the price discovery of the Chinese cross-listed firms. A further contribution of the study is the use of high frequency data, while most of the previous studies on the Chinese markets use daily data.
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Jenster, Per V., and Cissy Chen. "Degussa Stabilizers: Accessing the Chinese Market." Asian Case Research Journal 12, no. 02 (December 2008): 215–32. http://dx.doi.org/10.1142/s0218927508001102.
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Degussa, one of the top 10 chemical companies and the largest specialty chemical company in the world, started its operations in China in January 2003. According to one of the key tenets of the Degussa 2008 Program — Make China Happen — the company will significantly need to increase its sales in China by 2008, with focus on Degussa Stabilizers (a division of Degussa which began its operations in China in 2004). In 2005, Degussa Stabilizers held a market share of about 10 percent (in terms of value). Despite positive results, it could not meet the required growth rate and market share projected by the company. Therefore, in order to strengthen its position in the market, the management team of Degussa Stabilizers decided to minimize the production cost and improve customer services. This case challenges students to analyze and evaluate the company's position. Based on the findings from the case study, the students are required to make recommendations that will help Degussa China to adapt to the rapid market changes and increased competition.
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Yerger, David, and Gary David Sawchuk. "Assessing shifts in Canada's competitive exposure in its home markets." Competitiveness Review: An International Business Journal 18, no. 3 (September 5, 2008): 275–86. http://dx.doi.org/10.1108/10595420810906037.
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PurposeThe paper's aim is to analyze changes in the relative importance of Canada as a supplier for its home markets; and, the rising importance of China versus other Canadian trading partners.Design/methodology/approachThe market overlap measure (MOM) statistic, developed by Sawchuk and Yerger is used to analyze the Canadian home market shares for Canada and every other nation with sales in the Canadian market for each of 61 different NAIC sectors (56 at the four‐digit NAIC level and five at the three‐digit NAIC level).FindingsThe USA remains the most important foreign supplier to Canadian markets with a weighted average 23.6 percent market share as of 2003 (Canadian‐based production having a 63.0 percent market share). US market share, however, has been declining by nearly a percentage point per year since 2000. Approximately, half of the lost US' market share has been captured by Canadian‐based firms and approximately a quarter has been captured by Chinese production. China's growth in Canadian market share places it second behind only the USA in terms of Canadian‐based firms' home market competitive exposure.Research limitations/implicationsThe work does not include an analysis of service sector trade flows due to inadequate data.Practical implicationsThe MOM statistic is shown to be a useful diagnostic tool for analyzing the level of, trends in, and industries driving the competitive exposure a nation's firms have on sales in a specified market.Originality/valueThe MOM statistic is shown to yield better insights regarding the actual degree of competitive exposure than does the more commonly used similarity indices such as Finger‐Kreinen.
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Zhang, Ling, Chao Ge, and Wun-Hong Su. "Auditing Quality, Investor Sentiment and Earnings Response---Evidence from the Chinese A-Share Market." Accounting and Finance Research 7, no. 2 (February 9, 2018): 110. http://dx.doi.org/10.5430/afr.v7n2p110.
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The purpose of this study is to investigate whether auditing quality mitigates the impact of the investor’s sentiment on share market response to earnings news. Auditing quality involves auditor reputation quality and auditor implicit quality. The high-quality of auditing work can not only enhance the investors’ confidence, but also reduce the transaction costs. Using 12,345 observations from the Chinese A-share market over the period 2007 to 2014, the empirical results demonstrate that the different auditing quality signals generate the distinct influences on the investors. Specifically: (1) there is an insignificant relation between auditor reputation quality and the influence of investor sentiment on share market response to earning news; (2) there is a significant association between auditor implicit quality and the influence of investor sentiment on share market response to earning news.
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Huang, Xucheng, and Jie Sun. "Are Chinese market-neutral strategy hedge funds really market neutral?" China Finance Review International 8, no. 1 (February 19, 2018): 21–42. http://dx.doi.org/10.1108/cfri-04-2017-0033.
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Purpose The purpose of this paper is to empirically analyze the “market-neutral” characteristics of the market-neutral strategy hedge funds in Chinese A-share market. Design/methodology/approach The analyses in the paper are conducted to study the market-neutral characteristics by means of index analysis, correlation analysis, β-neutral analysis and the three-factor model analysis. Findings The results show that the performance advantage of the market-neutral strategy hedge funds is obvious. Most market-neutral strategy funds are exposed to market risks and the α strategy funds also have obvious style factor exposure; strictly speaking, all of the market-neutral strategies have not reached the “market-neutral” requirements. This paper also finds that Chinese trading restrictions on stock index futures in September 2015 have a significant impact on Chinese market-neutral strategy hedge funds. Originality/value The conclusion of this paper has a certain reference value for understanding the risk characteristics and possible problems of hedge funds in emerging markets, and also has important reference value for investors.
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Wu, Mao-Ying, and Philip L. Pearce. "Understanding Chinese Overseas Recreational Vehicle Tourists: A Netnographic and Comparative Approach." Journal of Hospitality & Tourism Research 41, no. 6 (September 17, 2014): 696–718. http://dx.doi.org/10.1177/1096348014550869.
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A new group of participants, young, independent, technology empowered Chinese tourists, are entering the international recreational vehicle (RV) drive market. This study addressed three research questions: Who are they? Why do they travel in this style? Where do they go? Netnography was undertaken as the research approach. The findings were contextualized by comparison with existing knowledge about mature RV users (e.g., Grey Nomads, Snowbirds, and retirees). It was found that the Chinese RV tourists share some commonalities with the mature RV market. The differences, however, were also substantial. Implications for other markets and destinations in developing the international driving market are offered. Furthermore, the use of netnography to offer insights to understand new markets and/or new activities is highlighted.
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YU, Ting, and Y. K. TSE. "An empirical examination of IPO underpricing in the Chinese A-share market." China Economic Review 17, no. 4 (January 2006): 363–82. http://dx.doi.org/10.1016/j.chieco.2005.07.001.
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Wu, Yuan, and Taufiq Choudhry. "Information Uncertainty and Momentum Phenomenon Amidst Market Swings: Evidence From the Chinese Class A Share Market." Asia-Pacific Financial Markets 25, no. 2 (June 2018): 111–36. http://dx.doi.org/10.1007/s10690-018-9241-x.
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Wang, Dong-Hua, Nan Qing, Man Lei, and Xiaohui Chang. "Dynamic relation of Chinese stock price-volume pre- and post- the Split Share Structure Reform." China Finance Review International 5, no. 4 (November 16, 2015): 386–401. http://dx.doi.org/10.1108/cfri-03-2015-0024.
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Purpose – The purpose of this paper is to identify the bull and bear regimes in Chinese stock market and empirically analyze the dynamic relation of Chinese stock price-volume pre- and post- the Split Share Structure Reform. Design/methodology/approach – The authors investigate the price-volume relationship in the Chinese stock market before and after the Split Share Structure Reform using Shanghai Composite Index daily data from July 1994 to April 2013. Using a two-state Markov-switching autoregressive model and a modified two-state Markov-switching vector autoregression model, this study identifies bull or bear market and also examine the existence of regime-dependent Granger causality. Findings – Using a two-state Markov-switching autoregressive model, the authors detect structural changes in the market volatility due to the reform, and find evidence of a positive rather than an asymmetric price-volume contemporaneous correlation. There is a strong dynamic Granger causal relation from stock returns to trading volume before and after the reform regardless of the market conditions, but the causal effects of volume on returns are only seen in the bear markets before the reform. The model is robust when using different stock indices and time periods. Originality/value – The work is different from previous studies in the following aspects: most of the existing empirical literature focus on the well-developed economies, but our interest lies in the emerging Chinese market that has witnessed rapid growth in the past decade; in contrast to many works in the literature that examine the price-volume relationship during one market condition, the authors compare the relationship in a bull market with that in a bear market, using a two-state MS-AR model; the authors also employ a modified two-state Markov-switching vector autoregression model to examine the existence of regime-dependent Granger causality; as the most massive systematic reform for the Chinese stock market since its inception in 2005, the Split Share Structure Reform has a profound impact on the Chinese stock market, thus it is of vital importance to explore its effects on both the price-volume relationship and the market structure.
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Ran, Zhuoling, Xuehao Huang, and Mingjia Xie. "To explore the mystery of the idiosyncratic volatility of the A-share market." E3S Web of Conferences 235 (2021): 03025. http://dx.doi.org/10.1051/e3sconf/202123503025.
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Return and risk are inevitable topics in financial research. This paper explores the relationship between IVOL (idiosyncratic volatility) and cross-sectional return (risk premium and excess return) of the Chinese A-share market. With the monthly data of 237 months from January 2001 to September 2019 of Ashare of Shanghai and Shenzhen stock exchange, IVOL of each stock by the regressions is conducted through rolling window based on the four factors model of Carhart. Whether there is a significant positive or negative relationship between the IVOL and the cross-sectional return of the stock by combination analysis and crosssection regression are tested in the paper. The research shows that, after excluding the influence of financial crisis and stock disaster, from January 2001 to September 2019, there is a significant positive relationship between the special volatility and cross-sectional return in Chinese A-share market under normal market conditions, and there is no so-called “mystery of the special volatility”.
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Xie, Tian, Yi Xu, and Xinsheng Zhang. "A new method of measuring herding in stock market and its empirical results in Chinese A-share market." International Review of Economics & Finance 37 (May 2015): 324–39. http://dx.doi.org/10.1016/j.iref.2014.12.004.
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Tian, Wenzhao, Yanxiang Wang, Zhao Huo, and Yilin Li. "The survey and criterion of the compass rose in Chinese A-share market." Physica A: Statistical Mechanics and its Applications 492 (February 2018): 272–84. http://dx.doi.org/10.1016/j.physa.2017.09.069.
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Wang, Yuenan, and Amalia Di Iorio. "The cross section of expected stock returns in the Chinese A-share market." Global Finance Journal 17, no. 3 (March 2007): 335–49. http://dx.doi.org/10.1016/j.gfj.2006.05.007.
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Ye, Jianhua, and Shangyi Bai. "Can firm environmental performance affect stock liquidity: Evidence from Chinese A share market." E3S Web of Conferences 275 (2021): 01033. http://dx.doi.org/10.1051/e3sconf/202127501033.
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CHINDICES’ environmental performance rating was used to proxy for the environmental performance of the sample companies in Chinese stock market. Portfolios analysis method and Ordinary Least Square(OLS)method was used to examine the relationship between the environmental performance and stock liquidity. Results based on the investigations indicated that firm environmental performance have a negative and significant relationship with the level of stock liquidity in whose firms with high environmental performance ratings, whereas this relationship is positive and significant in whose firms with low environmental performance rating s, and the relationship between environmental performance and stock liquidity is a inverted-U shape. This research enrich the researches on determinants of stock liquidity, and is also helpful for firms to comprehensive evaluate their environmental related decision making.
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Richeri, Giuseppe. "Global film market, regional problems." Global Media and China 1, no. 4 (December 2016): 312–30. http://dx.doi.org/10.1177/2059436416681576.
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In the global film market, China is gaining more and more importance. The Chinese box office and film admissions are growing year after year and Chinese film and related companies are able to make business more and more abroad. On the contrary, US and European film markets are flat and the production costs of their film are growing. Both are trying to enter the Chinese film market and cooperate with Chinese film companies. The article reviews the Hollywood strategies towards China and analyses the advantages and problems that will be found following this way and the reason why China is interested to cooperate with Hollywood. But also, in that case, there are advantages and problems to analyse. The place of European film industry and market is different because Europe has a lot of problems to deal with: industry and market fragmentation, little cooperation among member states, lacking distribution of European film outside national markets and too large box office share of Hollywood films. European companies would like to improve cooperation with China, but they have few financial resources to invest in co-productions, they do not have blockbusters to push the China box office and they have no know-how to offer for gaining on the global film market. They can only offer cultural, artistic and creative competences, but is that what Chinese film industry is looking for?
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Liu, Chang, Haoming Shi, Liang Wu, and Min Guo. "THE SHORT-TERM AND LONG-TERM TRADE-OFF BETWEEN RISK AND RETURN: CHAOS VS RATIONALITY." Journal of Business Economics and Management 21, no. 1 (November 7, 2019): 23–43. http://dx.doi.org/10.3846/jbem.2019.11349.
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This paper used the composite construction method proposed by Haugen (1999) and its application by Zhao and Wang (2010) for the Chinese stock market. Utilizing the Shanghai A-share market stocks data, this paper first selected the shares listed on the Shanghai Stock Exchange during January 1, 1997 to December 31, 2017. A portfolio was then built according to the mean variance model of portfolio structure, and simulation results were analysed using the Wilcoxon Signed Rank Test. The relationship between risk and return in the long and short term was explored. Results indicated no significant relationship between the risk and return of the stock portfolio in the short run, which reflects the complexity of the Chinese stock market. However, in the long run, the risk and return of the stock portfolios are positively correlated, which means that high returns are accompanied by high risks, indicating that the stock market will eventually return to rationality. In other words, the A-share stock market will eventually return to be value-driven and the short-term speculators would be outweighed by long-term value investors.
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Chen, Xiaohui, and Jianhua Ye. "Can Limits to Arbitrage Explain Stock Price Idiosyncratic Volatility Premium Puzzle in China’s A-Share Market?" Discrete Dynamics in Nature and Society 2021 (July 13, 2021): 1–7. http://dx.doi.org/10.1155/2021/9549366.
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Investigating the existence and causes of idiosyncratic volatility premium puzzle in developing stock market can enrich the research on this asset pricing puzzle. To investigate the existence and whether limits to arbitrage in China’s A-share market can explain the idiosyncratic volatility premium puzzle, this paper uses listed stocks in China’s A-share market from 2002 to 2019 as a sample. We calculate three individual measures and one comprehensive measure of limits to arbitrage based on Chinese specific regulations. After that, we conduct univariate portfolios analysis, regression analysis, and bivariate portfolios analysis to obtain evidence. We prove that idiosyncratic volatility premium puzzle exists in China’s A-share market and is robust and that limits to arbitrage in this market can partly explain this asset pricing puzzle. This paper enriches research on asset pricing anomaly and can help us evaluate the effect of China’s A-share market reform.
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Bitsch, Linda, Shuo Li, and Jon H. Hanf. "Vertical coordination in the Chinese grape market." Journal of Agribusiness in Developing and Emerging Economies 11, no. 4 (February 1, 2021): 396–410. http://dx.doi.org/10.1108/jadee-07-2020-0145.
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PurposeRegarding the global development of the wine industry, China has gained a notable share in terms of wine consumption, and its domestic wine production has increased steadily since 2000. The wine production process requires close coordination between growers and processors to avoid disruption and instability in the supply chain of the wine grapes. However, vertical coordination in the Chinese wine regions has received little attention. Based on the existing theoretical background on vertical coordination, this study aims to detect the evolution processes of vertical coordination in the Chinese grape market.Design/methodology/approachExploratory qualitative research fits with the aim of this study. From December 2018 to January 2019, interviews with grape growers and wine processors of various Chinese wine-producing areas took place. After transcribing all recorded files into text, a qualitative data analysis following the approach of Mayring (2015) was used to analyse and interpret the data.FindingsThe models of vertical coordination in the grape supply in China vary between the producer's requirements on grape quality/quantity and the arrangements of grape supply chains, which are diverse depending on regional strategies of the local government.Research limitations/implicationsHowever, in this research, the authors did not get into details on the organization of the contractual coordination, and due to the limited access to grape growers, the relationship between farmers and processors cannot be analysed in detail. With a better understanding of the coordination relationship and enhanced contract enforcement, the vineyard management and grape supply chain management can be better performed, inducing a steady industrial development.Originality/valueRegarding the global development of the wine industry, China has gained a notable share in terms of wine consumption, and its domestic wine production has increased steadily since 2000. However, vertical coordination in the Chinese wine regions has received little attention. The study provides a first insight into the grape market structures, as very little is known.
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Chi, Wei, Robert Brooks, Emawtee Bissoondoyal-Bheenick, and Xueli Tang. "Classifying Chinese bull and bear markets: indices and individual stocks." Studies in Economics and Finance 33, no. 4 (October 3, 2016): 509–31. http://dx.doi.org/10.1108/sef-01-2015-0036.
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Purpose This paper aims to investigate Chinese bull and bear markets. The Chinese stock market has experienced a long period of bear cycle from early 2000 until 2006, and then it fluctuated greatly until 2010. However, the cyclical behaviour of stock markets during this period is less well established. This paper aims to answer the question why the Chinese stock market experienced a long duration of bear market and what factors would have impacted this cyclical behaviour. Design/methodology/approach By comparing the intervals of bull and bear markets between stocks and indices based on a Markov switching model, this paper examines whether different industries or A- and B-share markets could lead to different stock market cyclical behaviour and whether firm size can determine the relationship between the firm stock cycles on the market cycles. Findings This paper finds a high degree of overlapping of bear cycles between stocks and indices and a high level of overlapping between the bear market and a fraction of stock with increasing stock prices. This leads to the conclusion that the stock performance and trading behaviour are widely diversified. Furthermore, the paper finds that the same industry may have different overlapping intervals of bull or bear cycles in the Shanghai and Shenzhen stock markets. Firms with different sizes could have different overlapping intervals with bull or bear cycles. Originality/value This paper fills the literature gap by establishing the cyclical behaviour of stock markets.
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Fong, Wai Mun. "Speculative trading and stock returns: A stochastic dominance analysis of the Chinese A-share market." Journal of International Financial Markets, Institutions and Money 19, no. 4 (October 2009): 712–27. http://dx.doi.org/10.1016/j.intfin.2008.12.003.
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Li, Yongqing, Jinghui Liu, and Ian Eddie. "Share types and earnings management: Evidence from Chinese listed companies." Corporate Ownership and Control 8, no. 2 (2011): 271–84. http://dx.doi.org/10.22495/cocv8i2c2p4.
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This study contributes to the literature on the ownership structure by investigating the effect of special share types on the practice of earnings management in China. Equity ownership in listed Chinese companies have five different types: state-owned shares, legal person shares, employee shares, A-shares, and B- & H-shares, which is a phenomenon unique to the Chinese equity market. Empirical analysis shows that different share types and mixed ownership structure significantly affects the company’s earnings management. Using a sample of 544 listed Chinese company-years, this study finds that the state-owned shares and legal person shares are positively associated with earnings management. However, the proportion of B- & H-shares is not related to earnings management. In addition, empirical results also show evidence in support of a positive relationship between the proportion of A-shares and earnings management. These findings indicate that transferral of more state-owned shares and legal person shares to the public can mitigate earnings management. However, because currently in China shares are still largely owned by the state or legal persons, the magnitude of earnings management may be maintained at a high level. In addition, due to tradable A-shares has a positive relation with earnings management, holding a large proportion of A-shares still cannot effectively constrain earnings manipulation, which suggests that China’s ownership structure reform may not be highly successful as China Securities Regulatory Commission (CSRC) expected. In achieving a better corporate governance practice, further structure reform is essential
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张, 传美. "The Performance of Institutional Investors——Based on the Analysis of Chinese A Share Market." Finance 04, no. 01 (2014): 16–24. http://dx.doi.org/10.12677/fin.2014.41003.
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Long, Hai. "A Preliminary Study of the Emerging and Developing Stock Market of China." Journal of Business Theory and Practice 2, no. 1 (January 18, 2014): 100. http://dx.doi.org/10.22158/jbtp.v2n1p100.
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<p><em>The Chinese share market as an emerging and fast-growing listing venue has experienced a significant development since 2000.Prior studies on this market overwhelmingly concentrate on IPO-pricing-related and post-IPO performance-based propositions with lagging data. Adopting the updated data within the last couple of years, this paper comprehensively explores and accounts for some striking features of the Chinese stock market, and unfolds</em><em> </em><em>some new causes contributing to these characteristics.</em></p> <p><em>Some new findings are revealed. 1)</em><em> </em><em>Two new factors may lead to the extreme under</em><em> </em><em>pricing in China’s</em><em> </em><em>market, which are</em><em> </em><em>the unseasoned investor</em><em> </em><em>sand their high demands of IPO shares. 2)</em><em> </em><em>The foreign-currency trading platform is not effective and efficient to attract the overseas investors.</em><em> </em><em>3)</em><em> </em><em>The imbalanced industry structure of the listed firms is very significant, the Chinese share market is dominated by the manufacturing firms.4)</em><em> </em><em>The Growth Enterprise Market of China is essential to address the long-standing financing difficulties for the Chinese Small and Medium-sized Enterprises, which are unqualified to raise capital from the Primary Stock Market.</em></p>
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Xu, Tianxiang, and Yujie Zhao. "An empirical study of IPO underpricing: Evidence from Chinese stock market." Corporate Ownership and Control 12, no. 1 (2014): 139–52. http://dx.doi.org/10.22495/cocv12i1p10.
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Initial public offerings, as one of the most important activities for firms, have raising massive amount of researches. Regarding China, the stock markets are experiencing a massive level of IPO underpricing, which leads to trillions of dollars leaved on the table. This study is conducted for the question why Chinese IPO are so heavily underpriced and the determinants of IPO underpricing, also the possibility of IPO be underpriced in China. We confirm again that Chinese IPOs are heavily underpriced and the average underpricing level is about 110%. Further, Chinese IPO will experience a negative short term return starting from 10 days after listing, and there are significantly different characteristics for state owned IPOs and private IPOs. This study finds that information asymmetry, proportion of state owned share and risk are the mainly determinants of IPO underpricing in China. Additionally, one of the biggest reason that Chinese initial public offering is underpriced so much is because of government participation, since we find that firms with larger proportion of government state owned shares will be more underpriced.
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Deng, Yirui, Yimin Chen, and Guowei Gao. "Empirical Analysis of the Matching Degree between Energy Equipment Manufacturing and Market Demand: A Global Perspective." Complexity 2021 (April 16, 2021): 1–13. http://dx.doi.org/10.1155/2021/5565087.
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The study of matching degree between energy equipment manufacturing and market demand is crucial for energy enterprises to adjust business strategies, expand market share, and develop sustainably. Considering that the current electricity market evaluation indicators are rarely selected from a global perspective and a single evaluation method may lead to one-sided results, this article takes the technology and equipment related to electric energy as the research object and selects six indicators, including technical standards, qualification certification, export methods, after-sales service, market concentration, and product concentration. By analyzing the supply and demand characteristics of major global regional markets and the situation of Chinese power enterprises in these markets, we propose matching model cluster including osculating value method, rank-sum ratio method, ideal point method, entropy value method, and efficacy coefficient method to conduct the matching degree study. The results show that the overall market matching degree of Chinese power companies is good, especially in Southeast Asia, Central Asia, and Africa. For markets with a low degree of matching, we analyze the reasons based on the matching indicators values to provide companies with corresponding strategies and recommendations.
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Qu, Wen, Michelle Fong, and Judy Oliver. "Does IFRs convergence improve quality of accounting information? Evidence from the Chinese stock market." Corporate Ownership and Control 9, no. 4 (2012): 187–96. http://dx.doi.org/10.22495/cocv9i4c1art5.
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This paper aims to examine whether the 2007 IFRS converged Chinese GAAP has improved the quality of accounting information for investors in the A-share market in China. We analyse investor’s reaction to financial information released pre and post IFRS convergence in China. Multiple regression analysis was employed using data from 309 listed Chinese companies. The findings of this study show that earnings per share, relative to book value of equity, is a stronger explanatory factor of market return in both the pre- and post IFRS convergence periods, suggesting that investors rely heavily upon earnings released by listed companies when making security price decisions in the Chinese stock market. The results also suggest that investors’ reliance on the income statement information for investment decisions becomes greater in the post IFRS convergence period.
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Kudlu, Chithprabha, and Mark Nichter. "Indian Imaginaries of Chinese Success in the Global Herbal Medicine Market." Asian Medicine 14, no. 1 (September 2, 2019): 104–44. http://dx.doi.org/10.1163/15734218-12341437.
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Abstract India’s share in the global herbal market is dwarfed by that of China. Public and policy discourse in India exhorts Ayurvedic stakeholders to emulate Chinese medicine’s “science-based approach” to expand their global market share. But contrary to popular perception in India, China has been largely unsuccessful in making inroads into the coveted Euro-American herbal medicine market. Chinese medicine’s global footprint is largely the result of historical-cultural links, diasporic influences, and acupuncture practitioners. With national traditional medicine policies increasingly shaped by the evidence-based regulatory paradigm, the future of these informal bottom-up pathways is uncertain. Ignoring the roots of Chinese medicine’s global career has led to a distorted image of its “success” as an outcome of state investment in scientific validation and standardization programs. Our findings underscore the need to critically examine the imaginaries of success that drive stakeholders of non-biomedical traditions toward scientization to earn legitimacy and profits in the global realm.