PRIVATIZING CHINA IS not all about glitzy roadshows for IPOs of large state-owned enterprises (SOEs) on international exchanges. Away from the limelight there are thousands of smaller SOEs which will never get to ring the bell at the NYSE.
As the privatization of the creaking state-owned assets continues, the government has relied increasingly on little-known asset exchanges to carry out transfers from public to private ownership.
A recent central government initiative is likely to see the emergence of new super exchanges, the first of which has just started business in Beijing.
The China Beijing Equity Exchange, or CBEX was opened for business on Valentine's day, February 14. The result of a merger between Zhongguancun Technology & Equity Exchange and Beijing Asset and Equity Exchange, CBEX is the only non-public equity exchange market authorized by the Beijing municipal government.
It may be the newest kid on the block, but...
