A Study on IPO of CITIC Securities Company  

作　　者：Chao Chen Wuyang Zhao 

机构地区：[1]School of Management,Fudan University,Shanghai 200433,China

出　　处：《Frontiers of Business Research in China》2012年第3期435-446,共12页中国高等学校学术文摘·工商管理研究（英文版）

基　　金：Acknowledgements This work is supported by the National Natural Science Foundation of China （No. 71072004）.

摘　　要：On January 6, 2003, CITIC Securities Co., Ltd. （CITICS hereafter） issued A-shares in the Shanghai Stock Exchange to become the first public listed securities company through IPO in China. CITICS＇s net capital rose to about 5 billion yuan, much higher than any other competitor. This teaching case aims to demonstrate how a company gains first-mover advantage as being the first company to go public in an industry, how its competitors respond by changing their strategies after the IPO, and consequently, how a series of relevant events influence the competition. This case offers important implications for understanding the competitive dynamics of a securities company in China.On January 6, 2003, CITIC Securities Co., Ltd. （CITICS hereafter） issued A-shares in the Shanghai Stock Exchange to become the first public listed securities company through IPO in China. CITICS＇s net capital rose to about 5 billion yuan, much higher than any other competitor. This teaching case aims to demonstrate how a company gains first-mover advantage as being the first company to go public in an industry, how its competitors respond by changing their strategies after the IPO, and consequently, how a series of relevant events influence the competition. This case offers important implications for understanding the competitive dynamics of a securities company in China.

关 键 词：CITICS IPO first-mover advantage ownership structure competitive dynamics 

分 类 号：F832.39[经济管理—金融学] F832.51