In order to finance rapid economic growth in the 1990's, Chinese companies tried different strategies for raising capital in international capital markets. The strategies ranged from the use of depository receipts to listings on major stock exchanges. The lessons learned from the experiences of the Chinese companies could be valuable for managers from many other countries seeking to raise capital in international capital markets and to investors seeking some foreign investments for their

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... ios. In addition, there are many implications for researchers in international business and economics fields, such as: regulatory policies regarding overseas listings (registration procedures, foreign exchange control), initial public offering (IPO) processes for foreign companies, investment returns with and without international financing, efforts to narrow the differences between accounting standards, international investment banking and accounting services, and World Trade Organization (WTO) changes. While Chinese companies have been active in many capital markets, the focus of this study is upon the activities of Chinese companies in American capital markets.