Abstract
This paper provides a first look at the ownership structure in the Growth Enterprise Market (GEM) of China which is a new market launched in 2009. By analyzing the unique dataset, I find that 46% of firms in our sample are created through pyramids. I identify the status of ultimate owner of each firm, and find that the ultimate owners in the GEM are entrepreneurs while in the main board the state is the ultimate owners in most of companies. My results suggest that pyramidal ownership structures have a detrimental effect on firm performance.
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