1

A

(2011 10 24 )

KOSPIKOSDAQABABGEM7881023916541,361541,304166()KRW1,075,216KRW102,445CNY15,756CNY76CNY7,230CNY76HKD17,318HKD82PER()11.2917.1614.3613.5426.229.529.6521.78()3735707,059314,15627161,545974()6,775,2123,503,94562,81617850,12712961,154159 2010 2010 14 3289 , 3306, 2319, 2759517 15% 1 .

ATM A . IPO, , 2 , 07 8172 . .

. .

, per 100 , per100 , IPO ? , .

, ?

(A+H 221=187)

791 , 72%

2010 - IPO 349 , 4783 ( IPO )

IPO IPO 139 60 , , IPO ,

2 -A 8.7% 26 3500

2011 IPO- ? -5 50 -3 1000 - 400 , 1 250 3 800 100 8( 3600) 800 33 24

? 800 8 , 1200 10 . 100 (20 2530,3 580, 1221 )

? 29 4 119 95 6 (08) 14 1% 70

3 per

, , 2010 per 20-40 40-60 .

349 158 40-60, 105 60-80, 27 80-100 , , . 3 IPO

!!

2003~2010

!!

NYSENASDAQAMEX200323083294557200422933229575200522703164595200622803133592200722973069599200819633023486200923272852201023172778

2009 5 3 2011 21 1.3 1.57 5700 1280 (1 2) 600-700

B ?A,B !! (05 )1.B A A . 2.B B .. 3.B H.

B - , , +B

10 2000 B 1 5 20 07 5 B

b . B B , B A,B,, B

A VS B+

B B ST B B B 1 `` `

L- N()

!! 2007~2011 331 ( : WSJ)

(IPO) . ? (Reverse Merger) (IPO) -

20 ( PCAOB() . PCAOB . PCAOB 900 110 )

, .

? ??

(Interactive Brokers)90 , 159

19

(RINO)200710 OTCBB(Over The Counter Bullitin Board )2009 : 1.93 : 1500 ( 1/13)

1 320

2009 1100 6% 94% 2~3% 94% ? !

NO2 2007 10

24

2007 ? 1.8

60% (IBM IBM46%) > IBM

?2011 42 19

? !! , . 1.8 1.5 3 ?

( ) 1300 ( -128)

?

()

()

. 270 . (OTCBB, american pink sheet market) . .

,

2-300

? . ?

A

(, youku.com)3

2 + 1 5 +30%

.3 2 100 . ? .

[Amazon]1995~2003 8 . OUT ~~ ? ( 8 .)

. ( )

- 5 , 1 400

!! .

!!

284 8.8%(25) 2010 1026 1210 4

IPO 4 ( . 30% , ) ()126 48 60%. 70%

. .

IPO . . . . .

1.6 10 16.7 48 11* . 45% 2010 2153 4.3% 1/10( 29, 4 119 )2010 1.01 1230 140 760 80% 152

2005 8000 4500 700 (140)A ()

10 H ( H

10 44% 10 11.26%

A H

9 H A 5.5

4564.1~8.5 324 .445 ,,, 24

A 308 37,87 8 GO GO630 10%,1/3 +