1880

Privates are auctioned in order. If no-one bids on P0/P1, minimum bid
reduced by 5 yuan until someone forced to bid it at Y0. For subsequent
privates, Share Round ends, OR of Private income only, etc (forces the
players who didn't get P0/P1 to bid or just watch the P0/P1 players
accrete money).

After auction of all privates, player order in ascending order of
money. Each player selects one Foreign Investor.

P6 is the Director's cert of BCR, so at least one company exists (the
amount to float a company increases during the game, but starts with
20%. By phase C2 it is 60%).

Foreign Investors are weirdo companies that build/upgrade one tile,
borrow the current top bank train, run it, withhold, and somehow
reserves a share of the first normal company the owning player starts
(the "associated company"). They stop operating from phase B3
(4-train). They seem to differ only in their starting hex.

If they can draw a route to the associated company, they close; the
player takes the share and their treasury is divided either 100%
associated company, or 20% player, 80% bank, at the player's
option. Player also gets Y50 "connection premium". It doesn't matter
who is running the associated company, just who owns the foreign
investor.

There are a lot of phases; A1, A2, B1-B3, C1-C3, D1-D3. Tiles open up
on B1, C1, D1 but other things (like rusting and train limit changes)
happen on phases B2, B3, C2, C3, D2. Some "phases" like A2 don't (as
far as I can tell) _do_ anything, but there's one phase for each kind
of train being sold.

Director's Certificates can be 20, 30, or 40%. You choose when you
start the company. However, you also take a "building permit" - 40%
means for one lettered phase, 30% for two, 20% for three. They do have
to be consecutive. What this means is, particularly in the early game,
the bigger the Director's certificate, the less of the game the
company will be able to lay/upgrade track for.

There are four initial par values, but each one can only be selected
by four companies. Companies operate in descending order of IPO price
then foundation ordeer, not current share price.

Share rounds happen when the last train of a given type (except "2R"
trains) is bought or removed from the game. They interrupt the
OR. Wow. You pay Y5 broker's fee per 10% share sold. You can own 100%
of a company.

Companies become operational when the Director _alone_ owns the
floatation amount (which may be as much as 60%) or if there are no
shares available to buy at the end of a share round. 

When you float you get 5x the share price. After the first 3-train is
sold and at any point subsequently in a share round, if no more than
50% of the company is in the bank, you get another 5x the share price.

Move right on a payout, up if you can't. Move left if no dividend, or
down if you can't. Move down for each 10% sold, up for all shares sold
(which is only 5 before the first 3-train).

From phase B3, Mao is in power. Privates do not pay dividends (but
their special powers operate). Foreign investors cease to operate, but
can merge. Share prices cannot change at all. You may not sell shares
in a company of which you are the Director.

From phase C2 (opening of the Shanghai Stock Exchange) share prices
and sales are not restricted, but the changes to Privates and Foreign
Investors remain in force.

In phase A the BCR lays two tiles, everyone else lays one.

From phase B normal companies lay two or upgrade one. (Foreign Investors
still lay/upgrade one).

There are "medium cities" on the map; when you lay a yellow on those,
you choose if they are to be cities or towns.

If you lay track in the hexes with preprinted connections to F8
Beijing, you must make those connections.

You can't place a 5-exit brown tile if you could place a 6-exit brown
on the same hex.

Everyone gets two tokens laid at Y40 and Y100, but these costs double
in Phase D. You don't need a building permit to place tokens.

Normal trains count large and small stations. Red offboards are large
stations; blue harbours are small. You get a bonus Y50 income for
running the trans-Siberian from A3 Russia to A15 Vladivostok.

X+X trains can visit 2X places of which no more than X must be large
stations.

nE-trains may visit n large or small stations, but can skip
intermediate stations, so scoring the n highest value stations on a
route of any length.

2R trains are "restored" 2-trains. They are available after the first
6 is bought. They don't rust, don't fulfil the obligation to own a
train, do count against the train limit, and you can't own more than
one.

You get bonus revenue based on your share price if and only if you own
a train. You pay out or withhold, no half-pay.

You are obliged to own a train. You cannot buy trains from companies
with other Directors. If all companies operate consecutively with no
trains bought, all trains of the current type are removed from the
game (which triggers a share round). After the first 8E is bought (or
both removed), no further trains will be removed.

Trains over the train limit are removed. There's no bank pool of
trains.

Emergency Money Raising is pretty standard except you go into debt,
paying 50% interest immediately and 50% at the end of each Share
Round. You can't go bankrupt.