Page 12 - CCFA Journal - Third Issue

加中金融
CCFF2020/加拿大中国金融论坛 2020 加中金融

From a STAR program perspective, Chinese companies, especially for tech companies, 5G technology companies, and bio tech
companies, can easily go public in Shanghai with no prerequisite approval. While it might be zero sum game, we do believe globalization
works.
问题 2：Bruce:下一个问题是，赞比亚和其他一些非洲国家一直在拖欠其中国债务，这是一个很大的风险吗？如果这个问题
延伸到“一带一路”倡议的其余国家，会有何影响？

Loren: 我还没有掌握所有的数字。但是我认为到目前为止，作为“一带一路”倡议的一部分，中国可能已经提供了 7000 到
8000 亿美元的贷款。 贷款金额是一笔可观的数额，如果拖欠还款，它将最终出现在某公司的资产负债表上。 我认为这确实
存在一些风险，但这是可以解决的。

“一带一路”倡议有多种作用。 它扩大了贸易，并为在基础设施和电信领域的国有企业提供了很多机会。 许多国有企业都
拥有大量的过剩产能，这无疑得益于中国基础设施的扩张。 与 15 年前相比，如今中国的基础设施投资机会要少得多。
Question 2: Bruce: So, the next question is, Zambia and some other African nations have been defaulting on their Chinese
debt, is this a big risk and if this extends to the rest of the One Belt One Road initiative?
Loren: I don't have all the numbers on top of my head, but I think up to this point that China has probably extended $700 to $800 billion
in loans as part of Belt and Road initiative. The loan amount is a significant amount and if it defaults, it will end up on someone's balance
sheet. I think there is certainly some risks there but can be absorbed.
The Belt and Road initiatives are serving multiple purposes. It extends trade and provides opportunities for state-owned companies in
infrastructure and telecommunications. Many SOEs have enormous amounts of excess capacity, who have certainly benefited from the
infrastructure expansion in China. There are much fewer opportunities in infrastructure investment in China today than that 15 years
ago.
问题 3：Bruce: 谢谢。我们来看看关于中国企业在境外上市的问题。特别是中美之间的贸易战情势下，您是否认为中国企
业在美国和其他交易所的 IPO 会大幅减少？

Yi: 我不这样认为，因为美国仍然是全球规模和流动性最大的资本市场。 对于许多中国公司来说，他们一直在寻找来自美国
的安全稳定的资金。 首次公开募股不仅是为了筹集资金，而且还为了证明了自己的实力，因为拟上市公司经历了最严格的
上市程序。贸易战不会阻止中国公司在美国上市，疫情时期中国的 IPO 的数量创纪录就是一个证明。

Question 3: Bruce: Thank you. So why don’t we take this next question regarding IPOs on foreign exchanges – a subject we
just talked about. And talking about the trade war between specifically China and the US, the question is, do you see a
significant reduction in Chinese IPOs going on the US and other foreign exchanges?
Yi: I do not think so because the US remains the largest and most liquid capital market globally. For many Chinese companies, they
were looking for secure and stable funding from the US. IPO is not only for raising capital but also demonstrate how good you are
because you went through the strictest process to get listed. Trade wars will not deter Chinese companies from listing in the US, as seen
record number of Chinese IPOs during the coronavirus periods.

CCFA JOURNAL OF FINANCE MARCH 2021
Page 12