Page 41 - CCFA Journal - 8th Issue

加中金融 合规 Compliance

对于同时在美国和香港两地上市的公司，请注意美国 ADR 和香港股票是完全可替代的。投资者可以通过一个相对简单的
程序将美国 ADR 股票转换为香港股票。例如，阿里巴巴 2019 年 11 月在香港上市时，香港持股比例仅为 2.7%，但到
2022 年 3 月，这一比例已升至 32.4%。我们看到京东的情况类似，从 5.1% 上升到 34.8%。投资者一直在积极转换 ADR，
以降低退市风险。然而，就数量而言，美国仍占主导地位。70-90%的交易量仍然发生在美国交易所(网易在香港的交易量
份额最高，为 33%)。对于活跃的交易者来说，美国市场较高的流动性可能仍然是重要的考量。但对于长期买入并持有的
投资者来说，转换股票似乎是一个谨慎的决定，因为他们希望可以在一个更稳定的上市环境的司法管辖区持有股票。

For companies that are dually listed in both US and Hong Kong, note that the US ADR and Hong Kong shares are fully fungible.
There is a relatively straightforward process that investors can take to convert their US ADR shares into Hong Kong shares. For
example, when Alibaba listed in Hong Kong in November 2019, Hong Kong accounted for only 2.7% of its shares, but by March
2022, this has increased to 32.4%. We see similarly with JD.com which has gone from 5.1% to 34.8%. Investors have been actively
converting their ADR to mitigate the de-listing risk. However, in terms of volume the US still dominates. 70-90% of trading volume
still happens on US Exchanges (NetEase being the highest volume share for Hong Kong at 33%). For active traders, the higher
liquidity of the US market may still be an important point. But for long-term buy-and-hold investors, the decision to convert seems
like a prudent one, allowing them to own shares in a jurisdiction that benefits from a more stable listing environment.

CCFA JOURNAL OF FINANCE August 2022 Page 41 第41页