Page 24 - CCFA Journal - Second Issue

企业上市 Listing 加中金融

中概股今后走向的思考

In the Afterlife of China Concepts Stocks

【作者】

中国银河证券首席经济学家 刘锋
中国银河证券研究院研究员 王恺
美国哥伦比亚大学硕士研究生 樊雪源

China Galaxy Security Research, Chief Economist, Feng Liu
China Galaxy Security Research, Researcher, Kai Wang
Columbia University, MA in Statistics, Xueyuan Fan

中国概念股，是投资者对所有在海外上市的中国股票的统称。 The China concept stock (CCS) is a collective term for all Chinese
这些在海外上市公司的主要资产或主要业务集中在中国内地境 stocks listed overseas. The main asset or the main business of these
内的一个或多个子公司。截至 2020 年 8 月 15 日，中概股在美 companies is concentrated on one or more sub-companies in
国市场共有 257 家。上世纪 90 年代以来的 20 多年间，中概股 mainland China. Up to August 15th, 2020, there are 257 CCS listed
in the U.S markets. Since the 1990s, CCS have accumulated a
已积聚了一批优秀的中国企业，尤其是在新经济领域。但是， number of outstanding Chinese companies, especially in the new
近年来针对中概股做空热潮屡见不鲜，尤其在中美关系紧张背 economic field. However, in recent years, the short-selling upsurge
景下，中概股面临更为严峻的生存环境，也引发了广泛关注。 for these stocks has begun, especially after the Sino-US relationship
中概股具有怎样的结构和特征？其为何被国外投资者频繁做空？ deteriorated. Foreign investors are concerned about how CCS
中美博弈背景下中概股有哪些回归路径？美国还是中国企业理 would perform in such a severe environment. What are the structure
想的上市圣地吗？企业如何积极应对面临的形势变化和挑战？ and characteristics of CCS? Why are they shorted by foreign
笔者将针对以上问题逐一进行分析和探讨。 investors frequently? What are the flyback paths for Chinese
concept stocks in the context of the Sino-US tension are in China?
Is the United States still an ideal listing destination for Chinese
1、中概股的结构和特征 companies in the future? How can U.S. listed Chinese companies
actively respond to the upcoming changes and challenges? These
美国中概股按注册地不同，可以分为红筹企业和境内注册企业， specific issues will be analyzed and discussed in this paper.
其中红筹企业是指注册地在境外而主要经营活动在境内的企业，
美股大部分中概股为红筹企业，基本未在 A 股或港股上市，境 1. The Characteristics of CCS
内注册的中概股则大部分已在 A 股或港股上市，如中石油、中
石化、中国铝业等。历史上，从 1992 年第一家中国公司华晨汽 CCS can be divided into red-chip and domestic-registered
车赴美上市开始，有超过 340 家中企曾赴美上市，从时间分布 companies according to their registration places. Red-chip
看，2007 年、2010 年、2018 年、2019 年是中企赴美IPO大年， companies refer to ones who register overseas but their main
IPO 数量分别达到 39、44、39 家，如图 1 所示。值得注意的是， businesses and activities are in China. In fact, most of the U.S listed
Chinese companies are red-chip companies, and are not listed on
即使今年中概股在美面临严峻生存环境的情况下，截至 2020 年 the A-share market or the HK stock market. Most of the domestic-
8 月 15 日，依然有 26 家中企赴美上市。在曾赴美上市的中企 registered CCS have been listed on the A-share market or the HK
中，有 109 家已经退市，主要发生在 2010 年以后。部分退市企 stock market. Historically, since the first Chinese company
业已回归 A 股或港股，如澜起科技 2014 年在美被做空退市，私 Brilliance Automotive went public in the United States in 1992,
有化后并于 2019 年成功登陆 A 股科创板。 more than 340 Chinese companies have gone public in the U.S. In
terms of time distribution, a number of Chinese companies were
listed in U.S. market mainly in 2007, 2010, 2018, and 2019. The
从市值分布看，在现存 257 家中概股中，中小市值公司居多， number of IPOs reached to 39, 44, and 39, respectively, as shown in
并呈两极分化态势，市值不足 1 亿美元的公司有 100 家，占比 Figure 1.
38.9%；市值为 1-10 亿美元的公司有 77 家，占比 30.0%；市值
大于 100 亿美元公司为 29 家，如图 2 所示。从所有制结构 It appeared that even if CCS are facing more severe challenges this
看，国有控股企业占中概股数量约 5%，其余主要为私有企业和 year, there are still 26 Chinese companies going public in the U.S.
公众企业。 by August 15th, 2020. 109 of them have been delisted primarily
after 2010. Some delisted companies have returned to the A-share
market or the HK stock market.

In terms of market valuation, among the 257 existing CCS, most are
with small and medium market capitalization. About 100 companies
with a market value less than $100 million, accounting for 38.9%;
A total of 77 companies with a market value amount of 100 million
to 1 billion dollars, accounting for 30.0%; 29 companies with a
market value of more than 10 billion dollars, as shown in Figure 2

CCFA JOURNAL OF FINANCE DECEMBER 2020
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