Page 26 - CCFA Journal - Second Issue
P. 26
企业上市 Listing 加中金融
中概股的行业分布以信息技术和可选消费为主，新经济成分占 For the industry distribution, CCS are concentrated in the IT and
比较高。按公司数量行业分布看，信息技术行业公司数量最多， consumer discretionary sectors, with a relatively high proportion of
达到 71 家，其次为可选消费 66 家、金融 35 家、工业 23 家、 new economic components. There are 71 companies in the IT
医疗保健 21 家等，如图 3 所示。按市值行业分布看，可选消费 industry, followed by 66 in consumer discretionary, 35 in financial
services, 23 in industry and 21 in healthcare, as shown in Figure 3.
行业占比最高，达到 57%，其中包括了阿里巴巴、拼多多两家
市值超千亿的公司，其次为信息技术、电信服务、能源、金融 In term of industry distribution by market capitalization, the
等，如图 4 所示。值得注意的是，从细分行业看，公司数量最 consumer discretionary companies account for the largest share of
多的三个行业分别是互联网软件与服务、教育服务、互联网零 57% of the total. Among them, AliBaba and Pinduoduo, the two
售，公司数量分别为 47、24、19 家，远超其他行业，而这三个 largest ones have a market value of over 100 billion dollars.
行业均属于轻资产行业。从所有制结构看，中概股以民营企业 Followed by IT, telecommunications services, energy, and financial
为主，但同时一些央企在上世纪 90 年代及本世纪初期也曾掀起 services, as shown in Figure 4.
一股赴美上市浪潮，目前在中概股市值前十公司中有五家为央
企，分别为中国移动、中国人寿、中石油、中石化、中海油。 Among segmented industries, considerably exceeding other
从中概股上市交易所分布看，纳斯达克是中概股最主要的上市 businesses, three industries with the largest number of companies
目的地，其中概股数量占比达到 67.2%，纽交所中概股数量占 are from Internet software and services, and education services,
which has 47, 24, and 19 companies respectively. All three
比为 30.1%，另有 2.7%中概股在 AMEX 交易所上市，如图 5 所 industries are light-asset businesses.
示。
As for the ownership structure, the state-owned holding companies
accounting for about 5%, and the rest are primarily privately
controlled or wide spread public holding enterprises. There were
some state-owned companies going public in the Unites States since
the 1990s. Up to now, five of the top 10 China concept stocks are
large SOEs, namely China Mobile, China Life, CNPC, SinoPec,
CNOOC. Nasdaq is the most important listing exchange for the
China concept stocks and 67.2% of them are listed here. Other 30.1%
are listed in NYSE and the rest 2.7% is listed on the AMEX Exchange,
as shown in Figure 5.
图 4：在美中概股的行业分布（按市值） Figure 4: Percentage of China Concepts stocks Based on Sectors
数据来源：Wind，中国银河证券研究院
图 5：在美中概股的交易所分布 Figure 5: The Distribution of Exchanges where China Concepts stocks Were Listed
数据来源：Wind，中国银河证券研究院
CCFA JOURNAL OF FINANCE DECEMBER 2020
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