Page 29 - CCFA Journal - Second Issue

企业上市 Listing
再次，当前新的国际政经格局下在美中概股面临生存环境恶化。
从宏观环境来看，中美关系持续恶化加剧了中概股的做空热潮。
2020 年 5 月 20 日，美国参议院一致通过了《外国公司问责法》，
要求中国或中国香港的企业必需证明不受外国政府控制并提供
审计工作底稿审核，在一定程度上与中国法律中规定境内企业
不得向境外提供财务审计底稿及境外机构不得直接在境内调查
取证存在冲突。同时，纳斯达克进一步收紧了上市规则，对中
国在内的限制性市场提出更高要求，加大了中概股赴美上市难
度。如果中美关系进一步恶化，不排除美国政府会考虑施压以
限制美国投资者对中国企业的投资。
3、资本市场改革加速中概股回归
在中概股海外生存环境恶化的同时，国内资本市场改革正加速
推进，为中概股回归国内市场铺平道路。2018 年港交所推动上
市制度重大改革，放开对同股不同权架构公司在港交所上市的
限制，并允许中概股二次上市。2019 年以来，科创板正式设立
并采用注册制、创业板注册制改革正式启动、进一步放开红筹
企业上市并允许 VIE 架构等，这一系列改革举措极大的降低了
中概股回归上市的门槛和难度，并缩短了上市的流程时间。
中概股回归可以通过三种方式。一是先从美国市场退市私有化，
再在港股或 A 股市场重新上市。公司需要拆除 VIE 架构、清理
海外 SPV 和境内实体间股权关系等一系列的复杂操作，往往耗
时较长，不确定性较高。这种方式比较适合于小市值股票，其
私有化可操作性相对较强；二是保留美股，同时在 A 股或港股
市场发行股票双重上市，这种方式需要公司同时满足两边交易
所的所有有关规定，且不同市场的股票不能自由交叉流通；三
是保留美股，同时在 A 股或港股市场发行存托凭证二次上市，
这种方式的上市要求相对较为宽松。考虑到大市值公司私有化
退市成本和难度较高，以及港股和 A 股均允许中概股公司保留
VIE 架构进行二次上市等因素，二次上市或成为大市值公司回
归 A 股或港股的优先选择。
从回归目的地看，港股和 A 股各有优势。港股的主要优势在于
更高的国际化程度以及二次上市便利性。很多大市值中概股的
大股东都有外资背景，如 MorganStanley、Blackrock 等美国本
土大型投行和金融机构以及美国本地公司、投资机构和个人投
资者，这些外资股东一般更倾向于持有美元而非人民币的标的
资产，而联系货币汇率制度下港元能以固定汇率自由兑换美元，
港股市场对这些外资股东或更具吸引力。另外，中概股回港股
二次上市申报时可以直接采用美国会计准则编制财务报表，并
且可以直接保留现有的 VIE 架构，这些制度安排对拟二次上市
的中概股也更为便利。A 股的主要优势在于具有更高的估值水
平和更好的流动性。目前港股和美股整体估值水平比较接近，
A 股具有明显的估值溢价，有利于公司扩大融资规模，港股的
小市值股票交易量偏少，流动性较差，同时，科创板与创业板
的注册制改革也大幅缩短了 A 股上市流程，使得 A 股对于小市
值公司而言具有较强吸引力。
CCFA JOURNAL OF FINANCE
加中金融
Thirdly, in the current environment, U.S. listed Chinese stocks are
confronting a deteriorating situation. On May 20, 2020, the Senate
passed Senate Bill S. 945, the Holding Foreign Companies
Accountable Act. Companies in China or Hong Kong must prove that
they are not under the control of foreign governments and provide
PCAOB with audit documents for review. In some cases, S. 945 has
conflicted with the Chinese law, because domestic companies are not
allowed to provide financial audit documents overseas and overseas
institutions are not allowed to conduct investigations, collect
evidence and deposit directly in China. At the same time, Nasdaq has
further tightened its listing rules and imposed higher requirements on
restricted markets including China.
3. Capital market reform accelerates the flyback of CCS
While the overseas stock environment of CCS is deteriorating, the
speed of domestic capital market reformation accelerates, attracting
CCS to flyback. In 2018, the HK Stock Exchange promoted a
significant reform of the listing system and unlimited restrictions on
the listing of same-share companies with different right structures on
the HK Stock Exchange. It allows CCS to be listed for the second
time. Since 2019, the HK STIB has officially established and adopted
the registration system, and the reform of the Growth Enterprise
Market registration system has officially started. The series of reform
have greatly reduced difficulties of the return of CCS listing.
There are three methods for the return of CCS. One is to delist from
the U.S. market, and then relist on the HK or A-share market.
Companies need to dismantle the VIE structure, clean up
relationships between overseas SPVs and equity from domestic
entities. This method is more suitable for small cap stocks, and its
privatization steps are strongly operable. The second method is that
stocks are issued on the A-share or HK stock market while continuing
to list in the U.S market. This method requires the company to satisfy
all the requirements on both exchanges. The third is to retain U.S.
stocks while issuing depositary receipts (CDR) in the A-share or HK
stock market. The certificate is listed for the second time, and the
listing requirements for this method are relatively loose. Considering
the cost and difficulty of privatization and delisting of large-cap
companies, the third method seems a preferred choice for those large-
cap companies. Another important reason is that the HK and the A-
share markets both allow China concept stocks to retain the VIE
structure for a second listing.
The HK and the A-share markets have their own advantages for the
choice of return destinations. The main advantage of HK lies in its
higher degree of internationalization and ease of listing for the
second time. Under the linked currency exchange rate system, the
HK dollar can be freely converted into the U.S. dollar at a fixed
exchange rate. In addition, the U.S. Accounting Standards can be
used directly when CCS return to HK for the second listing
application and their existing VIE structure can be directly retained.
These institutional arrangements are also more convenient for the
proposed listings.
The main advantage of the A-share market is that it has higher
valuation levels and better liquidity.
DECEMBER 2020
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