Page 30 - CCFA Journal - Second Issue

企业上市 Listing
4、美国金融市场还是中国企业理想的上市融资场所吗？
尽管路程将变得更加艰难，但是一些企业从未来发展考虑，仍
将选择赴美上市。首先，美国有全球最大的金融市场，其流动
性更优异，规模相对较大，能为优秀标的公司提供更有效的服
务。除股票交易以外，其它交易品种、交易手段更加多元化，
有助于企业后续投融资策略的实施；其次，美股市场模式更成
熟，制度和法规体系更加健全，市场运营更为有效。再次，美
股市场的股票市场定价相对稳定，估值更合理。尤其是对于可
选消费等行业，美股市场的估值要略高于港股，这些行业的拟
上市企业赴美上市更能准确地体现公司价值以及市场对其商业
模式的认可度。同时，得益于美股市场行业的多样性和投资者
的全球化，一些受制于 A 股市场限制的行业或还未受到境内投
资者关注的企业而言，赴美上市是较为理想的选择。
中概股和有意赴美上市的企业应积极应对当前面临的困难和挑
战:
第一，应该完善公司治理结构、按国际市场通用规则加强运营
管理，提升自身抗风险能力，保证信息披露的真实性，加强内
部审计和风险合规管理，尤其是对于做空机构经常指控的几点
做好防范，提高企业在市场的信誉。同时，公司应致力于融入
上市所在地的环境，从语言、文化、投资者服务等方面做好充
分对接，从根本上减少被恶意做空的机会。
第二，应建立一套完善的应对措施积极应对恶意做空的企图。
公司内部应该组建相关的团队加强市场监测，及时发现问题和
隐患并及时做出改进。对外要和有关媒体、评级机构或监管机
构及时沟通互动，以便在恶意做空的时候迅速反应，做出得当
的危机公关处理。可以参考 2012 年新东方被做空事件，俞敏洪
当时及时召开了媒体沟通会，并且宣布和几位高层计划用私人
资产公开购买价值 5000 万美金的 ADS，表明自己对企业的信心。
沟通会及时地挽回了投资者的信心。
第三，利用多重手段提高信誉，增强投资者信心。对内，公司
股东或者高层可以采取增持、回购股票、分配或增加股利等方
式稳定市价并且消除市场投资者的疑虑。如新东方事件的回购
ADS 手段，当时被认为是对浑水恶意做空的有力回击，在积极
应对下，新东方股价开始回升并屡创新高。对外，也可以使用
外部信用背书来提高投资者的信心，通常方式主要有：与独立
调查机构合作，让其对公司运营数据展开调查并且对外公布调
查报告；适时公布重大商业合同，尤其是和优秀标的公司的合
作或者对未来公司发展有重大影响的相关合同；争取相关权威
机构和政府有关部门的声援支持。
第四，寻求和美国的有关机构或者企业合作，打破美国投资者
的语言壁垒，消除投资者疑虑。首先，可以聘请美国市场认可
的审计机构为中国企业服务，最大化做到信息的透明和真实性。
其次，也可以考虑和美国相关企业合作，或者增加美国本土籍
管理人员和员工的比例，密切关注美国资本市场的动向，增强
投资者的信心。再次，主动加强与研究机构分析师和媒体的互
动，及时准确专业地分析评价公司业务前景、盈利能力，稳定
投资者预期。
第五，面对做空机构的恶意狙击，主动配合监管部门的调查并
积极应对可能来自投资者的集体诉讼。积极主动配合调查的态
度可以有效表明自身立场，主动挽回投资者的信任，也可以缩
短调查时间，最大化降低在调查期间的股价波动带来的损失。
应该及时雇佣具有跨境诉讼经验的法律团队，去和投资者寻求
和解，拒绝一味逃避，争取降低未来面对更严重的诉讼赔偿的
可能性。
CCFA JOURNAL OF FINANCE
加中金融
4. Is the US financial market still an ideal place for Chinese
companies to go public and raise funds
Although it is getting more difficult for Chinese companies to be
listed in the U.S, some will still choose to go public in the United
States. First, the U.S. has the largest financial market with best
liquidity, and comprehensive services for outstanding target
companies. In addition to stock trading, other trading methods and
trading products are more diversified, which will help companies
implement subsequent investment and financing strategies better;
Second, the U.S. stock market is more mature and better regulated.
Again, the market pricing of stocks is relatively stable, and the
valuation is more reasonable. Especially in the consumer
discretionary industry, the valuation of the U.S. stock market is
slightly higher than that of the HK stock market. Therefore, the listing
of these companies can more accurately reflect the company’s value
and the public’s recognition of its business in the U.S market. At the
same time, since some businesses that are subject to the restrictions
of the A-share market may not yet attract the attention of domestic
investors, listing in the United States will be an ideal choice because
of the U.S. market’s globalization and diversity.
Chinese companies intending to go public in the United States should
actively respond to the current difficulties and challenges.
First, the company’s governance structure should be improved.
Operations and management should be strengthened, following the
general rules of the international market practice, and self-resistance
capabilities should be improved to ensure the authenticity of
information disclosure. Also, CCS should strengthen internal audit
and risk compliance management and take precautions against some
points frequently accused by short sellers to improve the company’s
reputation in the market.
Second, a comprehensive set of measures should be established to
actively respond to malicious short-selling attempts. Special task
forces should be formed within the company to strengthen the public
relations and market monitoring functions, detect problems in time
and improve immediately.
Third, Chinese companies should use multiple ways to improve
reputation and enhance investor trust. Internally, the company’s
shareholders or senior management can increase their shareholdings,
repurchase stocks and increase dividends to stabilize the market price
and eliminate the doubts from market investors.
Fourth, Chinese companies need to seek to cooperate with relevant
American institutions or enterprises to break the language barriers of
American investors and eliminate investors' doubts. First, they can
hire an audit firm recognized by the U.S. market to serve Chinese
companies to maximize the transparency and authenticity of
information. Secondly, you can also consider cooperating with
related American companies or increase the percentage of native
American managers and employees, and pay close attention to
changes of the U.S. market, which has strengthened investor
confidence. Third, take the initiative to strengthen the interaction
with analysts of research institutions and the media in time.
Fifth, to attack short-selling institutions, Chinese companies should
cooperate with the investigation of the regulatory authorities and
actively respond to collective lawsuits that may come from investors.
The attitude of positively corresponding with the investigation can
effectively show one’s own attitude, winning the trust from investors,
and can also shorten the investigation time, optimizing to reduce the
loss caused by stock price fluctuations during the investigation period.
Refusing to evade, a legal team with experience in cross-border
litigation should be hired so that they can help seek reconciliation
with investors and try to reduce the possibility of more serious
litigation compensation in the future.
DECEMBER 2020
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