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《大行报告》中金料中概股香港交易部份占整体市值逾16% 阿里在港交易占比升至21%
阿思达克 04-08 12:00
中金发表中概股回归探讨报告,指中概股在本港作二次上市後,公司在美国市场交易的存托凭证(ADR)与香港市场的普通股可实现完全可兑换,该行注意到中概股股份转换是一个渐进的过程、且随着时间的推移而逐渐增多。目前来看,已有相当部分股份转换到港股交易,中金测算香港部分交易市值为1.31万亿港元,占整体市值的16.6%,以回归最早的阿里巴巴(09988.HK)(BABA.US)为例,目前已经有21%的股份在香港市场交易。

中金指出随着赴港上市中概股香港部分股占比上升,相关股票在香港市场的成交占比也同时扩大。例如,阿里巴巴香港部分成交额占比(香港+美国)由2020年7月的16.3%上升至2021年3月31日的18.3%;京东(09618.HK)(JD.US)由16%上升至19.6%;但是网易(9999.HK)(NTES.US)由26.2%小幅下滑至24.2%。

该行指,整体来看,中概股作第二上市在香港部分的成交占比(18%)基本都要高於股份和市值占比(16%),这也表明在港股部分的投资者成交换手频率更高。例如,该行估算2月京东香港市场日均成交换手率为1.5%,小幅高於美国市场的1.3%。阿里巴巴香港部分成交换手率也在去年6月至9月高於美国市场。

【两地股份可全兑换 二次上市後无重估】

中金指,中概股二次上市後股价未有明显重估。当前ADR与港股完全可兑换的属性使二次上市股 在香港市场价格与美国市场紧密相连。赴港上市後,中概股虽然香港交易占比不断提升,但股价与估值水平的重估并不十分明显。

该行指,由於两地股份完全可兑换,加上港元挂钩美元,因此在忽略的一些税费、以及交易时间与成本的摩擦後,两地价差基本可以忽略。其背後可能的原因在於一方面,中概股二次上市理论上在一开始并非直接触达了更多的新增投资者,而是对於原有的投资者有更多的交易地选择。另一方面,港股上市部分占比相对较小,再加上美股和港股两地完全可兑换的特点,也使得股价表现很难完全因为单纯的在香港二次上市就出现系统性的重估。但如果後续能够得以纳入沪港通投资范围的话,则将可能因为有新增的投资者群体而更为受益。(wl/u)

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