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《大行報告》中金料中概股香港交易部份佔整體市值逾16% 阿里在港交易佔比升至21%
阿思達克 04-08 12:00
中金發表中概股回歸探討報告,指中概股在本港作二次上市後,公司在美國市場交易的存托憑證(ADR)與香港市場的普通股可實現完全可兌換,該行注意到中概股股份轉換是一個漸進的過程、且隨著時間的推移而逐漸增多。目前來看,已有相當部分股份轉換到港股交易,中金測算香港部分交易市值為1.31萬億港元,佔整體市值的16.6%,以回歸最早的阿里巴巴(09988.HK)(BABA.US)為例,目前已經有21%的股份在香港市場交易。

中金指出隨著赴港上市中概股香港部分股佔比上升,相關股票在香港市場的成交佔比也同時擴大。例如,阿里巴巴香港部分成交額佔比(香港+美國)由2020年7月的16.3%上升至2021年3月31日的18.3%;京東(09618.HK)(JD.US)由16%上升至19.6%;但是網易(9999.HK)(NTES.US)由26.2%小幅下滑至24.2%。

該行指,整體來看,中概股作第二上市在香港部分的成交佔比(18%)基本都要高於股份和市值佔比(16%),這也表明在港股部分的投資者成交換手頻率更高。例如,該行估算2月京東香港市場日均成交換手率為1.5%,小幅高於美國市場的1.3%。阿里巴巴香港部分成交換手率也在去年6月至9月高於美國市場。

【兩地股份可全兌換 二次上市後無重估】

中金指,中概股二次上市後股價未有明顯重估。當前ADR與港股完全可兌換的屬性使二次上市股 在香港市場價格與美國市場緊密相連。赴港上市後,中概股雖然香港交易佔比不斷提升,但股價與估值水平的重估並不十分明顯。

該行指,由於兩地股份完全可兌換,加上港元掛鉤美元,因此在忽略的一些稅費、以及交易時間與成本的摩擦後,兩地價差基本可以忽略。其背後可能的原因在於一方面,中概股二次上市理論上在一開始並非直接觸達了更多的新增投資者,而是對於原有的投資者有更多的交易地選擇。另一方面,港股上市部分佔比相對較小,再加上美股和港股兩地完全可兌換的特點,也使得股價表現很難完全因為單純的在香港二次上市就出現系統性的重估。但如果後續能夠得以納入滬港通投資範圍的話,則將可能因為有新增的投資者群體而更為受益。(wl/u)

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