《大行報告》瑞銀料大部分中國ADR將從美國退市 期限可能縮短一年
瑞銀髮表研究報告,大部分中國ADR將從美國退市,要求其提交審計報告的期限可能縮短一年。該行指,根據美國證券交易委員會(SEC)提議的規則,料大多數大型中概股能夠將其上市地位過渡到香港,佔69家公司,佔所有美國上市中概股總市值的98%,200家左右不符合重新上市資格的大多是小市值公司,它們可能會面臨技術性拋售壓力。
瑞銀預期,港交所可能會提供一些迴旋餘地,容納因強制措施而影響市值的公司上市,但與美國相比,港交所的流動性較低,投資者基礎的減少或轉移可能會抑制估值,然而納入港股通可顯着抵銷部分流動性影響。該行指,在香港和美國上市的中概股中沒有發現估值倍數的重大差異,從長遠來看估值對中概股的影響相當有限。
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