金發局:為吸內地新經濟公司和中概股回流 有必要檢討本港上市規定
香港金融發展局發表《香港作為國際金融中心-優化香港的上市制度》研究報告,就改善香港上市制度作出建議。金發局指要把握中國內地新經濟發展和中概股回流機遇,有必要對這些企業的現行上市規定進行整體檢討。
金發局指,雖然2018年的新增同股不同權、第二上市、生物科技公司等上市制度,不過有尋求在香港上市公司遇上困難,部分因為公司的「創新性」定義和解釋欠缺清晰,以及公司過渡來港上市時需符合的額外治理標準要求和獲得的支持,特別是對於滿足最低資格要求但市值相對不高的「中間層」公司。
金發局指,市場參與者傾向認為「創新產業」的標準應該更為清晰,以減少達致該要求所涉及的不確定性及所需資源,因此建議應重新審視具有不同投票權架構發行人的「創新性」主觀資格規定,同時確保不同投票權的政策方向不會成為「常態」及投資者如常獲得保障。
另外,內地有眾多新興新經濟公司,基於未有收入的生物科技公司及特殊目的收購公司上市框架的成功,金發局建議港交所(0388.HK)和證監會,應考慮為新經濟公司,例如硬科技、新能源、軟件即服務、大數據及人工智能等,延申部分上市規則至它們適用的新上市框架。部分上市規則可包括如,只允許成熟投資者參與、多輪融資、主管當局等。
金發局又指,海外發行人,包括業務以大中華為重心的公司仍面臨若干障礙,包括創新產業公司標準的清晰度、相對冗長耗時的上市流程、在合資格交易所作主要上市的發行人的豁免制度等,金發局指為加強香港作為國際集資中心的競爭力,以便日後進入內地龐大的資本池,亦應持續檢討上市制度,以上可探討進一步優化,以簡化海外發行人的上市流程,從而盡量發揮香港上市市場及整個資本市場的潛力。
此外,隨著北京證券交易所最近成立,金發局建議可探索兩個證券交易所之間合作及協同的可能性,為中國的中小企營造一個更方便的平台,以擴大其股東基礎,使之多元化。為此,可研究設立專為中小企發展而設的新市場或業務,從而在創造更大的資本池的同時在投資者保障與市場發展之間取得良好平衡。(wl/a)
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