《大行報告》花旗建議買入已在香港第二上市的大型ADRs
花旗日前發表研究報告指,中國互聯網ADR上周四在美國交易時段普遍下挫8%至20%,相信與美國證券交易委員會(SEC)更新《外國公司問責法案》 (HFCAA) 的臨時發行人名單有關,而中國證監會則回應指,認為SEC更新名單屬正常程序,又指監管機構一直在與上市公司的會計部門溝通,而且取得正面進展。
HFCAA名單是次新增百濟神州(06160.HK)(BGNE.US)、百勝中國(09987.HK)(YUMC.US)、再鼎醫藥(09688.HK)(ZLAB.US)、ACM Research(ACMR.US)及和黃醫藥(00013.HK)(HCM.US),花旗指,雖然五家公司都不屬於中國互聯網行業,但由於市場擔心更多公司將被列入名單,拖累互聯網ADR表現。
花旗維持早前的觀點,認為SEC更新名單並非新消息,上市公司連續三年披露未符合SEC規定時會被要求退市,相信ADR退市的真正風險最快於2024至2025年出現,建議買入已在香港雙重上市或第二上市的大型ADR。
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