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《大行報告》中金:中概股赴港「雙重主要」上市屬規避美國市場退市風險最優方案
市場關注中美兩國能否就中概股審計監管問題能否達協議之際,目前在聯交所主板第二上市的阿里巴巴-SW(09988.HK)最新宣布董事會已授權公司管理層申請在聯交所主板改變上市地位為主要上市,預期將於今年年底前生效。據中金5月中曾發表報告,通過「雙重主要上市」方式回歸的中概股,其在香港主要上市地位不受影響,料受中美兩國能否就中概股審計監管問題能否達協議衝擊最少。而「第二次上市」公司的上市地位會受主要上市地影響,但也可申請轉為雙重主要上市,但其他不滿足回歸或轉換條件的公司,可能要選擇私有化退市。從投資者角度,前兩種方式下的持股都不會受到太大影響,仍可以轉為港股繼續交易。 該行指需要注意的是,港股通買入「雙重主要上市公司」的香港股份暫時還無法轉換為美股。內地投資者通過滬深港通南向買入的雙重主要上市公司的港股股份(如理想-W(02015.HK)和小鵬-W(09868.HK))由中國證券登記結算公司(中登公司)在香港中央結算公司開立的證券賬戶名義持有,因此投資者無法自行將通過港股通買入的雙重主要上市公司的港股股份自由轉換為美股。如果這一比例持續增加,也不排除因此導致部分價差出現。 中金指目前來看,已有相當部分股份轉換到港股交易,該行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為例,目前已經有21%的股份在香港市場交易。 【取「雙重主要」地位 規避美退市風險】 該行指,當前南向投資者仍無法交易港股的二次上市標的,但雙重主要上市標的則不受這一限制。對於符合香港上市要求但仍未赴港上市的公司而言,赴港雙重主要上市可能是短期規避美國市場退市風險的最優方案。從當前規則來看,已經完成二次上市的標的則需要將主要上市地轉換至香港(才能被納入港股通)。 據中金5月報告當時指出中概股有6家雙重上市(百濟神州(06160.HK)、理想汽車、小鵬、和黃醫藥(00013.HK)、知乎-W(02390.HK)、貝殼-W(02423.HK)等),新募資規模422億港元,當前已轉化為香港部分的流通市值為486億港元。 對上市公司來說,獲得港交所的主上市地位可以更好的抵禦在海外交易所退市而喪失上市地位的風險。同時,該行認為發行人將受益於滿足兩地監管要求,不僅最大限度得到國際投資者的認可以擴大股東基礎,提升國際市場影響力,也更易符合A股市場監管要求而納入港股通標的。
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