《大行報告》瑞信:阿裏(09988.HK)納入港股通時點存不確定 同屬 「同股不同權」之美團及小米需時各419日及543日
阿裏巴巴-SW(09988.HK)近日公佈申請在聯交所主板改變上市地位爲主要上市,預期將於今年年底前生效,完成後,阿裏將成爲以美國存託股份於紐約證交所,以及以普通股於聯交所雙重主要上市的公司。瑞信發表報告表示,市場憧憬阿裏落實「雙重主要」上市地位後,將可潛在獲納入「港股通」,但該行指相關監管的不確定性會令阿裏的憧憬蒙上陰影。
該行指從獲得「雙重主要」上市地位的股份獲得納入「港股通」的先例,指之前「雙重主要」上市地位的股份能獲納入「港股通」案例不多如理想汽車-W(02015.HK)和小鵬汽車-W(09868.HK),指兩股由上市到獲批準納入南向交易名單上別用了223日和229日。該行亦指美團-W(03690.HK)和小米(01810.HK)的例子,兩股雖不是雙重主要上市,而是第一上市股份,但均屬「同股不同權」特例股票獲納入,美團和小米從上市到南向交易的納入則分別用419日和543日。
瑞信指,投資者一直期待阿裏巴巴落實「雙重主要」上市地位後將可獲納入南向交易,成爲潛在的催化劑,但該行指相關監管存不確定性,料具體所需時間不能確定。
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