《大行報告》高盛:中概股以香港作主要上市地 獲南向流動性有三重戰略意義
高盛發表報告,中概股以香港作主要上市地,可以獲得南向資金流動性,有三重戰略意義,一是為香港上市公司開闢了一個有效的投資組合流動渠道,以擴大投資者基礎,並利用深厚的在岸股票市場資金池(其現貨市場日均交易額超過1,500億美元)。自2014年滬港通啟動以來,港股通已成為港股市場最大的資金流入來源,中國內地投資者淨買入的港股市值超過3,000億美元,南向總成交額超過40億美元。而年初至今,南向交易佔港交所每日成交量的10.5%。
該行假設阿里巴巴(09988.HK)(BABA.US)及其他第二上市公司的南向投資者持股水平相若,粗略估算兩者未來數年獲160億及280億美元潛在南向資金淨流入。
另外,高盛認為,雙重主要上市地位使中概股ADR分散,並在一旦被迫從美國退市時,保留進入資本市場的機會。
高盛表示,若阿里巴巴的雙重主要上市申請獲批,可能會被投資者認為是另一個強烈的放鬆監管信號。
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