《大行報告》中金:國企在美退市基本符預期 對港股上市地位和成交影響有限
中金發表報告指,國企在美退市基本符合預期,象徵意義或大於實質,對港股上市地位和成交影響有限,但後續審計合作值得關注。
中金指,多數國企主上市地均是在香港、然後將在香港上市的股份存托美國作為存托憑證(ADR)掛牌交易,因此即便從美退市也不影響其港股原本的上市狀態。而它們美國存托的股份都非常小,成交亦不活躍,即使從美國退市,對於其成交和港股市場流動性也影響有限。事實上,去年因為美國限制名單而退市的中海油(00883.HK)和三大電訊營運商,其退市後對股價和成交的影響都相對有限。
不過,中金指,其他中概股公司監管不確定性仍存在,未來一年是關鍵窗口。無論是上市地位或成交方面,5間國企退市的直接影響都相對有限,但是卻會加大市場對於其他更多主上市地在美國的中概股面臨退市風險的擔憂。
中金指,注意到越來越多的公司,例如小鵬-W(09868.HK)、理想-W(02015.HK)、貝殼-W(02423.HK)等多家中概股,選擇雙重主要上市回歸港股,且再鼎醫藥-B(9688.HK) 、嗶哩嗶哩-SW(09626.HK)和阿里-SW(09988.HK)等公司也已經申請或完成了二次上市向主要上市地位的轉換。該行測算,上述公司如果轉為主要上市並納入滬港通後,有望帶來456億港元的資金流入。
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