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貿易戰背景下,美國上市的中概股處境可能不太樂觀

早幾年前中概股的VIE結構和會計制度一直受到投資者批評。日前SEC再提出來,未知和貿易戰是否有關。但我個人覺得對美國ADR中概股感到很擔心。
美國SEC出手了?
美國證券交易委員會(SEC)主席Jay Clayton、總會計師Wes Bricker和美國公眾公司會計監督委員會(PCAOB)主席William Duhnke日前就《關於審計質量和監管獲取審計及其他國際信息的重要作用》發表聯合聲明,主要討論了關於在他國有大量業務的美國上市公司當前信息獲取的挑戰。
SEC和PCAOB在監督美國上市的中國公司的財務報告時遭遇障礙,無法直接接觸賬簿、交易記錄和審計工作文件,無法在範圍和時間上做到與其他司法管轄區一致。
In Short, 未來在美上市的中概股可能遭嚴厲監管。不足監管的,最差情況可能是要退市。
2015年知道可能發生?
2015年,在美ADR中概股出現史無前例的私有化浪潮。年內近20間公司公布此類計劃的。一些市場觀點認為,這些公司將尋求在中國的A股市場重新上市,以期大幅提升估值倍數。當中更大的原因是中國國務院在2015年6月鼓勵具有特殊股權結構的公司在境內上市,而背後的原因,就是擔心美國會以ADR中概股作中美關系的籌碼。
如何解決?
如要回A股上市,中資ADR公司必須經過三個階段:
1. 從美國市場退市。
2. 廢除VIE結構。
3. 在A股市場重新上市。
一個成功案例是分眾傳媒(Focus Media)將ADR私有化並回到A股掛牌,從提出私有化申請到在深交所上市用了幾乎3年時間。
如要回港股上市
1. 從美國市場退市。
2. 在H股市場重新上市。
一個成功案例是創夢天地,2015年12月31日,創夢天地宣布退市,今年在港股上市,也是用了幾乎3年時間。
未來ADR中概股會怎樣?在貿易戰的背景下,我不樂觀。
來自: 財研社
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