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【直击华尔街】Lex专栏:美国退市“清单”上的中概股

MBA报考常识 2021/1/8 13:47:05 来源:友课
文章摘要:
【直击华尔街】Lex专栏:美国退市“清单”上的中概股

Lex专栏:美国退市“清单”上的中概股

China telcos/NYSE: check list

纽交所已启动中国三大电信运营商的退市程序,金融、科技和能源行业的中企也都处于风口浪尖,未来还会有更多中企被摘牌。

The Trump administration’s determination to limit US investment in China meant Chinese company delistings from US markets were inevitable. Still, the speed at which things are moving is a surprise.

特朗普(Trump)政府决心限制美国对华投资,意味着中国企业从美国退市是不可避免的。尽管如此,事情发展的速度依然令人意外。

The New York Stock Exchange has already begun the delisting process for China’s three largest state-run telecom operators. Trading in China Mobile, China Unicom and China Telecom will be suspended as early as this week.

纽约证券交易所(New York Stock Exchange)已启动中国三大国有电信运营商的退市程序。中国移动(China Mobile)、中国联通(China Unicom)和中国电信(China Telecom)的股票交易zui早将于本周停牌。

The trio made it on to the Pentagon’s list of companies suspected of having Chinese military ties last year. It was reasonable for investors to expect action to be relatively slow paced. Regulations that require Chinese companies listed in the US to follow US audit disclosure requirements give the companies until next year to comply.

去年,这三家公司被五角大楼(Pentagon)列入疑似与中国军方有关联的企业名单。那时候投资者有理由预计摘牌退市的行动会较为缓慢地进行。因为美国新法规要求在美上市的中国企业从2021年起符合美国审计披露规定。

An unexpectedly rapid delisting has knocked Chinese telco share prices. But the companies, which are also listed in Hong Kong and do not use US markets to raise money, will suffer limited damage. Sectors targeted next may not be so fortunate. Finance, tech and energy are all in the line of fire. Most of the 200 plus Chinese companies currently listed in the US fall under one of these categories.

出人意料的迅速退市打击了中国电信企业股价。但这三家企业同时也在香港上市,而且不利用美国市场募资,受到的影响应该有限。下一个被盯上的行业可能就没那么幸运了。金融、科技和能源都处于风口浪尖。目前在美上市的逾200家中国企业中,大多数都属于这三类企业。

Some of China’s biggest oil companies, including Cnooc, are already on the US list of companies with military links. Tech companies have been a longstanding target too. Those looking for funds have much to lose. Despite Beijing’s ongoing efforts to ease restrictions in local markets, local listings remain more complicated than listing in the US. Regulatory crackdowns on groups such as Alibaba make alternative overseas funding sources more attractive. Listings by Chinese start-ups raised about $5bn from New York last year, in spite of geopolitical tensions.

中海油(CNOOC)等一些中国zui大的石油企业已被美国列入涉军企业名单。科技企业早就是目标。那些渴望融资的企业损失就大了。尽管北京方面正在采取措施放松国内市场的限制,但在华上市依然比在美上市复杂得多。中国监管机构对阿里巴巴(Alibaba)等集团的打击使得其他海外融资渠道更具吸引力。去年,尽管美中地缘政治局势紧张,但中国初创企业在纽约上市募资约50亿美元。

Last year’s equity market rally pushed the market cap of Chinese companies listed in the US to more than $2tn. But the risks to both Chinese companies and US investors warrant a mark down. Index provider MSCI is set to remove 10 Chinese stocks from its indices, while the US audit rules contradict China's ban on companies sharing audits with foreign governments. More delistings will come.

去年的股市反弹将在美上市中国企业的市值推高至逾2万亿美元。但鉴于中国企业和美国投资者面临的风险,股价有理由下跌。指数提供商MSCI将从其指数中剔除10家中国企业,而美国的审计规则和中国禁止企业与外国政府共享审计信息的禁令相悖。还会有更多企业被摘牌。


(本文转载自中国政法大学 ,如有侵权请电话联系0731-84213616)

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