【英文】瑞信报告：中国独角兽投资策略（241页）

英文研究报告 2021年11月16日 06:01 管理员

The move would open up a new investor base for such SOE red chips as their ADRs face delisting risks or have been delisted. For example, in May, China’s three biggest telecom operators—China Telecom, China Mobile and China Unicom—lost appeals against being delisted from NYSE, which was moving to comply with an investment blacklist introduced under former US President Donald Trump. China Telecom returned to the A-share market and was listed in Shanghai in Aug and China Mobile is set to follow suit. HKEx further facilitating the return of overseas issuers Following the introduction of a new listing regime (Chapter 19C) in 2018 that includes pre-revenue biotech companies, accepts weighted voting rights (WVR) and facilitates secondary listing, HKEx earlier this year launched another consultation to enhance and streamline the listing regime for overseas issuers.

With the latest developments in the regulatory landscape and the proposed reforms by HKEx, we expect more Chinese ADRs to accelerate home market listing and quality unicorns may favour Hong Kong over the US as their listing venue in the long run. Based on the consultation paper, the bourse attempts to expand the secondary listing regime for overseas-listed Greater China companies from traditional sectors without WVR and provides greater flexibility for issuers seeking dualprimary listings while maintaining their existing WVR and VIE structures. The consultation was launched on 31 March 2021 and completed on 31 May. Currently HKEx is reviewing the feedback it collected and has not officially announced its consultation results. HKEx said the listing reforms in 2018 have already achieved tremendous success in adding vibrancy and diversity to Hong Kong’s listed company ecosystem. It believes the latest proposals will attract more international and mainland companies looking to benefit from Hong Kong’s liquid financial markets.