红筹股回归A股模式比较及制度安排

Comparison among Modes of China Concept Stocks Returning to A Stock Market and System Arrangment

对红筹股回归A股采用的CDR模式、直接发行上市模式、联通模式等三种方式进行了比较分析。红筹股公司系境外注册的公司,虽然回归不存在重大的法律障碍,但也需要从制度层面上进行相应调整。第一,需要就红筹股回归A股市场制定市场准入等相关的法规;第二,需要就红筹股回归明确新的、多部门参与的审批制度;第三,需要建立香港、内地协作的联合监管制度安排;第四,需要就境内募集资金的使用和管理做出规范。

This paper compare CDR mode, directly going public and Unicorn mode in China concept stocks returning to A stock market. China concept stocks register overseas, so their returning reguires relative adjustment in system. Firstly, we have to set down the market admittance laws. Secondly, we have to establish new examination and approval system involving many departments. Thirdly, we have to establish united supervisory system cooperated by Hongkong and continental goverments. Finally, we have to standardize the use and management of their funds collected from continental market.