独角兽A股之路

Wooing overseas listed Chinese firms back to the domestic A-share market with the CDR system

独角兽，本是一种存在于神话传说中的生物，近年来被用于指代那些在私募和公开市场估值超过10亿美元的创业公司，它们可能暂时未能盈利，但被认为潜力巨大。 中国是不少“独角兽”公司的“原产地”，胡润研究院发布的《2017胡润大中华区独角兽指数》显示，大中华区“独角兽”企业总数达120家，整体估值总计超3万亿元。其中有不少是我们耳熟能详的企业，蚂蚁金服、滴滴出行、小米……而如果将那些曾经的“独角兽”企业也算入其中，这份榜单还会更长、出现更多我们熟悉的公司。

China announced a pilot program to support innovative companies' domestic listing and issuance of CDR. China Depositary Receipt(CDR), a financial derivative, resembles ADR(American Depository Receipt), which facilitate fundraising for non-US companies in the US capital market. The pilot scheme will cover companies in high-tech or strategic emerging industries such as Internet, big data, cloud computing, artificial intelligence, software and integrated circuit, as well as high-end equipment manufacturing and biological medicine. The program will apply to overseas-listed firms who are registered overseas but operate in the Chinese mainland with a capitalization of no less than 200 billion yuan. For innovative companies who have not listed overseas, they will be the program candidates if they have posted a business income of at least 3 billion yuan for the past year and are valued at 20 billion yuan or above. Tencent, Alibaba, Baidu, JD.com, Netease, Weibo, Ctrip and Sunny Optical are the first eight potential pilot companies.