中概股危机背景下协议控制模式的博弈与规制

The Game-Playing and Regulation of Protocol Control Mode under the Background of China Concept Stock Crisis

随着2021年7月以来中美对中概股监管的升级,协议控制模式的前途又一次被看衰。境内A股上市和境外直接上市的高门槛以及外资基金对境外退出的偏好,使得境外间接上市成为很多民营企业的首选。外资产业准入限制以及返程并购的审批要求,让规避监管的协议控制模式得以迅速发展。然而,随着我国A股市场注册制的深化改革、风投市场的发展和境内外监管环境的收紧,协议控制模式的存续空间被极大地压缩。尽管如此,在承认协议控制模式合法性的前提下加强精细化监管,防范给国家经济安全带来的风险,仍是规范该模式的最佳方式。

With the escalation of Chinese and American supervision of China concept stocks since July 2021,the prospect of the protocol control mode tends to be bearish again.The demanding requirements for domestic A-share listing and offshore direct listing,together with foreign capital investment funds'preference for offshore exit,have made the offshore indirect listing the first choice for the private enterprises in China.Restrictions on foreign investment admission in specific Chinese industries and requirements for governmental approval of round-trip investments,contributes to the rapid development of protocol control mode of circumvent supervision in offshore indirect listings.However,with the deepening of reform of the registration system in domestic stock markets,and the tightening of the development of venture capital market in China as well as the domestic and foreign regulatory environment,the survival space of the protocol control mode has been greatly reduced.Nevertheless,on the premise of recognizing the legitimacy of the protocol control mode,it is still the best way to standardize the protocol control mode by strengthening intensive supervision and preventing risks to national economic security.