中概股的挑战与未来

Challenges and Future of Chinese Concept Stocks

在互联网时代,风起云涌的中国新经济企业催生了通过制度创新突破融资约束瓶颈的中概股,进而在全球资本市场发展史上形成了十分独特的“中概股”现象。然而,2020年初瑞幸咖啡财务造假丑闻曝光引发的中概股信任危机,以及在中美竞争背景下以《外国公司问责法》出台为代表的美国对中概股监管政策的收紧加剧了中概股企业在美上市发展的不确定性,使中概股发展陷入前所未有的困境。本文在客观评价“中概股”历史贡献的基础上,讨论中美证券监管当局围绕审计底稿监管合作协议的签署与实施的主要分歧,进而提出中概股防范和化解退市危机的可能应对之策。本文认为,在美上市的中概股可以基于企业属性和实际情况进行“分类应对”。美股占比有限且多地交叉上市的国资背景中概股,可以选择从美国市场主动退市。对于民资背景的中概股,一方面可以积极寻求中国香港、新加坡,甚至中国A股进行多地交叉上市,以缓解美国单一市场的上市风险;另一方面,则可以通过变更选择符合美国监管要求的审计机构寻求在美国继续上市。

In the Internet era,the upsurge of innovation-oriented Chinese new economy enterprises has given birth to the Chinese concept stocks that break through financing constraints through institutional innovation,and thus emerged the unique phenomenon of “Chinese concept stocks” in the history of global capital market development. After 30 years of development,Chinese concept stock is not only the product of institutional innovation in the capital market,but also the manifestation of Chinese entrepreneurial spirit. Based on the objective evaluation of the historical contribution of Chinese concept stocks,this paper discusses the main differences between Chinese and American securities regulatory authorities on the signing results and implementation of the supervision cooperation agreement of audit working papers,and then puts forward the possible countermeasures to prevent and resolve the delisting crisis of Chinese concept stocks. This paper holds that Chinese concept stocks listed in the United States can be classified and dealt with based on enterprise attributes and actual conditions. For Chinese concept stocks with state capital background,they have a limited share of U. S. stocks and cross-listed in many places,so they can choose to voluntarily delist from the U. S. market. For Chinese concept stocks with private capital background,on the one hand,we can actively seek cross-listing in Chinese Hong Kong,Singapore and even China A shares to alleviate the listing risk in the single market of the United States. On the other hand,it is also possible to seek continued listing in the United States by changing the selection of auditors that meet the regulatory requirements of the United States.