在美中概股公司管制性风险分析与应对

Analysis and Response to Regulatory Risk of U.S.-Listed China Concept Stock Companies

近年来,受“零和博弈”思维影响,美国对华进行全方位遏制打压,并对中概股公司展现出了更为严苛的监管态度。美国通过泛化的国家安全审查、歧视性的审慎监管以及频繁的出口管制和金融制裁,滥用各类管制性措施,破坏了中概股公司外部运营环境的稳定性及可预见性。美国管制措施中的针对性、歧视性色彩,有违基本的法治精神和国际法的多项原则、准则。因此,在企业层面,赴美上市公司须做好风险规避方案,在美中概股公司应做好回流准备,受影响企业可积极利用美国国内法所提供的救济途径。在国家层面,应持续推进中美双方跨境审计监管合作,考虑对美歧视性管制措施依法采取必要的反制,推动国际社会形成防止国家滥用经济管制权力的约束性纪律。

The United States has shown a more stringent regulatory attitude towards China Concept Stock companies under the influence of the“zero-sum game”thinking in recent years.Through extensive national security review,discriminatory prudential supervision,frequent export control and economic sanctions,the United States abused various regulatory measures,which undermined the stability and predictability of the external operating environment of China Concept Stock companies.The targeted and discriminatory nature of the U.S.regulatory measures violates the basic spirit of the rule of law and many principles and norms of international law.At the enterprise level,Chinese companies need to fully consider the risk prevention plan before listing on the United States stock exchange,and U.S.-listed China Concept Stock companies need to be well prepared for coming-back listing,while affected companies can actively use the local approaches provided by the domestic laws of the United States to seek remedies.At the national level,China should continue to promote cross-border audit supervision cooperation with the United States,consider taking necessary countermeasures against discriminatory control measures against the United States,and promote the international community to form a binding discipline to prevent the country from abusing its economic regulatory power.