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Reporter Xie Ruolin.
Xi journalist Mao Yirong.
Since the beginning of this year, the popularity of overseas listings has continued to rise, and more and more enterprises are actively seeking listing opportunities in overseas capital markets. At the Hong Kong stock level, as of December 1, 52 new shares have landed on the Hong Kong Stock Exchange during the year, of which 49 are mainland enterprises and another 91 are in the queue. At the U.S. stock market, 35 Chinese concept stocks have been listed in the U.S. during the year, of which 28 are mainland companies and another 72 have submitted prospectuses.
From a policy perspective, mainland enterprises continue to be encouraged by regulators to list overseas. On November 27, the People's Bank of China, the State Administration of Financial Regulation, the China Securities Regulatory Commission and other eight departments jointly issued the "Notice on Strengthening Financial Support Measures to Help the Development and Growth of the Private Economy", which proposed to "support qualified private enterprises to go public abroad and make good use of two markets and two resources." ”
In addition, the filing process of overseas listed enterprises has been greatly accelerated, and more "green light" cases have emerged. Since the implementation of the Trial Measures for the Administration of Overseas Issuance** and Listing of Domestic Enterprises (hereinafter referred to as the "New Filing Regulations") on March 31, 152 enterprises have submitted filing materials to the public, of which 68 enterprises have obtained the filing notice of overseas issuance and listing from the China Securities Regulatory Commission, and the channels for enterprises to list overseas have become smoother.
The proportion of listings in Hong Kong increased.
Mainland enterprises have become an important force in Hong Kong's leading market, and the proportion of mainland enterprises going to Hong Kong for IPOs continues to rise. According to Deloitte, the proportion of new listings from Chinese mainland increased by 3 percentage points to 91% in the first three quarters of this year, up from 88% in the same period last year.
From the perspective of industries, the proportion of scarce and new economy enterprises such as logistics, artificial intelligence, and catering is increasing. Taking "clothing, food, housing and transportation" as an example, more than 10 companies have been listed in Hong Kong, including Youbao**, Guoquan, October Rice Field, Luyuan Group Holdings, Tuhu-W, Superstar Legend, Keep, Zhenjiu Lidu, Baiguoyuan Group, Zhengwei Group, etc.
From the perspective of market performance, some new stocks performed well, and Ubox** closed up 40 on the first day87%, WuXi XDC closed up 3592%。Zhenjiu Li Du raised the largest amount of funds and became the "king of fundraising" during the year, raising 53HK$0.9 billion.
Since the fourth quarter, the pace of Hong Kong stock IPOs has accelerated. As of December 1, there are 91 Hong Kong-listed IPO companies that are "queuing", including SF Holdings, Cainiao Smart Logistics, Midea Group, Zhaogang Group, Zhixing Automobile, etc.
Yuan Mei, research director of Sullivanjieli (Shenzhen) Cloud Technology, told the reporter that despite the downturn in the Hong Kong stock IPO market this year and the lack of large-scale IPO projects, Hong Kong is still the first choice for mainland companies to list overseas, and the Hong Kong market is more inclusive of the industry.
HKEX has also launched a series of reform measures to actively seek changes and strive to improve the financing, trading and investment environment of Hong Kong stocks. In March, the Hong Kong Stock Exchange added a Chapter 18C listing regime for specialized technology companies, lowering the threshold for technology companies to be listedIn June, the "HKD-RMB" dual counter model was launched to attract offshore RMB funds to invest in Hong Kong stocksIn September, the Hong Kong Stock Exchange (HKEX) solicited market opinions on the GEM (Growth Enterprise Market) listing reform and simplified the transfer mechanismIn November, a new IPO settlement platform FINI was launched, and the IPO settlement of Hong Kong stocks entered the "T+2" era.
The recovery of listings in the United States has accelerated.
In addition to listing in Hong Kong, listing in the United States is also one of the choices for Chinese mainland enterprises. As of December 1, 35 Chinese concept stock companies were listed in the United States during the year, with a total financing scale of about 9US$0.9 billion, 94% and 28% in volume and scale compared to the same period last year, respectively. Among them, 25 were listed through IPOs and 10 were listed through SPAC (Special Purpose Acquisition Company). In addition, 49 companies have submitted filing materials, of which 21 have obtained the filing notice of overseas issuance and listing from the China Securities Regulatory Commission.
It is worth mentioning that companies in the field of electric vehicles are actively going public in the United States. For example, Geely Group's Zeekr has submitted its initial public offering (IPO) application documents to the U.S. ** Exchange Commission. According to the notice of filing for the overseas issuance and listing disclosed by the China Securities Regulatory Commission, ZEEKR intends to issue no more than 92.6 billion shares of common stock and listed on the New York Stock Exchange. In addition, Lotus Technology, a luxury electric vehicle manufacturer owned by Geely Group, plans to list on the Nasdaq and has submitted filing materials to the China Securities Regulatory Commission.
Why are mainland enterprises actively seeking to list overseas?Wang Qing, CEO of Han Academy Consulting, told the reporter that the attraction of the international capital market to mainland enterprises lies in the relatively mature market and investors, diversified listing models and financing methods, and the expansion of the international market and popularity.
In addition, overseas listing can attract a group of high-quality international investors for enterprises to meet the needs of the international layout of enterprises, and the funds raised in overseas listing are US dollars or Hong Kong dollars, which can be directly used for overseas investment.
However, there are still three points that mainland enterprises need to pay attention to when going to list overseas: first, the issuance cost is relatively high;The second is the local law;The third is the barrier of culture and language. Wang Qing said that enterprises need to consider various factors such as their own situation, strength, and long-term development strategic planning to choose a more suitable capital market for listing.