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KLK June
2022-10-25
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KLK June
2022-10-26
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KLK June
2022-10-21
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KLK June
2021-07-30
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中概股的黄昏:赴美IPO的时代已经过去了吗?
KLK June
2022-12-06
$特斯拉(TSLA)$
KLK June
2022-11-27
$新加坡交易所(S68.SI)$
KLK June
2022-11-21
$苹果(AAPL)$
KLK June
2022-11-18
$新加坡交易所(S68.SI)$
KLK June
2022-10-23
$AMC院线(AMC)$
KLK June
2022-11-19
$新加坡交易所(S68.SI)$
KLK June
2022-11-11
$特斯拉(TSLA)$
KLK June
2022-11-07
$特斯拉(TSLA)$
KLK June
2022-11-05
$新加坡航空公司(C6L.SI)$
KLK June
2022-12-10
$纳指三倍做空ETF(SQQQ)$
KLK June
2022-12-05
$美国银行(BAC)$
KLK June
2022-12-03
$苹果(AAPL)$
KLK June
2022-12-01
$特斯拉(TSLA)$
KLK June
2022-11-29
$新加坡交易所(S68.SI)$
KLK June
2022-11-26
$新加坡航空公司(C6L.SI)$
KLK June
2022-11-17
$特斯拉(TSLA)$
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14:30","market":"us","language":"zh","title":"中概股的黄昏:赴美IPO的时代已经过去了吗?","url":"https://stock-news.laohu8.com/highlight/detail?id=1142054143","media":"远川商业评论","summary":"2021年中国互联网公司赴美IPO热潮,在滴滴“抢跑”挂牌纽交所后迎来了急刹车。\n据财新报道,目前已公开递交招股书的哈啰出行、天鹅到家、零氪科技、福佑卡车均已暂停上市。此前,喜马拉雅、Soul也曾在监","content":"<p>2021年中国互联网公司赴美IPO热潮,在滴滴“抢跑”挂牌纽交所后迎来了急刹车。</p>\n<p>据财新报道,目前已公开递交招股书的哈啰出行、天鹅到家、零氪科技、福佑卡车均已暂停上市。此前,喜马拉雅、Soul也曾在监管提示下暂停上市,而滴滴和Boss直聘则是在顺利挂牌后迎来了审查“补课”。</p>\n<p>与此同时,在美股已上市的中国互联网股价也集体走跌,网友段子称中概股已成中“丐”股。</p>\n<p>中概股本是一个颇具历史色彩的词汇。90年代境外上市大潮下,中国移动、青岛啤酒等金融“国家队”率先在香港上市,吸收了国际资本的助力。新世纪后,以新浪为开端,网易、搜狐、阿里等中国互联网公司掀起了赴美IPO热潮。</p>\n<p>从纽约到伦敦,从中国香港到新加坡,各地的股市都出现了大量中国公司的身影。这些在境外上市的中国公司股票也被称为“中概股”。</p>\n<p>那么,问题来了,</p>\n<p>1. 为什么成长在国内的互联网公司,会不断掀起赴美上市热潮?</p>\n<p>2. 赴美IPO的时代已经过去了吗?</p>\n<p><img src=\"https://static.tigerbbs.com/b7b4f21e7221693ec800a63c3feea0f8\" tg-width=\"1080\" tg-height=\"312\" referrerpolicy=\"no-referrer\"></p>\n<p>1999年,围绕着新浪上市,高盛和摩根斯坦利两大世界级投行开启了承销商争夺战。</p>\n<p>当时的互联网还是新鲜事物,大摩的领导在与新浪正式会面前10分钟恶补知识,从国际互联网的大好形势谈到中国互联网的锦绣前景,其间画龙点睛地冠以一两个专业词汇,俨然第一代网络弄潮儿。高盛全球总裁也曾亲自致电新浪董事长姜丰年,希望不要更换承销商,亚太区的一位负责人更是亲自飞到硅谷,在新浪门外等了足足两个小时,劝说王志东回心转意。</p>\n<p>两大投行之争,最终花落摩根斯坦利。2000年4月,新浪在承销商摩根斯坦利的帮助下,率先在纳斯达克敲钟上市。</p>\n<p>与欧美市场对新浪的瞩目不同,那个时期国内普遍对互联网知之甚少,新浪曾经在国内融资困难重重。</p>\n<p>在1996年的时候,国家科委和北京市经贸委批准了四通利方两个项目,并愿意提供2000万人民币银行贷款。但在银行这一关犯了难,银行抵押需要抵押物,而新浪只有软件,无法评估。银行问王志东用什么抵押,王志东说了句,“用这帮人的脑袋”。银行听后十分感动,然后拒绝了。</p>\n<p>最后还是高盛为首的世界知名投资银行将2500万美元的巨款打入了新浪的账户,也化成了新浪发展早期急需的服务器等设备,承载着网民们的冲浪热情。</p>\n<p>新浪并不是孤例。马云也曾四处融资无果,偶然结识孙正义,才拿到了2000万美元的救命钱。马化腾也曾几次想卖掉QQ,最后还是在李泽楷和IDG220万美元下续了命。</p>\n<p>当这批互联网公司的第一桶金主要为海外融资时,赴美上市似乎就有了天然的驱动力。但当时的互联网公司普遍面临着双重困境:</p>\n<p>(1)首先大多互联网公司接受境外融资而成为“外资公司”,但国家许多相关牌照规定是只能内资公司拥有的。</p>\n<p>(2)中国公司要去美国上市需要中国证监会审批同意,审核流程复杂。</p>\n<p>作为第一个吃资本主义螃蟹的中国互联网公司,新浪的“VIE模式”也让后浪们看到了接受外资和赴美上市的曙光。</p>\n<p>简单来说,VIE模式就是新瓶装旧酒:</p>\n<p>A公司无法去海外上市,那就在海外成立一家壳公司B,B(或者通过其在国内设立的全资子公司C)与内资的公司A签订一份几十年的协议,将A所有债务和权益都转给B,B以此在海外成功上市。</p>\n<p><img src=\"https://static.tigerbbs.com/b705a940524ec1d2cc5eb7670f5ed035\" tg-width=\"800\" tg-height=\"500\" referrerpolicy=\"no-referrer\"></p>\n<p>(VIE模式,来源:网络)</p>\n<p>随后,搜狐、网易、阿里、百度、携程也纷纷效仿登陆纽交所和纳斯达克。海外资本为它们送来一发发子弹,使得中国互联网之后十年内市值飙升,创造了一个又一个的财富神话。</p>\n<p>而早期的互联网公司上市潮背后还有一个更简单的原因:A股和港股对上市的严格规定,使他们望而却步。</p>\n<p><b>首先,A股对上市公司的要求严格,审批时间长。</b></p>\n<p>美股采取注册制,一般几个月就能走完全部的流程。但A股是审核制,审批最快也得一年,甚至几度暂停IPO。</p>\n<p>在互联网飞速发展的时期里,谁先拿到粮草,快速排兵布阵,抢占山头——谁就夺得了先机。坊间一直有句名言“风口上的猪都会飞”,换言之,猪也要跑的够快才能站上风口。</p>\n<p><b>其次,为了保护中小投资者,A股上市的门槛很高,对盈利、现金流、营收有严格的限制,而且它还要求公司必须有可持续盈利的能力。</b></p>\n<p>互联网公司早期都是烧钱大户,比如京东就曾连续亏十几年,在A股的话该退市好几次了。但美股对于拟上市公司不设盈利门槛。只要公司业务高速增长,占据很大市场份额,即便亏损也能上市。这无疑会被急需子弹的互联网公司视为救命粮草。</p>\n<p><b>最后,A股对于股权的规定,也让互联网公司们犹豫再三。</b></p>\n<p>互联网公司一般都会经过天使轮、pre-A轮、B轮、C轮、D轮车轮式融资,才能到上市这关。在这个过程中,创始团队的股权就会被不断稀释。</p>\n<p>因此,互联网公司大部分实行“同股不同权”的架构,又称AB股。简单来说,就是把股票分成A股和B股两个层次,外部投资者拿到的A股只有1票投票权,而管理层持有的B股美股却可以有N票投票权。比如说,刘强东在京东的股权只有15%,但是投票权近80%。</p>\n<p>在当时,A股和港股都坚持“一股一权、同股同权”。这样的规定会使得创始团队在融资过程中,逐渐失去对公司的实际控制权。而美股则为这类两重股权结构的公司敞开了大门。</p>\n<p>在新浪上市后的十几年内,纳斯达克也就成了全球互联网公司的摇篮。在谷歌、ebay、雅虎等海外巨头上市,刷新一个又一个的创富神话后,他们的中国版百度、阿里、新浪/搜狐、京东无不让美股投资者心潮澎湃。</p>\n<p>中概股在美股刷新一次次辉煌背后,是港股、A股的一度落寞。随着时代变化,交易所们也开启了制度竞赛。</p>\n<p><img src=\"https://static.tigerbbs.com/acfa21c3dc9518f5b73abac651eeb69f\" tg-width=\"1080\" tg-height=\"312\" referrerpolicy=\"no-referrer\"></p>\n<p>2013年,阿里曾经试图在港股上市,但港交所对阿里“同股不同权”架构相当反感。前港交所行政总裁李小加力主香港允许双重结构的阿里上市,但阻力重重。</p>\n<p>马云丢下一句“是阿里巴巴错失了香港,而不是香港错失了阿里巴巴”的漂亮话,带着阿里转身就上了纽交所。</p>\n<p>被香港拒绝的阿里,在纽交所大获成功:融资218亿美元,当天市值飙到2314亿美元,一举创下史上最大IPO的记录,成为仅次于谷歌的全球第二大互联网公司。</p>\n<p>阿里的成功,也让港交所承受了巨大的压力,外界纷纷投来质疑,甚至把这次称为“香港证券业的耻辱”。</p>\n<p>李小加在痛失阿里后力排众议,锲而不舍地发起了两轮改革。最终在2018年的4月,修订后的《主板上市规则》里规定,同股不同权(WVR)架构公司和未盈利生物医药企业被允许在港股上市。</p>\n<p>这一年,港交所就迎来了小米。随后,阿里、网易、京东也开启了港股的二次上市之旅。香港市场还吸引了快手、泡泡玛特、京东健康等高速成长的新经济公司。截至2020年12月底,新经济公司占香港所有上市公司总市值的比例提升至29%。</p>\n<p><img src=\"https://static.tigerbbs.com/38bc25fcb8de54bcd6532c947b4c719f\" tg-width=\"1016\" tg-height=\"648\" referrerpolicy=\"no-referrer\"></p>\n<p>港交所的改革,也让港交所的业绩屡创新高。2020年,港交所营业总收入192亿港元,同比增长18%。</p>\n<p>2019年,A股的科创板正式推出并首次引入了注册制,审核方也从证监会变成了上交所,上交所审核通过后,再转给证监会,后者会在20个工作日内决定是否给予注册。从2020年开始,主板企业也会逐步采用注册制上市。</p>\n<p>注册制的推行,意味着企业大概6个月就可以完成上市,优质企业就可以快速获得资金支持。例如在中芯国际,在上交科创板从申请受理到上市交易,只花了短短46天。</p>\n<p>除此以外,科创板也放开了对盈利和双重股权的限制,甚至允许VIE架构。去年9月,科创板也迎来了第一家集VIE架构、AB股结构、发行CDR于一身的上市公司——九号机器人。</p>\n<p>实行注册制、引入新经济的“源头活水”,也对A股的生态造成了巨大的改变。</p>\n<p>一方面,这是一场证券的“供给侧改革”,港交所2018年上市新政之后,A股竞争力一度出现下降。而在发行上市制度改革之后,A股弥补了自身的劣势。而且本身相比港股和美股,A股距离国内投资者最近,所以本土的独角兽/新经济公司更容易在A股能够获得好的估值。这在新能源、医美、半导体等行业动辄几百倍的估值身上已经一目了然。</p>\n<p>另一方面,随着上市渠道的畅通,A股上市公司传统的“壳”价值不断下降,上市公司的市值越来越贴近或反映其内在价值。</p>\n<p>事实已经说明,在国内上市,也有光明的前景。</p>\n<p><img src=\"https://static.tigerbbs.com/2086ae6023f6b647764da521881f2aef\" tg-width=\"1080\" tg-height=\"312\" referrerpolicy=\"no-referrer\"></p>\n<p>在国内A股市场或者金融领域上,一向存在所谓的加强监管周期、放松监管周期。</p>\n<p>简单说,就是类似新股发行/再融资/海外上市/回国上市,放松三年收紧三年,缝缝补补又三年,然后换个姿势再来一次。</p>\n<p>踩准一次监管周期,能赚钱,但很难保证下次继续踩准。更重要的是,如果以更长的目光来看,松三年紧三年的所谓监管周期,完全不是历史的进程。</p>\n<p>在上市这件事情上,真正的历史进程是注册制带动的供给侧改革,让证券化率提高、合规门槛降低,形成一个更加面向创新鼓励竞争优胜劣汰的开放体系,从而提高融资效率,最终优化产业结构。</p>\n<p>这个历史的进程有时候会被周期耽误,或者被周期吸引了注意力。但最终,不管周期如何起伏,最终都会通向历史的进程。</p>\n<p>也许有一天,中概股也将和“广交会”一样,成为时代的过去。</p>","source":"lsy1585921707636","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>中概股的黄昏:赴美IPO的时代已经过去了吗?</title>\n<style 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}\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 11px; color: #7E829C; margin: 0;line-height: 11px;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\n中概股的黄昏:赴美IPO的时代已经过去了吗?\n</h2>\n\n<h4 class=\"meta\">\n\n\n2021-07-30 14:30 北京时间 <a href=https://mp.weixin.qq.com/s/gu1eUNVmmW5rAFABlLkUzg><strong>远川商业评论</strong></a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>2021年中国互联网公司赴美IPO热潮,在滴滴“抢跑”挂牌纽交所后迎来了急刹车。\n据财新报道,目前已公开递交招股书的哈啰出行、天鹅到家、零氪科技、福佑卡车均已暂停上市。此前,喜马拉雅、Soul也曾在监管提示下暂停上市,而滴滴和Boss直聘则是在顺利挂牌后迎来了审查“补课”。\n与此同时,在美股已上市的中国互联网股价也集体走跌,网友段子称中概股已成中“丐”股。\n中概股本是一个颇具历史色彩的词汇。90...</p>\n\n<a href=\"https://mp.weixin.qq.com/s/gu1eUNVmmW5rAFABlLkUzg\">Web Link</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"https://static.tigerbbs.com/06cae21fc7d62efef7e8ddec15e2bb0b","relate_stocks":{"QNETCN":"纳斯达克中美互联网老虎指数","TTTN":"老虎中美互联网巨头ETF"},"source_url":"https://mp.weixin.qq.com/s/gu1eUNVmmW5rAFABlLkUzg","is_english":false,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1142054143","content_text":"2021年中国互联网公司赴美IPO热潮,在滴滴“抢跑”挂牌纽交所后迎来了急刹车。\n据财新报道,目前已公开递交招股书的哈啰出行、天鹅到家、零氪科技、福佑卡车均已暂停上市。此前,喜马拉雅、Soul也曾在监管提示下暂停上市,而滴滴和Boss直聘则是在顺利挂牌后迎来了审查“补课”。\n与此同时,在美股已上市的中国互联网股价也集体走跌,网友段子称中概股已成中“丐”股。\n中概股本是一个颇具历史色彩的词汇。90年代境外上市大潮下,中国移动、青岛啤酒等金融“国家队”率先在香港上市,吸收了国际资本的助力。新世纪后,以新浪为开端,网易、搜狐、阿里等中国互联网公司掀起了赴美IPO热潮。\n从纽约到伦敦,从中国香港到新加坡,各地的股市都出现了大量中国公司的身影。这些在境外上市的中国公司股票也被称为“中概股”。\n那么,问题来了,\n1. 为什么成长在国内的互联网公司,会不断掀起赴美上市热潮?\n2. 赴美IPO的时代已经过去了吗?\n\n1999年,围绕着新浪上市,高盛和摩根斯坦利两大世界级投行开启了承销商争夺战。\n当时的互联网还是新鲜事物,大摩的领导在与新浪正式会面前10分钟恶补知识,从国际互联网的大好形势谈到中国互联网的锦绣前景,其间画龙点睛地冠以一两个专业词汇,俨然第一代网络弄潮儿。高盛全球总裁也曾亲自致电新浪董事长姜丰年,希望不要更换承销商,亚太区的一位负责人更是亲自飞到硅谷,在新浪门外等了足足两个小时,劝说王志东回心转意。\n两大投行之争,最终花落摩根斯坦利。2000年4月,新浪在承销商摩根斯坦利的帮助下,率先在纳斯达克敲钟上市。\n与欧美市场对新浪的瞩目不同,那个时期国内普遍对互联网知之甚少,新浪曾经在国内融资困难重重。\n在1996年的时候,国家科委和北京市经贸委批准了四通利方两个项目,并愿意提供2000万人民币银行贷款。但在银行这一关犯了难,银行抵押需要抵押物,而新浪只有软件,无法评估。银行问王志东用什么抵押,王志东说了句,“用这帮人的脑袋”。银行听后十分感动,然后拒绝了。\n最后还是高盛为首的世界知名投资银行将2500万美元的巨款打入了新浪的账户,也化成了新浪发展早期急需的服务器等设备,承载着网民们的冲浪热情。\n新浪并不是孤例。马云也曾四处融资无果,偶然结识孙正义,才拿到了2000万美元的救命钱。马化腾也曾几次想卖掉QQ,最后还是在李泽楷和IDG220万美元下续了命。\n当这批互联网公司的第一桶金主要为海外融资时,赴美上市似乎就有了天然的驱动力。但当时的互联网公司普遍面临着双重困境:\n(1)首先大多互联网公司接受境外融资而成为“外资公司”,但国家许多相关牌照规定是只能内资公司拥有的。\n(2)中国公司要去美国上市需要中国证监会审批同意,审核流程复杂。\n作为第一个吃资本主义螃蟹的中国互联网公司,新浪的“VIE模式”也让后浪们看到了接受外资和赴美上市的曙光。\n简单来说,VIE模式就是新瓶装旧酒:\nA公司无法去海外上市,那就在海外成立一家壳公司B,B(或者通过其在国内设立的全资子公司C)与内资的公司A签订一份几十年的协议,将A所有债务和权益都转给B,B以此在海外成功上市。\n\n(VIE模式,来源:网络)\n随后,搜狐、网易、阿里、百度、携程也纷纷效仿登陆纽交所和纳斯达克。海外资本为它们送来一发发子弹,使得中国互联网之后十年内市值飙升,创造了一个又一个的财富神话。\n而早期的互联网公司上市潮背后还有一个更简单的原因:A股和港股对上市的严格规定,使他们望而却步。\n首先,A股对上市公司的要求严格,审批时间长。\n美股采取注册制,一般几个月就能走完全部的流程。但A股是审核制,审批最快也得一年,甚至几度暂停IPO。\n在互联网飞速发展的时期里,谁先拿到粮草,快速排兵布阵,抢占山头——谁就夺得了先机。坊间一直有句名言“风口上的猪都会飞”,换言之,猪也要跑的够快才能站上风口。\n其次,为了保护中小投资者,A股上市的门槛很高,对盈利、现金流、营收有严格的限制,而且它还要求公司必须有可持续盈利的能力。\n互联网公司早期都是烧钱大户,比如京东就曾连续亏十几年,在A股的话该退市好几次了。但美股对于拟上市公司不设盈利门槛。只要公司业务高速增长,占据很大市场份额,即便亏损也能上市。这无疑会被急需子弹的互联网公司视为救命粮草。\n最后,A股对于股权的规定,也让互联网公司们犹豫再三。\n互联网公司一般都会经过天使轮、pre-A轮、B轮、C轮、D轮车轮式融资,才能到上市这关。在这个过程中,创始团队的股权就会被不断稀释。\n因此,互联网公司大部分实行“同股不同权”的架构,又称AB股。简单来说,就是把股票分成A股和B股两个层次,外部投资者拿到的A股只有1票投票权,而管理层持有的B股美股却可以有N票投票权。比如说,刘强东在京东的股权只有15%,但是投票权近80%。\n在当时,A股和港股都坚持“一股一权、同股同权”。这样的规定会使得创始团队在融资过程中,逐渐失去对公司的实际控制权。而美股则为这类两重股权结构的公司敞开了大门。\n在新浪上市后的十几年内,纳斯达克也就成了全球互联网公司的摇篮。在谷歌、ebay、雅虎等海外巨头上市,刷新一个又一个的创富神话后,他们的中国版百度、阿里、新浪/搜狐、京东无不让美股投资者心潮澎湃。\n中概股在美股刷新一次次辉煌背后,是港股、A股的一度落寞。随着时代变化,交易所们也开启了制度竞赛。\n\n2013年,阿里曾经试图在港股上市,但港交所对阿里“同股不同权”架构相当反感。前港交所行政总裁李小加力主香港允许双重结构的阿里上市,但阻力重重。\n马云丢下一句“是阿里巴巴错失了香港,而不是香港错失了阿里巴巴”的漂亮话,带着阿里转身就上了纽交所。\n被香港拒绝的阿里,在纽交所大获成功:融资218亿美元,当天市值飙到2314亿美元,一举创下史上最大IPO的记录,成为仅次于谷歌的全球第二大互联网公司。\n阿里的成功,也让港交所承受了巨大的压力,外界纷纷投来质疑,甚至把这次称为“香港证券业的耻辱”。\n李小加在痛失阿里后力排众议,锲而不舍地发起了两轮改革。最终在2018年的4月,修订后的《主板上市规则》里规定,同股不同权(WVR)架构公司和未盈利生物医药企业被允许在港股上市。\n这一年,港交所就迎来了小米。随后,阿里、网易、京东也开启了港股的二次上市之旅。香港市场还吸引了快手、泡泡玛特、京东健康等高速成长的新经济公司。截至2020年12月底,新经济公司占香港所有上市公司总市值的比例提升至29%。\n\n港交所的改革,也让港交所的业绩屡创新高。2020年,港交所营业总收入192亿港元,同比增长18%。\n2019年,A股的科创板正式推出并首次引入了注册制,审核方也从证监会变成了上交所,上交所审核通过后,再转给证监会,后者会在20个工作日内决定是否给予注册。从2020年开始,主板企业也会逐步采用注册制上市。\n注册制的推行,意味着企业大概6个月就可以完成上市,优质企业就可以快速获得资金支持。例如在中芯国际,在上交科创板从申请受理到上市交易,只花了短短46天。\n除此以外,科创板也放开了对盈利和双重股权的限制,甚至允许VIE架构。去年9月,科创板也迎来了第一家集VIE架构、AB股结构、发行CDR于一身的上市公司——九号机器人。\n实行注册制、引入新经济的“源头活水”,也对A股的生态造成了巨大的改变。\n一方面,这是一场证券的“供给侧改革”,港交所2018年上市新政之后,A股竞争力一度出现下降。而在发行上市制度改革之后,A股弥补了自身的劣势。而且本身相比港股和美股,A股距离国内投资者最近,所以本土的独角兽/新经济公司更容易在A股能够获得好的估值。这在新能源、医美、半导体等行业动辄几百倍的估值身上已经一目了然。\n另一方面,随着上市渠道的畅通,A股上市公司传统的“壳”价值不断下降,上市公司的市值越来越贴近或反映其内在价值。\n事实已经说明,在国内上市,也有光明的前景。\n\n在国内A股市场或者金融领域上,一向存在所谓的加强监管周期、放松监管周期。\n简单说,就是类似新股发行/再融资/海外上市/回国上市,放松三年收紧三年,缝缝补补又三年,然后换个姿势再来一次。\n踩准一次监管周期,能赚钱,但很难保证下次继续踩准。更重要的是,如果以更长的目光来看,松三年紧三年的所谓监管周期,完全不是历史的进程。\n在上市这件事情上,真正的历史进程是注册制带动的供给侧改革,让证券化率提高、合规门槛降低,形成一个更加面向创新鼓励竞争优胜劣汰的开放体系,从而提高融资效率,最终优化产业结构。\n这个历史的进程有时候会被周期耽误,或者被周期吸引了注意力。但最终,不管周期如何起伏,最终都会通向历史的进程。\n也许有一天,中概股也将和“广交会”一样,成为时代的过去。","news_type":1},"isVote":1,"tweetType":1,"viewCount":500,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":9967219435,"gmtCreate":1670334169327,"gmtModify":1676538345881,"author":{"id":"3583281139529333","authorId":"3583281139529333","name":"KLK 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