In The Great Changes Of The Domestic And Foreign Market Environment, The Stock Market Went To The Crossroads To Choose The "Crossroads".

On the evening of May 19th, Rui Xing coffee announced that it had received a notice of withdrawal from the NASDAQ Exchange in May 15th. The company plans to hold a hearing on this issue. Before the outcome of the hearings, Rui Xing will continue to be listed on Nasdaq, and the hearing will normally be held 30 to 45 days after the hearing request date.

Earlier, it was reported that the NASDAQ side would announce a new restriction on IPO, that is, requiring IPO of some countries to raise more than $25 million, or at least 1/4 of the market value after listing. If the restriction finally comes into force, it will undoubtedly have a great impact on the current large number of red chip enterprises going to the US market. However, the NASDAQ side has not yet confirmed whether the news is true.

In contrast, the domestic capital market system is undergoing tremendous changes. For the Chinese stock market or the red chip enterprises, the present system structure and the tolerance of supervision are more welcome than ever before.

The companies who enter and retreat, the stock market share and the red chip structure have come to the crossroads at the market place. A change in the choice of enterprises listed on the inside and outside the capital market environment changes is quietly staged.

At present, the system structure and supervision in China are more inclusive than those in the past for the stock market or the red chip enterprises returning to the domestic market. Compared with the previous ones, the head enterprises and the new economy and hi-tech enterprises have more advantages. - Gan Jun photo

And then to the crossroads.

According to incomplete statistics, more than 30 stocks have fallen by more than 10% in the past month. The largest online brokerage company in the United States has also adopted the margin trading rule in the recent mail adjustment. The margin requirement of the stock account holding the small market value will be raised, and the account that will not meet the new requirements will be closed.

If the above changes have given new consideration to the stocks that have been listed in the US, there have been reports recently that the NASDAQ side will set the minimum threshold for the IPO scale of some countries and regional Corporation, which are slowly changing the choice of the red chip company's listing in the US.

"Our statistics show that the vast majority of IPO companies under $25 million are from China, and some companies that are not big enough to be listed in China are also keen to go to the US market." Ze Hao investment partner Cao Gang told reporters.

The environment of overseas listing is changing, and the acceptance of domestic capital market to the red chip structure and the return of China's stock market is more than any time in history.

The first is the institutional arrangement. In 2018, the State Council and the SFC issued the notice of the general office of the State Council to transmit the notice of the SFC on launching some opinions on issuing stocks or depository receipts in the innovative enterprises, and the announcement on the related arrangements for the innovation pilot red chips enterprises listing in China.

With the establishment and gradual maturity of the science and technology board, the board of enterprises that have accepted the red chip structure has also appeared. As of now, the science and technology board has completed a listing of a red chip enterprise, that is, Huarun microelectronics. In addition, the gem registration reform also mentioned the need to reserve the listing space for the red chip enterprises. In the future, regulators will also introduce the red chips framework for listing the enterprises to facilitate the return of such enterprises to domestic listing.

It is worth noting that in April 30th, the SFC amended the contents of the related arrangements on the listing of innovative red chip enterprises in China, and further optimized the conditions of the red chip structure, especially the listed red chip enterprises returning to the domestic capital market.

"Since last year, we have observed that there are quite a few stock movements. The implementation of the domestic registration system, the deepening of the reform of the capital market, the attractiveness of the return of red chips is also increasing. He Ying, a tax partner of KPMG's China merger and acquisition, said.

In this case, the wave of potential stocks and red chip companies has also changed significantly from 2015. The return of 2015 is marked by privatization and dismantling of the red chip structure, which is more efficient than anyone.

"The label of this return to the tide is that the system will accept enterprises with red chips or enterprises that have already been listed overseas. The great changes in the market supervision philosophy behind this mean that domestic capital markets are very welcome to return these domestic capital markets to the domestic capital market. From the perspective of stock market regression in the past, the domestic capital market environment is the most relaxed time now." A partner of a large private equity firm in Beijing told reporters.

Rational regression

But according to the reporters' combing and interviews, the channel of return is not open to all companies.

The enterprises of the head are facing the most abundant choice in history. Shanghai, Shenzhen, US and Hong Kong stock are all options. The core of the choice is how to benefit the company. However, the small and medium scale industries are not new economy and IPO with scientific and technological content.

In fact, in addition to the Nasdaq, the HKEx also launched in 2019 a project with limited financing and the possibility of becoming a shell company.

"The competition between Shanghai and Shenzhen, US stocks and Hong Kong stocks is the resources of the head enterprises and the new economy and high-tech enterprises, and the exchanges are not very popular for some enterprises that are driven by the investment institutions to go public, and many problems have been derived over the past few years." Cao Gang told reporters.

This is also true of the domestic capital market. Reporters learned from the insiders of the securities and Futures Commission that, although the domestic capital market's return to the red chips and the Chinese stock market was more relaxed than before, the SFC also made clear that based on the current policy requirements, there would not be a large number of red chips listed on the market.

? ? This person said: "at present, the provisions of listing stocks or red chip enterprises listed in the domestic capital market show that there is a higher demand for domestic listed companies for the technology innovation enterprises that are willing to list in China, and they need to meet the limitations of various innovation attributes and industry limits. At the same time, the listing of various domestic plates in the" Chuang Chuang "board must also comply with the plate location and issuance of relevant plates. Listing conditions. On the whole, this adjustment is a move to support technology enterprises, with strong pertinence and high standard requirements, and there will not be a large number of enterprises to declare the situation.

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