美国禁止中概股赴美上市?危言耸听!SEC只是加强信息披露
雷递网 雷建平 7月31日报道
自滴滴上市以来,相关政策调整,使曾火热的中概股赴美上市潮按下暂停键。
中国教育培训市场的大幅调整,好未来、跟谁学等教育企业市值蒸发超过90%,也加剧了投资人对中概股的恐慌。
昨日,路透社称,美国证券交易委员会(SEC)禁止中国企业赴美上市,也引发了外界对中概股的进一步担忧。不过,事实并非如此,所谓SEC禁止中国企业赴美上市,就是危言耸听。
一位业内人士就指出,SEC并未要求上市申请人不要递交上市文件,而是暂时停止上市审阅和批准上市文件。
原因是,近期的政策变动使得SEC认为中国的上市申请人需要在招股书中加强对相关风险的披露,但披露的内容和程度需要SEC内部讨论完毕后才可以继续,所以仍在申请美国上市的企业可能需要至少几周的时间。
是加强信息披露 并非是禁止上市
美国SEC主席加里·盖斯勒(Gary Gensler)当地时间周五也发布声明称,鉴于近期中国加强了赴美上市公司的监管,今后赴美上市的中国企业必须进一步加强信息披露,并披露相关风险。盖斯勒还要求员工对在中国开展重大业务的公司的申请进行有针对性的额外审查。
“我相信这种披露对于知情的投资决策至关重要,也是SEC保护美国资本市场投资者的核心任务。”
引发SEC担忧的就是中资企业通过可变利益实体(VIE)机构上市的风险,在这种安排下,一家中国运营公司通常会在开曼群岛等另一个司法管辖区设立一家离岸空壳公司,该空壳公司与总部位于中国的运营公司签订服务合同和其他合同,然后在证券交易所发行股票。虽然壳公司在中国运营公司中没有股权,但出于会计目的,壳公司能够将运营公司合并到其财务报表中。
盖斯勒认为,对于美国投资者而言,尽管壳公司通过一系列服务合同和其他合同和中国国内公司产生关联,但无论是壳公司股票的投资者,还是离岸壳公司本身,都没有这家中国运营公司的股权。盖斯勒声称担心普通投资者可能没有意识到他们持有的是一家空壳公司的股票,而不是一家中国运营公司的股票。
此外,对于所有寻求直接或通过空壳公司向美国证券交易委员会注册证券的中国运营公司,盖斯勒要求工作人员确保发行人在显著位置清楚地披露:
1、 运营公司和发行人是否获得或被中国相关部门批准赴美上市。
2、 根据《外国公司问责法案》,公众公司会计监督委员会(PCAOB)有权在3年内检查赴美上市公司的财务报表。如果PCAOB无法进行此项工作,将可能导致企业被摘牌。
这之前,新华社发文称,由于近期的一些监管政策涉及境外上市企业,市场上有一种担心,担心未来中国企业赴境外上市的政策是否存在变数,中国资本市场对外开放的步伐是否放缓。“正确理解平台经济、教育培训等行业的监管政策,必须从中国经济社会发展的大局出发。”
新华社称,不难得出结论:无论是针对平台经济还是校外培训机构,这些监管政策,都是促进行业规范健康发展、维护网络数据安全和保障社会民生的重要举措,并非是针对相关行业的限制和打压,而是有利于经济社会长远发展。
证监会主席易会满近期也表示:选择合适的上市地是企业根据自身发展需要作出的自主选择。一些企业愿意到境外上市,一些赴境外上市的企业愿意回归,有来有去是一种正常现象,我们总体都持支持态度。
易会满同时强调,全球各监管机构也需要进一步加强互相之间的执法合作,共同为市场提供良好的监管预期和环境,共同打击违法违规行为。“同时,我们将切实处理好开放与安全的关系,企业赴境外上市的前提,是要符合境内相关法律法规和监管要求。”
中概股赴美上市已面临暂停
2021年上半年,中概股赴美上市还非常火热。满帮、Boss直聘等等,一系列企业均已成功赴美上市。
但2021年5月以来,尤其是滴滴上市后,多家企业已经取消或暂缓了上市计划。比如,亚朵酒店、零氪科技(LinkDoc)、SOUL都是上市前夕取消上市计划。喜马拉雅则是取消上市。
哈啰出行、福佑卡车、火花思维等企业已经递交招股书,但迟迟没有动静。天鹅到家已暂停赴美上市进程,称严格依法依规运营。原本要递交招股书的Keep,也因为滴滴暂缓了递交招股书。
为何很多中国科技及互联网企业倾向于美股上市,而并非是港股或A股?
原因有几点:
1,美股上市流程简单,从递交招股书,到正式上市,前后不到一个月就可以完成,而港股、A股动辄几个月,甚至一两年时间。
2,美股流动性好,对企业的亏损性宽容高,而很多科技企业往往无法满足国内的盈利要求,很难在国内上市。港股的流动性又不如美股强,往往是行情好的时候,美股和A股上涨更多,港股跟着上涨,行情不好时,美股和A股下跌,港股则下跌更多。因此,在可以选择的情况下,企业如果无法上A股,往往先优先美股。
实际上,港交所改革前,大多数互联网企业都是美股上市,港交所允许同股不同权后,才迎来了小米、美团在港股上市的一个小高潮,现在因为中美关系紧张等原因,港交所担任了一个备胎角色,吸引了很多中概股在港股二次上市。
当前,美国PCAOB是否有权审查中国公司的审计,正是中美两国监管机构长期僵持的关键点,为此双方曾进行了反复谈判。中国公司一直以通过进入美国资本市场的方式,广泛的依靠美元融资。不过,中国通过援引严格的保密法,一直拒绝让PCAOB审查中国在美股上市公司的审计。
2020年瑞幸咖啡造假风波的时候,围绕着中国公司的审计底稿的问题,曾掀起非常激烈的讨论。
可以预期的是,中概股未来的日子,一定是在波折中前行,但SEC禁止中概股上市的可能性很低,原因是,对美国来说,这本身也是利益极大的一笔生意,如果禁止中概股上市,对美国来说,也是很大的损失。
附SEC声明的英文内容:
Statement on Investor Protection Related to Recent Developments in China
Recently, the government of the People’s Republic of China provided new guidance to and placed restrictions on China-based companies raising capital offshore, including through associated offshore shell companie
For U.S. investors, this arrangement creates “exposure” to the China-based operating company, though only through a series of service contracts and other contracts. To be clear, though, neither the investors in the shell company’s stock, nor the offshore shell company itself, has stock ownership in the China-based operating company. I worry that average investors may not realize that they hold stock in a shell company rather than a China-based operating company.
In light of the recent developments in China and the overall risks with the China-based VIE structure, I have asked staff to seek certain disclosures from offshore issuers associated with China-based operating companies before their registration statements will be declared effective. In particular, I have asked staff to ensure that these issuers prominently and clearly disclose:
That investors are not buying shares of a China-based operating company but instead are buying shares of a shell company issuer that maintains service agreements with the associated operating company. Thus, the business description of the issuer should clearly distinguish the description of the shell company’s management services from the description of the China-based operating company;
That the China-based operating company, the shell company issuer, and investors face uncertainty about future actions by the government of China that could significantly affect the operating company’s financial performance and the enforceability of the contractual arrangements; and
Detailed financial information, including quantitative metrics, so that investors can understand the financial relationship between the VIE and the issuer.
Additionally, for all China-based operating companies seeking to register securities with the SEC, either directly or through a shell company, I have asked staff to ensure that these issuers prominently and clearly disclose:
Whether the operating company and the issuer, when applicable, received or were denied permission from Chinese authorities to list on U.S. exchanges; the risks that such approval could be denied or rescinded; and a duty to disclose if approval was rescinded; and
That the Holding Foreign Companies Accountable Act, which requires that the Public Company Accounting Oversight Board (PCAOB) be permitted to inspect the issuer's public accounting firm within three years, may result in the delisting of the operating company in the future if the PCAOB is unable to inspect the firm.
In addition to this specific guidance, we will continue to hold all companies to the securities laws’ high standards for complete and accurate disclosure.
Further, I also have asked staff to engage in targeted additional reviews of filings for companies with significant China-based operations.
I believe these changes will enhance the overall quality of disclosure in registration statements of offshore issuers that have affiliations with China-based operating companies. This work builds on the SEC’s Division of Corporation Finance’s previous guidance on disclosure considerations for companies based in or with significant operations in China.[1]
I believe such disclosures are crucial to informed investment decision-making and are at the heart of the SEC’s mandate to protect investors in U.S. capital markets.
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