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色戒完整版动作电影,记录青春的每一个瞬间,感受那些年少时的纯真与梦想!
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色戒完整版动作电影,记录青春的每一个瞬间,感受那些年少时的纯真与梦想!

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专题:拼多多等27只中概股有望回流香港,市值超万亿

  财联社4月16日讯(记者赵昕睿)关税风暴席卷下,香港凭借自由港与“一国两制”的制度优势,正全力抢抓市场机遇,成为全球资本市场新磁极。与此同时,中概股回归潮悄然升温,鉴于港股与A股在制度、法规体系上的差异,中国企业未来究竟是回港股还是A股,成为亟待权衡的关键抉择。

  面对全球市场格局的最新变化,香港不仅在贸易领域积极谋划转型,近期更是通过强化资本市场渠道、丰富产品种类以及拓展合作伙伴关系,进一步凸显其作为中国与世界各地“超级联系人”的独特角色,具体可从以下两大动向洞察布局。

  其一,4月15日,具备强社交属性的全球性投资交易平台eToro宣布,将分阶段把所有在港交所上市的股票,包括ETF、杠杆及反向产品,纳入其平台。这一举措旨在扩大投资者进入中国和亚洲市场的机会,用户还将受益于港交所直接提供的实时定价数据。

  香港交易及结算所有限公司数据业务、平台及市场结构发展主管WinnieSin表示,此次合作将增强散户投资者进入香港市场的机会,并通过高质量的市场数据助力做决策。

  其二,作为国际金融中心,香港正全力为中概股回流做好周全准备。4月13日,香港财政司长陈茂波在“百年变局中又一香港机遇”的相关发言中指出,针对全球最新变化,已指示证监会和港交所积极筹备,若在海外上市的中概股有回流意向,务必让香港成为它们的首选上市地。

  这一系列动作使得中概股回归港股市场的话题备受瞩目。与此同时,国际大型金融机构也在重新审视香港市场的配置权重,试图从当前市场波动中挖掘低估值企业的投资机会。

  在香港不断加强全球投资者与国内市场链接的过程中,其市场地位持续提升。中概股在面临退市风险的背景下,回归潮也逐渐汹涌。从当前数据来看,此前回归港股的中概股占比较高。然而,在关税影响逐渐发酵的当下,这一趋势是否会发生改变,仍有待市场的持续跟踪与验证。

  香港未来或重回IPO市场中心

  中概股回流正悄然预热,这一趋势不仅有望提升香港在全球资本市场的地位,对港股IPO也会带来显著加持。当前,不少国外企业暂停赴美上市进程,对市场持观望态度,在此情形下,香港在全球IPO市场的排名走向也引发诸多猜测与分析。

  据高盛测算,目前符合回流香港条件的27家中概股,总市值高达1.35万亿元人民币。其中,拼多多、满帮、富途等巨头市值均超千亿。若这些企业成功回流,将对香港市场的流动性与估值体系产生结构性重塑。国外分析师指出,美国计划推动中国股票退市的举措,可能促使香港再次成为IPO中心。

  据德勤研报分析,香港市场在寻求国际融资、提升品牌知名度和全球化布局的中资企业大中型交易的支撑下继续回暖,市场流动性、成交量和估值均有所改善。结合香港IPO市场在2025年一季度显现反弹,新增一批海外公司上市,助力香港市场在全球IPO筹资额竞争激烈的排名中保持第四名的成绩。

  德勤中国地区相关负责人表示,香港特区政府正积极吸引更多内地及海外战略企业、家族企业和私募股权基金在港设立总部、运营和研发中心。这一举措有望催生一批新的IPO候选企业,尤其是在科技和创新领域。这些监管和政府举措将进一步巩固香港作为国际金融中心、超级联系人和超级增值者的独特而重要的地位。

  从美国IPO市场近年发展情况来看,国外分析师称,在经历多年IPO荒后,科技公司与投资者都急切期待今年能成为IPO大年。然而,关税政策的实施,可能使这一期望落空。当下,众多科技企业已暂停赴美上市,路演活动也纷纷暂停。国外金融人士认为,无论未来几周股市涨跌,预计上市的优质公司都将极为稀少。

  在内地企业纷纷赴港上市的同时,中概股也具备回归港股趋势。普华永道预计,到2025年,香港IPO融资额将达到1300亿至1600亿港元,并有可能跻身全球三大IPO市场之列。凭借“一国两制”的制度优势,香港有望在全球经济格局的变局中,借助更为有利的条件,开创全新的发展局面。

  中概股“回归”升温下的双重选择

  中概股面临的退市风险并非一朝一夕。早在2018年,特朗普政府挑起首次贸易战,全球经济格局随之震荡。同年4月,港交所放宽对“同股不同权”和VIE架构的限制,允许以中国为业务重心的公司在港进行第二上市,为中概股回归拆除了关键的制度藩篱。

  在中美持续博弈的大背景下,美国中概股头顶美国监管与退市的双重阴霾。重压之下,阿里巴巴、网易、京东等头部中概股纷纷奔赴香港,完成第二上市。这一系列动作,既是企业基于全球资本市场风云变幻做出的战略调适,通过打造多元融资渠道分散风险,又能顺势提升在本土市场的影响力。如今,中概股回归港股市场热度渐起,下一个回归的“爆款”企业成为市场瞩目的焦点。

  中概股回归并非只盯着港股,A股市场同样是重要选项。但从数据来看,港股更受青睐。Wind数据显示,目前387家美国中概股里,已有56家回归港股,占比14.47%,而回归A股的占比仅6.46%。

  今年2月7日,证监会明确表示,要强化对科技型企业全生命周期的金融服务,其中便包括引导科技型企业善用境内外上市“两个市场、两种资源”,支持境外上市的优质科技型企业回归A股。这一政策信号释放后,中概股未来究竟是回归A股还是港股,成为市场热议话题。

  某投行人士分析,政策指引下,企业的科技属性成为回归的关键考量。当下,A股对科技型企业抛出“橄榄枝”,展现出更强的接纳意愿。当然,A股和港股对中概股各有独特吸引力。回归A股,国内投资者对本土企业熟悉度高,企业容易收获较高估值,为后续融资发展筑牢根基;港股上市制度灵活,多种上市标准并行,能适配不同类型、规模的企业,助力企业紧密对接国际资本市场,拓展跨境业务与海外市场。

  总体来看,中概股在退市风险下抉择回归路径时,需综合权衡政策环境、市场特性、自身业务需求与国际化战略等多方面因素,因企制宜做出决策。

  不容忽视的是,内地企业对港股上市热情高涨。在此情形下,港股市场能否顺利承接中概股回归浪潮,甚至吸引其他地区企业来港上市,成为资本市场密切关注的焦点

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