|
March 21st Recently, with the release of the regulatory authorities to support the listing of new economic companies, China Internet technology companies have returned to the A-share market. Comprehensive media reports, March 21, Alibaba, Tencent and Jingdong expressed their willingness to return A shares to issue CDRs (Chinese Depository Receipt). Prior to this, Baidu, Netease and other 'head' people also expressed their willingness to return to the A. China Internet giant stepped back to A during the two sessions. Market attention.
According to Caixin.com, on the 21st, Alibaba and JD.com have already established a sponsoring institution. The CDR will be issued back to A-shares as soon as possible in June. Among them, Alibaba's sponsoring institution is CITIC Securities, and there are also close to Alibaba's market sources pointed out that due to Alibaba.com. The scale of CDR is large, and it is not ruled out that a joint sponsor institution will be selected. CICC has said that it is actively fighting for it. The sponsorship organization of JD.com CDR is HuaCheng Securities, CSC Securities, and Huatai Financial Group as financial advisors. In response to the above reports, BOE responded to the 21st Century Business Herald that it has taken note of media reports about changes in the capital market policy. The company is actively following this issue. 'If the policy allows, JD.com is also very willing to return to the domestic market to achieve the listing of the two places. '
In addition, at the 2017 annual performance briefing held by Tencent, Ma Huateng said that if the conditions are more mature, they will also consider listing in the form of CDR in the Mainland. Prior to this, Baidu CEO Li Yanhong and NetEase CEO Ding Lei also expressed their willingness to return to A. As is known to all, CDR refers to the fact that depository institutions will deposit certificates of overseas listed companies in local custodian institutions and issue certificates representing these shares in mainland China. It is understood that the regulatory authorities are studying the introduction of ASIC shares in the CDR system to return A shares. According to Caixin's previous report, the first eight CDR-listed industries have been released, including BATJ, NetEase, Weibo, and Ctrip. On March 20, the Prime Minister stated at a press conference at the First Session of the 13th National People's Congress that in the past, some 'Internet+' companies always went overseas for listing. They have now asked relevant departments to improve the system of domestic listing and welcome them to return to A shares. , At the same time, it is necessary to create more favorable conditions for the listing of innovative and entrepreneurial enterprises in the country and meet the requirements of the law. According to a report in the Securities Times on the 17th, the vice chairman of the China Securities Regulatory Commission, Rui Qingmin, also stated that the CDR will be launched soon. The latest position of the regulators means that the Chinese stocks will return to A shares in the form of CDRs. Yang Delong, chief economist of Qianhai Open Source Fund believes that 'Unicorn' companies can land A shares through CDR or IPO to share opportunities for domestic investors in new economic achievements, and at the same time improve the valuation of the technology sector. Caitong Securities Research believes that if the regulator can quickly finalize the CDR's implementation of the indirect listing system and resolve some related issues, the CDR listing will have greater advantages in terms of process, time, and financing. Refer to 360 Cases of Returning A Shares , BATJ and other companies will have a significant valuation premium after returning to A-shares. The return of unicorns will bring certain pressure on stocks in the short-term, but in the long-term, the return of unicorn companies will boost the overall valuation of the industry. Role, beneficial to the existing growth stock leader.
|
