双语|独角兽回归A股

双语|独角兽回归A股

摘要

Chinas cabinet has approved policies designed to draw big tech companies such as Alibaba and Tencent to list on domestic stock markets, a response to discomfort after national champion unicorns sought listings abroad. 中国的内阁已经批...... China’s cabinet has approved policies designed to draw big tech companies such as Alibaba and Tencent to list on domestic stock markets, a response to discomfort after national champion unicorns sought listings abroad. 中国的内阁已经批准了旨在吸引科技巨头公司如阿里巴巴和腾讯等回国上市的政策，此举被视为中国在应对其冠军独角兽企业纷纷在国外上市所造成不适感的反应。

The State Council’s latest guidelines apply to companies in sectors that China is trying to promote through state industrial policy, including cloud computing, big data, artificial intelligence, semi-conductors, bio-tech and high-end manufacturing. 国务院最新方针将通过国家产业政策促进指定企业的发展，这其中包括和云计算、大数据、人工智能、半导体、生物技术和高端制造业相关的机构。

The plan for “China Depository Receipts” is modelled after similar instruments that let US investors buy into foreign companies. Search engine Baidu, gaming company NetEase, and travel agency Ctrip ― all of which trade in the US through American Depository Receipts ― have already publicly declared an interest in listing domestically. “中国存托凭证”的计划其实是仿照为了实现海外募集资本，让美国投资者购买外国公司股份而发明的金融工具。搜索引擎百度、游戏公司网易和旅行社携程都是通过美国存托凭证在美国进行交易，并且已经公开宣布有意在美国国内上市。

Alibaba’s decision to list in the US was due in part to the company’s use of variable-interest entities, which are not allowed in China’s onshore markets. CDRs skirt these rules because they are technically not shares but rather certificates issued by a bank that holds shares registered in another country. 阿里巴巴之所以决定在美国上市，部分原因是该公司使用的可变利益实体构架，在中国境内市场是不允许的。CDR有效地避开了这些规定，因为它们实际上不是股票，而是由持有在其他国家注册股票的银行发行的证券。

“It is considered something of an embarrassment that China’s two biggest tech unicorns don’t trade on the mainland. It doesn’t suit the national ambition to be a tech leader,” said a senior capital markets lawyer in Shanghai. 上海一位资深资本市场律师表示，“中国最大的两家科技独角兽竟然在大陆股票市场无法交易，这局面实际上非常尴尬，也十分不符合中国想要成为科技领导者的雄心。”

The effort to draw tech giants to mainland capital markets comes as China’s government is pursuing an industrial policy designed to support strategic industries and control the global economy’s commanding heights. Some tech companies have also taken steps to signal their loyalty to the Communist party. 中国政府推行吸引科技巨头进入内地资本市场的政策实际上是一项旨在支持战略性控制全球经济制高点的产业政策。 而一些科技公司也已采取措施，积极表明自己对国家，对政府的忠诚。

Hong Kong’s exchange, where Tencent trades, is now also rethinking its ban on dual-class shares in the hopes of landing the next wave of Chinese tech companies coming to market. Alibaba’s payments affiliate Ant Financial is among the expected seven initial public offerings that authorities hope will list domestically. 腾讯上市的香港交易所目前也在重新考虑其禁止双重股权交易的规定，希望能赶上下一波的中国科技公司上市。阿里巴巴旗下的线上支付公司蚂蚁金服有望在国内首次公开发行(IPO) 7家企业之一。

For companies already listed abroad, only those with valuations of Rmb200bn ($32bn) or above will be allowed to issue CDRs, while for unlisted groups the threshold is Rmb20bn. The thresholds appear designed to draw the top class of overseas-listed groups without opening loopholes for arbitrage deals by lower-tier companies to take advantage of higher valuations on the mainland, especially for tech groups. 对于已经在海外上市的企业，只有估值在2000亿元人民币(等同于320亿美元)以上的企业才能发行CDR，而非上市企业的发行门槛为200亿元人民币。这些门槛旨在吸引顶级海外上市集团，避免让较低层次的公司钻漏洞，利用内地估值较高(尤其是科技集团)进行套利交易。

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