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2022-12-06
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KLK June
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2022-10-26
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2022-10-21
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KLK June
2021-07-30
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The Twilight of Chinese Concept Stocks: Is the Era of IPOs in the US Over?
KLK June
2022-11-27
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KLK June
2022-11-21
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2022-11-18
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2022-10-23
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KLK June
2022-11-19
$新加坡交易所(S68.SI)$
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June","avatar":"https://community-static.tradeup.com/news/f538d85042f93b93a9a5a68ec282aef3","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3583281139529333","idStr":"3583281139529333"},"themes":[],"title":"","htmlText":"Good","listText":"Good","text":"Good","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":1,"repostSize":0,"link":"https://ttm.financial/post/806950227","repostId":"1142054143","repostType":4,"repost":{"id":"1142054143","kind":"news","pubTimestamp":1627626608,"share":"https://ttm.financial/m/news/1142054143?lang=en_US&edition=fundamental","pubTime":"2021-07-30 14:30","market":"hk","language":"zh","title":"The Twilight of Chinese Concept Stocks: Is the Era of IPOs in the US Over?","url":"https://stock-news.laohu8.com/highlight/detail?id=1142054143","media":"远川商业评论","summary":"2021年中国互联网公司赴美IPO热潮，在滴滴“抢跑”挂牌纽交所后迎来了急刹车。\n据财新报道，目前已公开递交招股书的哈啰出行、天鹅到家、零氪科技、福佑卡车均已暂停上市。此前，喜马拉雅、Soul也曾在监","content":"<p>The wave of Chinese internet companies going public in the US in 2021 came to a sudden halt after Didi \"took the lead\" in listing on the New York Stock Exchange.</p><p>According to Caixin, Hello Bike, Swan Daojia, ZeroKr Technology, and Fuyou Trucks, which have already publicly submitted their prospectuses, have all been suspended from listing. Previously, Himalaya and Soul had also suspended their listings under regulatory notices, while Didi and Boss Zhipin underwent review \"catch-up\" after successfully listing.</p><p>At the same time, the stock prices of Chinese internet companies already listed on the US stock market also fell collectively, with netizens jokingly saying that Chinese concept stocks have become \"beggar\" stocks.</p><p>The term \"Chinese concept stock capital\" is quite historical. Amid the wave of overseas listings in the 1990s, financial \"national teams\" such as China Mobile and Tsingtao Brewery were the first to list in Hong Kong, absorbing the help of international capital. After the new century, starting with Sina, Chinese internet companies such as NetEase, Sohu, and Alibaba launched a wave of IPOs in the United States.</p><p>From New York to London, from Hong Kong to Singapore, a large number of Chinese companies have appeared in stock markets everywhere. These Chinese companies listed overseas are also known as \"Chinese concept stocks\".</p><p>So, here's the question,</p><p>1. Why are internet companies growing in China constantly experiencing a surge in listings in the United States?</p><p>2. Is the era of IPOs in the US over?</p><p><img src=\"https://static.tigerbbs.com/b7b4f21e7221693ec800a63c3feea0f8\" tg-width=\"1080\" tg-height=\"312\" referrerpolicy=\"no-referrer\"></p><p>In 1999, Goldman Sachs and Morgan Stanley, two world-class investment banks, launched a battle for underwriters around Sina's IPO.</p><p>At that time, the internet was still a novelty. Morgan Stanley leaders spent 10 minutes cramming their knowledge before the official meeting with Sina, talking about the promising situation of the international internet and the bright prospects of the Chinese internet. During this time, they used one or two professional terms to make the finishing touches, making them look like first-generation internet trendsetters. Goldman Sachs' global president also personally called Sina Chairman Jiang Fengnian, hoping not to change underwriters. A head of the Asia-Pacific region even flew to Silicon Valley and waited outside Sina for a full two hours to persuade Wang Zhidong to change his mind.</p><p>The battle between the two major investment banks ultimately went to Morgan Stanley. In April 2000, Sina, with the help of its underwriter Morgan Stanley, became the first company to list on Nasdaq.</p><p>Unlike the attention paid to Sina in European and American markets, China generally knew very little about the internet at that time, and Sina faced numerous difficulties in raising funds domestically.</p><p>In 1996, the State Science and Technology Commission and the Beijing Municipal Commission of Economy and Trade approved the Sitong Lifang project and were willing to provide a bank loan of 20 million RMB. However, they ran into a dilemma at the bank level. Bank collateral required collateral, while Sina only had software and could not evaluate it. When the bank asked Wang Zhidong what collateral he would use, Wang Zhidong replied, \"With the heads of these people.\" The bank was deeply moved after hearing this and then refused.</p><p>In the end, it was Goldman Sachs, a world-renowned investment bank, that transferred a huge sum of $25 million into Sina's account, which also became the servers and other equipment that Sina urgently needed in its early development, carrying the surfing enthusiasm of netizens.</p><p>Sina is not an isolated case. Jack Ma had also tried to raise funds everywhere without success, but by chance he met Masayoshi Son and finally received $20 million in life-saving money. Ma Huateng also tried to sell QQ several times, but ultimately renewed his fate with Richard Li and IDG for $2.2 million.</p><p>When these internet companies' first pot of gold mainly came from overseas financing, they seemed to have a natural incentive to list in the US. However, internet companies at the time generally faced a double dilemma:</p><p>(1) First of all, most Internet companies accept overseas financing and become \"foreign-invested companies\", but many relevant national licenses are stipulated that only domestic companies can own them.</p><p>(2) Chinese companies need approval from the China Securities Regulatory Commission to list in the United States, and the review process is complicated.</p><p>As the first Chinese internet company to take the plunge into capitalism, Sina's \"VIE model\" has also given the younger generation a glimmer of hope for accepting foreign investment and listing in the United States.</p><p>Simply put, the VIE model is like old wine in a new bottle:</p><p>If Company A cannot list overseas, then it will establish a shell company B overseas. B (or through its wholly-owned subsidiary C established in China) will sign a multi-decade agreement with the domestic company A, transferring all of A's debts and rights to B. B will thus successfully list overseas.</p><p><img src=\"https://static.tigerbbs.com/b705a940524ec1d2cc5eb7670f5ed035\" tg-width=\"800\" tg-height=\"500\" referrerpolicy=\"no-referrer\"></p><p>(VIE mode, source: Internet)</p><p>Subsequently, Sohu, NetEase, Alibaba, Baidu, and Ctrip followed suit and listed on the New York Stock Exchange and Nasdaq. Overseas capital provided them with a barrage of bullets, causing the market capitalization of the Chinese internet to soar over the next decade, creating one wealth myth after another.</p><p>There was a simpler reason behind the early wave of internet company IPOs: the strict regulations on listing in the A-share and Hong Kong stock markets deterred them.</p><p><b>First, A-shares have strict requirements for listed companies and long approval times.</b></p><p>The US stock market adopts a registration system, and the entire process can usually be completed in a few months. However, the A-share market is subject to a review system, and the approval process can take at least a year, and IPOs have even been suspended several times.</p><p>In the era of rapid internet development, whoever secures supplies first, quickly deploys troops, and seizes control gains the upper hand. There's a famous saying that goes, \"Even pigs can fly when the wind blows.\" In other words, even pigs need to run fast enough to ride the wave.</p><p><b>Secondly, in order to protect small and medium-sized investors, the threshold for listing on the A-share market is very high, with strict restrictions on profitability, cash flow, and revenue. Moreover, it requires companies to have sustainable profitability.</b></p><p>Internet companies were all big spenders in their early days. For example, JD.com suffered losses for more than ten consecutive years. In the A-share market, it would have been delisted several times. However, US stocks do not set profit thresholds for companies planning to go public. As long as a company's business grows rapidly and it captures a large market share, it can go public even if it suffers losses. This will undoubtedly be seen as a lifeline by internet companies that desperately need ammunition.</p><p><b>Finally, the regulations on equity in the A-share market have also caused internet companies to hesitate.</b></p><p>Internet companies typically go through angel rounds, pre-A rounds, B rounds, C rounds, and D rounds of financing before reaching the IPO stage. In this process, the equity of the founding team will be continuously diluted.</p><p>Therefore, most internet companies implement a \"dual-class share structure,\" also known as AB shares. Simply put, it involves dividing stocks into two tiers: A-shares and B-shares. External investors receive only one voting right for A-shares, while B-shares and US stocks held by management can have N voting rights. For example, Liu Qiangdong only owns 15% of JD.com's shares, but has nearly 80% of the voting rights.</p><p>At that time, both A-shares and Hong Kong stocks adhered to the principle of \"one share, one right, equal voting rights for all shareholders\". Such regulations will cause the founding team to gradually lose actual control over the company during the financing process. The US stock market, on the other hand, has opened its doors to companies with such dual equity structures.</p><p>Within a decade or so of Sina's IPO, Nasdaq became the cradle of global internet companies. Following the IPOs of overseas giants such as Google, ebay, and Yahoo, setting new records for wealth creation, their Chinese versions of Baidu, Alibaba, Sina/Sohu, and JD.com have all excited US stock market investors.</p><p>Behind the repeated glories of Chinese concept stocks in the US stock market lies a period of decline in Hong Kong and A-shares. As times change, exchanges have also launched an institutional competition.</p><p><img src=\"https://static.tigerbbs.com/acfa21c3dc9518f5b73abac651eeb69f\" tg-width=\"1080\" tg-height=\"312\" referrerpolicy=\"no-referrer\"></p><p>In 2013, Alibaba attempted to list on the Hong Kong Stock Exchange, but the Hong Kong Stock Exchange was quite averse to Alibaba's \"dual-class share structure\". Former Hong Kong Stock Exchange Chief Executive Li Xiaojia strongly advocated for Hong Kong to allow Alibaba, with its dual structure, to list, but faced numerous obstacles.</p><p>Jack Ma left behind the beautiful statement, \"It was Alibaba that missed out on Hong Kong, not Hong Kong that missed out on Alibaba,\" and then led Alibaba to the New York Stock Exchange.</p><p>Alibaba, which was rejected by Hong Kong, achieved great success on the New York Stock Exchange: it raised $21.8 billion, and its market capitalization soared to $231.4 billion that day, setting a record for the largest IPO in history and becoming the world's second-largest internet company after Google.</p><p>Alibaba's success has also put enormous pressure on the Hong Kong Stock Exchange, drawing criticism from the outside world and even calling it a \"disgrace to the Hong Kong securities industry.\"</p><p>After losing Alibaba, Li Xiaojia defied public opinion and relentlessly launched two rounds of reforms. Finally, in April 2018, the revised Main Board Listing Rules stipulated that weighted voting rights (WVR) structure companies and unprofitable biopharmaceutical companies were allowed to list on the Hong Kong Stock Exchange.</p><p>That year, Xiaomi was listed on the Hong Kong Stock Exchange. Subsequently, Alibaba, NetEase, and JD.com also embarked on their secondary listing journeys on the Hong Kong stock market. The Hong Kong market has also attracted rapidly growing new economy companies such as Kuaishou, Pop Mart, and JD Health. As of the end of December 2020, new economy companies accounted for 29% of the total market capitalization of all listed companies in Hong Kong.</p><p><img src=\"https://static.tigerbbs.com/38bc25fcb8de54bcd6532c947b4c719f\" tg-width=\"1016\" tg-height=\"648\" referrerpolicy=\"no-referrer\"></p><p>The reforms of the Hong Kong Stock Exchange have also led to record-breaking performance. In 2020, the Hong Kong Stock Exchange's total operating revenue was HK$19.2 billion, an increase of 18% year-on-year.</p><p>In 2019, the Science and Technology Innovation Board of A-shares was officially launched and introduced the registration system for the first time. The reviewing body also changed from the China Securities Regulatory Commission (CSRC) to the Shanghai Stock Exchange. After the Shanghai Stock Exchange approves the application, the application is then transferred to the CSRC, which will decide whether to grant registration within 20 working days. Starting in 2020, companies listed on the main board will gradually adopt the registration system for listing.</p><p>The implementation of the registration system means that companies can complete their IPO in about 6 months, and high-quality companies can quickly obtain financial support. For example, at SMIC, it only took 46 days from application acceptance to listing on the Shanghai Stock Exchange Science and Technology Innovation Board.</p><p>In addition, the Science and Technology Innovation Board has also relaxed restrictions on profitability and dual equity, and even allows VIE structures. Last September, the Science and Technology Innovation Board also welcomed its first listed company that integrates VIE structure, AB share structure, and CDR issuance – Ninebot.</p><p>The implementation of the registration-based IPO system and the introduction of new economic resources have also brought about tremendous changes to the A-share ecosystem.</p><p>On the one hand, this is a \"supply-side reform\" of the securities industry. After the Hong Kong Stock Exchange's new listing policy in 2018, the competitiveness of A-shares declined at one point. Following the reform of the IPO system, A-shares have made up for their disadvantages. Moreover, compared to Hong Kong and US stocks, A-shares are closest to domestic investors, so local unicorn/new economy companies are more likely to obtain good valuations in A-shares. This is already evident in the valuations of industries such as new energy, medical aesthetics, and semiconductors, which are often hundreds of times higher.</p><p>On the other hand, with the improvement of listing channels, the traditional \"shell\" value of A-share listed companies is declining, and the market capitalization of listed companies is increasingly close to or reflecting their intrinsic value.</p><p>Facts have shown that listing in China also has a bright future.</p><p><img src=\"https://static.tigerbbs.com/2086ae6023f6b647764da521881f2aef\" tg-width=\"1080\" tg-height=\"312\" referrerpolicy=\"no-referrer\"></p><p>In the domestic A-share market or financial sector, there has always been a so-called regulatory strengthening cycle and a regulatory relaxation cycle.</p><p>Simply put, it's similar to new share issuance/refinancing/overseas listing/returning to China for listing: three years of relaxation, three years of tightening, another three years of patching up, and then doing it again in a different way.</p><p>Accurately timing one regulatory cycle can make money, but it's difficult to guarantee that it will be accurate again next time. More importantly, from a longer perspective, the so-called regulatory cycle of three years of relaxation and three years of tightening is not a historical process at all.</p><p>In the matter of listing, the real historical process is the supply-side reform driven by the registration system, which has increased the securitization rate and lowered the compliance threshold, forming an open system that is more innovation-oriented, encourages competition and survival of the fittest, thereby improving financing efficiency and ultimately optimizing the industrial structure.</p><p>The course of this history is sometimes delayed by cycles, or distracted by cycles. But in the end, no matter how the cycle fluctuates, it will eventually lead to the course of history.</p><p>Perhaps one day, Chinese concept stocks will become a thing of the past, just like the Canton Fair.</p>","source":"lsy1585921707636","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>The Twilight of Chinese Concept Stocks: Is the Era of IPOs in the US Over?</title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 12.5px; color: #7E829C; margin: 0;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nThe Twilight of Chinese Concept Stocks: Is the Era of IPOs in the US Over?\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\">远川商业评论</strong><span class=\"h-time small\">2021-07-30 14:30</span>\n</p>\n</h4>\n</header>\n<article>\n<p>The wave of Chinese internet companies going public in the US in 2021 came to a sudden halt after Didi \"took the lead\" in listing on the New York Stock Exchange.</p><p>According to Caixin, Hello Bike, Swan Daojia, ZeroKr Technology, and Fuyou Trucks, which have already publicly submitted their prospectuses, have all been suspended from listing. Previously, Himalaya and Soul had also suspended their listings under regulatory notices, while Didi and Boss Zhipin underwent review \"catch-up\" after successfully listing.</p><p>At the same time, the stock prices of Chinese internet companies already listed on the US stock market also fell collectively, with netizens jokingly saying that Chinese concept stocks have become \"beggar\" stocks.</p><p>The term \"Chinese concept stock capital\" is quite historical. Amid the wave of overseas listings in the 1990s, financial \"national teams\" such as China Mobile and Tsingtao Brewery were the first to list in Hong Kong, absorbing the help of international capital. After the new century, starting with Sina, Chinese internet companies such as NetEase, Sohu, and Alibaba launched a wave of IPOs in the United States.</p><p>From New York to London, from Hong Kong to Singapore, a large number of Chinese companies have appeared in stock markets everywhere. These Chinese companies listed overseas are also known as \"Chinese concept stocks\".</p><p>So, here's the question,</p><p>1. Why are internet companies growing in China constantly experiencing a surge in listings in the United States?</p><p>2. Is the era of IPOs in the US over?</p><p><img src=\"https://static.tigerbbs.com/b7b4f21e7221693ec800a63c3feea0f8\" tg-width=\"1080\" tg-height=\"312\" referrerpolicy=\"no-referrer\"></p><p>In 1999, Goldman Sachs and Morgan Stanley, two world-class investment banks, launched a battle for underwriters around Sina's IPO.</p><p>At that time, the internet was still a novelty. Morgan Stanley leaders spent 10 minutes cramming their knowledge before the official meeting with Sina, talking about the promising situation of the international internet and the bright prospects of the Chinese internet. During this time, they used one or two professional terms to make the finishing touches, making them look like first-generation internet trendsetters. Goldman Sachs' global president also personally called Sina Chairman Jiang Fengnian, hoping not to change underwriters. A head of the Asia-Pacific region even flew to Silicon Valley and waited outside Sina for a full two hours to persuade Wang Zhidong to change his mind.</p><p>The battle between the two major investment banks ultimately went to Morgan Stanley. In April 2000, Sina, with the help of its underwriter Morgan Stanley, became the first company to list on Nasdaq.</p><p>Unlike the attention paid to Sina in European and American markets, China generally knew very little about the internet at that time, and Sina faced numerous difficulties in raising funds domestically.</p><p>In 1996, the State Science and Technology Commission and the Beijing Municipal Commission of Economy and Trade approved the Sitong Lifang project and were willing to provide a bank loan of 20 million RMB. However, they ran into a dilemma at the bank level. Bank collateral required collateral, while Sina only had software and could not evaluate it. When the bank asked Wang Zhidong what collateral he would use, Wang Zhidong replied, \"With the heads of these people.\" The bank was deeply moved after hearing this and then refused.</p><p>In the end, it was Goldman Sachs, a world-renowned investment bank, that transferred a huge sum of $25 million into Sina's account, which also became the servers and other equipment that Sina urgently needed in its early development, carrying the surfing enthusiasm of netizens.</p><p>Sina is not an isolated case. Jack Ma had also tried to raise funds everywhere without success, but by chance he met Masayoshi Son and finally received $20 million in life-saving money. Ma Huateng also tried to sell QQ several times, but ultimately renewed his fate with Richard Li and IDG for $2.2 million.</p><p>When these internet companies' first pot of gold mainly came from overseas financing, they seemed to have a natural incentive to list in the US. However, internet companies at the time generally faced a double dilemma:</p><p>(1) First of all, most Internet companies accept overseas financing and become \"foreign-invested companies\", but many relevant national licenses are stipulated that only domestic companies can own them.</p><p>(2) Chinese companies need approval from the China Securities Regulatory Commission to list in the United States, and the review process is complicated.</p><p>As the first Chinese internet company to take the plunge into capitalism, Sina's \"VIE model\" has also given the younger generation a glimmer of hope for accepting foreign investment and listing in the United States.</p><p>Simply put, the VIE model is like old wine in a new bottle:</p><p>If Company A cannot list overseas, then it will establish a shell company B overseas. B (or through its wholly-owned subsidiary C established in China) will sign a multi-decade agreement with the domestic company A, transferring all of A's debts and rights to B. B will thus successfully list overseas.</p><p><img src=\"https://static.tigerbbs.com/b705a940524ec1d2cc5eb7670f5ed035\" tg-width=\"800\" tg-height=\"500\" referrerpolicy=\"no-referrer\"></p><p>(VIE mode, source: Internet)</p><p>Subsequently, Sohu, NetEase, Alibaba, Baidu, and Ctrip followed suit and listed on the New York Stock Exchange and Nasdaq. Overseas capital provided them with a barrage of bullets, causing the market capitalization of the Chinese internet to soar over the next decade, creating one wealth myth after another.</p><p>There was a simpler reason behind the early wave of internet company IPOs: the strict regulations on listing in the A-share and Hong Kong stock markets deterred them.</p><p><b>First, A-shares have strict requirements for listed companies and long approval times.</b></p><p>The US stock market adopts a registration system, and the entire process can usually be completed in a few months. However, the A-share market is subject to a review system, and the approval process can take at least a year, and IPOs have even been suspended several times.</p><p>In the era of rapid internet development, whoever secures supplies first, quickly deploys troops, and seizes control gains the upper hand. There's a famous saying that goes, \"Even pigs can fly when the wind blows.\" In other words, even pigs need to run fast enough to ride the wave.</p><p><b>Secondly, in order to protect small and medium-sized investors, the threshold for listing on the A-share market is very high, with strict restrictions on profitability, cash flow, and revenue. Moreover, it requires companies to have sustainable profitability.</b></p><p>Internet companies were all big spenders in their early days. For example, JD.com suffered losses for more than ten consecutive years. In the A-share market, it would have been delisted several times. However, US stocks do not set profit thresholds for companies planning to go public. As long as a company's business grows rapidly and it captures a large market share, it can go public even if it suffers losses. This will undoubtedly be seen as a lifeline by internet companies that desperately need ammunition.</p><p><b>Finally, the regulations on equity in the A-share market have also caused internet companies to hesitate.</b></p><p>Internet companies typically go through angel rounds, pre-A rounds, B rounds, C rounds, and D rounds of financing before reaching the IPO stage. In this process, the equity of the founding team will be continuously diluted.</p><p>Therefore, most internet companies implement a \"dual-class share structure,\" also known as AB shares. Simply put, it involves dividing stocks into two tiers: A-shares and B-shares. External investors receive only one voting right for A-shares, while B-shares and US stocks held by management can have N voting rights. For example, Liu Qiangdong only owns 15% of JD.com's shares, but has nearly 80% of the voting rights.</p><p>At that time, both A-shares and Hong Kong stocks adhered to the principle of \"one share, one right, equal voting rights for all shareholders\". Such regulations will cause the founding team to gradually lose actual control over the company during the financing process. The US stock market, on the other hand, has opened its doors to companies with such dual equity structures.</p><p>Within a decade or so of Sina's IPO, Nasdaq became the cradle of global internet companies. Following the IPOs of overseas giants such as Google, ebay, and Yahoo, setting new records for wealth creation, their Chinese versions of Baidu, Alibaba, Sina/Sohu, and JD.com have all excited US stock market investors.</p><p>Behind the repeated glories of Chinese concept stocks in the US stock market lies a period of decline in Hong Kong and A-shares. As times change, exchanges have also launched an institutional competition.</p><p><img src=\"https://static.tigerbbs.com/acfa21c3dc9518f5b73abac651eeb69f\" tg-width=\"1080\" tg-height=\"312\" referrerpolicy=\"no-referrer\"></p><p>In 2013, Alibaba attempted to list on the Hong Kong Stock Exchange, but the Hong Kong Stock Exchange was quite averse to Alibaba's \"dual-class share structure\". Former Hong Kong Stock Exchange Chief Executive Li Xiaojia strongly advocated for Hong Kong to allow Alibaba, with its dual structure, to list, but faced numerous obstacles.</p><p>Jack Ma left behind the beautiful statement, \"It was Alibaba that missed out on Hong Kong, not Hong Kong that missed out on Alibaba,\" and then led Alibaba to the New York Stock Exchange.</p><p>Alibaba, which was rejected by Hong Kong, achieved great success on the New York Stock Exchange: it raised $21.8 billion, and its market capitalization soared to $231.4 billion that day, setting a record for the largest IPO in history and becoming the world's second-largest internet company after Google.</p><p>Alibaba's success has also put enormous pressure on the Hong Kong Stock Exchange, drawing criticism from the outside world and even calling it a \"disgrace to the Hong Kong securities industry.\"</p><p>After losing Alibaba, Li Xiaojia defied public opinion and relentlessly launched two rounds of reforms. Finally, in April 2018, the revised Main Board Listing Rules stipulated that weighted voting rights (WVR) structure companies and unprofitable biopharmaceutical companies were allowed to list on the Hong Kong Stock Exchange.</p><p>That year, Xiaomi was listed on the Hong Kong Stock Exchange. Subsequently, Alibaba, NetEase, and JD.com also embarked on their secondary listing journeys on the Hong Kong stock market. The Hong Kong market has also attracted rapidly growing new economy companies such as Kuaishou, Pop Mart, and JD Health. As of the end of December 2020, new economy companies accounted for 29% of the total market capitalization of all listed companies in Hong Kong.</p><p><img src=\"https://static.tigerbbs.com/38bc25fcb8de54bcd6532c947b4c719f\" tg-width=\"1016\" tg-height=\"648\" referrerpolicy=\"no-referrer\"></p><p>The reforms of the Hong Kong Stock Exchange have also led to record-breaking performance. In 2020, the Hong Kong Stock Exchange's total operating revenue was HK$19.2 billion, an increase of 18% year-on-year.</p><p>In 2019, the Science and Technology Innovation Board of A-shares was officially launched and introduced the registration system for the first time. The reviewing body also changed from the China Securities Regulatory Commission (CSRC) to the Shanghai Stock Exchange. After the Shanghai Stock Exchange approves the application, the application is then transferred to the CSRC, which will decide whether to grant registration within 20 working days. Starting in 2020, companies listed on the main board will gradually adopt the registration system for listing.</p><p>The implementation of the registration system means that companies can complete their IPO in about 6 months, and high-quality companies can quickly obtain financial support. For example, at SMIC, it only took 46 days from application acceptance to listing on the Shanghai Stock Exchange Science and Technology Innovation Board.</p><p>In addition, the Science and Technology Innovation Board has also relaxed restrictions on profitability and dual equity, and even allows VIE structures. Last September, the Science and Technology Innovation Board also welcomed its first listed company that integrates VIE structure, AB share structure, and CDR issuance – Ninebot.</p><p>The implementation of the registration-based IPO system and the introduction of new economic resources have also brought about tremendous changes to the A-share ecosystem.</p><p>On the one hand, this is a \"supply-side reform\" of the securities industry. After the Hong Kong Stock Exchange's new listing policy in 2018, the competitiveness of A-shares declined at one point. Following the reform of the IPO system, A-shares have made up for their disadvantages. Moreover, compared to Hong Kong and US stocks, A-shares are closest to domestic investors, so local unicorn/new economy companies are more likely to obtain good valuations in A-shares. This is already evident in the valuations of industries such as new energy, medical aesthetics, and semiconductors, which are often hundreds of times higher.</p><p>On the other hand, with the improvement of listing channels, the traditional \"shell\" value of A-share listed companies is declining, and the market capitalization of listed companies is increasingly close to or reflecting their intrinsic value.</p><p>Facts have shown that listing in China also has a bright future.</p><p><img src=\"https://static.tigerbbs.com/2086ae6023f6b647764da521881f2aef\" tg-width=\"1080\" tg-height=\"312\" referrerpolicy=\"no-referrer\"></p><p>In the domestic A-share market or financial sector, there has always been a so-called regulatory strengthening cycle and a regulatory relaxation cycle.</p><p>Simply put, it's similar to new share issuance/refinancing/overseas listing/returning to China for listing: three years of relaxation, three years of tightening, another three years of patching up, and then doing it again in a different way.</p><p>Accurately timing one regulatory cycle can make money, but it's difficult to guarantee that it will be accurate again next time. More importantly, from a longer perspective, the so-called regulatory cycle of three years of relaxation and three years of tightening is not a historical process at all.</p><p>In the matter of listing, the real historical process is the supply-side reform driven by the registration system, which has increased the securitization rate and lowered the compliance threshold, forming an open system that is more innovation-oriented, encourages competition and survival of the fittest, thereby improving financing efficiency and ultimately optimizing the industrial structure.</p><p>The course of this history is sometimes delayed by cycles, or distracted by cycles. But in the end, no matter how the cycle fluctuates, it will eventually lead to the course of history.</p><p>Perhaps one day, Chinese concept stocks will become a thing of the past, just like the Canton Fair.</p>\n<div class=\"bt-text\">\n\n\n<p> source：<a href=\"https://mp.weixin.qq.com/s/gu1eUNVmmW5rAFABlLkUzg\">远川商业评论</a></p>\n\n\n</div>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"https://static.tigerbbs.com/06cae21fc7d62efef7e8ddec15e2bb0b","relate_stocks":{"QNETCN":"纳斯达克中美互联网老虎指数","TTTN":"老虎中美互联网巨头ETF"},"source_url":"https://mp.weixin.qq.com/s/gu1eUNVmmW5rAFABlLkUzg","is_english":false,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1142054143","content_text":"2021年中国互联网公司赴美IPO热潮，在滴滴“抢跑”挂牌纽交所后迎来了急刹车。\n据财新报道，目前已公开递交招股书的哈啰出行、天鹅到家、零氪科技、福佑卡车均已暂停上市。此前，喜马拉雅、Soul也曾在监管提示下暂停上市，而滴滴和Boss直聘则是在顺利挂牌后迎来了审查“补课”。\n与此同时，在美股已上市的中国互联网股价也集体走跌，网友段子称中概股已成中“丐”股。\n中概股本是一个颇具历史色彩的词汇。90年代境外上市大潮下，中国移动、青岛啤酒等金融“国家队”率先在香港上市，吸收了国际资本的助力。新世纪后，以新浪为开端，网易、搜狐、阿里等中国互联网公司掀起了赴美IPO热潮。\n从纽约到伦敦，从中国香港到新加坡，各地的股市都出现了大量中国公司的身影。这些在境外上市的中国公司股票也被称为“中概股”。\n那么，问题来了，\n1. 为什么成长在国内的互联网公司，会不断掀起赴美上市热潮？\n2. 赴美IPO的时代已经过去了吗？\n\n1999年，围绕着新浪上市，高盛和摩根斯坦利两大世界级投行开启了承销商争夺战。\n当时的互联网还是新鲜事物，大摩的领导在与新浪正式会面前10分钟恶补知识，从国际互联网的大好形势谈到中国互联网的锦绣前景，其间画龙点睛地冠以一两个专业词汇，俨然第一代网络弄潮儿。高盛全球总裁也曾亲自致电新浪董事长姜丰年，希望不要更换承销商，亚太区的一位负责人更是亲自飞到硅谷，在新浪门外等了足足两个小时，劝说王志东回心转意。\n两大投行之争，最终花落摩根斯坦利。2000年4月，新浪在承销商摩根斯坦利的帮助下，率先在纳斯达克敲钟上市。\n与欧美市场对新浪的瞩目不同，那个时期国内普遍对互联网知之甚少，新浪曾经在国内融资困难重重。\n在1996年的时候，国家科委和北京市经贸委批准了四通利方两个项目，并愿意提供2000万人民币银行贷款。但在银行这一关犯了难，银行抵押需要抵押物，而新浪只有软件，无法评估。银行问王志东用什么抵押，王志东说了句，“用这帮人的脑袋”。银行听后十分感动，然后拒绝了。\n最后还是高盛为首的世界知名投资银行将2500万美元的巨款打入了新浪的账户，也化成了新浪发展早期急需的服务器等设备，承载着网民们的冲浪热情。\n新浪并不是孤例。马云也曾四处融资无果，偶然结识孙正义，才拿到了2000万美元的救命钱。马化腾也曾几次想卖掉QQ，最后还是在李泽楷和IDG220万美元下续了命。\n当这批互联网公司的第一桶金主要为海外融资时，赴美上市似乎就有了天然的驱动力。但当时的互联网公司普遍面临着双重困境：\n（1）首先大多互联网公司接受境外融资而成为“外资公司”，但国家许多相关牌照规定是只能内资公司拥有的。\n（2）中国公司要去美国上市需要中国证监会审批同意，审核流程复杂。\n作为第一个吃资本主义螃蟹的中国互联网公司，新浪的“VIE模式”也让后浪们看到了接受外资和赴美上市的曙光。\n简单来说，VIE模式就是新瓶装旧酒：\nA公司无法去海外上市，那就在海外成立一家壳公司B，B（或者通过其在国内设立的全资子公司C）与内资的公司A签订一份几十年的协议，将A所有债务和权益都转给B，B以此在海外成功上市。\n\n（VIE模式，来源：网络）\n随后，搜狐、网易、阿里、百度、携程也纷纷效仿登陆纽交所和纳斯达克。海外资本为它们送来一发发子弹，使得中国互联网之后十年内市值飙升，创造了一个又一个的财富神话。\n而早期的互联网公司上市潮背后还有一个更简单的原因：A股和港股对上市的严格规定，使他们望而却步。\n首先，A股对上市公司的要求严格，审批时间长。\n美股采取注册制，一般几个月就能走完全部的流程。但A股是审核制，审批最快也得一年，甚至几度暂停IPO。\n在互联网飞速发展的时期里，谁先拿到粮草，快速排兵布阵，抢占山头——谁就夺得了先机。坊间一直有句名言“风口上的猪都会飞”，换言之，猪也要跑的够快才能站上风口。\n其次，为了保护中小投资者，A股上市的门槛很高，对盈利、现金流、营收有严格的限制，而且它还要求公司必须有可持续盈利的能力。\n互联网公司早期都是烧钱大户，比如京东就曾连续亏十几年，在A股的话该退市好几次了。但美股对于拟上市公司不设盈利门槛。只要公司业务高速增长，占据很大市场份额，即便亏损也能上市。这无疑会被急需子弹的互联网公司视为救命粮草。\n最后，A股对于股权的规定，也让互联网公司们犹豫再三。\n互联网公司一般都会经过天使轮、pre-A轮、B轮、C轮、D轮车轮式融资，才能到上市这关。在这个过程中，创始团队的股权就会被不断稀释。\n因此，互联网公司大部分实行“同股不同权”的架构，又称AB股。简单来说，就是把股票分成A股和B股两个层次，外部投资者拿到的A股只有1票投票权，而管理层持有的B股美股却可以有N票投票权。比如说，刘强东在京东的股权只有15%，但是投票权近80%。\n在当时，A股和港股都坚持“一股一权、同股同权”。这样的规定会使得创始团队在融资过程中，逐渐失去对公司的实际控制权。而美股则为这类两重股权结构的公司敞开了大门。\n在新浪上市后的十几年内，纳斯达克也就成了全球互联网公司的摇篮。在谷歌、ebay、雅虎等海外巨头上市，刷新一个又一个的创富神话后，他们的中国版百度、阿里、新浪/搜狐、京东无不让美股投资者心潮澎湃。\n中概股在美股刷新一次次辉煌背后，是港股、A股的一度落寞。随着时代变化，交易所们也开启了制度竞赛。\n\n2013年，阿里曾经试图在港股上市，但港交所对阿里“同股不同权”架构相当反感。前港交所行政总裁李小加力主香港允许双重结构的阿里上市，但阻力重重。\n马云丢下一句“是阿里巴巴错失了香港，而不是香港错失了阿里巴巴”的漂亮话，带着阿里转身就上了纽交所。\n被香港拒绝的阿里，在纽交所大获成功：融资218亿美元，当天市值飙到2314亿美元，一举创下史上最大IPO的记录，成为仅次于谷歌的全球第二大互联网公司。\n阿里的成功，也让港交所承受了巨大的压力，外界纷纷投来质疑，甚至把这次称为“香港证券业的耻辱”。\n李小加在痛失阿里后力排众议，锲而不舍地发起了两轮改革。最终在2018年的4月，修订后的《主板上市规则》里规定，同股不同权（WVR）架构公司和未盈利生物医药企业被允许在港股上市。\n这一年，港交所就迎来了小米。随后，阿里、网易、京东也开启了港股的二次上市之旅。香港市场还吸引了快手、泡泡玛特、京东健康等高速成长的新经济公司。截至2020年12月底，新经济公司占香港所有上市公司总市值的比例提升至29%。\n\n港交所的改革，也让港交所的业绩屡创新高。2020年，港交所营业总收入192亿港元，同比增长18%。\n2019年，A股的科创板正式推出并首次引入了注册制，审核方也从证监会变成了上交所，上交所审核通过后，再转给证监会，后者会在20个工作日内决定是否给予注册。从2020年开始，主板企业也会逐步采用注册制上市。\n注册制的推行，意味着企业大概6个月就可以完成上市，优质企业就可以快速获得资金支持。例如在中芯国际，在上交科创板从申请受理到上市交易，只花了短短46天。\n除此以外，科创板也放开了对盈利和双重股权的限制，甚至允许VIE架构。去年9月，科创板也迎来了第一家集VIE架构、AB股结构、发行CDR于一身的上市公司——九号机器人。\n实行注册制、引入新经济的“源头活水”，也对A股的生态造成了巨大的改变。\n一方面，这是一场证券的“供给侧改革”，港交所2018年上市新政之后，A股竞争力一度出现下降。而在发行上市制度改革之后，A股弥补了自身的劣势。而且本身相比港股和美股，A股距离国内投资者最近，所以本土的独角兽/新经济公司更容易在A股能够获得好的估值。这在新能源、医美、半导体等行业动辄几百倍的估值身上已经一目了然。\n另一方面，随着上市渠道的畅通，A股上市公司传统的“壳”价值不断下降，上市公司的市值越来越贴近或反映其内在价值。\n事实已经说明，在国内上市，也有光明的前景。\n\n在国内A股市场或者金融领域上，一向存在所谓的加强监管周期、放松监管周期。\n简单说，就是类似新股发行/再融资/海外上市/回国上市，放松三年收紧三年，缝缝补补又三年，然后换个姿势再来一次。\n踩准一次监管周期，能赚钱，但很难保证下次继续踩准。更重要的是，如果以更长的目光来看，松三年紧三年的所谓监管周期，完全不是历史的进程。\n在上市这件事情上，真正的历史进程是注册制带动的供给侧改革，让证券化率提高、合规门槛降低，形成一个更加面向创新鼓励竞争优胜劣汰的开放体系，从而提高融资效率，最终优化产业结构。\n这个历史的进程有时候会被周期耽误，或者被周期吸引了注意力。但最终，不管周期如何起伏，最终都会通向历史的进程。\n也许有一天，中概股也将和“广交会”一样，成为时代的过去。","news_type":1,"symbols_score_info":{"QNETCN":0.9,"TTTN":0.9}},"isVote":1,"tweetType":1,"viewCount":2121,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":9966280848,"gmtCreate":1669553531584,"gmtModify":1676538206863,"author":{"id":"3583281139529333","authorId":"3583281139529333","name":"KLK 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