中国企业赴香港上市相关制度分析

Abstract

Chinese companies began their overseas listing journey since the state-owned motor company named Huachen Jinbei registered in Bermuda then listed in New York Stock Exchange by way of ADR on October 9, 1992. After then, Tsingtao Brewery listed in Hong Kong Stock Exchange by way of H shares on July 15, 1993, became the first truly direct overseas-listed Chinese enterprise. Along with the comprehensive development of China's economic, the number of overseas-listed Chinese enterprises increased rapidly. During eight years between 2007 and 2014, the number of Chinese companies listed overseas grown up to 645, while the locations which they chose to list were concentrated in certain markets, mainly in Hong Kong, United States, and Europe. According to the statistical data analysis from Qingke Group, there were much more Chinese enterprises chose to list in Hong Kong market rather than other securities markets. Obviously, those Hong Kong listed Chinese firms aimed for some of Hong Kong’s unique advantages: cultural similarity with mainland china; a better location as one of the world's financial centres; recognized Chinese accounting standards in HK and less strict supervision compare to United States. All these advantages made Hong Kong market became the first choice for Chinese enterprises listing overseas. However, Chinese companies always meet related transaction and information disclosure problems during the overseas listing progress. In order to enable the enterprise to deal with the legal risks for the related transactions and information disclosure, they need to finish the enterprise system transformation and restriction to improve the management and internal control system before the they going to list on the Hong Kong market. What’s more, from aspects of regulation system, company operation system, Hong Kong market and Mainland China market are quite different, which is also challenge for Chinese enterprises which want to list. To sum up, before Chinese companies applying to list in Hong Kong market, they need to fully understand the characteristics of the market, and strengthen the company management system to overcome the difficulties to list in the market.