金融学院知识库

随着中美贸易战加剧、美股监管的日趋政治化，加上境外做空机构对中国企业的围剿行动，中概股企业的处境日益艰难。越来越多的中概股选择回国国内资本市场，并掀起一轮又一轮的回归热潮，那么中概股回归的深层动因就值得进行研究。随着中国资本市场的深化改革和日趋成熟，创新的回归的路径也应运而生，在传统的中概股回归路径下，先在境外完成私有化退市，在通过借壳上市或国内重新IPO是早期中概股回归的主要方式。然而，作为回归的传统路径，不论是借壳上市还是重新IPO，都面临着巨大的时间成本和风险因素，致使许多境外市场的中概股公司，始终没能成功回归国内市场。

国内资本市场也一直在进行改革与创新，已经能够更好的承接中概股的回归需求。港股市场可接受双重主要上市，以第一上市地承接中概股回归；A股市场也推出了存托凭证、科创板和创业板等创新方式或创新板块。其中，科创板是注册制的先行试验板块，对尚未盈利、特殊股权结构的企业的上市需求也提供了支持。通过创新的回归路径，中概股无需进行境外的私有化退市便可在境内市场进行上市，不仅规避了境外退市的法律风险，也大大提高了时间效率，且最终可实现中概股的多渠道融资。境外市场不利因素和境内市场有利条件的双重作用之下，越来越多的中概股企业回归A股或港股，而回归路径的选择对中概股来说至关重要。

本文选取百济神州为案例分析，通过百济神州两次回归的动因与路径分析，对于创新形式的回归方式进行分析并对回归的效果进行评价，并得出以下结论：首先，中概股企业的回归符合自身长期战略发展需要，境外市场的不稳定与融资效率的波动使得企业考虑回归国内市场。其次，不论是从国内资本市场日趋成熟的角度还是中概股企业自身资金配置效率的角度来看，多地上市都是最符合中概股企业的回归模式，并且已经成为当下中概股回归的首要选择。

As the trade war between the United States and China intensifies, U.S. stock regulation becomes increasingly politicized, and foreign short sellers attack Chinese companies, the situation for Chinese companies is increasingly difficult. More and more Chinese concept stocks choose to return to the domestic capital market, and set off round after round of return boom, then the deep motivation of the return of Chinese concept stocks is worth studying. With the deepening reform and maturity of China's capital market, the path of innovative return also emerges at the historic moment. Under the traditional return path of Chinese concept shares, the main way of early return of Chinese concept shares is to complete privatization and delisting abroad first, and to go public through backdoor listing or re-IPO in China. However, as the traditional way of return, either backdoor listing or re-IPO are faced with huge time cost and risk factors, resulting in many Chinese concept stock companies in overseas markets have not been able to successfully return to the domestic market.

Domestic capital market has been carrying out reform and innovation, has been able to better undertake the return of Chinese concept stocks demand. Hong Kong stock market can accept dual main listing, as the first place to undertake the return of Chinese concept stocks; The A-share market has also launched innovative ways or sectors such as depositary receipts, science and technology innovation board and growth enterprise Board. Among them, the science and Innovation board is the pilot plate of the registration system, which also provides support for the listing demand of enterprises that have not yet made profits and have special shareholding structure. Through the innovative regression path, China Concept shares can be listed in the domestic market without overseas privatization delisting, which not only avoids the legal risks of overseas delisting, but also greatly improves the time efficiency, and finally realizes the multi-channel financing of China Concept shares. Under the dual effect of unfavorable factors in overseas market and favorable conditions in domestic market, more and more Chinese concept stock enterprises return to A shares or Hong Kong shares, and the choice of return path is very important for Chinese concept stock.

This paper selects Beigene as a case study, analyzes the regression mode of innovative forms and evaluates the effect of regression by analyzing the motivation and path of the two regressions of Beigene, and draws the following conclusions: First of all, the return of Chinese concept stock enterprises is in line with their long-term strategic development needs. The instability of overseas markets and the fluctuation of financing efficiency make enterprises consider returning to the domestic market. Secondly, whether from the perspective of the maturing of domestic capital market or the efficiency of fund allocation of Chinese concept stock enterprises, multi-place listing is the most consistent with the regression mode of Chinese concept stock enterprises, and has become the primary choice of Chinese concept stock return at present.