Listing in Switzerland, there are a few of Chinese companies out of the way

Swiss Stock Exchange Headquarters

Our reporter Zhao Jueyi, a special reporter in Germany Zhao Dong

After many Chinese stocks such as Alibaba were included in the "pre -delivery" list by the US Securities Regulatory Commission, the increasingly complicated international environment and risk of delisting in the United States allowed more Chinese companies to find new ways to listing. At the end of last month, the first batch of four A -share listed companies issued a global deposit certificate (GDR) officially landed on the Swiss Stock Exchange. The country has since become a new channel for Chinese companies' financing. Experts interviewed by a reporter from the Global Times on the 3rd believe that Chinese enterprises will be welcomed to go public in Germany, Switzerland, and Hong Kong, China and other countries and regions.

Open the green light for "Zhongrui Tong"

"Open a green light for 'Swiss Tong"! "Swiss" Commercial Daily "said that the Swiss Financial Market Supervision and Administration Bureau has recently approved the" China -Swiss Securities Market Interconnection "system, and Chinese companies can be listed in the Swiss Stock Exchange for the second time.

Over the past few days, the first batch of Chinese companies have announced that they have been approved by the Swiss Stock Exchange for the second listing. On July 28th local time, GDR issued by Guoxuan Hi -Tech, Green, Shan Shan, Shan Shan and Keda manufactured 4 A -share listed companies officially landed on the Ruixi Stock Exchange. Public information shows that among the 4 companies listed on the Swip Stock Exchange, the total amount of funds raised by Guoxuan Hi -Tech with power battery manufacturing as the main business reached US $ 685 million, which is the largest basic distribution since the "China -EUST Rules". The GDR project is also the largest new energy industry stock fund financing project in the Switzerland market.

The first batch of Chinese enterprises can log in to the Swiss capital market, which originated from the "Regulations on the Business Supervision of the China Stock Exchange Interconnection Credit Voucher Business Supervision" revised and released by the China Securities Regulatory Commission in February this year. The new regulations expand the Shanghai -London mechanism to the "China European Connect Mechanism". It is clear that listed companies in Shanghai and Shenzhen can go to the overseas stock exchange to issue GDR. German exchange.

In addition to the above -mentioned enterprises, many companies including Sanyi Heavy Industry, Lepu Medical, Fang Dahaulin, Health Yuan, Weir Co., Ltd., Dongpeng Beverage, etc. have also announced that they plan to issue GDR and list on the Ruixong Stock Exchange.

Claus Hyan, an economist in Berlin, Germany, told a special reporter of the Global Times that the "stock market" of China -Swiss countries is important to Chinese companies. way. Obviously, the listing list of Chinese companies in Switzerland will become longer and longer.

Why is Switzerland

As a new destination, the Ruixi Stock Exchange can attract Chinese enterprises' light and its own advantages. Dong Dengxin, director of the Institute of Finance and Securities of Wuhan University of Science and Technology, analyzed the reporter of the Global Times on the 3rd, "As the leading financial center in Europe, the Swiss financial environment and capital market rules are relatively mature, and the openness and fairness are high. It is attractive to foreign companies. "

Public information shows that the Ruixi Stock Exchange was consolidated from the three stock exchanges of Geneva, Zurich and Basel in 1993. It is currently under the SIX SIX Group. The group CEO Dicerhoff recently said in an interview with the media that the Swiss Exchange is one of the few markets that provide multiple financing channels. In terms of raising funds, whether through the first public offering, derivatives, or re -financing, the Swiss Exchange provides very complete services. Dissehofv said that in Europe, there are very few competitors in the Swiss exchanges, and 2/3 of European blue chip companies are listed on the Swiss Exchange.

Claus Hepan also mentioned that among large global companies, including Novarty Pharmaceutical, Nestlé, Roche, Zurich Insurance, UBS, and Richemo Group, the headquarters from Switzerland, and the high proportion of pharmaceutical and food manufacturers And the low weight of technology stocks also made the Swiss stock market from being easily affected by cyclical fluctuations.

The news of Chinese companies in Switzerland's GDR has caused great interest in European investors. Many media have specifically introduced how to invest in Chinese companies. Burger entrepreneurs and investors Frank told the Global Times special reporter that it was not easy to invest in Chinese stocks before. Now China Stock Exchange and European Stock Exchange cooperate with European Stock Exchange, making European investors easier to invest in Chinese stocks. Frank believes that investing in Chinese stocks is a good time now. The Chinese government makes the market more healthy and stable through regulatory measures, which is also conducive to foreign investors.

There are more choices for Chinese enterprises

In the interview, Desselhof also stated on the financial standards of Chinese companies that investors concerned about GDR, and the Swiss Exchange accepted the "People's Republic of China Enterprise Accounting Guidelines". This also means that Switzerland is not like the United States, and the "audit cause" has caused China stocks to be in the risk of delisting.

Dong Dengxin told the Global Times reporter that the GDR issuance cost is low compared with the first public offering of stocks (IPOs) in overseas markets, and because enterprises have been listed in the A -share market, it is easier for GDR to be approved overseas and allow A shares to be listed on the market. The company's release of GDR overseas is also an important part of China's capital market reform.

However, some people in the industry have said that there are still fewer Chinese companies listed in Europe. In the short term, Europe may not become the main overseas listing destinations of Chinese companies like U.S. stocks and Hong Kong stocks.

After the "Law on the Accountability of Foreign Companies" in the United States in 2021, Chinese companies began to seek a diversified channel for listing and overseas financing, and the Hong Kong Stock Exchange became the first choice for these companies. In addition to the British, Switzerland, and Germany of the "China -EUSC mechanism", Singapore is also a popular choice for Chinese enterprises' overseas financing. "The capital environment in the United States has become more politicized, and it is very unfriendly to Chinese companies. It is inevitable to transfer the center of gravity," Tung Dengxin told the Global Times reporter. International investors in the European market provide richer investment targets, allowing more international capital to enter China from Europe. This will strengthen economic and trade and investment in China and Europe. To a certain extent Essence ▲

What is the difference between CDR, GDR

According to the Shanghai Stock Exchange, the deposit certificate is issued by the depositor and issued by the domestic market on the basis of overseas securities, which represents the securities of overseas basic securities rights and interests. On this basis, common domestic deposit certificates include China Stock Volleyball (CDR) and Global Storage Volume (GDR).

Dong Dengxin, director of the Institute of Finance and Securities of Wuhan University of Science and Technology, told a reporter from the Global Times that simply speaking, the deposit voucher can be understood as the "passbook of stocks". Essence

Among them, CDR refers to the deposit vouchers listed on the main board of the Shanghai Stock Exchange on the main board of the Shanghai Stock Exchange on the main board of the ex -exchanges of overseas stock exchanges, and GDR refers to the deposit voucher issued by the A -share listed company of the Shanghai Stock Exchange on the overseas stock exchange. Similar to CDR and GDR, there are ADR in the US market, EDR in the European market, and HDR in the Hong Kong market. The main differences are different places for distribution or transactions.

Unlike the "investor" cross -border interconnection of the "investor" under the Shanghai -Hong Kong Stock Connect, the counterpart of the other party's market is directly traded and sold stocks. The arrangement is close to the local stock variety to facilitate investors to complete the transaction settlement according to local trading habits and transaction time.

Taking China's A -share listed enterprises to issue GDR overseas as an example, companies can entrust a certain amount of stocks to a bank for custody, and then this bank notifys foreign deposit banks to issue the deposit certificate representing the shares locally, and then deposit deposit, and then deposit it. The credentials can be traded on a foreign stock exchange.

According to the analysis, compared with other financing methods, the listing of the listing vouchers has the advantages of short review time and a wide range of financing objects, which helps enterprises to develop overseas markets, optimize shareholders' structure, and enrich financing channels. ▲ (Zhao Jueyi)

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