During the year, the nine listed companies intend to issue the first batch of GDR "China -Swiss Tong" overseas as soon as possible or landed in July

Reporter Xing Meng

It is planned to issue another member of the Overseas GDR (Global Stock Volume) to issue another member. Health Yuan announced on June 15 that it was planned to issue GDRs overseas and listed on the Swip Stock Exchange. As a result, this year's planned overseas GDR issuance companies have increased to nine, 8 of which have set the Ruixi Stock Exchange as a listed destination, and the other one chooses the Lun Stock Exchange.

At the same time, the pace of GDR from A -share listed companies has accelerated. On the same day, Guoxuan Hi -Tech disclosed that its GDR application was accepted by the Securities Regulatory Commission. At this point, GDR applications have increased to 4 companies accepted by the Securities Regulatory Commission. The industry predicts that the first batch of "Sino -Swiss Tong" GDR this year will be issued as soon as in July.

Compared with previous years, the number of companies that selected overseas GDR issuances this year have increased significantly, and the listing destinations are mainly concentrated in the Ruixi Stock Exchange.

At present, there are three destinations for overseas GDRs to be available, namely Britain, Switzerland, and Germany. Prior to 2022, 4 listed companies including Huatai Securities successfully achieved overseas GDR issuance and listing, all chose the London Stock Exchange. This year, there are 9 listed companies such as Sanyi Heavy Industry, Guoxuan Hi -Tech, Lepu Medical, Shanshan Co., Ltd., Mingyang Intelligent, Kodak Manufacturing, Fang Da Pan, Green Metrick, and Health Yuan. Outside the London Stock Exchange, the remaining eight companies chose to be listed on the Ruixi Stock Exchange.

"As one of the largest stock exchanges in Europe, the Swip Exchange has relatively high valuations and competitiveness in the price -earnings ratio." Sun Lijun, co -headed by UBS Securities Global Investment Banking Department, told the Securities Daily reporter.

"The internationalization and valuation level of the Swip Stock Exchange is at the forefront of the major European securities market. At the same time, the proportion of foreign institutional investors in the Ruixi Stock Exchange is higher and has a high degree of openness to overseas investors." Lu Jing, a partner and managing director, told a reporter from the Securities Daily.

According to Sun Lijun, listed companies that intend to issue GDR generally have the following demands: introducing international and domestic strategic investors to promote business development; improve the level of internationalization, consolidate the company's overseas financing channels; improve corporate governance, further optimize the structure of shareholders; and establish the structure The benchmark status expands the company's market influence.

For example, Health Yuan refers to the three -point purpose of GDR issuance and listing: accelerate the pace of international strategic steps, use the capital market support to improve multi -channel financing capabilities, and improve the level of corporate governance.

GDR can meet the needs of relevant listed companies. Sun Lijun said that on the one hand, GDR can be free to change with A shares, relatively high liquidity, and more attracting investors. On the other hand, the issue price of GDR issuance is also higher than fixed -fidelity, and more fundraising funds are raised. For existing shareholders The dilution will also be smaller, and the financing efficiency will be higher.

After March 15th announced the planning and listing of overseas GDRs, eight companies have followed up in three months, and the progress of GDR issuance and listing has continued to speed up.

It is worth noting that, unlike previous state -owned enterprises, nine companies this year are private enterprises. Sun Lijun said that these private enterprises have a strong demand for financing and expanding international business, which is also an important reason for the optimization of the rules of interconnection, that is, letting private enterprises with high development level, capital and overseas business demand accelerate their development by issuing GDR to issue GDR Essence

Lu Jing said that private enterprises are important market entities in my country's economy. In recent years, my country has actively guided and supported private enterprises to "go global", which not only helps to accelerate the formation of a higher level of open -to -open structure, but also help private enterprises to further develop the international market and continue to grow.

Judging from the progress of nine companies, four GDR applications such as Kodak Manufacturing, Green Mi, Lepu Medical, and Guoxuan Hi -Tech have been accepted by the Securities Regulatory Commission, and the progress has been progressing the fastest. In addition, Mingyang Smart, Shanshan Co., Ltd., and Fangda Carbon -related GDR proposal have been approved by the shareholders' meeting.

Jin Du Research Institute believes that the issuance of GDR needs to complete the company's internal decision -making procedures and supporting system construction, as well as the application and approval procedures for external regulators. It also includes the approval of the securities regulatory authorities and exchanges of the Overseas GDR listed place.

Lu Jing predicts that if the domestic and overseas review is smooth, the GDR review time is about 1 month to 2 months, and the overall execution time is expected to be 4 months to 5 months. According to the current progress, the first batch of "Zhongrui Tong" GDR is expected to be released from July to August this year.

Earlier, Guoxuan Hi -Tech revealed that "this GDR project is conducive to accelerating the company's international strategic layout, creating the company's international brand and image, and meeting the needs of overseas business development funds. Therefore, the company plans to complete the issuance and listing by the end of July" Essence

Lu Jing believes that with the continuous growth of overseas financing companies in the future, the advantages will gradually be reflected. It is expected that more domestic companies will consider raising funds through overseas issuance of GDR to expand overseas influence.

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