The central media talks about 5 central enterprises' delisting from the United States: does not mean to actively seek financial "decoupling", no need to over -interpret

After the market on August 12, 5 state -owned holding companies including China Petroleum, Sinopec, Aluminum, China Life, and Shanghai Petrochemical Co., Ltd. successively issued an announcement saying that they applied for voluntarily to voluntarily withdraw their deposit shares from the New York Stock Exchange from the delisting , Viewed by the market.

Relevant parties said that the five companies announced that the delisting from the United States is considered from its own actual and business perspective. Financial "decoupling" does not have to be over -interpreted.

Screenshot of the official website of Shanghai Stock Exchange

Enterprise voluntary delisting reasonable compliance

Five companies are large blue -chip companies, and they go public at the beginning of this century. At that time, the domestic capital market was limited. It was listed in the United States to make a positive role in using foreign investment, improving the level of corporate governance, and deep integration of "going global" into the global market. Since listing, five companies strictly abide by the US market rules and regulatory requirements, and have also given back to the US market and investors.

In the past 20 years, the relevant situation has undergone major changes. Most of the five companies are listed in the Mainland A shares and Hong Kong H shares. Only a small number of H -shares -based US deposit shares (ADS) based on the NYSE, accounting for less than 1%of the total shares, and the total market value is less than 10 billion yuan Essence

Relevant investment bankers told reporters that these companies have not recreated funds in the United States since they were listed, but have been affording higher maintenance costs as Chinese state -owned enterprises and also facing increasingly complex regulatory requirements. With the increasingly complete functions of the Mainland and Hong Kong capital market, it is not "cost -effective" to continue to stay in the United States. Five companies are expected to have recently delisted ADS from the New York Stock Exchange. After a certain condition, the registration is revoked from the US Securities Regulatory Commission, which is in line with the US market rules. ADS can be sold or returned to H -shares to continue trading, and the legitimate rights and interests of international investors will not be damaged.

Industry insiders said that the start of the US delisting plan will not affect the development of the five companies to continue to use the financing and development of domestic and foreign capital markets, nor does it affect its financial situation. It is expected that the stock price of A shares and Hong Kong stocks may be disturbed in the short term, but the medium and long -term trend will be supported by the fundamentals of good companies.

It will not cause the so -called "delisting tide"

Some people are worried that the delisting of these five companies from the United States will trigger the "delisting tide" of subsequent Chinese stocks. There is no need to worry about this worry.

On August 12, the person in charge of the relevant departments of the CSRC emphasized that listing and delisting are the normal state of the capital market, respecting enterprises' decisions made in accordance with their own actual situation and in accordance with the rules of overseas listing. In fact, these five companies have a large special characteristics and cannot represent the general situation of more than 200 companies in the United States and China.

The reporter learned that the conditions and willingness of most of the stock marketing companies' initiative to delist. On the one hand, most of the companies in the United States and China are still listed in the United States or the only place of listing, and most or all shares are listed in the United States. Unless privatization, or other listings that can undertake all shares, companies generally do not take the initiative to delist based on normal business considerations.

On the other hand, the US market has advantages in supporting scientific and technological innovation and initial enterprises, and has a strong attraction to the financing development of some companies. For a long time, the listing of China Stocks has achieved a win -win situation in Chinese companies, emerging industries and international investors, and has positive significance.

In recent years, some of the stocks in the United States and China have chosen the second listing in Hong Kong, the two major listings, or spin -off in A shares. Relevant persons believe that a considerable part of the stock in the United States and China does not have the conditions for doing this. The enterprises that make such arrangements have been solved to solve the issues such as widening financing channels, improving risk prevention and control capabilities, and separation of the location from the listing place. It is not necessary to take the initiative to delist from the United States.

A limited impact on the A -share market

What is the impact of A -share investors on the A -share market? Industry insiders have pointed out that five companies have announced that the delisting from the United States has little impact on the A -share market and will not have a "blood draw" effect on the A -share market.

Five companies are listed on the three places of A shares, H shares, and US stocks, and the market value of securities listed in the United States is relatively small. A shares or H shares are its main listing place. At the same time, the five companies ADS is issued based on H -shares. After the delisting of the United States, it can be directly converted into Hong Kong stock transactions. It does not involve ADS repurchase, nor does it involved in the financing issues of simultaneous A -share or Hong Kong stocks.

At the same time, the performance of the stock price of five companies has a small impact on the overall operation of the A -share market. Even due to the influence of short -term emotions, the stock price of the five companies has fluctuated, and it will not have a long -term impact on the operation of the stock index.

Since the beginning of this year, the A -share market has adopted multiple impacts such as geopolitics and repeated epidemics, and has maintained a relatively stable operation trend. At present, the domestic economic fundamentals are improved, the policy continues to improve, and the liquidity environment is reasonable and abundant. In addition, the A -share its own valuation level is not high, and the market's stable operation has many favorable conditions. Five companies' delisting may have a certain short -term disturbance for investor emotions, but it will not change the long -term good trend in the A -share market.

Firmly support enterprises to go public in accordance with the laws and regulations

my country's determination to expand high levels of openness will not change, and the open door will only open. Authoritative persons believe that China is focusing on building a dual -cycle development pattern and actively integrating into the global market, and will not actively seek financial "decoupling".

In recent years, individual overseas markets have made financial supervision politics, tooling, and frequently manufacturing incidents to suppress foreign companies. It may indeed affect some Chinese companies' willingness to go public. Recently, it is a good example to list the European markets such as the interconnection and interoperability. my country's regulatory authorities have recently emphasized that it has been stressed many times that it has firmly supported enterprises to choose to go public according to their own wishes, accelerate the improvement of the relevant rules and systems of overseas listing, and actively promote cross -border audit supervision and cooperation consultation. The actual situation of itself is listed on overseas markets including the United States in accordance with laws and regulations. This is the uncertainty of hedging the external environment with the determination of the system, which fully reflects my country's firm determination to further expand the institutional opening of the capital market.

Under the protection of the complete system of the sun, Chinese companies will definitely be able to continue to use the two markets and overseas markets to achieve greater development. Global investors can share more "Chinese dividends" by investing in Chinese companies.

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