A -share company overseas listing, Switzerland is the biggest winner?｜ Gold · Big Event

The first Chinese companies are about to log in to the Ruixi Stock Exchange this week, and Switzerland is expected to take over the United States to welcome the "wave of sea" in the United States.

Text ｜ Wang Yanyu

Edit | Pan Xinyi

Source ｜ 36 氪 Finance (ID: krfinance)

Cover Source ｜ IC Photo

This week, the Swiss Stock Exchange will usher in the first batch of Chinese companies to land -on the evening of July 24, three A -share listed companies announced the latest progress in the issuance of GDR issuance and listing. On July 28th, it was officially listed on the Swiss Stock Exchange (hereinafter referred to as the "Swift Stock Exchange").

At the same time, Greenmei also said that the company's GDR prospectus has been approved by the Swip Stock Exchange Supervision Bureau and is only yet to be issued.

In fact, since the release of the "Regulations on the Business Supervision of the Interconnection of Interconnection and Interconnection of the Stock Exchange at home and abroad" (hereinafter referred to as the "New Regulations" ") in February this year, the number of A -share listed companies intending to issue GDRs overseas has increased significantly. At the same time, Switzerland has also become the main destination for these companies to go public.

At present, 10 companies such as Sanyi Heavy Industry, Guoxuan Hi -Tech, Lepu Medical, Shanshan Co., Ltd., Kodak Manufacturing, Fang Dalin, Green, Health Yuan, Weir Co., Ltd., Dongpeng Beverage, etc. announced GDR The Rui Stock Exchange is listed.

Yang Chang, a senior economist at the Institute of China and Thailand, told 36 氪 that it is of great significance to broaden the overseas listed channels of Chinese enterprises. "On the one hand, this is conducive to the effective use of foreign investment in domestic enterprises, alleviating the difficulty of financing and financing of enterprises, especially private enterprises; on the other hand, the listing of enterprises overseas is also more conducive to the reasonable pricing of enterprises, and improving corporate governance Level and internationalization. "

GDR into A -share company financing new choice

Yang Changshi arrived, at the special meeting held by the State Council's Financial Stability Development Committee on March 16 this year, it has clearly stated that "the Chinese government continues to support various types of enterprises to go public abroad, especially in many countries and regions overseas countries and regions. The marketing of the exchange is conducive to expanding the channels for Chinese companies to go public.

Previously, on July 13, Mingyang Smart has successfully issued GDR to officially listed on the London Stock Exchange. According to the statistics of 36 氪, this is the first company in China's A -share market after the "New Regulations" to successfully land on the European Stock Exchange.

Except for Mingyang Intelligent selection of the London Stock Exchange, the two companies of Xinwangda and superstar technology have not yet been determined, and the remaining 10 companies that distribute GDRs have selected listed places to Switzerland.

It is understood that the Swip Stock Exchange is headquartered in Zurich, Switzerland, and is one of the largest stock exchanges in Europe. A securities company told 36 氪 that the proportion of foreign institutional investors of the Ruixi Stock Exchange exceeded 50%, and the internationalization and valuation level of investors ranked among the top European securities markets in Europe. At the same time, the Swiss Bank also manages about one -third of private investment in the world.

According to the statistics of the Swiss Banking Association, the Bank of Switzerland holds 25%of global cross -border assets, and more than 500%of the world's billionaires are customers of the Swiss Bank.

Regarding the reasons for Chinese companies to choose the Ruixi Stock Exchange as an overseas listing place, 36 氪 has given more letter to the 10 companies that have announced the news, but as of press time, they have not received positive responses before the release. However, according to the information disclosed by Shanshan shares in the latest stage, the market can understand its main purpose.

Shanshan stated in the announcement of the overseas issuance of GDR listing at the listing of the Ruixong Stock Exchange that the company's move was deepened by the domestic capital market policy, deepening the China -Europe capital market interconnection, using the overseas capital market to promote the development of the real economy, enhance the company's overseas overseas, Brand awareness and influence, broaden overseas financial financing capabilities, and provide sufficient funds and financial resources for the company's international development.

In addition, the GDR issuance price and issuance results of the two companies, Shashan and Kodak Manufacturing have also been announced on the evening of July 24.

Shashan shares determined that the final price of this issuance was US $ 20.64 per port. The number of GDR issued this time was 15.44 million, and the raised funds raised about 319 million US dollars. The company's expected GDR will be officially listed on the Swip Stock Exchange on July 28, Swiss time.

At the same time, Cada Manufacturing has also determined that the final price of this issuance is $ 14.43 per GDR, and the number of GDRs issued by the company this time is 12 million, and the total amount of raised funds is US $ 173 million. It is expected to be listed on the same day as Shanshan shares on the same day.

As of now, including Cada Manufacturing and Shanshan shares, there are 5 lithium battery industry chain companies that have announced the issuance of GDR to go public abroad. In recent years, my country's new energy vehicle automotive industry has a high prosperity. At the same time, lithium battery companies have deployed overseas. The issuance of GDR to achieve overseas listing is not only to solve the demand for the funds of these companies themselves overseas, but also the policy to guide the development of the domestic new energy vehicle industry to the development of the domestic new energy vehicle industry. The choice of going down the trend.

The net foreign exchange net decreases into policy motivation solution

Previously, on February 11 this year, on the basis of Shanghai -London Stock Connect, the CSRC released the "New Regulations" to expand the Shanghai -London mechanism into a "China -EUST mechanism", expanded the scope of application, and incorporated the eligible Shenzhen Stock Exchange to list in the east direction. The company, westward to major European securities markets such as Switzerland and Germany. Under the "New Regulations", the qualified Shanghai and Shenzhen listed companies can issue GDRs, and the listing place has expanded from Britain to Germany and Switzerland.

On March 25, the Shanghai Stock Exchange and the Shenzhen Stock Exchange released the corresponding supporting rules of the China -EUSC mechanism. Many A -share companies subsequently released the GDR issuance plan to expand new overseas financing channels. In the view of Zhou Mingqi, chief analyst of Jingjian Think Tank, this may be related to the decrease in national foreign exchange reserves and the complex market encountered by the Chinese stock market in the U.S. stock market. Earlier data released by the State Administration of Foreign Exchange showed that as of the end of June 2022, my country's foreign exchange reserve scale was US $ 3071.3 billion, a decrease of 56.5 billion US dollars from the end of May, and hit a new low since April 2020.

Wang Chunying, deputy director and spokesman of the State Administration of Foreign Exchange, said that the reasons for the changes in the scale of foreign exchange reserves in June are mainly due to factors such as the international financial market, such as the monetary policy, inflation expectations, and the prospect of global economic growth. The US dollar index has risen significantly. The prices of financial assets in major countries have fallen sharply.

Foreign exchange reserves are based on the US dollar currency, and the amount of non -dollar currency is converted into the US dollar. The amount of amount of US dollars is reduced, and the changes in asset price changes have caused the scale of foreign exchange reserves in the month.

However, compared with China's full -caliber foreign exchange net, the net foreign exchange net has also declined significantly compared with the previous years since 2020. According to statistics from Jingjian Think Tank, from the end of the second quarter of 2021, China's net -caliber foreign exchange net has fallen below 700 billion US dollars, and before 2019, the net -caliber foreign exchange net amount was over 1100 billion US dollars.

Data source: National Foreign Exchange Administration, picture source: Jingjian think tank

"Chinese enterprises need to invest in overseas investment and build factories and expand their business. However, there are currently not so many foreign exchange reserves in the country, and enterprises need to solve this part of funding through overseas fundraising. It is based on its own expansion of business territory and realization of internationalization. However, from a macro perspective, the decline in net foreign exchange nets in recent years may also be one of the policy motivations that encourage enterprises to go public overseas. "Zhou Mingqi said.

On the other hand, the mainstream listed land -listed American stock market of Chinese companies is no longer attractive. The majority of Chinese companies are hoping to find a capital market that can replace the US company's overseas fundraising needs.

Zhou Mingqi told 36 氪 that Chinese companies had previously chosen US stocks to list, mainly because they were easy to review and facilitated financing. Under the influence of Internet anti -monopoly, "double reduction" policy, and Ruixing financial fraud, American investors have gradually become harsh on Chinese stocks.

"Now the US capital market is very unfriendly valuation of Chinese stocks, especially after modifying the review rules, the listing procedure becomes very troublesome," he added. At this time Docking the European capital market provides a policy opportunity.

Why is the Rui Stock Exchange popular?

Since the release of the New Regulations in February this year, A -share companies have expanded from Britain to Britain, Germany, and Switzerland. As of now, 10 of the 13 A -share companies that have promoted GDR issuance have chosen Switzerland.

In Zhou Mingqi's view, this is related to Switzerland's relatively secure and stable financial system.

He said that GDR issuance is generally priced in foreign exchange, usually Swiss francs, dollars, etc. "Swiss francs are also more" hard 'currency internationally. " In addition, the attributes of Switzerland permanent neutralization have made its financial system more security, and domestic assets are less affected by changes in the international situation. These specific conditions have attracted many private capitals from the world.

At the same time, the aforementioned securities firms also told 36 氪 that compared with the A -share fixed increase and re -financing methods such as the Hong Kong stock IPO, the audit time and process of the enterprise issued GDR are more advantageous. It is understood that the initiative of A -share companies usually takes more than half a year for approval, and the IPO of Hong Kong stocks usually takes half a year to one year from delivery to listing.

In contrast, the release of GDR can be completed within 5 months.

As Cada manufacturing released the GDR plan, the original fixed increase plan was terminated. In addition, Cada made the first disclosure of the GDR plan to issue the GDR plan overseas on April 8. Shanshan shares issued the GDR application for the listing of the Ruixi Stock Exchange on April 18th. Many months.

On the other hand, GDR issuance has no clear restrictions on the use of raised funds, which can be used for project construction, supporting company overseas mergers and acquisitions, supplementary mobile funds, etc. And compared with the United States, Switzerland is also the world's leading financial center, and the market opening level and stability are also higher. These have provided favorable conditions for Chinese companies to financing to financing.

Back to the financing environment, the above -mentioned securities firms also said that compared with other major European markets, such as the London Stock Exchange and the German Stock Exchange, the valuation pricing of the Ruixi Stock Exchange is relatively high. The impact is relatively smaller.

At present, in the announcement of the announcement of promoting overseas listing, many companies mentioned that the issuance of GDR is the call for domestic capital market policy, expand the company's international financing channels, deepen the China -Europe capital market interconnection, and use the overseas capital market to promote the development of the real economy. Important measures. During this week, the first batch of companies will be listed soon. In the future, Switzerland may undertake more Chinese companies to go to sea like the previous US capital market.

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A -share company overseas listing, Switzerland is the biggest winner?

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