摘要2017年，特朗普政府上台后，美国视中国为主要安全威胁，推动对华贸易
战、科技战，并加大对在美上市中概股公司的监管力度，频频实施恶意打压与制
裁。2020年4月瑞幸咖啡财务造假事件爆发，再次引发了对中概股公司的信任
危机。加之，浑水、香橼等做空机构的数次做空，风雨飘摇之下，中概股公司掀
起了第二次回归潮。与在第一次回归潮中回归地点均为A 股市场以及回归公司主
要运用的是借壳方式相比，此次回归地点改变至港股市场且中概股公司主要采用
的是耗时更短、成本更低的第二上市方式。其中，第二上市是中概股回归的一种
新型路径。所以，本文以较早利用第二上市路径回归香港股票市场的J 公司为案
例，分析其第二上市取得的效果将具有一定的创新性。通过研究，本文能够为其
他计划采用第二上市路径回归国内资本市场的中概股公司提供一定的经验借鉴，
因此具备较强的理论与实际意义。
本文运用文献回顾、案例分析、比较分析等方法。研究发现：J 公司第二上
市后企业竞争力取得积极效果，公司业务方面，J 公司利用联交所豁免政策，助
推多家子公司上市，促进了多业务发展；同时，供应链体系建设愈加完善，反哺
了核心业务。公司财务方面，J 公司偿债能力明显改善，营运能力稳步提升。公
司治理方面，J 公司组织架构改革增强了企业竞争力，修改公司章程完善了公司
治理。但是，J 公司第二上市也存在新业务发展不力、公司盈利能力短期承压、
中小股东利益可能受到侵害等消极效果。分析其中原因，本文认为第二上市后J
公司多元化发展过程中个别业务反响不及预期与各业务间缺乏协同效应提高了
公司新业务发展压力；战略转型承压与让利共富加剧了J 公司盈利压力；供股权
利受限与特殊股权结构提高了中小股东利益受侵可能。由此，本文提出了挑选优
质业务并注重协同效应，加强运营管理并提升服务质量；深化组织架构改革以压
缩公司支出，提高规模效益以摊薄公司成本，利用供应链优势提高公司效益，加
快下沉低线市场以拓宽业务收入来源；适当修改存托协议，给予一定经济救济，
加强高表决权股东监管力度等政策建议。
关键词：中概股回归；第二上市；企业竞争力
I
Abstract
Abstract
In 2017,after the Trump administration came to power,the United States
regarded China as a major security threat,promoted a trade war with China,a
technology war,and stepped up its supervision of Chinese companies listed in the
United States,and frequently implemented malicious suppression and sanctions.In
April 2020,the financial fraud incident of Ruixing Coffee broke out,which once
again triggered a crisis of trust in Chinese stock companies.In addition,Muddy
Waters,Citron and other short-selling institutions have shorted several times.Under
the precariousness,the Chinese concept stocks have set off a second wave of return.
Compared with the A-share market where the return site was in the first wave of
return,and the return company mainly used the backdoor method,this time the return
site was changed to the Hong Kong stock market,and the China concept stock
company mainly adopted a shorter time-consuming and cost-effective approach.
Lower second listing method.Among them,the secondary listing is a new path for the
return of Chinese concept stocks.Therefore,this paper takes J Company,which used
the secondary listing route to return to the Hong Kong stock market earlier,as an
example to analyze the effect of its secondary listing.It will be innovative to a certain
extent.Through the research,this paper can provide some experience and reference
for other Chinese stock companies that plan to return to the domestic capital market
through the second listing route,so it has strong theoretical and practical significance.
This paper uses literature review,case analysis,comparative analysis and other
methods.The study found that:after the second listing of company J,the
competitiveness of the company has achieved positive results.In terms of company
business,company J has used the exemption policy of the Stock Exchange to promote
the listing of many subsidiaries and promote the development of multiple businesses;
at the same time,the construction of the supply chain system has become more and
more important.Improve and feed back the core business.In terms of corporate
finance,the solvency of J Company has improved significantly,and its operating
capacity has been steadily improved.In terms of corporate governance,J Company's
organizational structure reform has enhanced its competitiveness,and its articles of
association have been revised to improve corporate governance.However,the second
listing of Company J also has negative effects such as weak new business
development,short-term pressure on the company's profitability,and possible
II
Abstract
infringement of the interests of small and medium shareholders.Analyzing the
reasons,this paper believes that after the second listing,in the process of diversified
development of J Company,the response of individual businesses is not as good as
expected and the lack of synergy between various businesses has increased the
pressure of the company's new business development;the pressure of strategic
transformation and the sharing of profits have intensified the profits of J Company.
Pressure;restricted rights issue rights and special shareholding structure increase the
possibility of infringing the interests of minority shareholders.Therefore,this paper
proposes to select high-quality businesses and pay attention to synergies,strengthen
operation management and improve service quality;deepen organizational structure
reform to reduce company expenditures,improve scale efficiency to dilute company
costs,and use supply chain advantages to improve company efficiency and accelerate
sinking.Low-tier market in order to broaden the source of business income;
appropriately modify the depository agreement,provide certain economic relief,
strengthen the supervision of high-voting shareholders and other policy suggestions.
Keywords:Overseas-Listed Chinese Firms’Return;Secondary Listing;Enterprise
Competitiveness
III
目录
目录
摘要.............................................................I
Abstract ...........................................................II
目录............................................................IV
1绪论.............................................................1
1.1研究背景与研究意义..........................................1
1.1.1研究背景...............................................1
1.1.2研究意义...............................................2
1.2研究内容与研究方法..........................................3
1.2.1研究内容...............................................3
1.2.2研究方法...............................................3
1.3研究框架....................................................4
1.4本文创新点与不足之处........................................5
1.4.1本文创新点.............................................5
1.4.2不足之处...............................................5
2文献综述与理论基础...............................................6
2.1概念界定....................................................6
2.1.1中概股回归概念.........................................6
2.1.2第二上市相关概念.......................................6
2.1.3企业竞争力相关概念.....................................9
2.2文献综述...................................................11
2.2.1中概股回归动因及路径研究..............................11
2.2.2中概股第二上市及企业竞争力效果研究....................13
2.2.3文献述评..............................................16
2.3理论基础...................................................16
2.3.1信息不对称理论........................................16
2.3.2控制权与现金流权分离理论..............................17
2.3.3协同效应理论..........................................18
3中概股第二上市回归现状及案例介绍................................19
3.1中概股第二上市回归现状.....................................19
3.1.1中概股第二上市回归政策不断放宽........................19
3.1.2中概股第二上市回归公司持续增加........................21
3.2J 公司概况..................................................22
IV