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摘要
香港作为亚太的国际金融中心，是国际资本和国内资本在亚太的聚集地，
有着成熟的资本运行环境和完善的监管体系，并且与国内文化和认知比较接
近，是中国国内企业引进境外资本的中转站和境外融资的首选之地。由于国内
企业的数量不断增多，对融资的需求越来越旺盛。更多的企业通过上市融资来
进行扩大企业产能和提高企业在行业中的知名度及竞争力，鉴于中国证券市场
发展现状，特别是审批制的特殊性，越来越多的企业选择在海外上市，其中在
香港联交所直接上市模式是国内企业青睐的方式
随着中国经济的发展和中国企业改革的深入，国内企业来到香港融资，上
市模式更愿意选择直接上市模式，已然逐渐成为主要模式，引起了国内学者的
关注和研究。基于内地企业——集成控股的研究实践，本文分析了国内上市模
式选择过程中遇到的问题，对香港上市工作经验的分析和归纳总结。以案例形
式提取国内企业在香港上市的成功因素、上市模式选择等要素。本文分为五
章：第一章为绪论。本章主要内容包括了研究背景与意义、文献综述及理论基
础、研究思路及采用的研究方法等内容。第二章为案例正文。本章主要阐述了
集成控股简介及上市背景介绍、上市模式选择及准备工作，以及上市过程中出
现的合规问题及解决方式，让读者对集成控股上市模式有一个清晰明了的认
识，为接下来的研究奠定基础。第三章为集成控股上市模式事后分析。本章主
要分析了中国集成控股选择香港上市的因素及优势、香港上市评估、上市成功
的影响因素，以及上市后合规管理情况及分析。第四章为对其他国内企业的上
市模式选择的启示。本章结合集成控股成功经验，并对国内企业在香港上市模
式及选择、上市模式的工作规划、香港上市的成功保障及合规管理等方面提出
相关建议和方案。第五章为结论。本章对全文进行总结和归纳
国内企业在境外上市模式选择工作是一个复杂的系统工程。本文对国内企
业上市选择问题进行研究。在境内企业上市模式选择方面，在最后章节中，对
香港直接上市、红筹股上市和买壳上市三种模式优劣比较。然后提出了国内企
业在香港选择红筹上市模式。最后，关键问题在于，如何保证大陆企业香港上
市的成功，本文认为，只有选择适合自身的上市模式才是企业上市成功的前提，
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并且在此基础上保证有效的公司治理、规范财务会计等
关键词：国内企业；香港上市模式；案例分析
III
Abstract
Hong Kong is an international financial center of the Asia-Pacific region. It is a
gathering place for international capital and domestic capital in the Asia-Pacific
region. It has a mature capital operation environment and perfect supervision system.
It is close to domestic culture and cognition. It is the introduction of foreign capital
by Chinese domestic enterprises Of the transfer station and the preferred place of
overseas financing. As the number of domestic enterprises continues to increase, the
demand for financing is growing. More enterprises through the listing and financing
to expand the enterprise production capacity and improve the business in the
industry's visibility and competitiveness, in view of China's securities market
development status, especially the special nature of the approval system, more and
more enterprises choose to overseas listing, Which listed in Hong Kong's domestic
enterprises is particularly prominent.
With the development of China's economy and the deepening reform of Chinese
enterprises, the domestic enterprises that come to Hong Kong for financing and
listing are more willing to choose the direct listing model, which has gradually
become the main mode and aroused the concern and study of domestic scholars.
Based on the research and practice of the mainland enterprises - JICHENG
UMBRELLA HOLDINGS LIMITED, this article analyzes the problems encountered
in the process of domestic listing and model selection, analyzes and summarizes the
experience of listing in Hong Kong, the success factors of domestic companies listing
in Hong Kong, the mainland listed in Hong Kong The issue of corporate listing model
selection conducted a more systematic study and analysis. This article is divided into
five chapters: The first chapter is an introduction. The main contents of this chapter
include the research background and significance, literature review and theoretical
basis, research ideas and research methods adopted. The second chapter is the text of
the case. This chapter mainly introduces the introduction of JICHENG, listing
introduction, listing model selection and preparation, compliance issues and solutions。。。。。。