文本描述
摘要
信息技术的高速发展,促进了知识经济、网络经济的迅猛崛起,新经济时代的形成对
国内资本市场带来了巨大的影响。市场对新经济企业认可度不断提升,不仅加快了国内资
本市场的快速改革,强化了一批红筹企业乃至独角兽企业回归国内资本市场的强烈意愿。
大部分优质的红筹企业瞄准了新经济时代的发展契机,力图借助国内资本市场实现发展与
壮大。从2018年《关于开展创新企业境内发行股票或存托凭证试点若干意见》中的允许
试点企业根据相关规定和自身实际情况发行股票或中国存托凭证上市,到2022年《境内
外证券交易所互联互通存托凭证业务监管规定》中的允许符合条件的在境外证券交易所上
市的境外基础证券发行人在境内发行存托凭证并在境内证券交易所主板上市,以及允许符
合条件的在境内证券交易所上市的境内上市公司在境外发行存托凭证并在境外证券交易
所上市,中国存托凭证在红筹企业上市中扮演的角色愈加重要且多样,中国存托凭证将红
筹企业回归境内市场的热度推上新的高峰,如何通过中国存托凭证更便捷更有效率地回归
境内市场将成为企业关注的热点。
本文选取九号公司发行中国存托凭证在科创板成功上市作为研究主题,通过案例研究
法对其上市前的问询函、上市过程、上市动因、上市后的效果进行深入分析,对后续想要
通过发行中国存托凭证上市的红筹企业提出一些对策建议。首先对九号公司的基本情况及
其回归过程进行整理,其次通过VIE架构、特殊投票权结构、相关风险等角度对九号公司
上市申请文件问询函进行分析,梳理九号公司上市过程中的重点;分析其上市动因,在此
基础上通过财务指标法,事件研究法对其上市后的效果进行分析;最后通过分析使用中国
存托凭证上市的潜在风险,总结出针对红筹企业回归的相关建议,为后续想回归境内市场
的红筹企业提供一定的借鉴意义。
通过九号公司案例分析,本文针对红筹企业境内上市提出了相关建议:企业应完善自
身VIE结构披露,加强CDR工作的引导机制;监管部门应保持CDR价格合理区间内波动,
明确VIE协议的定义,完善CDR持有者权益保障制度,完善CDR与基础证券转换制度。
关键词:
红筹企业;九号公司;上市路径;中国存托凭证
I
Abstract
The rapid development of information technology has promoted the rapid rise of the
knowledge-based economy and the network economy, and the formation of the new economic
era has had a tremendous impact on the domestic capital market. The rising recognition of new
economy enterprises in the market has not only accelerated the rapid reform of the domestic
capital market, but also strengthened the strong willingness of a number of red-chip enterprises
and even unicorn enterprises to return to the domestic capital market. Most of the high-quality
red-chip enterprises aim at the development opportunities in the new economy era and seek to
achieve development and growth through the domestic capital market. From the 2018 Opinions
on the Launch of Pilot Program for Domestic Issuance of Shares or Depository Receipts by
Innovative Enterprises, which allows pilot enterprises to issue shares or Chinese Depository
Receipts(hereinafter referred to as CDR)for listing in accordance with relevant regulations and
their own actual situation, to the 2022 Regulations on the Supervision of Depository Receipt
Business on the Interconnection of Domestic and Foreign Stock Exchanges, which allows
eligible issuers of overseas base securities listed on overseas stock exchanges to The role of
CDRs in the listing of red-chip companies has become more and more important and diverse,
and the CDRs have pushed the fervor for the return of red-chip companies to the domestic
market to a new peak. The CDR will become a hot spot for companies to focus on how to return
to the domestic market more conveniently and efficiently through the CDR.
This paper selects the successful listing of Ninebot Limited on the CDR on the KET as the
research topic, and analyzes its pre-listing inquiry letter, listing process, listing motivation, and
post-listing effect through a case study method, so as to propose some countermeasures for the
subsequent red-chip companies that want to list through the issuance of CDR. Firstly, we
organize the basic information of Ninebot Limited and its return process; secondly, we analyze
the inquiry letter of Ninebot Limited's listing application document through the perspectives of
VIE structure, special voting right structure and related risks, and sort out the key points of
Ninebot Limited's listing process; we analyze its listing motives, and on this basis, we analyze
II
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