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Lex專欄：美國退市“清單”上的中概股

China telcos/NYSE: check list

紐交所已啟動中國三大電信運(yùn)營商的退市程序，金融、科技和能源行業(yè)的中企也都處于風(fēng)口浪尖，未來還會有更多中企被摘牌。

The Trump administration’s determination to limit US investment in China meant Chinese company delistings from US markets were inevitable. Still, the speed at which things are moving is a surprise.

特朗普(Trump)政府決心限制美國對華投資，意味著中國企業(yè)從美國退市是不可避免的。盡管如此，事情發(fā)展的速度依然令人意外。

The New York Stock Exchange has already begun the delisting process for China’s three largest state-run telecom operators. Trading in China Mobile, China Unicom and China Telecom will be suspended as early as this week.

紐約證券交易所(New York Stock Exchange)已啟動中國三大國有電信運(yùn)營商的退市程序。中國移動(China Mobile)、中國聯(lián)通(China Unicom)和中國電信(China Telecom)的股票交易最早將于本周停牌。

The trio made it on to the Pentagon’s list of companies suspected of having Chinese military ties last year. It was reasonable for investors to expect action to be relatively slow paced. Regulations that require Chinese companies listed in the US to follow US audit disclosure requirements give the companies until next year to comply.

去年，這三家公司被五角大樓(Pentagon)列入疑似與中國軍方有關(guān)聯(lián)的企業(yè)名單。那時(shí)候投資者有理由預(yù)計(jì)摘牌退市的行動會較為緩慢地進(jìn)行。因?yàn)槊绹路ㄒ?guī)要求在美上市的中國企業(yè)從2021年起符合美國審計(jì)披露規(guī)定。

An unexpectedly rapid delisting has knocked Chinese telco share prices. But the companies, which are also listed in Hong Kong and do not use US markets to raise money, will suffer limited damage. Sectors targeted next may not be so fortunate. Finance, tech and energy are all in the line of fire. Most of the 200 plus Chinese companies currently listed in the US fall under one of these categories.

出人意料的迅速退市打擊了中國電信企業(yè)股價(jià)。但這三家企業(yè)同時(shí)也在香港上市，而且不利用美國市場募資，受到的影響應(yīng)該有限。下一個(gè)被盯上的行業(yè)可能就沒那么幸運(yùn)了。金融、科技和能源都處于風(fēng)口浪尖。目前在美上市的逾200家中國企業(yè)中，大多數(shù)都屬于這三類企業(yè)。

Some of China’s biggest oil companies, including Cnooc, are already on the US list of companies with military links. Tech companies have been a longstanding target too. Those looking for funds have much to lose. Despite Beijing’s ongoing efforts to ease restrictions in local markets, local listings remain more complicated than listing in the US. Regulatory crackdowns on groups such as Alibaba make alternative overseas funding sources more attractive. Listings by Chinese start-ups raised about $5bn from New York last year, in spite of geopolitical tensions.

中海油(CNOOC)等一些中國最大的石油企業(yè)已被美國列入涉軍企業(yè)名單。科技企業(yè)早就是目標(biāo)。那些渴望融資的企業(yè)損失就大了。盡管北京方面正在采取措施放松國內(nèi)市場的限制，但在華上市依然比在美上市復(fù)雜得多。中國監(jiān)管機(jī)構(gòu)對阿里巴巴(Alibaba)等集團(tuán)的打擊使得其他海外融資渠道更具吸引力。去年，盡管美中地緣政治局勢緊張，但中國初創(chuàng)企業(yè)在紐約上市募資約50億美元。

Last year’s equity market rally pushed the market cap of Chinese companies listed in the US to more than $2tn. But the risks to both Chinese companies and US investors warrant a mark down. Index provider MSCI is set to remove 10 Chinese stocks from its indices, while the US audit rules contradict China's ban on companies sharing audits with foreign governments. More delistings will come.

去年的股市反彈將在美上市中國企業(yè)的市值推高至逾2萬億美元。但鑒于中國企業(yè)和美國投資者面臨的風(fēng)險(xiǎn)，股價(jià)有理由下跌。指數(shù)提供商MSCI將從其指數(shù)中剔除10家中國企業(yè)，而美國的審計(jì)規(guī)則和中國禁止企業(yè)與外國政府共享審計(jì)信息的禁令相悖。還會有更多企業(yè)被摘牌。