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2021第一场离婚案:纽交所启动三家中国电信业者退市程序

国际投行研究报告  · 公众号  ·  · 2021-01-02 00:00

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三连一下,一起过元旦


资本离婚:纽交所将启动三家中国电信业者退市程序 象征意义大于实际意义


对于中国的这三家企业来说,其实象征意义大于实际意义,因为三家公司的业务都在中国,受到损失的是美国投资者,不过,从长期看,说明无论是白等还是纯朴,行政命令都会执行。

中概股在这种对立情绪之下,伴随瑞幸咖啡作恶留下的问题,中国公司在美国融资的路可能越来越难走 了。

纽约证券交易所(NYSE)周四在声明稿中表示,正在展开中国电信、中国移动及中国联通(香港)有限公司这三家中国电信企业的退市程序。

在这之前,特朗普总统于11月颁布了一项行政命令,禁止美国投资由中国军方持有或控制的公司。

纽交所表示,其监管部门已作出决定,认定这几家发行人不再适合挂牌,因行政令禁止旨在向任何美国人提供对有中共军方背景公司的此类证券投资机会的证券交易。

纽交所点名的这三家电信企业,亦在香港上市。

纽交所表示,将在1月7日或1月11日暂停交易。发行人有权要求对该决定进行审查。(完)

纽约证交所表示,将遵守美国行政命令,对三家中国公司进行除牌,该命令对确定为与中国军方有联系的公司施加了限制。

交易所在一份声明中称,中国移动有限公司,中国电信有限公司,中国联通香港有限公司将在1月7日至1月11日暂停交易,并已开始进行除牌程序。

13F文件显示,包括Renaissance Technologies LLC,Dimensional Fund Advisors LP和Two Sigma Investments LP在内的量化对冲基金经理是这些美国股票中最大的持有人,但他们在9月底持有的股份很小。

这三家中国公司在香港分别上市。所有公司的收入都来自中国,除了在美国上市以外,在美国没有任何有意义的业务。与他们在香港的主要上市股票相比,他们的股票在纽约证券交易所的交易也很少,这使得纽约证交所在美国和中国之间的地缘政治摩擦加剧的情况下,更多地象征性地受到了打击。

美国总统唐纳德·特朗普(Donald Trump)于11月签署了一项命令,禁止美国对由军方拥有或控制的中国公司进行投资,以向北京施加压力,要求其认为北京有辱人格的商业行为。该命令禁止美国投资者买卖五角大楼指定具有军事联系的中国公司名单中的股票。

发誓保护

中国外交部后来指责美国“恶意诽谤”其军民融合政策,并誓言要保护该国的公司。中国官员还威胁要用自己的美国公司黑名单对特朗普政府先前的行动做出回应。

该行政命令已导致一系列公司从MSCI、标普道琼斯全球指数和FTSE Russell编制的指数中删除。

美国联邦通信委员会5月份禁止中国移动在美国运营.12月,它命令运营商撤掉华为技术有限公司制造的设备,并开始调查是否应允许中国电信在该国运营。中国电信的美国子公司在6月8日的文件中告诉FCC,该公司是一家位于美国的独立企业,不受中国政府的控制。

在过去的十年中,包括纽约证券交易所和纳斯达克公司在内的全球交易所吸引了中国公司,因为它们试图扩大其IPO业务,尤其是在互联网领域。作为回应,香港交易及结算所有限公司近年来改变了规则,以诱使公司重新上市,包括允许具有加权投票权的公司出售股票-增强了公司创始人的权力,但对弱势投资者的保护力度却有所减弱。

电子商务巨头阿里巴巴集团控股有限公司(Alibaba Group Holding Ltd.)和京东(JD.Com Inc.)等已经在纽约上市的公司,由于中美在一系列问题,包括贸易和新型冠状病毒的紧张关系加剧,在过去两年中在香港进行了二次上市。。

(Bloomberg) -- The New York Stock Exchange said it will delist three Chinese corporations to comply with a U.S. executive order that imposed restrictions on companies identified as affiliated with the Chinese military.

China Mobile Ltd., China Telecom Corp Ltd., China Unicom Hong Kong Ltd. will be suspended from trading between Jan. 7 and Jan. 11, and proceedings to delist them have started, according to a statement by the exchange.

Quantitative hedge fund managers including Renaissance Technologies LLC, Dimensional Fund Advisors LP and Two Sigma Investments LP were among the largest holders in these U.S. listings but the stakes they held at the end of September were small, 13F filings show.

The three Chinese companies have separate listings in Hong Kong. All generate the entirety of their revenue in China and have no meaningful presence in the U.S. except for their listings there. Their shares are also thinly traded on the New York Stock Exchange compared to their primary listings in Hong Kong, making this NYSE delisting more of a symbolic blow amid heightened geopolitical friction between the U.S. and China.

U.S. President Donald Trump signed an order in November barring American investments in Chinese firms owned or controlled by the military, in a bid to pressure Beijing over what it views as abusive business practices. The order prohibited U.S. investors from buying and selling shares in a list of Chinese companies designated by the Pentagon as having military ties.

Vowed to Protect

The Chinese Foreign Ministry later accused the U.S. of “viciously slandering” its military-civilian integration policies and vowed to protect the country’s companies. Chinese officials have also threatened to respond to previous Trump administration actions with their own blacklist of U.S. companies.

The executive order has resulted in a series of companies being removed from indexes compiled by MSCI Inc., S&P Dow Jones Global Indices and FTSE Russell.

The U.S. Federal Communications Commission in May barred China Mobile from operating in the U.S. In December, it ordered carriers to remove equipment made by Huawei Technologies Co., and begun looking into whether China Telecom should be allowed to operate in the country. China Telecom’s U.S. unit told the FCC in a June 8 filing that it’s an independent business based in the U.S. and not subject to Chinese government control.

Global exchanges, including NYSE and Nasdaq Inc., courted Chinese companies during the past decade as they attempted to expand their IPO business, particularly in the internet sector. In response, Hong Kong Exchanges & Clearing Ltd. changed its rules in recent years to lure back listings, including allowing share sales by companies with weighted voting rights -- strengthening the power of company founders at the expense of weaker protections for minority investors.

Companies including e-commerce giants Alibaba Group Holding Ltd. and JD.Com Inc., which already had listings in New York, conducted secondary listings in Hong Kong in the past two years as tensions between the U.S. and China intensified on a range of issues including trade and the novel coronavirus.