美國上市之中概股赴港二次上市及雙重主要上市股價與流動性表現

Abstract

中國對國際投資人的境內監管限制成為多數中國企業選擇在境外上市的原因之一，選擇境外上市的中國企業即成為中概股，而美國是中概股上市最受歡迎的市場，不過中美雙方就國安和市場透明度的考量對於公司財務的揭露程度莫衷一是。在2018年中美貿易戰開打後，地緣政治關係緊張，美國議會於2019年中開始就中國企業的審計風險展開下市立法討論，在瑞幸咖啡財務造假的醜聞推波下，《外國公司問責法案》於2020年12月正式生效，2021年發布《外國公司問責法案》修正案，美國證券交易委員會將逾百家的中概股納入確定摘牌名單，若於三年時限內無法提供美國公開公司會計監督委員會所需之審計資訊，則強制下市。中企一時間人人自危，紛紛轉向最佳避難所的香港雙重上市與第二上市。

本文研究中概股上市地位岌岌可危之下，於2019年末至2022年底成功赴香港第二上市或雙重上市的29間公司流動性與股價表現，發現整體樣本流動性未顯著提升，暗示中概股上市目的為在香港繼續保有上市地位，且樣本深受期間防疫政策和對互聯網監管政策不確性的影響；雙重上市和第二上市的消息對股價有正向影響，平均累積異常報酬高達13.99%，不過流動性和平均累積超額報酬為負相關。

Domestic regulatory restrictions on foreign investors are one of the reasons prompting Chinese companies to list overseas as Chinese concept stocks. Although the US market has been the most preferred destination for Chinese concept stocks, China and the US have been embroiled in a long-standing dispute over the extent of financial disclosure requirements. The trade war between China and the US has further exacerbated the tension between the two countries. In mid-2019, the US Congress initiated discussions on the audit risk associated with Chinese companies. The Holding Foreign Companies Accountable Act came into effect in December 2020, and an amendment was released in 2021. The SEC identified over a hundred Chinese concept stocks on the delisting list. Companies fail to provide PCAOB-required audit information within three years face compulsory delisting. In this precarious listing environment, Hong Kong has emerged as the most attractive haven for Chinese concept stocks, leading many to consider dual listing or secondary listing.

This article examines the liquidity and stock price performance of 29 companies that successfully underwent secondary listing or dual listing on the HKEX from 2019 to 2022. The study finds that the overall sample's liquidity did not witness a significant improvement, indicating that the primary motive behind listing was to sustain the listing status. Moreover, the samples were severely impacted by the uncertainty surrounding COVID-19 prevention policies and heightened regulations on the technology, media, and telecommunications industry. The paper further reveals that the announcement of dual listing and secondary listing had a positive impact on stock prices, with an average cumulative abnormal return of 13.99%. However, there was a negative correlation between liquidity and average cumulative excess returns.