蚂蚁金服、滴滴们掀起 A/H 上市潮,它们能打破折溢价的烦恼吗?

钛媒体 · 2020-08-01
仅仅是靠投资逻辑的改变,来收敛折溢价问题是远远不够的不够的,随着 A/H 两地上市的新兴科技公司增加,更深层次定价权也是推动港股折溢价的一大主要原因 ... 没办法,由于定价权被握在外资手里,在 2015 年中国中车首次采取 A+H 以前,内地企业两地上市都是采取的 “先 H 后 A” 的 H+A 模式 ... 如果是 “A+H” 的话,就存在一个对 A 股股东利益损害的问题,容易遭到 A 股股东抵制,甚至是影响到管理层对 “A+H” 发股的审批,中兴通讯第一次提出 “A+H” 时就以失败而告终,就是一个前车之鉴。

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