中央企业A＋H同步IPO模式分析

虽然A＋H同步IPO模式目前尚不具备常态化操作的条件,但相对于早期的先H后A,对于尚未在香港上市的中央企业而言至少具备7大优点：一是两地同时上市,有利于扩大新股发行影响,提高资金募集效率;二是可以避开其中某一个市场出现不稳定市况的影响,降低首次公开发行的风险;三是能够使企业获得更优的发行价,而此前香港市场的发行市盈率和二级市场市盈率都要低于内地市场,同时以A＋H同步IPO,企业投资者基础更加广泛,这会有利于公司价值得到深入挖掘;四是可以使上市公司充分利用国际和国内两个资本市场的优势,尤其是利用香港市场监管国际化的优势提升企业市场化和规范化经营;五是同步发行A股、H股将发行影响扩大到全球范围,能极大地提升公司的市场形象和国际知名度;六是对于企业再融资也带来便利条件;七是上市前期工作也可以相互利用,募集资金到位更加及时。此外,中央企业A＋H同步整体上市对于资本市场而言,也具有许多优点。

Mode Analysis of Simultaneous A-share and H-share IPOs of Central Enterprises

Although conditions for normalization of the mode of simultaneous A-share and H-share IPOs are not well-prepared,compared with H-share IPO befor A-share IPO,the mode has at least seven advantages for central enterprises not listed in Hong Kong yet：firstly,the mode of simultaneous IPOs in two markets is favorable for expanding the influence of IPO and increasing the efficiency of fund raising;secondly,it can avoid the influence of unstable conditions in one market and reduce the risk with IPO;thirdly,it enables the enterprises to get a better IPO price;while in the past,the IPO P/E ratio in the Hong Kong market and the market P/E ratio in secondary markets were both lower than those in the mainland market.Moreover,through simultaneous A-share and H-share IPOs,the enterprises will have more extensive investors,which is favorable for deeper excavation of enterprise value;fourthly,the mode enables listed enterprises to make full use of the advantages of international and domestic capital markets,and more importantly,to promote marketization and standardization with internationalized supervision in the Hong Kon market;fifthly,simultaneous A-share and H-share IPOs can extend the influence of IPO over the globe and greatly improve the enterprises market image and their popularity;seventhly,preparatory work for both IPOs can be used together,making funds raised faster.In addition,simultaneous A-share and H-share IPOs of central enterprises also have many advantages for the capital market.