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Our reporter Meng Ke
In the four days from March 15th to March 18th, Sany Heavy Industry, Guoxuan Hi-Tech, Lepu Medical, and Shanshan Co., Ltd. successively issued announcements saying that they planned to issue GDRs (Global Depositary Receipts) overseas and register them in Swiss securities. Exchange listed.
It is worth noting that the above-mentioned four A-share listed companies all mentioned that they plan to issue GDR overseas and list on the SIX Swiss Stock Exchange this time, in response to the call of domestic capital market policies, deepening the interconnection of China-Europe capital markets, and using overseas capital markets to promote An important measure for the development of the real economy.
“Through the issuance of GDR, listed companies can obtain international capital support, improve corporate governance, and improve the company’s global reputation, which is conducive to promoting the high-quality development of listed companies, and the pace of capital market opening to the outside world is accelerated.” Tian Lihui, Dean of Nankai University Financial Development Research Institute Said to the “Securities Daily” reporter.
Relevant system for overseas listing of enterprises
Continuous improvement
Since the beginning of this year, the regulatory authorities have continued to promote the improvement of relevant systems for companies to go public overseas, and at the same time have repeatedly spoken out to encourage companies to go public overseas. On February 11, the China Securities Regulatory Commission issued the “Regulations on the Supervision of the Interconnection of Depository Receipts Business of Domestic and Overseas Stock Exchanges” to expand and optimize the interconnection mechanism of domestic and foreign capital markets. On March 16, the Financial Stability and Development Committee of the State Council held a special meeting, proposing that the Chinese government continue to support various companies to go public overseas; on the same day, the CSRC Party Committee held an enlarged meeting and proposed to promote the implementation of new regulations on the supervision of companies’ overseas listing and support all kinds of companies that meet the requirements. of enterprises to go public overseas, and keep the overseas listing channels unblocked.
On March 15, Sany Heavy Industry issued an announcement on the proposed overseas issuance of GDR and listing on the SIX Swiss Exchange, becoming the first company to plan to issue GDR overseas and listed after the revision of the Shanghai-London Stock Connect rules; on March 16, Guoxuan Hi-Tech Co., Ltd. Helepu Medical announced separately that in order to expand international financing channels, it plans to issue GDR overseas and list it on the Swiss Stock Exchange; Due to business development needs, the company plans to issue GDRs overseas and list them on the SIX Swiss Exchange.
“Recently, a number of companies have announced plans to issue GDRs, which shows the confidence and determination of China’s capital market to adhere to reform and opening up, to start again through interconnection, to promote innovation and development, and to build a dual cycle of Chinese and overseas capital markets.” Huaxing Securities ( Hong Kong) chief economist and chief strategist Pang Ming told the “Securities Daily” reporter.
Helping “Made in China”
Enhance global competitiveness
According to the “Securities Daily” reporter, five Chinese companies have successfully issued GDRs before 2022. In 2019, Huatai Securities became the first listed company to issue the Shanghai-London Stock Connect GDR and land on the London Stock Exchange. Subsequently, Yangtze Power, China Pacific Insurance, and SDIC Power successively issued Shanghai-London Stock Connect GDRs and listed them on the London Stock Exchange. In addition, Haier Smart Home issued GDRs and listed on the Frankfurt Stock Exchange.
It is worth noting that the Chinese companies that issued GDRs were mainly state-owned enterprises, and they were mainly concentrated in traditional industries such as finance and electricity. The companies that plan to issue GDRs and raise funds in the European market this year are private companies with competitive advantages in their respective segments.
Shanshan’s core business is the research and development, production and sales of lithium battery anode materials and polarizers. Shanshan said that as the world‘s leading anode material service provider, the company is deeply involved in the development and reform of the global new energy vehicle industry, and will continue to increase resource investment in overseas markets to further enhance the company’s global competitiveness.
Guoxuan Hi-Tech is also one of the world‘s leading manufacturers of power lithium batteries. In recent years, the company’s power battery product shipments have increased rapidly, and its global market share has been in the forefront. The company is at a critical stage of its international strategic layout.
Pang Ming said that the companies that have issued GDRs or plan to issue GDRs are high-quality companies and leading enterprises with competitive advantages in their respective segments, and are excellent representatives of “Made in China” and “Made in China”.
The “Regulations on the Supervision of the Depository Receipt Business for the Interconnection of Domestic and Overseas Stock Exchanges” clearly expand the scope of application to major European markets such as Switzerland and Germany.
“Expanding the scope of GDR issuance and facilitating GDR issuance procedures will help further facilitate cross-border investment and financing, promote the global allocation of factor resources, and continue to firmly promote a higher level of institutional opening of the capital market.” Pang Ming said.
Talking about how to help more companies issue GDR in the next step, Tian Lihui said that relevant publicity for listed companies should be strengthened, and GDR and other tools should be introduced to listed companies in detail, so that listed companies interested in internationalization can look at the global market.
Pang Ming suggested that, on the one hand, we should continue to deepen the mutually beneficial cooperation in the capital market between China and Europe, and actively and steadily broaden the scope of application;