中资公司海外直接上市有望迎来政策利好

    希望接下来传来的消息是CSRC建立起了中国公司直接赴美上市的审批程序。在美国，中国企业直接上市没有任何障碍。经过CSRC审批就意味着这些公司要接受中国政府的监管，对投资者来说这是件好事，因为CSRC有权处罚那些欺骗投资者的公司。

    不过，直接上市并不能解决VIE带来的问题。我听到传闻说，中国政府已经下发文件，要求采用VIE结构的公司在赴海外上市前接受CSRC的审核。CSRC的审批也许会让这些公司的高层在决定不赴美上市前多做一些斟酌。我希望CSRC能选择另一条途径，从而使这些公司无需再借助VIE结构。三中全会提出的改革方案给外资直接在中国设立互联网和教育企业提供了充足的空间。中国互联网企业在CSRC的监管之下直接赴美上市则是在保护美国投资者方面向前迈出了一大步。

    直接在美国上市还将为这些中国公司在中国证券交易所二次上市铺平道路。目前，中国国内的投资者反而无缘持有许多最成功的中国上市公司的股票。（财富中文网）

    译者：Charlie  

    Hopefully the next thing in line is a process for CSRC approval of direct listings of Chinese companies in the U.S. There is no barrier in the U.S. to direct listing of Chinese companies, but requiring CSRC approval will bring these companies under Chinese regulation, which is a good thing for investors since the CSRC has the power to punish companies that defraud investors.

    Direct listing, however, does not solve the VIE problem. I have heard rumors of a paper circulating that would require the CSRC to vet VIE structures before they list abroad. CSRC approval might suggest that CEOs think twice before walking away from the agreements. I hope the CSRC goes another way, and eliminates the need for VIEs. There is enough room in the Third Plenum reforms to allow direct foreign ownership in companies in the internet and education sectors. Direct listings of Chinese internet companies in the US with CSRC oversight would go a long way towards protecting U.S. investors.

    And direct listings of Chinese companies in the U.S. also paves the way for secondary listings of these companies on China’s stock exchanges. To date, Chinese citizens have been blocked from owning shares in many of China’s most successful companies.