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股票被强制退市,投资者该如何应对?

股票被强制退市,投资者该如何应对?

巴益明(Eamon Barrett) 2020年05月22日
这些公司的持股人手中的股份会不会因其退市而消失呢?

本周三,美国参议院通过了《国外公司问责法案》。该法案今后若能被继续通过并正式立法,包括中概股在内的众多在美上市外企将被美国证券交易所强制退市。

那么,这些公司的持股人手中的股份会不会因其退市而消失呢?

答案是,不会。

如果一家公司遭遇退市,它的持股人依然可以保留自己的股东身份并享有相应的股东权利,只是此时其所持股份的货币价值趋近于零。

以近期深陷丑闻的瑞幸咖啡为例。因涉及财务造假,纳斯达克在4月7日停止了该公司的股票交易。5月19日,瑞幸咖啡发布公告称已经于5月15日收到了纳斯达克交易所的退市通知。尽管摘牌在即,纳斯达克依然在本周三对瑞幸进行了复牌。

复牌首日,瑞幸的股价暴跌36%,至3美元/股,仅仅相当于一杯星巴克咖啡的价格。要知道,在今年1月,瑞幸的股价曾经一度超过50美元/股。

然而,有买家才会有卖家,股价低位抛售的背后也意味着还有一部分的投资者在买入。这些投资者持续看好这家公司,选择在其退市前低位买入,期待有朝一日它能重新上市。

此外,即便是退市以后,公司股票依然可以被交易,只是过程有些繁琐。股东可以通过所谓的场外交易(OTC)来买卖被摘牌公司的股票,但这种交易不再受到证券交易所的监管。

从严格意义上来说,场外交易的股票也可以算做是一种“上市”形式,因为企业依然需要向美国证券交易委员会注册登记,只是要求不再像正式的上市公司那样严格。电影《华尔街之狼》(The Wolf of Wall Street)中粉单交易市场里的“低价股”就是一种比较流行的场外交易形式。

值得注意的是,如果一家公司是由于破产退市的,那么它在任何一个市场的任何股票都会真正变得一文不值,投资者也会遭受巨大的损失。

据彭博社报道,如果此次的《国外公司问责法案》在将来被正式立法,预计会有200多家在美上市企业受到波及。无论是对个人投资者,还是对机构投资者而言,这都会是一个沉重的打击。一夕之间,美国的资本市场也会流失1.8万亿美元。

那么,剩下的问题就要留给美国众议院以及特朗普总统了。在目前美国经济如此疲软的情况下,他们是否还有意引起这样一场极具破坏性的风暴,是否还有意阻止美国投资者进入潜力较大的中国市场,目前依旧尚无定论。(财富中文网)

编译:陈怡轩

本周三,美国参议院通过了《国外公司问责法案》。该法案今后若能被继续通过并正式立法,包括中概股在内的众多在美上市外企将被美国证券交易所强制退市。

那么,这些公司的持股人手中的股份会不会因其退市而消失呢?

答案是,不会。

如果一家公司遭遇退市,它的持股人依然可以保留自己的股东身份并享有相应的股东权利,只是此时其所持股份的货币价值趋近于零。

以近期深陷丑闻的瑞幸咖啡为例。因涉及财务造假,纳斯达克在4月7日停止了该公司的股票交易。5月19日,瑞幸咖啡发布公告称已经于5月15日收到了纳斯达克交易所的退市通知。尽管摘牌在即,纳斯达克依然在本周三对瑞幸进行了复牌。

复牌首日,瑞幸的股价暴跌36%,至3美元/股,仅仅相当于一杯星巴克咖啡的价格。要知道,在今年1月,瑞幸的股价曾经一度超过50美元/股。

然而,有买家才会有卖家,股价低位抛售的背后也意味着还有一部分的投资者在买入。这些投资者持续看好这家公司,选择在其退市前低位买入,期待有朝一日它能重新上市。

此外,即便是退市以后,公司股票依然可以被交易,只是过程有些繁琐。股东可以通过所谓的场外交易(OTC)来买卖被摘牌公司的股票,但这种交易不再受到证券交易所的监管。

从严格意义上来说,场外交易的股票也可以算做是一种“上市”形式,因为企业依然需要向美国证券交易委员会注册登记,只是要求不再像正式的上市公司那样严格。电影《华尔街之狼》(The Wolf of Wall Street)中粉单交易市场里的“低价股”就是一种比较流行的场外交易形式。

值得注意的是,如果一家公司是由于破产退市的,那么它在任何一个市场的任何股票都会真正变得一文不值,投资者也会遭受巨大的损失。

据彭博社报道,如果此次的《国外公司问责法案》在将来被正式立法,预计会有200多家在美上市企业受到波及。无论是对个人投资者,还是对机构投资者而言,这都会是一个沉重的打击。一夕之间,美国的资本市场也会流失1.8万亿美元。

那么,剩下的问题就要留给美国众议院以及特朗普总统了。在目前美国经济如此疲软的情况下,他们是否还有意引起这样一场极具破坏性的风暴,是否还有意阻止美国投资者进入潜力较大的中国市场,目前依旧尚无定论。(财富中文网)

编译:陈怡轩

On Wednesday, the Senate passed a bill that, if made law, could remove scores of foreign companies—mostly Chinese—from U.S. stock exchanges. The forced delisting would strip affected companies of billions in market value and cause a great deal of reputational damage too.

But what happens to shareholders holding stock in a company that is suddenly no longer on the market?

The short answer: nothing.

Shareholders can keep their shares when a company delists and retain their rights as shareholders in the company. The cash value of those shares, however, might be virtually nil.

Investors witnessed this effect on Wednesday when Nasdaq resumed trading in scandal-plagued Luckin Coffee after announcing the company was due to be delisted. Shares in the Chinese coffee chain—which had been suspended since April 7—collapsed 36% Wednesday to less than $3 (about the price of a Starbucks coffee.) At their peak in January, Luckin shares were trading at $50.

The collapse in price, however, suggests that somewhere out there, investors are still looking to buy the company’s shares. Investors might choose to hold on to shares in a delisted company, hoping that the entity will list again someday and regain its share price.

Delisting does not prevent shares from being traded, either, although the mechanisms for doing so are less convenient. Shareholders may buy and sell shares in a delisted company through so-called over the counter (OTC) exchanges—trades made without the oversight of a centralized market, such as the New York Stock Exchange.

Technically, stocks traded OTC are still listed, as the company needs to register with the Securities and Exchange Commission. The requirements for registering to trade as an OTC stock, however, are less strict than those for an exchange “listed” company. The pink sheet “penny stocks” flogged by Leonardo DiCaprio’s character in The Wolf of Wall Street are one popular form of OTC trading.

If a company goes bankrupt, however, its shares in almost all cases will become worthless. Rapid share-selloffs in the lead-up to a delisting can devastate investors too.

According to Bloomberg, there are over 200 firms trading on U.S. stock exchanges at the moment that could be delisted if the Senate’s bill turns to law.

Their removal would decimate retail and institutional investors alike and could shave as much as $1.8 trillion of value from the market. It remains to be seen whether the House and President Donald Trump have the political will to trigger such disruption and effectively cut U.S. investors off from one of the world's few growth markets at a time when the economy is in tatters.

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