The first batch of 4 Chinese companies GDR debuted in the deep expansion of direct financing channels from the Rui Stock Exchange

Reporter Xing Meng

Since the beginning of this year, the pace of overseas financing of Chinese companies has accelerated, and the issuance of GDR (global deposit certificates) fundraising has become the main form, and Switzerland has been a popular place to listed.

According to the existing arrangements, on July 28, the GDR issued by 4 A -share listed companies of Keda Manufacturing, Shanshan, Shan Shan, Green Mi, and Guoxuan Hi -Tech was officially listed on the Ruixi Stock Exchange, and the Swip Stock Exchange ushered in the first batch of Chinese companies. It is reported that the Ruixi Stock Exchange has established a special GDR listing and trading department to help improve the visibility and transactionability of these securities, and then improve liquidity. The deposit banks of the first four GDR projects are Citibank.

"This issuance of GDR listing is an important measure to respond to the call of domestic enterprises in response to the capital market policy, deepen the China -Europe capital market interconnection, and use the overseas capital market to promote the development of the real economy." "Securities Daily" reporter said in an interview that expanding direct financing channels overseas, while enhancing corporate capital strength, can introduce overseas professional investment institutions and long -term industrial investors to further optimize corporate equity structure, improve corporate transparency and standardized level of governance, to be the level of corporate governance and standardization. The high -quality development of the enterprise provides a solid guarantee.

GDR financing efficiency is high

On February 11 this year, the CSRC issued the "Regulations on the Business Supervision of the Internet and Overseas Stock Exchange Interconnection Trusted Volumes" to expand and optimize the interconnection mechanism of domestic and overseas capital markets. , Expand to Switzerland and Germany.

Since then, the A -share company has promoted GDR issuance and listing. Simple and convenient is a major feature of GDR fundraising. As an example, the above four A -share listed companies are officially launched from the GDR project (the bill was reviewed and approved by the board of directors) to officially listed on July 28. Only for more than 2 months.

Enterprises not only use GDR financing, but also have a large amount of fundraising and high fundraising efficiency. Relevant announcements show that the amount of fundraising is between US $ 173 million and $ 685 million.

"The listing of GDRs in Chinese enterprises in the Ruixong Stock Exchange not only widen the financing channels of domestic listed companies in overseas overseas, is conducive to the long -term development of enterprises, but also enhances the internationalization of the A -share market, and attracts more overseas investors. "CITIC Securities Chief Economist clearly told a reporter from the Securities Daily that the GDR listing review time is short and the scope of financing objects faced is wide, which will help companies open up overseas markets, optimize shareholders' structure and enrich financing channels. In the future, GDR will be favored by more domestic listed companies.

"As the world's leading financial center, Switzerland has a relatively mature financial environment and capital system, and the market opening level and fairness are higher. Lu Jing, a partner and managing director of the Shalvin Greater China, told reporters.

"At present, the GDR financing method has become one of the important channels for Chinese companies' overseas financing." Xu Kezhen said that with the successful release of related GDR projects, more listed companies will join it in the future, making GDR a mature sector. It has become an important part of my country's capital market.

Two -way Unicom is worth looking forward to

Based on the interconnection framework, eligible Central European companies can raise funds for saving certificates on the other party's capital market.

According to Xu Kezhen, the interconnection framework includes two directions, that is, Chinese -funded enterprises go abroad to go abroad (west) and relevant exchanges overseas companies in the form of CDR (Chinese deposit certificates). To.

Industry experts believe that with the gradual improvement of A shares to the outside world, more and more overseas companies in Switzerland and other countries will come to A -share listing to raise funds to achieve two -way China -foreign capital markets.

"In recent years, my country's capital market has achieved significant development results. A shares have become the second largest stock market in the world, which has a greater attractiveness for the Ruixiao Stock Exchange. Out of the demand for higher returns and decentralized risks, domestic investors in China, domestic investors With the need to allocate overseas assets, the listing of Ruixiao Stock Exchange will make the investment target more abundant. "Lu Jing said that the interconnection framework has played a good starting role. It is possible to realize two -way Unicom.

Obviously, opening up to the outside world is the general trend of the development of the A -share market. With the continuous enhancement of domestic listed companies, more domestic companies may go abroad to go public in the future. At the same time, with the improvement of the A -share market to the outside world, more overseas companies are expected to choose to go to the A -share market for financing, and the two -way Unicom is worth looking forward to.

Xu Kezhen revealed that "According to us, some European companies with realistic needs for the Chinese market are interested in the CDR mechanism. I believe that with the continuous expansion and optimization of the interconnection business, it will inevitably attract high -quality overseas companies to domestic domestic companies. The exchange is listed, so as to truly realize two -way Unicom. "

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