彭博港闻丨香港改进新股上市规则,吸引下个阿里巴巴

Hong Kong’s stock exchange proposed to let “innovative” companies list in the Chinese enclave with dual-class share structures to avoid losing out on more initial public offerings by technology giants like Alibaba Group Holding Ltd.

香港交易所近日提出允许拟在港上市的科创公司采用双重股权架构，以免将更多中国内地科技巨头公司，如阿里巴巴集团的首次公开募股机会拱手让人。

Allowing shares with extra voting power is part of a package of measures released Friday that may be the biggest change to the exchange’s listing rules since 1993, when it allowed large Chinese enterprises to go public there.

在周五公布的改革措施中，有一项是允许不同级股权享有不同的投票权重，即“同股不同权” 。这是自1993年香港开放给中国内地大企业上市以来，最显著的一次上市规则变更。

The bourse wants to better reflect “the drivers of the new global economy,” Chief Executive Officer Charles Li wrote in a blog, after earlier saying he hopes “a significant number of innovative companies” will start to choose Hong Kong by the second half of next year.

香港交易所执行总裁李小加 (Charles Li) 在一篇博客中写道，港交所希望更多地呈现“新型全球化经济的驱动者”。此前，他曾称希望“大量创新型企业”在明年下半年选择在香港上市。

Alibaba’s decision to hold its $25 billion initial share sale in New York three years ago spurred intense debate among bankers, brokers, exchange officials, investors and politicians about lifting a longstanding ban on stocks with dual voting structures. In the end, fear that more Chinese technology firms may choose to list elsewhere trumped warnings from large investors like BlackRock Inc. (贝莱德) that such structures erode market integrity.

三年前，阿里巴巴在纽约完成250亿美元上市融资，激发了一场关于禁止在港上市公司使用双重股权这一长期规定的激烈讨论，银行家、交易员、港交所官员、投资者和政客争辩不休。                                                                                                                                 :)

New Technologies

新兴技术

Each multiple-vote share would represent no more than 10 times the votes of ordinary shares, according to a Hong Kong Exchanges & Clearing Ltd. statement after a two-month consultation. Only companies with a focus on new technologies will be able to use the dual-class structure and founders and executives will need to demonstrate how their contribution merits it.

经历了两个月的磋商，港交所发布声明称，每股多重投票权股票所代表的权重，不得超过普通股的十倍。仅有新兴技术公司可实行此双重股权制，且相关公司的创始人及总经理需证明自己的贡献何以与高比重的投票权相称。

In addition to the dual-class proposal, the bourse plans to let biotech companies list without track records of profitability. It’s testing the waters in an area that can be crucial for attracting big tech companies and said more sectors could get this treatment in the future.

除双重股权外，港交所还计划允许生物科技公司上市时无需具备盈利记录，此举是为吸引大型科技公司来港上市试水铺路。港交所进一步透露，未来这一条件或向更多其他领域的公司开放。

Hong Kong is adopting dual-class structures -- long favored by technology firms as a way of letting founders and management retain control -- as a new wave of fast-growing Chinese companies approach the stage where they might go public, from Ant Financial Services Group to Xiaomi Corp. and Tencent Music.

双重股权制能确保公司创始人和管理层保持对战略走向的把控，向来广受科创公司喜爱。香港在此时引入双重股权架构，正是因为看到了新一波高速成长的内地公司正渐趋成熟，即将迈出上市的步伐，从蚂蚁金服到小米科技再到腾讯音乐，不一而足。

The planned changes also lift restrictions on secondary listings for “innovative” mainland Chinese companies and raise the minimum market capitalization for main exchange IPOs to HK$500 million ($64 million) from HK$200 million. Another round of consultation in the first quarter of 2018 will consider the detailed rules.

计划施行的调整措施还包括解除内地科创企业二次上市的限制，并将首次公开招股的最低市值由2亿港元提高至5亿港元（6400万美元）。下一轮谘询定于2018年首个季度举行，届时将讨论详细条款。

The dual-share structure comes with requirements including an expected HK$10 billion minimum market capitalization. The extra voting rights would disappear in some circumstances, such as the holder ceasing to be a director, and wouldn’t apply in others, such as choosing a non-executive director. That would help ensure that voting control won’t pass from generation to generation.

双重股权的应用有一定限制，例如公司须达到预期港币100亿元的最低市值。额外投票权在某些情况下将自动转为无效（如持股者不再担任董事），在某些情况下亦不适用（如持股者为非执行董事）。这些限制性条款保证了投票权不会代代相传。

Some of the world’s largest and most influential tech companies, from Alibaba to Facebook Inc. and Google parent Alphabet Inc., use shares with enhanced voting power to protect their founders and management influence after going public. Hong Kong’s exchange will be following major trading venues including New York, Canada and continental Europe in adopting dual-class shares.

世界上部分规模和影响力都首屈一指的科技公司，如阿里巴巴、Facebook和谷歌的母公司Alphabet等，均采用双重股权制，某种股权在表决中代表的票数更多，这样即便公司上市，其创始人和管理层仍保持充分的影响力。继纽约、加拿大、欧洲大陆的主要证券交易所接连承认双重股权后，香港也即将跨出这一步。

Hong Kong has thrown its hat in the ring for Saudi Arabian Oil Co.’s potentially world-beating listing. As a lure, Li is touting the rising wealth of mainland investors as he makes plans for a trading link to let them buy into Hong Kong IPOs.

沙特阿拉伯国家石油公司Oil Co.正筹备上市，这无疑将是世界股票市场的重头戏，香港已向这间公司抛出了橄榄枝。作为诱饵，李小加正筹谋一项新政策，让内地投资者可以购入港股，籍此招徕内地冉冉升起的新富们。

译者注：

沙特阿拉伯国家石油公司，简称沙特阿美，估值约2万亿美元，一经上市将成为全球最大IPO。其上市候选地有三：伦敦、纽约及香港，而对于中国内地股民来说，在伦敦交易所和纽交所开户持仓均较为困难，时差也会给决策带来不便。有见及此，港交所要抓住机遇做好两手准备，一方面吸引沙特阿美在港上市，另一方面要设法为内地股民提供购买港股的便利——交易所在每笔交易中抽取佣金，股民交易次数与交易所佣金收入成正比。

补充资料：

https://cn.reuters.com/article/GLOBAL-FOREX--idCNL4S1PU019

Companies’ Clout

公司势力

Hong Kong’s trajectory illustrates the power big companies wield as competition among exchanges for the hottest IPOs intensifies, said Martin Wheatley, the former head of the SFC in Hong Kong and the U.K.’s Financial Conduct Authority, in an interview before Friday’s announcement.

在港交所于周五发表声明前， (Martin Wheatley) 在采访中称，随着全球各大交易所为求知名IPO在自家上市的竞争日益激烈，香港一路走来的变化印证了大公司所具备的吸引力。

The push to adopt a dual-classed system, which had long been stalled by resistance from the securities regulator and large fund managers, gained momentum this year as Carrie Lam was elected as Hong Kong’s chief executive. The previous administration under Leung Chun-ying was too preoccupied with popular discontent to pay much attention to the issue.

采取双重股权这一改革提议早已有之，但却受到来自证券监管者和大型基金经理的重重阻碍，唯在今年林郑月娥 (Carrie Lam) 当选特首后再获提上日程。此前梁振英 (Leung Chun-ying) 领导下的港府忙于处理公众不满，对这一领域无暇顾及。

“Politically, if the government moves then the Securities and Futures Commission doesn’t have much choice but to do what they are told,” said Jamie Allen, secretary general of the Asian Corporate Governance Association, before the announcement.

，如果政府有所行动，其实证监会的发挥空间很小，几乎只能照章办事。 (Jamie Allen) 于港交所发布声明前曾如此说。

Facebook’s stock which company insiders own has 10 votes per share. The social media giant in September scrapped plans for a new share class which would carry no voting rights, just days before a lawsuit challenging the move was set for trial. Alibaba uses a partnership structure where 36 senior managers hold greater voting power.

Facebook内部人员持有的每一股公司股均有10票投票权。                                                                                                                                                             :) 阿里巴巴则采用合伙人结构，36名高管拥有更高的投票权。

HKEx also detailed planned changes for its scandal-plagued small-cap Growth Enterprise Market exchange after a separate consultation. The bourse will extend the lockup period for controlling shareholders and require issuers to sell a percentage of shares via public offer, among other adjustments.

经过单独谘询，港交所亦详细阐明了未来计划如何改组其丑闻不断的创业板，包括且不限于延长控股股东的锁定期，以及要求发行人通过公开发售等方式出售一定比例的股票。

— With assistance by Andrea Tan and Crystal Tse

— Andrea Tan 及 Crystal Tse对本文亦有贡献