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              職業經理人俱樂部首頁 >> 經理人資訊 >> 金融投資 >> 行業動態 >> 正文

              路透社報道稱美國SEC停止受理中國企業赴美IPO申請,一時間引起軒然大波


                《職業經理人周刊》   獵頭班長v微博   微信:AirPnP   2021/8/1
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              獵頭|自助獵頭
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              該聲明稱:

              最近,中華人民共和國政府為中國公司在海外籌集資金提供了新的指導和限制,包括通過關聯的離岸空殼公司。這些發展包括政府主導的對通過離岸實體籌集資金的某些公司的網絡安全審查。

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              頂級媒體背景PE/FA公司-投資經理/行業研究員18-24北京
              國內財產保險公司--首席投資官(CIO)120-150萬北京 天津
              農業保險事業部負責人 50-80萬北京 天津
              財險公司---健康險事業部總經理80-140萬北京 河北
              地產金融控股集團--金融資本中心總經理(副總裁級)300-600萬 北京 上海
              中型國內財險公司-總精算師200-240萬北京 上海
              國際保理業務副總經理/副總裁80萬+深圳 香港
              大型集團公司-深圳前海融資租賃業務副總裁 80-200萬深圳 香港

              這與美國投資者有關。在中國的許多行業中,公司不得擁有外資所有權,也不能直接在中國境外的交易所上市。為了在此類交易所籌集資金,許多中國運營公司都采用可變利益實體 (VIE) 的結構。

              在這種安排下,一家中國運營公司通常會在開曼群島等另一個司法管轄區設立一家離岸空殼公司,向公眾股東發行股票。該空殼公司與這家總部位于中國的運營公司簽訂服務合同和其他合同,然后在紐約證券交易所等外匯交易所發行股票。雖然殼公司在中國運營公司中沒有股權,但出于會計目的,殼公司能夠將運營公司合并到其財務報表中。

              對于美國投資者而言,這種安排為這家總部位于中國的運營公司創造了“風險敞口”,盡管只是通過一系列服務合同和其他合同。但需要明確的是,無論是殼公司股票的投資者,還是離岸殼公司本身,都沒有這家中國運營公司的股權。我擔心普通投資者可能沒有意識到他們持有的是一家空殼公司的股票,而不是一家中國運營公司的股票。

              鑒于中國最近的事態發展以及中國 VIE 結構的整體風險,我已要求工作人員在與中國運營公司相關的境外發行人的注冊聲明生效之前尋求其某些披露。特別是,我已要求工作人員確保這些發行人在顯著位置清楚地披露:

              投資者購買的不是一家中國運營公司的股票,而是一家與相關運營公司保持服務協議的空殼公司發行人的股票。因此,發行人的業務描述應明確區分殼公司管理服務的描述與中國運營公司的描述;

              中國運營公司、空殼公司發行人和投資者面臨中國政府未來行動的不確定性,這可能會嚴重影響運營公司的財務業績和合同安排的可執行性;和

              詳細的財務信息,包括量化指標,以便投資者了解 VIE 與發行人之間的財務關系。

              此外,對于所有尋求直接或通過空殼公司向美國證券交易委員會注冊證券的中國運營公司,我已要求工作人員確保這些發行人在顯著位置清楚地披露:

              運營公司和發行人(如適用)是否獲得或被中國當局拒絕在美國交易所上市;此類批準可能被拒絕或撤銷的風險;以及在批準被撤銷時披露的義務;和

              要求公眾公司會計監督委員會(PCAOB)在三年內檢查發行人的會計師事務所的《控股外國公司責任法》可能會導致運營公司在未來被摘牌,如果 PCAOB 無法檢查公司。

              除了這一具體指南,我們將繼續要求所有公司遵守證券法關于完整和準確披露的高標準。

              此外,我還要求員工對在中國開展重大業務的公司的申請進行有針對性的額外審查。

              我相信這些變化將提高與中國運營公司有關聯的離岸發行人在注冊聲明中的整體披露質量。這項工作建立在美國證券交易委員會公司財務司先前關于在中國或在中國有重大業務的公司的信息披露注意事項的指南的基礎上。

              我相信此類披露對于明智的投資決策至關重要,并且是 SEC 保護美國資本市場投資者的職責的核心。

              官宣的英文原文如下:

              Recently, the government of the People’s Republic of China provided new guidance to and placed restrictions on China-based companies raising capital offshore, including through associated offshore shell companies. These developments include government-led cybersecurity reviews of certain companies raising capital through offshore entities.

              This is relevant to U.S. investors. In a number of sectors in China, companies are not allowed to have foreign ownership and cannot directly list on exchanges outside of China. To raise money on such exchanges, many China-based operating companies are structured as Variable Interest Entities (VIEs).

              In such an arrangement, a China-based operating company typically establishes an offshore shell company in another jurisdiction, such as the Cayman Islands, to issue stock to public shareholders. That shell company enters into service and other contracts with the China-based operating company, then issues shares on a foreign exchange, like the New York Stock Exchange. While the shell company has no equity ownership in the China-based operating company, for accounting purposes the shell company is able to consolidate the operating company into its financial statements.

              For U.S. investors, this arrangement creates “exposure” to the China-based operating company, though only through a series of service contracts and other contracts. To be clear, though, neither the investors in the shell company’s stock, nor the offshore shell company itself, has stock ownership in the China-based operating company. I worry that average investors may not realize that they hold stock in a shell company rather than a China-based operating company.

              In light of the recent developments in China and the overall risks with the China-based VIE structure, I have asked staff to seek certain disclosures from offshore issuers associated with China-based operating companies before their registration statements will be declared effective. In particular, I have asked staff to ensure that these issuers prominently and clearly disclose:

              That investors are not buying shares of a China-based operating company but instead are buying shares of a shell company issuer that maintains service agreements with the associated operating company. Thus, the business description of the issuer should clearly distinguish the description of the shell company’s management services from the description of the China-based operating company;

              That the China-based operating company, the shell company issuer, and investors face uncertainty about future actions by the government of China that could significantly affect the operating company’s financial performance and the enforceability of the contractual arrangements; and

              Detailed financial information, including quantitative metrics, so that investors can understand the financial relationship between the VIE and the issuer.

              Additionally, for all China-based operating companies seeking to register securities with the SEC, either directly or through a shell company, I have asked staff to ensure that these issuers prominently and clearly disclose:

              Whether the operating company and the issuer, when applicable, received or were denied permission from Chinese authorities to list on U.S. exchanges; the risks that such approval could be denied or rescinded; and a duty to disclose if approval was rescinded; and

              That the Holding Foreign Companies Accountable Act, which requires that the Public Company Accounting Oversight Board (PCAOB) be permitted to inspect the issuer's public accounting firm within three years, may result in the delisting of the operating company in the future if the PCAOB is unable to inspect the firm.

              In addition to this specific guidance, we will continue to hold all companies to the securities laws’ high standards for complete and accurate disclosure.

              Further, I also have asked staff to engage in targeted additional reviews of filings for companies with significant China-based operations.

              I believe these changes will enhance the overall quality of disclosure in registration statements of offshore issuers that have affiliations with China-based operating companies. This work builds on the SEC’s Division of Corporation Finance’s previous guidance on disclosure considerations for companies based in or with significant operations in China.

              I believe such disclosures are crucial to informed investment decision-making and are at the heart of the SEC’s mandate to protect investors in U.S. capital markets.

              (來源:騰訊)


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