When Hong Kong and China were reunified in 1997,the mantra was “one country, two systems. Companies with listings in both jurisdictions arestill feeling the consequences.
1997年香港回归中国时,“一国两制的说法不绝于耳。在中国内地和香港两地上市的公司至今仍能感受到这一原则的影响。
Great Wall Motor is a good example. The Chinese carmaker is to sell up to 387m new China-listed A shares to raise $2.7bn. The proceeds will go towards research and development, andcomponent production for “new energy vehicles, such as hybrids and electric cars. It lagsbehind peers in that market.
长城汽车(Great Wall Motor)就是一个很好的例子。这家中国汽车制造商将新发行至多3.87亿股A股,筹资27亿美元。筹资所得将用于“新能源汽车(例如混合动力汽车和电动汽车)的研发和零部件生产。该公司在新能源汽车领域落后于同行。
A shares closed up 5 per cent on the news. But Great Wall also has a Hong Kong listing; its Hshares fell about 13 per cent, leaving them almost 40 per cent below the issue price.
受此消息影响,长城汽车A股昨日收涨5%。但该公司还在香港上市;其H股下跌约13%,收盘价较上述发行价低了近40%。
Hong Kong may be deemed a more rational market, based on greater institutionalinvolvement (and less government intervention), but even the H-share drop seems mild.Trading in the shares was stopped on June 19, meaning Great Wall sat out a 10 per cent dropin the H-share index. And there are other reasons — beyond the dilution — to be cautious.May sales were disappointingly soft; there was no rebound in June and pricing has suffered asinternational brands offer discounts.
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