Page 73 - NO.150銀行家雜誌

所下降，主要原因是被迫改組而降低了盈利 明之間的戰爭，而從長遠來看，兩國之間為
能力，但如果獲得監理機關批准，其上市首 時已久的緊張關係，就是香港IPO市場的最大
日的表現應該也不會太差。 機會。像阿里巴巴這些不久前曾在紐約上市
另 一家預計在香港上市的企業為滴滴出 的中國企業，將會透過香港這個前英國殖民
行，該公司自去年6月在紐約證券交易所上市以 地來規避風險；其他曾考慮在美國上市的中

來，表現一直不盡理想。截至今年4月底，中國 國企業，在當下的政治環境中，同樣也會轉
監理機關仍未批准滴滴出行將上市地點移至香 向香港進行IPO。
港的計畫。監理機關的說法是，除非滴滴出行 無論如何，《財星》雜誌1995年發表的
按照中國「國家互聯網信息辦公室」的規定， 那篇文章中，曾引用一位匿名的香港巨富說
進行大「整改」，否則不予批准。不過現在中 法，如今仍讓人相當有感：香港之後也會是
國最高領導層已經表示，有意支持科技產業， 「一個可以讓你賺很多錢的地方」。（作者
那麼滴滴出行應該很快就會獲准上市。 為台灣金融研訓院外籍特聘研究員；譯者為廖
美中衝突實際上已經迅速演變成兩大文 珮杏）

the “healthy development” of the internet platform They told the company it would not get the green light
economy, normalize control over the technology until it made adequate “rectifications” per the orders
industry and design specific measures to support it. of China’s Cyberspace Administration. Yet now that
Chinese tech firms that had suspended their China’s top leadership has signaled an intention to
Hong Kong IPO plans due to the unfavorable market support the tech sector, Didi could find that approval

environment will likely cautiously restart the process. forthcoming.
The most significant IPO on ice is Ant Group’s, which In the long run, Hong Kong’s IPO market will
as a dual Hong Kong-Shanghai listing was expected to benefit from deep-seated U.S.-China tensions, which
raise US$34.5 billion and value the firm at US$313.5 are fast becoming a civilizational conflict in everything
billion before regulators nixed it. While Ant is a less but name. Chinese firms listed in New York will
valuable company now – largely due to forced continue to hedge their bets by carrying out secondary
restructuring that has reduced profitability – it still listings in the former British Crown Colony, as Alibaba
could stage an impressive market debut if given has done, and other Chinese companies that might
the regulatory green light. have preferred to go public in the U.S. in a different

Another expected Hong Kong listing is Didi political environment will choose Hong Kong instead.
Chuxing, which has not fared well since its calamitous The words of a Hong Kong billionaire quoted
debut on the New York Stock Exchange (NYSE) last anonymously in Fortune’s 1995 article still ring true.
June. As of late April, Chinese regulators still had not Hong Kong will continue to be ‘“a place where you can
approved Didi’s plan to shift its listing to Hong Kong. make plenty of money,”’ he said.

台灣銀行家2022.6月號 73

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