The day before yesterday, the US Securities and Exchange Commission (SEC) "moved the knife" against The US stock-listed Chinese company!
88 Chinese companies listed on the U.S. stock market were directly thrown into the list of "pre-delisting" of the U.S. stock market.
Many of the companies that we are all familiar with, such as JD.com, Pinduoduo, Bilibili, NetEase, Tencent Music... They were all shot.
Of course, Chinese car companies listed on the US stock market cannot escape this "public execution", and Weilai and Xiaopeng are also on the list.
Some people will ask, U.S. stock listed car companies, in addition to Weilai Xiaopeng, do not have ideals?
Hey, don't think about it, the three brothers are not left behind, the ideal has long been on this list...
Prior to this, the U.S. Securities and Exchange Commission had repeatedly thrown Chinese stocks into the "pre-delisting" list in batches.
Looking at the several "and" words that appear in the subheadings of the event context combed by Baidu, we know that the US Securities and Futures Commission has not spared hands and feet on Chinese enterprises during this time.
So far, a total of 105 Chinese companies have "settled" in this list, and there are only 281 Chinese companies listed on the US stock market, and more than one-third of the co-authors have already entered...
Some people engaged in the securities industry pointed out that in the future, it is very likely that all Chinese companies listed in the United States will have to enter this list!
After the incident, NIO quickly made a public response: "NIO has been actively exploring possible solutions to protect the interests of stakeholders. The Company will continue to comply with applicable laws and regulations and strive to maintain its listing status on the HKEX/NYSE. ”
The ideal in the previous reply is the same as the tone of Weilai: "As a responsible enterprise for investors, we have been actively looking for solutions, and actively cooperate with the work related to the audit papers in accordance with domestic and foreign regulatory requirements." ”
Is it that after entering this "pre-delisting" list, it is really facing delisting?
In fact, not necessarily for the time being.
According to legal documents on the SEC's official website, companies that are on the "Confirmed Delisting List" are required to provide the SEC with the documents they need within three years. If no submissions are made or documents are not compliant with SEC requirements, they will face immediate delisting after 3 years.
3 years, theoretically speaking, the time is really quite long, even if the "rotten" does not submit the documents, delisting is also 3 years later.
But the point is that for the average investor, the three words "pre-delisting" are indeed somewhat infiltrative at first glance, and the timid estimate has been sold wildly, and those who intend to invest have not yet invested are estimated to be frantically tempted on the edge of fear and greed...
Sure enough, on the day of the incident, Weilai and Xiaopeng stock fell directly down the cliff to the bottom, and it is estimated that the people in the heavy warehouse will lose a lot of hair.
Although, this "pre-delisting" event will not immediately trigger a large-scale wave of delisting of Chinese enterprises and US stocks. However, this "fake" delisting will indeed hit the enthusiasm of investors to a certain extent, thus indirectly hitting the financing of Chinese companies in the United States.
01. Choked throat
When it comes to the root cause of this incident, it is still a matter of fighting.
Where the virus came from, it has not yet been clarified, a wave of uneven, a wave of rise. The small torch of the Beijing Winter Olympics has not yet cooled, and the "big hair" and "two hairs" have been fighting without saying a word, and it has not ended until now.
It is not a big deal to look at things, and it is naturally a beautiful country that supports Ukraine behind its back.
Before the outbreak of the Russo-Ukrainian War, the US political media had published an article saying: "If the Russo-Ukrainian War breaks out, the United States will launch a new round of sanctions against China!" ”
？？？ This jumping mind...
Recently, we often hear a new term called "Sino-US decoupling."
Is China trying to decouple? Apparently not. The United States, of course, wants to decouple.
Looking at the increasingly powerful China, the United States, as the world hegemon, is more or less fidgeting. Decoupling is naturally aimed at limiting The rate of Development in China.
In order to achieve decoupling, the United States seems to be tightly focused on China's soft underbelly, chips!
I still remember that some time ago, the former minister of industry and information technology was furious at car companies because of the shortage of car chips: "If you lack cores, you will know the call!" Don't know how to go to the fab to grab more orders? ”
Logically, the most direct way to solve the lack of chip production capacity is to build more fabs in China! Why let car companies stare at the orders of TSMC and MediaTek?
It's chilling to say, building a fab in China is difficult.
Just to say that the high-precision lithography machine that cannot be avoided by making chips, the Dutch ASML is basically a monopoly, while the technology is used in the United States, and the United States says that it cannot be sold without letting you sell to China.
Not only the lithography machine, but even the chip itself, who can be sold, the United States has a very large right to speak.
Huawei, the promoter of the 5G cause, was stuck in the neck by the United States because of a small 5G RADIO frequency chip.
Huawei's mobile phone business, which originally dominated the world, plummeted, forcing Yu Chengdong to start making a living under Ren Zhengfei's eyes.
You think this is the bottom card for the United States to restrict Chinese technology? Far from it!
The Windows system used by our computers, the Android and IoS systems used by mobile phones are all American. Imagining one day when it will be completely banned by the United States, it will not be as simple as not being able to read the Commune's articles.
02. The Torn U.S. Stock Market
In fact, Wei Xiaoli, who is listed on the US stock market, has long been prepared for the collective "pre-delisting" time of Chinese stocks. They invariably set their sights on a safe haven: Hong Kong stocks.
Xiaopeng and Ideal were successfully listed on Hong Kong stocks in July and August last year. But Weilai is not so lucky, originally Li Bin out of his own pocket 50 million US dollars to form a trust fund, but became a factor questioned by the Hong Kong Stock Exchange, dead blocked the road to the listing of Weilai Hong Kong stocks.
Sino-US relations are becoming more and more tense, and enterprises that have not yet returned to Hong Kong are becoming more and more anxious.
In March this year, NIO finally went public on the Hong Kong stock market. However, unlike Xiaopeng Ideal, Weilai belongs to the "introduction of listing". New shares cannot be issued within half a year, that is to say, financing cannot be raised, to put it bluntly, Weilai has entered hong Kong stocks, and has only entered the "half body" for the time being.
Companies are listed, basically for financing. But who knows, in order to "introduce the listing", Weilai also posted 58.3 million yuan.
Weilai resolutely chose "introduction to listing" in order to have one word: fast.
Fortunately, after the listing of Hong Kong stocks, Weilai supported the mutual transfer of issued US stocks to Hong Kong stocks, which finally made Li Bin temporarily relieved.
However, for Li Bin, putting eggs into two baskets is not safe enough, and it is safe to find another basket. This time, Li Bin chose Singapore.
Just a few days ago, NIO announced that it had obtained a listing qualification letter from the Singapore Exchange and would issue listing documents this month. It is worth mentioning that Weilai's listing in Singapore also chose not to make money, but only to seek a fast "introduction to listing", and also supported the transfer of US stocks.
At this point, WEILAI is about to become the first car company listed in three places.
Why is Wei Xiaoli so urgent about "escaping the US stock market"? Still want to come back to talk about the delisting of Chinese stocks.
In fact, the source of the incident is the Foreign Company Accountability Act passed by the US Congress in 2021.
Just by listening to the name, you know it is for foreign companies. Such a sharp bill, of course, was proposed during the "king of understanding" Trump's administration.
"Understanding the King" never dreamed that he would lose to Biden, an old man who was almost 80 years old. During the presidential campaign, the two people did not fight less water battles.
The appointment of new officials is the norm in the United States when the regime is handed over. After all, the dispute between the president of the United States is behind the Republican Party and the Democratic Party.
After Biden took office, the domestic manufacturing industry in the United States, which was originally abandoned by Trump, was re-emphasized, and the withdrawal of the "Paris Climate Agreement" and the "World Health Organization" were also added.
But only this "Foreign Company Accountability Law", Biden is in favor of it with both hands, and it is directly used intact. These two "sworn enemies" agree, which is rare!
The "bill" is 53 pages long, and in summary, there are two core points:
1. From 2021, foreign companies listed in the United States within 3 years are subject to review by the U.S. audit department.
Second, it is necessary to disclose in detail the relationship between the company and the foreign government, and whether it is controlled by the foreign government.
It is worth mentioning that in December last year, this bill added another article, requiring Chinese companies to disclose more information!
In the end, how detailed the disclosure information is, this is the unilateral decision of the US securities regulatory authorities.
For an extreme example, you bought a underwear on Taobao, what color, what style, how large size, all have to be reported to the US securities regulatory authorities, does this sound very outrageous?
This is quite light, if you leak some military secrets or something, it will be a fatal threat to the entire national security.
After the passage of the Foreign Company Accountability Law, the Chinese side immediately stopped doing it! Directly issued a "confidentiality provision on the overseas listing of domestic enterprises".
The regulations point out that the company shall take necessary measures to implement the responsibility of confidentiality and file management, shall not divulge state secrets, and shall not harm the national and public interests.
On the one hand, the United States says that you must disclose information as required, and on the other hand, China says, you cannot disclose information. It's really a bit painful to be caught in the middle of the U.S. stock listed Chinese companies.
Are there any victims who bear the brunt of the question? Of course, there is, and that is China's largest ride-hailing operating company , Didi.
On the last day of June last year, Didi went public on the U.S. stock market.
According to common sense, the success of the listing is a particularly celebratable thing for the average enterprise, often to hold a grand listing ceremony, put on the banquet, engage in some bell ringing, many people press the start of the lights and other ceremonies worth taking photos. I also want to invite a large group of media to come over and give more money to help do a good job of publicity.
However, Didi's listing process is so different that it took only 20 days from the submission of the prospectus to the listing, not only did it not have a listing ceremony, but even the official publicity draft was not there, for fear of being discovered.
I have to say that China's Internet police are really "fire-eyed golden eyes", and directly arrest didi who intend to "steal chickens"!
Didi was then accused of collecting data in violation of regulations and leaking information to the United States, and its app was forcibly removed by the national authorities.
In the end, Didi finally resisted the pressure and announced that it would start the delisting of the New York Stock Exchange and prepare for the listing of Hong Kong stocks.
03. Write at the end
More and more enterprises have begun to plan to withdraw from the US stock market, take the Hong Kong stock market as a "safe haven", and return to the embrace of the motherland.
As for the Hong Kong Stock Exchange, it also welcomes enterprises to return to China, and since 2018, 15 Chinese-listed companies have returned to Hong Kong stocks through secondary listing.
This also reflects that the crisis awareness of Chinese enterprises is increasing, which is worth affirming.
The return of capital is actually only one step for China to resist the tide of anti-globalization and achieve "not seeking people".
However, it is more critical to master the core technology in their own hands and achieve independent innovation. And on this road, we still have a long way to go.
But I have always believed that the balance of victory will eventually tilt in our favor.
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