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红筹回归,将成为2007年中国股市下半年最重要的事件之一。几年前,很多优质、赢利能力强的企业纷纷去香港、纽约上市,在借鉴了国外的管理模式和监管机制后,这些“出走”企业的确加速了成长。但同时,A股市场缺少了蓝筹股的身影,A股市场的市值总量在2006年前都没有明显的提高。红筹股的回归可以调节A股市场的供求关系,尤其是在经过了一年半的大牛市后,红筹回归将增加股市的供给,对A股市场应该是长期利好。然而,也有很多问题不容忽视。由于企业在两地上市,红筹公司的内部管理及在两市的监管必然有所不同,可能导致上市过程中出现部分细节问题。最重要的,是红筹回归A股市场时的定价问题,香港与内地虽只有一桥之隔,却有两个长期相差悬殊的股价。所以,在红筹回归这个热点话题上,值得探讨的问题还有很多。本期“机构视点”邀请了湘财证券首席经济学家金岩石和西南证券研究部总经理张仕元,共同探讨“红筹回归”。
The return of red chips will be one of the most important events in the second half of 2007 in the Chinese stock market. A few years ago, many high-quality and profit-making enterprises went public in Hong Kong and New York one after another. These companies did indeed accelerate their growth after drawing on the management and supervision mechanisms abroad. However, at the same time, the lack of blue-chip stocks in the A-share market has shown no significant increase in the market value of the A-share market by 2006. The return of red chips can regulate the supply and demand of the A-share market. Especially after a year and a half of the big bull market, the red-chip return will increase the supply of the stock market. The A-share market should be long-term positive. However, there are many problems that can not be ignored. Due to the listing of enterprises in both places, the internal management of red-chip companies and their regulation in both cities will inevitably be different and may lead to some details in the listing process. The most important issue is the pricing of red chips in the A-share market. Although there is only one bridge between Hong Kong and the Mainland, there are two long-standing disproportional shares. Therefore, there are still many problems to be explored in the hot topic of red-chip returns. This issue “Institutional Perspective ” invited Xiangcai Securities Chief Economist Gold Rock and Southwest Securities Research Department General Manager Zhang Shiyuan, to discuss “red-chip return ”.