Yu Zeyuan: The decoustration of China and the United States is inevitable?

Early

Ji Yan Spring and Autumn

On August 12, China Life, China Aluminum, PetroChina, Sinopec, and Shanghai Petrochemicals announced the delisting from the New York Securities Trading Market together.Some analysts believe that the move marks that the dispute between the Sino -US capital market will be more intense. In addition, the United States has recently introduced a bill for Chinese chips and other industries, and China and the United States are inevitable in more fields.

The interpretation of why the China Securities Regulatory Commission is delisted from the United States, and the China Securities Regulatory Commission officials are that listing and delisting are the normal capital market.According to relevant companies' announcement information, these companies have strictly abide by the US capital market rules and regulatory requirements since the listing of the United States, and make delisting choices for their own business considerations.These companies are listed in many places, and the proportion of securities listed in the United States is very small. The current delisting plan does not affect the continued use of the domestic and foreign capital market financing and development.

The reasons for delisting given by five central enterprises are also basically the same: First of all, the number of deposit shares in the U.S. stock marketing transactions is small, such as PetroChina, the number of deposit shares in the US stock market, accounting for only 0.45%; Followed by the disclosure obligation to maintain the listing of the NYSE requires a greater administrative burden.Enterprises need to maintain a lot of expenditures every year, including accounting firms, law firms, exchanges, etc. every year.

Simply put, these five central enterprises believe that the number of deposit shares traded on the NYSE has a small number of shares, but the administrative expenses are not small. It has become a chicken rib to continue listing on the New York Stock Exchange. It is better to give up.

On the surface, there is nothing wrong with these words.However, the five state -owned enterprises delisted in the United States because China and the United States have been unable to talk about the audit inspection of Chinese listed companies in the United States.

The United States passed the accountability law of foreign companies at the end of 2020. Foreign companies required to be listed in the United States must review audit drafts. If companies cannot meet the requirements of the United States for three consecutive years, they will be forced to delist.The stock price has fallen all the way.The Chinese regulatory authorities believe that those large state -owned enterprises and some private enterprises listed in the United States involve a large number of data related to national security and public privacy. If they accept random inspections of the United States, they will cause harm to national security.

The outside world also has different interpretations of central enterprises from the United States.Some people think that this is the way for Chinese private enterprises to continue to go public in the U.S. stocks.Chinese regulatory agencies do not allow relevant domestic enterprises to submit audit drafts to the abroad, and the Sino -US regulatory level has been negotiating on this issue.After the five state -owned enterprises' delisting, China may make concessions on the audit draft, so that some private enterprises can continue to be listed in the U.S. stocks.

There are also opinions that the regulators of both China and the United States are wrestling, and the remaining negotiations of the two parties are not much. It is said that to complete the negotiations by the end of this year, China allows five central enterprises to withdraw the market to retire and show toughness to show toughness and toughness.Gesture to get greater bargaining chips in negotiations.

There are also opinions that the recent game of China and the United States in the Taiwan Strait has intensified. China allows central enterprises to withdraw from the US stock market in order to decompose with the United States in the financial field to avoid the outbreak of the Taiwan Strait War.

Another analysis pointed out that the delisting of five central enterprises has no relationship with the situation in Taiwan.The scale of U.S. debt held by China is huge, and it is easier to become the goal of being taken by the United States. China does not sell US debt on a large scale.Moreover, even if China and the United States really tear up their faces on the Taiwan issue, these companies have not threatened to China in the United States, because these stock assets are purchased by Americans, and even if the US government confiscates the wealth of Americans, even if they confiscate them.

It is certain that the withdrawal of the five central enterprises withdraw from the US market is the result of fierce confrontation between China and the United States, and it is also a manifestation of the China -US economy and finance began to get rid of each other.

In the past two years, the United States has continued to scare Chinese stocks with the help of foreign companies' accountability bills. At present, more than 160 Chinese companies listed in the United States have been included in the pre -delivery list.Obviously, the United States is unwilling to make Chinese -funded enterprises financing in the US market, and believes that this will strengthen Chinese companies and economic strength.In the United States, high -tech companies such as Huawei have recently passed the "Chip and Science Act", the goal is to limit China's high -tech development.In the capital market, the United States will also minimize the inflow of US funds into China, so as not to allow US capital to become a help of China's rise.

and the withdrawal of Chinese central enterprises withdraw from the US market, on the one hand, even if China and the United States are decoupled from economy and financially, China will not submit to the United States' pressure; on the other hand, from the perspective of economic, finance and industrial security, it will re -consider the investment and financing layout, Reduce the market dependence on the United States, strengthen the construction of the country's capital market, in order to deal with the conflict between the Taiwan Strait conflict and Sino -US relations that may come at any time.

What needs to be seen is that the withdrawal of Chinese central enterprises from the US market does not mean that China and the United States will completely decompose in the economic and trade and financial fields.The United States is still an important export market in China, and many imported goods in China cannot find alternatives.Regardless of how the two parties are not willing to rely on each other, it is difficult to do it completely.After all, the economic and trade relations between the two sides have long been integrated, and the interests are deeply bundled, and it is unrealistic to completely get rid of the other party.

But after the US House of Representatives Perlis visited Taiwan in early August, China has canceled dialogue between the two Sino -US military and suspended the cooperation between the two sides in combating multinational crimes, anti -drug, and climate change.At present, the scope of the game between China and the United States is still expanding, and the relationship between the two countries is almost impossible to stabilize in the short term.In this context, the delisting of five central enterprises in the United States may be just the beginning. In the future, more Chinese companies may withdraw from the US market.