中概股三十年：挤破头赴美股到锚定香港，多市场布局解中概股困局

Core Viewpoint - The narrative surrounding Chinese companies delisting from the U.S. stock market is not about patriotism but rather a response to regulatory challenges and the need for data sovereignty [1][12][18] Group 1: Historical Context - In the late 1980s, Chinese companies sought overseas listings due to a lack of domestic financial infrastructure and capital [3] - By the early 2000s, internet companies faced similar challenges, leading them to seek foreign investment as domestic banks were reluctant to lend without tangible assets [5] Group 2: Market Dynamics - After 2010, Chinese companies in the U.S. stock market experienced a surge in capital, leading to unsustainable business practices, such as excessive subsidies in competitive markets [7][8] - The rise of P2P lending platforms in the U.S. market exemplified this trend, with companies prioritizing high-interest loans over risk management [8] Group 3: Regulatory Challenges - The introduction of the Holding Foreign Companies Accountable Act in 2020 mandated that foreign companies listed in the U.S. must provide audit documentation, which raised concerns over data privacy and national security [12] - This regulatory pressure resulted in over 160 Chinese companies being placed on a delisting watchlist, causing significant stock price declines and operational cutbacks [12][14] Group 4: Shift to Hong Kong - Chinese companies are increasingly turning to Hong Kong for secondary listings, viewing it as a long-term strategy rather than a temporary refuge [14][16] - Hong Kong's unique position as an international financial center with compatible regulatory frameworks allows companies to access global capital while addressing domestic data security concerns [16] Group 5: Conclusion - The journey of Chinese companies over the past three decades reflects a process of trial and adjustment in the context of globalization, with decisions to list in the U.S. or return to Hong Kong driven by evolving business needs and regulatory landscapes [18]