全球资本格局重塑下中国资产战略布局思考——依托“泡泡机制”承接中概股回流｜资本市场

Core Viewpoint - The article discusses the trend of Chinese concept stocks (Chinext) returning to the Hong Kong market due to increasing regulatory pressures in the U.S. and the potential for Hong Kong to become a global technology capital hub and a strategic point for integrating Chinese assets into the global market [2][5][10]. Summary by Sections Background of U.S.-China Tensions - The U.S. has long had regulatory tensions regarding Chinese companies listed in the U.S., particularly following the signing of the Holding Foreign Companies Accountable Act (HFCAA) in late 2020, which requires foreign companies to undergo audits or face delisting [4][5]. - In early 2025, the U.S. Treasury Secretary indicated the possibility of delisting Chinese stocks, prompting a response from Hong Kong's financial authorities, who are prepared to welcome these companies back [5][6]. Pathways for Chinext to Return - The Hong Kong Stock Exchange (HKEX) has established three main pathways for Chinext to return: 1. Re-listing in Hong Kong after privatization in the U.S. 2. Secondary listing in Hong Kong through instruments like Depositary Receipts (DR). 3. Dual primary listing, allowing companies to be listed on multiple exchanges while meeting all regulatory requirements [6][8]. Impact on Hong Kong Market - The return of Chinext is expected to significantly increase trading volume in the Hong Kong market, as seen during previous return waves in 2018-2021, where companies like Xiaomi and Alibaba contributed to substantial increases in IPO fundraising [8][9]. - The structure of the Hong Kong market is also anticipated to change, with a shift towards technology and new economy sectors, as traditional sectors like finance and real estate see their weight decrease [9][11]. Global Capital Market Dynamics - The return of Chinext is reshaping the global capital market landscape, reflecting a shift in financial power dynamics between the U.S. and China, and indicating a move towards a multi-polar capital market structure [10][12]. - The trend is also contributing to a "de-dollarization" movement, as global capital seeks alternatives to U.S. assets, with Hong Kong emerging as a strategic exit for capital fleeing from U.S. markets [12][13]. Regulatory and Market Environment - Hong Kong's unique regulatory environment and its position as a bridge between mainland China and international markets provide a favorable backdrop for the return of Chinext, enhancing its appeal to both domestic and international investors [14][15].