今年有所回升，迄今已有50家发行人（32%）以超级投票权股份上市。这一趋势似乎将在秋季持续下 去，上周四家大型申报公司中有三家展示了双重股权结构：费用软件销售商Navan（NAVN；30：1）、 加密平台BitGo（BTGO；15：1）和税务咨询公司Andersen（ANDG；10：1）。 二十年前，StubHub的联合创始人兼首席执行官埃里克·贝克被公司解雇，而这一次，他力保不被重蹈覆 辙。 上周，StubHub ( STUB ) 完成了期待已久的上市。得益于双重股权结构下的超级投票权，其联合创始人 兼首席执行官在IPO后拥有近90%的投票权，尽管他仅持有11%的流通股。 虽然双重股权结构在过去十年左右在IPO市场已颇为普遍，但StubHub的非上市B类股却颇为不同寻常， 因为每一股B类股都拥有高达100票的投票权（而上市的A类股每股只有1票）。 大多数双重股权结构中，不同类别股票之间的投票权比例为10:1，在更极端的情况下甚至达到20:1。除 了StubHub之外，过去十年中也出现了一些值得注意的例外： 1，可再生能源公司TerraForm Global（2015年IPO）授予B类股东每股100票。 2， ...

Core Viewpoint - The Hong Kong government is actively seeking to attract more leading mainland enterprises to raise funds in Hong Kong, supporting their international development and welcoming the return of more Chinese concept stocks [1] Group 1: Regulatory Changes - The Hong Kong government plans to improve approval processes and optimize the dual primary listing and secondary listing thresholds, including reviewing market structures and considering establishing an over-the-counter trading mechanism for delisted companies [1] - The revised dual primary listing and secondary listing system may relax restrictions on market capitalization, industry attributes, and compliance duration [1][2] - As of June 11, there are 59 U.S.-listed Chinese concept stocks with a market capitalization exceeding $1 billion, of which 29 are not yet listed in Hong Kong [1][4] Group 2: Dual-Class Share Structures - Many of the 29 companies not yet listed in Hong Kong adopt a dual-class share structure, which allows different voting rights for shareholders [2][3] - The Hong Kong Stock Exchange (HKEX) has allowed companies with dual-class share structures to list, provided they meet certain market capitalization and financial criteria [2][3] - Notable companies like Alibaba, JD.com, and Meituan have successfully listed on the HKEX under this structure since the 2018 reforms [3] Group 3: Market Conditions and Future Outlook - Current popular Chinese concept stocks with special voting rights structures, such as Huya, Hesai Technology, and WeRide, do not meet the current HKEX listing requirements [5] - There is ongoing discussion about whether the HKEX will further relax restrictions on dual-class share structures, with industry experts suggesting that the urgency for such changes may not be high at this moment [5] - Suggestions for future regulatory adjustments include balancing the attraction of Chinese concept stocks with investor protection, potentially through phased relaxations of dual-class share structure restrictions [6]