香港市场基石投资者制度的实践与借鉴

基石投资者是香港IP O市场引导合理定价、提高发行效率的一项重要制度安排。本文对2013―2019年港股I P O进行实证分析,发现引入基石投资者可以提高IPO定价效率,帮助体量较大或估值较难的企业顺利上市,在低迷行情中起到市场稳定器的作用,但同时也存在个股流动性不足、利益输送等风险隐患。考虑到国内外形势复杂严峻,市场不确定性增强,注册制改革加速推进,新股稀缺性优势减弱,有必要借鉴香港基石投资者制度经验,进一步优化A股现行战略配售制度,合理稳定市场预期。同时,建议加强对参与战略配售投资者的信息获得、持股限售期以及信息披露等方面的监管力度。

Practice and Reference of the Cornerstone Investor System in Hong Kong Market

Cornerstone investors are an important mechanism for Hong Kong IPO market to guide reasonable pricing and improve issuance efficiency.Based on the empirical analysis of IPO in Hong Kong market,this paper finds that the existence of cornerstone investors can significantly improve the IPO pricing efficiency and play a role of market stabilizer in the market downturn.However,it is worth noting that there may also be risks such as insufficient liquidity of individual stocks or tunneling(fraudulent transfer).Considering the increasing uncertainty of the current market and the continuing progress of the registration system reform,it is necessary to learn from the experience of Asian cornerstone investors,and further optimize the current strategic placement system.It is suggested to strengthen the supervision on the information acquisition,shareholding restriction period and information disclosure of investors participating in strategic placement.