在美国主要证券交易所上市的中国公司（2021年5月）（英文）2021.5正文版.doc

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1、Last updated: May 5, 2021Chinese Companies Listed on Major U.S. Stock ExchangesThis table includes Chinese companies listed on the NASDAQ, New York Stock Exchange, and NYSE American, the three largest U.S. exchanges. i As of May 5, 2021, there were 248 Chinese companies listed on these U.S. exchange

2、s with a total market capitalization of $2.1 trillion. On October 2, 2020, when this table was last updated, there were 217 companies witha total market capitalization of $2.2 trillion. In the list below, newly added companies are marked with a section symbol () next to the stock symbol. ii Companie

3、s are arranged by the size of their market cap. There are eight national-level Chinesestate-owned enterprises (SOEs) listed on the three major U.S. exchanges. In the list below, SOEs are marked with an asterisk (*) next to the stock symbol. iiiSince this table was last updated in October 2020, 17 Ch

4、inese companies have delisted. Two companies currently trade over the counter: Kingold Jewelry (KGJI, $3 million market cap) and state-owned Guangshen Railway (GSHHY, $2,256 million market cap). The 17 delisted companies also include four companies targeted by the Executive Order 13959 (“Addressing

5、the Threat from Securities Investments That Finance Communist Chinese Military Companies”), which prohibitedinvestment in Communist Chinese Military Companies. These are: China Unicom, China Telecom, China Mobile, and CNOOC Limited. In addition, Semiconductor Manufacturing International Corporation

6、(SMIC) stopped trading over thecounter as a result of the order.1 The remaining U.S.-listed company subject to the order is Luokung Technology Corp. (see listing 101). 2 Luokungs delisting by NASDAQ was postponed following a preliminary injunction granted by the U.S. District Court for the District

7、of Columbia on May 5, 2021. 3This list of Chinese companies was compiled using information from the New York Stock Exchange, NASDAQ, commercial investment databases, and the Public Company Accounting Oversight Board (PCAOB). 4 NASDAQ information is current as of February 25, 2019; NASDAQ no longer p

8、ublicly provides a centralized listing identifying foreign-headquartered companies.For the purposes of this table, a company is considered “Chinese” if: (1) it has been identified as being from the PeoplesRepublic of China (PRC) by the relevant stock exchange; (2) it lists a PRC address as its princ

9、ipal executive office in filings with U.S. Securities and Exchange Commission; or (3) it has a majority of operations in the PRC, including companiesstructured offshore but whose value is ultimately tied through a relationship in the PRC. Of the Chinese companies that list on the U.S. stock exchange

10、s using offshore corporate entities, some are not transparent regarding the primary nationality or location of their headquarters, parent company or executive offices. In other words, some companies which rely on offshoreregistration may hide or not identify their primary Chinese corporate domicile

11、in their listing information. This complicates tracing, making it difficult to guarantee that this list captures all Chinese companies registered offshore. Companiesdomiciled exclusively in Hong Kong also are not included on this list. If information on the companys IPO year, IPO value, or underwrit

12、ers is not available, the field is marked “n/a.”Investment in Chinese companies may entail several risks associated with the legal, regulatory and financial environment in mainland China, including: Lack of transparency: The PCAOB, a nonprofit corporation established by Congress to oversee the audit

13、s of publicly traded companies listed on U.S. exchanges, is currently unable to inspect working papers of auditors basedin the PRC and Hong Kong. In 2013, the PCAOB signed a Memorandum of Understanding (MOU) on audit oversight with the China Securities Regulatory Commission and the Ministry of Finan

14、ce. Over the next seven years, the Chinese government has prevented Chinese-based auditing firms from complying with U.S. law on audit inspections. 5 The PCAOB and the U.S. Securities and Exchange Commission have repeatedly expressed theiri There are currently 13 exchanges in the United States, 12 o

15、f which are owned by NASDAQ, NYSE, or CBOE. Only NASDAQ and NYSE rank in the top 70 exchanges globally.ii Some companies added in this update had an IPO prior to the last update (October 2, 2020). These companies were identified through the use of CapitalIQ.iii This list is drawn from the directory

16、of SOEs published by the State-owned Assets Supervision and Administration Commission of the Peoples Republic of Chinas State Council. An archived version of the SASACs directory is available here: https:/web.archive.org/web/20191208080817/1Last updated: May 5, 2021concern regarding obstacles to PCA

17、OB inspection of auditors based in the PRC and Hong Kong. In the past year, the PCAOB reported 252 audit reports issued by or relying on referred work from PCAOB- registered firms in jurisdictions where authorities deny access to conduct inspections. All of these firms are based in China and Hong Ko

18、ng. iv This lack of compliance with international audit inspections calls into question the reliability of thecorporate financial statements guiding valuation and investment. The case of Luckin Coffee illustrates the risks. In presenting information to support its initial public offering, Luckin man

19、ipulated critical revenue, operations andcustomer traffic data. During its IPO, shares traded at $17 raising $561 million in capital. 6 Luckins peak market capitalization was $12 billion, with shares trading at just over $50. 7 Within weeks of the disclosure of falsified information, the stock colla

20、psed ultimately leading to losses for investors and its delisting from NASDAQ. 8 The legal standing of VIEs in China is unclear: The PRC legally prohibits foreign direct investment in certain industries, including many high-tech sectors, and maintains strict controls on foreign exchange and capital

21、flows. To circumvent these restrictions, mainland Chinese companies interested in raising funds on U.S. exchanges create offshore corporate entities for foreign investment using a complex structure called a variable interest entity (VIE).v In a March 2019 survey of 182 Chinese companies listed on NY

22、SE and NASDAQ, Paul Gillis, professor of practice at Peking University Guanghua School of Management, found that 125 of these companies used the VIE structure.9 VIE arrangements between mainland companies and their associated offshore entities have questionable status under Chinese laws. In February

23、 2021, the State Administration for Market Regulation (SAMR) issued new guidelines for the platform economy establishing that VIEs are formally covered by Chinas Anti-Monopoly Law, which requires companies to seek SAMR approval for mergers and acquisitions. vi,10 According to Mr. Gillis, the broader

24、 impact of this law on the legality of existing VIE structures is unclear since the guidelines may not represent “a meaningful change in Chinas approach to VIEs.”11 The unresolved standing of the VIE structure under Chinese law means U.S. investors could have no recourse to enforcement in the Chines

25、e legal system if VIE-listed companies take the company private at lower valuationvii or if the businesses fail. According to Steve Dickinson and Dan Harris, co-authors of the China Law Blog and attorneys focusing on Chinese law, there is an additional risk related to VIEs. Since they have questiona

26、ble legal status in China, the government could take action to close or control operations. 12 National security risk: Investors in Chinese companies may support activities that are contrary to U.S. national interests, including the development of technology used for censorship and surveillance and

27、in support of the military. For example, Weibo Corporation, (see below, listing 31) currently is valued at $11.6 billion. Weibo works under government direction to censor posts on its blogging platform and is used by the central and local governments to surveil and censor public protests. 13 Ostensi

28、bly private companies in China are subject to pressure and control by the state. Chinas 2017 National Intelligence Law states, “any organization or citizen shall support, assist, and cooperate with state intelligence work” and the 2017 Cybersecurity Law requires companies to “provide technical suppo

29、rt and assistance to public security organs.”14 The CCPs “Opinion on Strengthening the United Front Work of the Private Economy in the New Era” released on September 15, 2020 stresses the importance of CCP control over the private economy, including private entrepreneurs. According to Beijing-based

30、political analyst Wu Qiang,iv Many of the companies included in the table compiled by the Commission staff meet the criteria to be included in PCAOB list, which is available at: https:/pcaobus.org/International/Inspections/Pages/IssuerClientsWithoutAccess.aspx.v For a more in-depth explanation of VI

31、Es and associated risks, see U.S.-China Economic and Security Review Commission, 2019 Annual Report to Congress, 176177. https:/www.uscc.gov/sites/default/files/2019-11/Chapter%203%20Section%201%20-%20U.S.-China%20Commercial%20Relations.pdf.vi Following the release of these guidelines, SAMR fined 12

32、 companies including Tencent, Alibaba, and Baidu the maximum penalty($77,000) for failing to notify SAMR of previous mergers through VIEs. Reuters, “China Market Regulator Fines 12 Firms for Violating Anti-Monopoly Law,” March 11, 2021. firms-for-violating-anti-monopoly-law-idUSKBN2B40EF.vii In 2016

33、, Qihoo 360 went private from Nasdaq after paying U.S. shareholders $9.3 billion in stock value. The company relisted on the Shanghai Stock Exchange in 2018 at a value of more than $60 billion. Former Qihoo 360 shareholders filed two lawsuits against the company in 2019, claiming they were misled ab

34、out the companys value. U.S.-China Economic and Security Review Commission, 2019 Annual Report to Congress, 180. https:/www.uscc.gov/sites/default/files/2019-11/Chapter%203%20Section%201%20-%20U.S.-China%20Commercial%20Relations.pdf.2Last updated: May 5, 2021the opinion “serves as a reminder for the

35、 firms that they are always affiliates of the Party, which has firm control over them.”15SymbolNameMarketIPO MonthIPOSectorLead UnderwritersCapand YearValue(US$ mil)(US$ mil)1.BABAAlibaba Group$614,827September$21,767BusinessCredit Suisse, Deutsche Bank,Holding Limited2014ServicesGoldman Sachs, JP M

36、organChase, Morgan Stanley,Citigroup2.PDDPinduoduo Inc.$164,319July$1,626BusinessCICC, Credit Suisse, and2018ServicesGoldman Sachs3.LFC*China Life$121,534December$3,000FinanceCICC, Credit Suisse, Citigroup,Insurance2003Deutsche BankCompanyLimited4.JDJD.com, Inc.$117,766May$1,800ConsumerMerrill Lynch

37、, UBS2014Services5.PTR*PetroChina$114,444April$680EnergyBlackrock, Inc., JP MorganCompany2000Chase, Citigroup, GoldmanLimitedSachs6.SNP*China$76,662October$3,500EnergyMorgan Stanley, ChinaPetroleum &2000International Capital Corp (CICC)ChemicalCorporation7.NTESNetEase, Inc.$72,258Junen/aBusinessMerr

38、ill Lynch and Deutsche2000ServicesBank8.BIDUBaidu, Inc.$68,229August$109TechnologyGoldman Sachs, Piper Jaffray,2005Credit Suisse9.NIONIO Inc.$61,789September$1,000ConsumerBank of America Merrill Lynch,American2018DurablesCitigroup, Credit Suisse,depositaryDeutsche Bank, Goldman Sachs,sharesJPMorgan,

39、 Morgan Stanley, UBS10.BEKEKE Holdings$58,624August$2,100Real EstateMorgan Stanley, China(Beike2020Renaissance, and J.P. MorganZhaofang)11.BILIBilibili Inc.$39,956March$483TechnologyMerrill Lynch, JP Morgan Chase,2018Morgan Stanley12.TALTAL Education$32,532October$120ConsumerCredit Suisse, Morgan St

40、anley(prev.Group2010ServicesXRS)13.BGNEBeiGene$28,363February$158HealthGoldman Sachs, Morgan2016CareStanley, Cowen and Company14.LULufax$28,021October$2,360FinanceBank of America, Goldman2020Sachs, UBS, HSBC3Last updated: May 5, 202115.TMETencent Music$27,352December$1,100TechnologyBank of America,

41、DeutscheEntertainment2018Bank, Goldman Sachs,GroupJPMorgan, Morgan Stanley16.ZTOZTO Express$26,650October$1,406TransportaMorgan Stanley, Goldman Sachs(Cayman) Inc.2016tion17.YUMCYum China$26,027Novembern/aConsumern/a2016Non-Durables18.EDUNew Oriental$24,856March$113ConsumerCredit Suisse, Goldman SachsEducation &2006ServicesTechnologyGroup, Inc.19.TCOMT$24,334December$76BusinessMerrill Lynch(prev.International,2003ServicesCTRP)Ltd.20.XPEVXpeng$22,461August$1,500ConsumerBank of America, Credit Suisse,2020Durablesand J.P. Morgan21.VIPSVipshop$20,154March$72ConsumerGoldman Sachs and Deutsche