在美国主要证券交易所上市的中国公司（2021年5月）（英文）2021.5-18页_466kb

Summary of Chinese Companies Listed on Major U.S. Stock Exchanges

Core Content

As of May 5, 2021, there were 248 Chinese companies listed on the NASDAQ, New York Stock Exchange (NYSE), and NYSE American, with a total market capitalization of $2.1 trillion. This list includes companies identified as Chinese based on their principal executive office in the PRC, majority operations in the PRC, or offshore structures tied to the PRC. However, the list does not include companies domiciled exclusively in Hong Kong.

Main Points

• Delistings: Since the last update in October 2020, 17 Chinese companies have delisted from U.S. exchanges. This includes four companies targeted by Executive Order 13959, which prohibits investment in Communist Chinese Military Companies: China Unicom, China Telecom, China Mobile, and CNOOC Limited. SMIC also stopped trading over the counter due to this order, while Luokung Technology Corp had its delisting postponed by a court injunction.

• State-Owned Enterprises (SOEs): There are eight national-level Chinese SOEs listed on the three major U.S. exchanges. These are marked with an asterisk (*) in the table.

• Offshore Structures: Some Chinese companies are structured offshore to comply with U.S. listing requirements. However, some may obscure their primary Chinese domicile, which complicates transparency and tracking.

• Risks Associated with Investment:

  • Lack of Transparency: The PCAOB cannot inspect audits of Chinese-based firms, raising concerns about the reliability of financial statements. This was highlighted by the Luckin Coffee scandal, where fraudulent financial reporting led to significant losses for investors and eventual delisting.
  • VIE Structure: Variable Interest Entities (VIEs) are used by Chinese companies to bypass foreign investment restrictions. 125 out of 182 companies listed on NYSE and NASDAQ used VIEs. However, the legal standing of VIEs in China is unclear, and new regulations may impact their legality and compliance.
  • National Security Risk: Some Chinese companies are involved in censorship and surveillance activities, potentially conflicting with U.S. national interests. For instance, Weibo Corporation is used by the Chinese government for monitoring public protests.

Key Information

• Company Classification: A company is considered Chinese if it is identified as such by the stock exchange, lists a PRC address as its principal office, or has a majority of operations in the PRC.
• Market Cap and IPO Data: The table lists companies by market cap, with IPO dates and values provided where available. Some entries are marked "n/a" if IPO details are not available.
• Lead Underwriters: The lead underwriters for each company are listed, providing insight into the investment banks involved in their IPOs.
• Sources: The list is compiled from NYSE, NASDAQ, commercial databases, and PCAOB data. NASDAQ no longer provides a centralized list of foreign-headquartered companies.

Notable Companies

• Alibaba Group Holding Limited (BABA): Largest Chinese company listed in the U.S., with a market cap of $614.8 billion.
• Pinduoduo Inc. (PDD): Second largest, with a market cap of $164.3 billion.
• China Life Insurance (LFC)*: A state-owned enterprise with a market cap of $121.5 billion.
• JD.com (JD): With a market cap of $117.8 billion.
• PetroChina (PTR)*: A state-owned enterprise, market cap of $114.4 billion.
• China Southern Airlines (ZNH)*: Another state-owned enterprise, market cap of $5.0 billion.
• Luokung Technology Corp (LKC): Delisted but had its delisting postponed due to a court injunction.

Conclusion

The list of Chinese companies on U.S. exchanges reflects significant investment and economic ties between China and the U.S. However, it also highlights regulatory challenges, national security concerns, and legal uncertainties related to VIEs and audit compliance. Investors should be aware of these risks and complexities when considering investments in these companies.