用"新加坡模式"解決中國公司上市問題

Alibaba has finally announced its plan to list its shares in New York, after months of speculation about the location. This is a blow to Hong Kong, which had courted the Chinese tech company but was unwilling to change its rules to allow founder Jack Ma to keep control of the company after the listing. But this is also a blow to Chinese investors, who will yet again be denied an opportunity to invest in one of their country's most successful firms.

數月來，外界一直在猜測阿里巴巴(Alibaba)將在何地上市，日前該公司最終公佈了在紐約上市的計劃。這對香港來說是一個打擊，香港曾力爭吸引這家中國科技公司在自己的交易所上市，但香港不願改變原有規定，以便使阿里巴巴創始人馬雲在公司上市後仍可以掌控公司。但這對中國投資者來說也是一個打擊。中國投資者將又一次被剝奪投資中國最成功的公司之一的機會。

The problem is that so many Chinese companies are forced to list overseas because it is still so difficult to win permission to issue shares on the mainland. That makes the deals a lose-lose for investors everywhere. Chinese citizens can't buy offshore shares because of the mainland's capital controls. Meanwhile, foreign investors technically don't buy the company, either. To circumvent foreign-ownership restrictions, Chinese firms use the so-called variable-interest entity (VIE) structure. With the VIE structure, offshore shell companies have contractual claims to the revenues from, but no actual ownership of, the Chinese firms.

問題是，由於仍很難獲准在內地上市，太多的中國公司被迫赴海外上市。這就使此類上市對各地的投資者來說都是一種“雙輸”。鑑於內地的資本管制，中國公民不能購買境外上市公司的股票。與此同時，外國投資者理論上講也不會買這類公司的股票。爲規避對外國所有權的限制，中國公司使用所謂的可變利益實體(VIE)結構。在VIE結構下，境外空殼公司按合同規定擁有這類上市中國公司的收入，但沒有實際的所有權。

Fortunately, a solution is finally coming into sight, from an unexpected quarter: Singapore. The China Securities Regulatory Commission (CSRC) in November reached an agreement with Singaporean authorities to allow Chinese companies to list directly in the Lion City without first setting up an offshore holding company. If this becomes a template for other jurisdictions-and a seed of further reforms in China-investors everywhere stand to benefit.

幸運的是，終於有一種解決辦法出現在人們的視野中，這個方法來自一個人們意想不到的地方：新加坡。中國證券監督管理委員會（簡稱：證監會）去年11月與新加坡有關部門達成了一項協議，允許中國公司不必預先設立境外控股公司即可直接在新加坡上市。如果這種模式成爲其他管轄區的一個模板（以及中國進一步改革的源動力），各地的投資者都有望獲益。

The Singapore Solution addresses several serious flaws with the VIE overseas-listing model. First and foremost, it clarifies regulatory authority over the listed companies by specifying that the CSRC will retain jurisdiction. A major problem with overseas listed Chinese companies is that because they are neither wholly Chinese nor wholly foreign, regulators have struggled to determine whose laws the firms must follow and who will enforce them.

新加坡模式解決了VIE海外上市模式的多種嚴重缺陷。首先，它規定中國證監會將保留管轄權，進而明確了對上市公司的監管權。海外上市中國公司的一個主要問題是，由於這類公司既非中國獨資也非外商獨資，監管機構難以確定公司應該遵守哪邊的法律，以及該由哪一方執法。

The offshore holding companies are not subject to Chinese regulation, and Beijing has been slow to cooperate with foreign regulators investigating Chinese companies that it considers domestic. Because the Singapore Solution makes it a requirement under Chinese law that companies comply with the laws of the jurisdiction where they list, this method also resolves the thorny sovereignty issues that arise when foreign regulators try to enforce foreign laws against Chinese companies on Chinese soil.

境外控股公司不受中國監管規定的限制，而且外國監管機構對被北京視爲境內公司的中國公司進行調查時，北京遲遲不與之合作。由於新加坡模式依中國的法律要求公司必須遵守上市地所在的管轄區的法律，這種方法還可以解決棘手的主權問題。外國監管機構試圖在中國的土地上依照外國法律對中國公司執法時，可能產生這樣的主權問題。

Another flaw with the VIE model is that the domestic Chinese company and the overseas-listed entity are technically not the same enterprise, and are only tenuously connected. This makes it impossible to do a traditional secondary listing onshore, leaving domestic investors permanently cut off from the opportunity to buy the shares.

VIE模式的另外一個缺陷是，中國境內公司和海外上市實體理論上講不是同一家公司，只有一點關係。這樣，就不可能在境內進行傳統的第二上市，導致國內投資者永遠被剝奪了買進這類股票的機會。

By allowing the Chinese enterprise to list abroad without a VIE, the Singapore Solution opens the door to secondary listings on China's stock exchanges. This would finally allow local investors to benefit from the growth of domestic companies. Indeed, this could open the door to the eventual 'return' of such firms to China if, as the domestic financial markets grow, it becomes possible to use the proceeds of local share issues to buy out foreign investors.

新加坡解決方案使中資企業不必以VIE結構在海外上市，從而爲它們打開了在中國證券交易所實現第二上市的大門。該解決方案最終可使中國大陸投資者因國內企業的增長而受益。實際上，隨着國內金融市場的成長，如果用本地股票發行所得悉數回購外國投資者手中股票成爲可能的話，它可能還將爲這類公司最終迴歸大陸股市打開大門。

The challenge now is for authorities in China and the main overseas listing venues for Chinese companies in Hong Kong and the U.S. to find ways to apply the basic Singapore model to their own markets. This will not necessarily be easy, but it is certainly achievable.

目前的難點是，中國政府部門和中資企業在香港和美國的主要海外上市地要想辦法將新加坡基本模式應用到它們自己的市場。這可能並不容易，但肯定可以實現。

China could start by allowing Chinese companies to list directly overseas after gaining approval from CSRC. The vetting process could take account of Beijing's traditional concerns about overseas listing of companies possessing state secrets or with disreputable management.

中國最初可能會允許中資企業獲證監會批准後直接赴海外上市。審覈程序可能會考慮到中國政府對那些瞭解國家機密或管理不善的企業赴海外上市的顧慮。

The heart of the Singapore Solution is to make the CSRC the primary gatekeeper and regulator of overseas listed Chinese companies, charged with the responsibility to ensure that these companies comply with Chinese and foreign laws. The CSRC might ask foreign authorities such as the U.S. Securities and Exchange Commission and Public Company Accounting Oversight Board to help them meet their responsibilities, including sending inspectors to work with the CSRC to regulate these companies. Chinese regulators will likely reserve the right to punish miscreants, and the SEC and PCAOB should be happy to let them do so if the result is that American standards are met.

新加坡解決方案的核心是讓中國證監會充當海外上市中資企業的主要把關者和監管者，負責確保這些中資企業遵守中國和外國法律。中國證監會可能會請求美國證券交易委員會(簡稱：SEC)和美國上市公司會計監管委員會(Public Company Accounting Oversight Board, 簡稱：PCAOB)幫助它履行責任，包括派遣調查人員配合中國證監會監管這些公司。中國監管部門可能會保留對違規企業進行懲罰的權利。如果懲罰可使企業達到美國標準的話，SEC和PCAOB應該會樂於讓中國證監會這麼做。

Other reforms might be more difficult. Beijing needs to allow a greater number of companies to accept foreign investment. The Third Plenum reforms last year promised liberalization in the rules on foreign investment in e-commerce and education, two of the most popular sectors that use the VIE structure. Premier Li Keqiang reiterated the commitment in his remarks to the National People's Congress on March 5. Allowing foreign investment in e-commerce and education would remove the need for the VIE structure for companies in those industries.

其他改革項目可能難度更大。中國政府要允許更多公司接受外國投資。去年的第十八屆三中全會承諾放鬆電子商務和教育領域的外商投資限制，它們是使用VIE結構的最普遍的兩個領域。中國總理李克強在3月5日全國人大會議上發表講話時重申了這一承諾。允許外資進入電商和教育領域，意味着這些行業內的企業不需要再使用VIE結構。

The Singapore Solution will require some attitude adjustment from regulators all around. But the alternative-booting Chinese companies off foreign exchanges while denying them the opportunity to list at home-is no alternative at all. After a troublesome several years concerning these listings, regulators should seize on the most promising model to date for how to move forward.

新加坡解決方案將要求所有相關監管機構進行某種態度上的調整。但替代方案――把中資企業關在外國交易所大門之外，同時剝奪它們在本土上市的機會――根本不是辦法。多年來中資公司的這種上市麻煩不斷，監管者應緊抓住迄今爲止最有前途的這種新加坡模式來謀求進步。