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红筹股一般是指在境外注册、香港上市、控股股东在中国大陆的上市公司发行的股票。由于国务院1996年6月发布的《关于进一步加强在境外发行股票和上市管理的通知》严格限制国有企业以红筹方式上市,因此国企红筹股数量有限,目前主要由1997年以后上市的国务院特批的大型国有企业构成,如中国移动、中国网通及中海油等。这些掌控中国经济命脉的大型国企红筹股从上市伊始就注定了回归A股的命运,只是时机一直没有成熟。
Red chips are generally registered overseas, Hong Kong listed, the controlling shareholder of listed companies in mainland China issued shares. Since the State Council’s “Notice on Further Strengthening the Issuance of Stocks and Listing Overseas” issued by the State Council in June 1996 strictly restricts state-owned enterprises from going public by way of red chips, the number of state-owned red chips is limited. Currently, the State Council, approved mainly for listing after 1997, Large state-owned enterprises such as China Mobile, China Netcom and CNOOC. These large state-owned corporate red chips, which control the lifeline of China’s economy, are doomed to return to the fate of A shares from the very beginning of the listing process, only the timing has not yet matured.