According to Caixin, recently, many market insiders said that Alibaba and JD.com will become the first CDR pilot companies. Alibaba and JD.com have identified sponsors for domestic issuance of CDRs, of which Alibaba's sponsor is CITIC Securities. Some market insiders close to Alibaba pointed out that due to the large scale of Alibaba's CDR issuance, it is not ruled out that they will choose another joint sponsor. CICC said it is actively striving for it. The sponsors of JD CDR are Huaqing Securities and CITIC Construction Investment Securities, and Huatai jointly serve as financial advisors.
Recently, many hot Chinese economic words, including China Depositary Receipts (CDRs), have become the focus of attention. Analysts pointed out that if CDR can be officially implemented, it will have a promoting effect on Chinese investors, listed companies, Chinese stock market and even Chinese economy, and is expected to promote the accelerated transformation of China's capital market toward maturity.
It is understood that in relation to this matter, Chinese new economy companies listed in the United States, such as Baidu, Tencent, and JD.com, have expressed their interest and willingness to return to China's A-shares.
Brendan Ahern, chief investment officer of Jinrui Fund in the United States, said that CDR system innovation is reasonable and feasible, and hundreds of millions of Chinese consumers and Internet users will have the opportunity to share growth opportunities in these companies and related fields.
Zhang Jun, managing director of Rosenblatt Securities in the United States and head of research at China, said that in recent years, a group of excellent new economy companies have emerged in China, including Internet companies, but most of them have been listed overseas. "Once excellent Chinese technology companies return to A-shares through CDR, it will have important landmark significance, indicating that the future development of China's capital market will be more compatible with the domestic economic structure."
Huang He said that in the future, CDR operation will be mature and will also attract outstanding foreign companies to list on China's A-share market, further improving the vitality and attractiveness of China's capital market.
Regarding this matter, he asked Alibaba and JD.com. JD.com said that it had noticed media reports on changes in capital market policies and was also actively paying attention to this matter. If the policy allows, JD.com is also very willing to return to the domestic market to achieve listing in both places; Alibaba said that on the day of listing in the United States, we said that we would come back as long as conditions allow. This idea has not changed.
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