中國新拓科創板（STAR）
摘要
中國最新的科創板（亦稱為STAR市場）為科技公司提供一個平台，進一步加強中國的增長故事。
要點
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中國曾是著名的低成本世界工廠，過去十年，中國致力改善其定位，以和較高質素的外國同行競爭。中央希望在科技領域建立優勢，尤其是在生物科技、資訊科技、健康護理和機械人技術等範疇，並成為這些領域中不可或缺的部件製造商，藉此開啟中國增長故事的新篇章。
為推動這些領域進一步發展並鼓勵企業在國內上市，中國於2019年6月在上海股票市場成立了一個新的交易所。作為中國版的納斯達克，STAR市場專門為高科技及策略性新興行業內的公司而設，幫助這些公司獲得資金。
STAR市場提供什麼？
在STAR市場成立之前，所有中國A股均在上海及深圳證券交易所的三大板上市。
透過靈活且透明的註冊制度，新的STAR市場旨在簡化創新型增長公司的首次公開招股流程。市場對上市公司並無最低盈利能力的要求，以支持那些可能仍需時間來實現商業利潤的機構，例如生物製藥公司。
如圖1所示，STAR市場亦引入了新的定價機制、投資者資格和退市規則，參考了美國、香港及新加坡的證券交易所，以達致最佳實踐。
現時為中國企業提供增長平台的A股市場亦可能追隨STAR市場，中國資本市場進一步自由化（推動更大的機構參與）將可鼓勵更多中國公司在國內而非美國交易所上市。隨著時間，這趨勢或可降低所有中國A股的風險溢價。
圖1：STAR市場如何解決現時中國交易市場效率低下的問題
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STAR市場 |
現時中國A股市場（上海及深圳主板、中小企板及創業板） |
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上市標準 |
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定價機制 |
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交易機制 |
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投資者資格 |
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退市規則 |
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STAR市場迅速發展
現時，投資者和企業均迅速進駐STAR市場。在2019年7月成立時，共有25家公司上市，至2021年1月，市場已發展至215家上市公司。目前，大約有500家公司處於首次公開招股註冊流程的不同階段。
此外，非中國投資者的參與現時變得較容易，這為中國增長故事背後努力的高科技初創公司開啟了一條新路徑。雖然全球主要指數提供商MSCI尚未表示就新市場有何動向，但富時已計劃將STAR市場納入其股票指數。
STAR市場的影響力在短時間內相對提高，進一步成為投資者固定的投資工具。市場初期存在流動性憂慮，特別是當大型首次公開招股吸收了市場上的可用資金，但整體而言，市場的運作暢順。然而，在STAR市場上市的股票未被納入滬港通計劃，西方投資者投資A股仍然較為容易，因此許多環球機構投資者現時無法參與STAR市場。
中國監管機構將密切注視STAR市場的發展，因為其較寬鬆的監管框架，以及高風險初創公司或會增加市場波動性。對這些公司進行定價亦將測試經紀和投資者的估值方法。
雖然面對挑戰，但STAR市場現時仍在快速擴張，潛在的新企業上市令人對未來感到樂觀，並為全球投資者提供投資於最具創新力量的中國公司的機會。
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摘要
儘管新型冠狀病毒肆虐並導致全球經濟放緩，但以多方面來看，2020年對於中國而言都是一大分水嶺。安聯投資環球股票產品專員主管William Russell解釋了中國如何實現其長期戰略，投資者從中又可發掘哪些機會。
要點
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