First: Definition
What is a D-share? The so-called D shares, in fact, mainly refer to the shares of an effective joint-stock company registered in China listed in Central Europe and directly issued in Central Europe. Similar to Hong Kong stocks, it is one of the important RMB products in Central Europe.
After reading this, some friends may ask, who are the targets of D shares? Simply put, it is a blue-chip A-share listed company in Chinese mainland and a high-tech innovative Chinese mainland company.
Second: mode
China and Europe support a variety of D-share listing modes, including IPO and A+D mode, that is, D-share is issued in Germany and A-share is issued in Chinese mainland.
Third: the reasons and advantages of the launch of D shares.
China enterprises issuing D shares in Central Europe may gain the following advantages: enhancing the brand awareness of China enterprises in Europe and promoting sales growth; Promote China enterprises to carry out cross-border mergers and acquisitions and enhance their global competitiveness; Expand overseas financing channels with low cost, high efficiency and low risk; Reasonable valuation, and the valuation of some industries is higher than that of other overseas markets; Clear listing process and predictable time to market; No need to line up.
Fourth: the significance of the launch of D shares.
1 D-share will bring us Sino-German cooperation, so the D-share market can become a capital exchange platform for Sino-German manufacturing cooperation, which will help promote the docking of Made in China 2025 and German Industry 4.0.
2. After the launch of the D shares, the direct financing needs of enterprises can also be met, the proportion of direct financing in China's economy can be increased, and the financial systemic risks will be reduced accordingly.
3. Allowing China enterprises to raise funds in RMB instead of GBP or Euro in Europe shows China's efforts to enhance the status of RMB in the global financial market. One of the missions of China and Europe is to bring RMB products to the European market. The internationalization of RMB is imperative, and D shares may be an opportunity.
Fifth: the launch time of D shares.
At present, the Shanghai Stock Exchange's plan for D shares is: basically determine the first batch of D shares issuers before 20 16 12; In the second half of 20 17, the first batch of D shares were issued.
The SSE has begun to prepare some resources, hoping that the D-share market can find some breakthroughs with the cooperation of the CSRC and other competent departments next year.