什麼是“紅籌”，中國國企為何在香港股市如此一件大事？

Yahoo Finance recently reported the following:

What are 'red chips', and why are China's state-owned companies such a big deal in Hong Kong's stock market? (1/2)

SCMP

Wed, June 29, 2022 at 2:30 AM

China's state-owned enterprises (SOEs) have made their presence felt in Hong Kong over the years. Some of their major businesses and brands are household names to the locals, but the owners behind them are less well-known.

For example, supermarket chain City'super is controlled by a unit of China Resources (Holdings) following its purchase in August 2020. Disneyland's Fantasyland on Lantau Island was built by China Overseas Holdings' construction arm.

Many of these SOEs have also tapped into the city's capital market for funds and stock listings.

Here are five of the biggest so-called Chinese red-chip stocks, or Hong Kong-listed, government-owned or controlled entities incorporated outside the mainland. There were 175 of them on the Hong Kong stock exchange at the end of May 2022.

BOC Hong Kong (Holdings)

The entity is a holding company for Bank of China's commercial banking business in the city. The lender has a long history of serving local customers ever since China's third-largest banking group established its roots in 1917 and started to issue Hong Kong dollar notes in May 1994.

The bank has a network of more than 190 branches and 14,000 staff offering services from personal home mortgages to corporate loans.

BOC Hong Kong (Holdings) was listed on July 25, 2002, and the global offering was priced at HK$8.50. The stock last traded at HK$31.55 on June 28, giving it a market value of HK$333.57 billion (US$42.48 billion).

China Resources Land

The company is the property development arm of China Resources (Holdings).

The parent was first established as Liow & Co in Hong Kong in 1938 by Yang Lianan, with the backing of Communist Party leaders Zhou Enlai and Chen Yun, to raise funds to support anti-Japanese resistance during the Second World War. The company was renamed China Resources in 1948.

China Resources Land, formerly known as China Resources Beijing Land, was established through internal restructuring in 1996 and was listed in the same year.

An iconic development project of the company, a mixed complex of office, mall and upscale residential homes known as Mixc City in Shenzhen, was opened in 2004.

The developer went on a land-buying binge in Hong Kong in the late 2010s, forking out HK$1.1 billion for 1-4 Chancery Lane in Central in 2017 and HK$5.9 billion for 39 Shouson Hill Road on The Peak. It also partnered with Poly Development to win a parcel of land in Kai Tak for HK$12.9 billion in 2019.

China Resources Land last traded at HK$36.15 on June 28, giving it HK$257.78 billion of market capitalization.

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Translation

多年來，香港已經感受中國的國有企業（SOEs）的存在。他們的一些主要業務和品牌對當地人來說是家喻戶曉的名字，但他們背後的老闆卻鮮為人知。

例如，連鎖超市 City'super 於 2020 年 8 月被收購後，由華潤（控股）旗下的一家子公司控制。迪士尼樂園位於大嶼山的夢幻樂園是由中國海外控股的建設部門建造的。

其中許多國有企業還利用該市的資本市場進行基金和股票上市。

以下是五隻最大的所謂中國紅籌股，即在香港上市、在大陸以外註冊成立的中國政府擁有或控制的實體。截至 2022 年 5 月，其中 175 家在香港證券交易所上市。

中銀香港（控股）

該實體是中國銀行在該市的商業銀行業務的控股公司。自從這中國第三大銀行集團於 1917 年成立並於 1994 年 5 月開始發行港元紙幣以來，該銀行一直為本地客戶提供服務。

該銀行擁有一個由 190 多家分行和 14,000 名員工組成的網絡，提供從個人住房抵押貸款到公司貸款的服務。

中銀香港（控股）於2002年7月25日上市，全球發售定價為8. 50港元。該股最後一次交易於 6 月 28 日為 31.55 港元，市值為 3335.7 億港元（424.8 億美元）。

華潤置地

該公司是華潤（控股）的房地產開發部門。

其母公司Liow & Co 於1938年首先在香港在中共領導人周恩來和陳雲的支持下由Yang Lianan成立，以籌集資金支持二戰期間的抗日活動。 1948年，公司更改名為華潤。

華潤置地，前身為華潤北京置地，於1996年通過內部重組成立，同年上市。

一個有公司的標誌性開發項目 - 深圳萬象城 - 有辦公、商場和高檔住宅的綜合體於2004年啓用。

這發展商於 2010 年代尾在香港掀起購地熱潮，於 2017 年斥資 11 億港元購買中環贊善里1-4 號，並斥資 59 億港元購買山頂壽臣山道 39 號。它還與保利發展合作，於2019年以129億港元贏得啟德地皮。

華潤置地在 6 月 28 日的最後交易價格為 36.15 港元，市值為 2,577.8 億港元。

（未完待續）