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2012年12月19日,国内首单“B转H”中集集团B转H股正式登陆港交所,当天开盘报12.60港元,较转股前的B股价格9.70港元大涨近30%,2013年1月3日,更是收报15.44港元,较转股价上涨了五成,出现明显的溢价现象。笔者认为,之所以会出现转板溢价现象,主要因为估值体系的差异所致。首先,我们比较一下A股与H股的估值情况。从现象来看,2005年之前,同一家上市公司的A股价格一直高于其H股价格,2005年以后,尤其是2007年以后,开始出现H股价格高于A股价格的现象。
December 19, 2012, the first domestic “B to H ” CIMC Group B H shares formally landing the Hong Kong Stock Exchange, the day opened at 12.60 Hong Kong dollar, compared with the pre-conversion B shares price 9.70 Hong Kong dollar rose nearly 30 %, January 3, 2013, it is to close at 15.44 Hong Kong dollars, compared with the conversion price rose 50%, a clear premium phenomenon. The author believes that the reason why there will be transfer plate premium phenomenon, mainly due to differences in valuation system. First, let’s compare the valuation of A shares and H shares. From the point of view, before 2005, the price of A-share of the same listed company has been higher than the price of H-share. After 2005, especially after 2007, the price of H-share is higher than the price of A-share.