摘 要
香港证券市场作为中国大陆最近的海外市场，近年来以成为中国企业谋求海
外上市，对接国际资本的重要平台。在过去的 11 年间，香港已经为 280 家内地
企业成功融资达 8800 亿港币。目前内地注册企业（H 股公司），及以内地为主要
收入来源的红筹公司占全部市值的近 60%。市场表现同内地经济及证券市场的关
联度日益提升。进一步作为全球金融市场，凭借其稳定的交易估值体系，丰富的
交易工具，多元化的资金来源等特征，香港证券以连续多年成为全球集资最多的
市场，随之吸引了越来越多的海外资金，也必将成为中国机构投资者及高财富人
群全球配置资产的重要媒介。

M 公司拟求香港上市，有关香港上市的一系列规范分析势必先行。本文结
合 M 公司情景，系统地列举了境内企业上市、境外上市的好处尤其是在香港上
市的优势，内容覆盖了香港证券市场的概况、境内企业在香港首发上市、买壳上
市、收购兼并融资、证券市场融资工具等多个领域。当中详细介绍了内地企业在
香港上市条件、流程、架构重组融资的具体操作，分析上市所涉及的各种费用和
需要注意的问题，以及详述了我国对境内企业境外上市的相关规定、目前通用的
各种估值方法作等。对案例公司的上市途径，融资工具，收购兼并策略，公司估
值形成结论。

关键词：上市；境外上市；香港上市；借壳上市
ABSTRACT
In recent years, Hong Kong stock market as the nearest overseas market to
mainland China has become an important platform for Chinese companies seeking
overseas listing and docking the international capital. In the past 11 years, Hong Kong
has succeeded in financing for 280 mainland enterprises reaching 880 billion Hong
Kong dollars. At present, the mainland-registered companies (H shares), and red-chip
companies to which the mainland is the main source of income account for nearly
60% of the total market value. The market performance increasingly correlates to the
mainland economy and securities markets. Further as a global financial market, with
the characteristic of stable transaction valuation system, extensive trading tools and
diversified funding sources, the Hong Kong stock becomes the largest global fund
raising market for many years and thus attracts more and more overseas funds. The
Hong Kong stock market will also become an important medium of the Chinese
institutional investors and high-wealth crowd of global asset allocation.
M Company intends to seek listing in Hong Kong, so a series of normative
analysis of listing in Hong Kong is bound to advance. This paper systematically
enumerates the advantages of domestic and overseas listing, especially the benefits of
listing in Hong Kong combining the situation of M company, which includes the
general situation of Hong Kong stock market, IPO of domestic enterprises in Hong
Kong, backdoor listing, merger, acquisition and financing, securities market financing
instruments and other fields. Besides it introduces the requirements and process of
Mainland enterprises listing in Hong Kong, specific operation of financing
restructuring in detail, analyzes various costs involved and the problems that need to
be paid attention and expatiates the relevant provisions of China's domestic
enterprises listing overseas and the current general valuation method. Finally, it make
conclusions of listing ways of M company, financing instruments, mergers and
acquisitions strategy and the company valuation .
KEY WORDS: listing; overseas listing; listing in Hong Kong; backdoor
listing