借改善香港上市之名｜紅籌H股分別｜北京下令拆除紅籌架構，揭開北京的真正動機（馮智政）@SinicAnalytica
沈旭暉丨國際關係・典藏館
@simonglobalAbout
國際關係學者沈旭暉博士的個人頻道。生於香港，留學美國，居於台灣與英國，遊歷全球130國，2020年起建立頻道，由堅離地球校長室™製作。「大學堂」分享國際關係知識，「典藏館」分享各種個人珍藏的世界故事，「軍武局」、「律法局」、「能源局」分別連同專家探討三大國際關係延伸範疇，會員區「研究院」邀請各界專家對談。 如果，你也對國際關係感興趣，但提及「特朗普」或任何議題，演算法都只有「支持」同「反對」的絕對對立，感到厭煩； 如果，你也有有趣私人藏品希望一齊分享，但身邊人沒有共同興趣同閱歷； 如果，你也對有崇優情懷，不希望消費、投資嘅時候，失去知識結構與文化品味； 如果，你也對我們來自的地方充滿感情，而厭倦兩極光譜的上崗上線、陰謀論； 如果，你也希望自己與下一代，都可以既保留我們珍視的傳承，又可以融入世界各地，不會在「電子唐人街」永居； 希望，這裏可以尋回大家在國際都會久違了的自然、舒適空間。 直接私人互動，請進入Patreon會員區：patreon.com/simonshen。
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喬遷通知｜為讓演算法將優質的國際經濟、國際政治及中國國情內容，推送至更多有需要的觀眾，我們決定將旗下多個重點節目，正式移師 Sinic 政經頻道。 https://www.youtube.com/@SinicAnalytica 今次搬遷涵蓋多個深受歡迎的系列，包括主持與 Calvin Choi 合作主持的《笑談中國》、羅家聰博士主講的《經濟KFC》、傅立言的《英倫政經脈搏》、《新聞透視》，以及馮敬恩節目。美國經濟、地產、名店等經濟專題，亦將一併移師新頻道，與大家繼續會面。 與此同時，亦有一個令人期待的消息——沈旭暉教授將重返《堅離地球》，繼續為大家深入剖析國際關係局勢。往後每月，主台《堅離地球》與新台 Sinic 政經頻道將同步更新，一起講東講西。 請同時追蹤兩個頻道，以免錯過任何重要內容。感謝各位一直以來的支持！ _______ 想像一下，身為一家中資科技公司的創辦人，你耗時數年搭建好開曼群島的上市架構，美元基金蓄勢待發，卻在臨門一腳時接到監管部門的電話，要求將所有架構拆掉重來。這並非科幻情節，而是當前香港 IPO 市場繁華背後的隱憂。雖然數據顯示香港集資額在 2025 年重返全球前列，排隊公司超過 400 家，但北京政府正悄悄收緊「紅籌架構」的境外上市規定。 本集節目將深入剖析這場監管風暴的本質。我們會探討為何北京在支持企業留港上市的同時，卻對紅籌模式產生戒心，轉而推動受中國法律與會計制度嚴格監控的 H 股模式。這項轉變不僅關乎上市流程的繁簡，更核心的關鍵在於科技安全與資金出口的「退出機制」。對於依賴風險投資與私募基金推動的創新科技、生物製藥及互聯網企業而言，這無疑是巨大的挑戰。在制度與風險的夾縫中，香港專業人才如何發揮熟悉兩地制度的優勢？創辦人又該如何做好會計與制度準備以應對變局？歡迎在留言區分享你的睇法，一同討論這場制度轉型的深遠影響。 影片章節 00:00 創業家的上市噩夢：紅籌架構面臨拆除 01:32 香港 IPO 市場回暖與彭博監管消息 02:54 全球集資排名與香港市場現況分析 05:12 證監會與銀行的會面：上市質素與 Name and Shame 07:33 北京政府的 Policy Window：拆除架構的真正意圖 11:47 傳聞受影響企業：從餐飲到自動駕駛科技 14:00 詳解紅籌架構：開曼群島與 BVI 的角色 18:07 H 股與紅籌的分別：法律監管與會計制度 19:54 VIE 架構與互聯網巨頭的上市模式 22:00 企業為何偏愛紅籌？靈活的退出機制與資本工具 25:52 2026 年最新數據：紅籌申請大幅縮減 27:50 監管目標：防範走資與核心科技安全 30:10 香港專才的機遇：接通國際的上市智慧 #香港IPO #紅籌股 #H股 #中證監 #港交所 #境外上市 #VIE架構 #風險投資 #地緣政治 #金融監管 ＿＿＿＿＿＿＿＿＿＿ 堅離地校長室．最新影片：🇨🇳 學術期刊怎樣解讀習近平的權力基礎？「沉默」才是核心秘密【會員區加映：林和立博士：（二）如何學術理解習近平的「 被動式授權」？】 https://youtu.be/uNempLkK0DA ☝️ 成為「堅離地」頻道會員 https://www.youtube.com/channel/UCXf8jlTSP9kp6g4ROCfgvbQ/join 🖋️收看及訂閱 Sinic Analytica ▶ ⏺ Patreon: https://www.patreon.com/cw/SinicAnalytica ⏹ Website: https://www.sinicanalytica.com/ 🔼 Facebook: https://shorturl.at/vnaTi ℹ️ Instagram: https://www.instagram.com/sinic_analytica/ 其他合作及查詢可以電郵至 [email protected] (Alan) ＿＿＿＿＿＿＿＿＿＿ 本台所有主持均為本頻道客席主持，本頻道各節目均由主持自訂題目、自主研究及編採自主的權利，各人的意見並不代表本台立場。 所有客席主持及嘉賓提供的內容，已授權本頻道作內容的管理、編輯及發佈的決策權。 影片及圖片素材來源：Envato、Wikimedia Commons、Artlist
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