摘
要
上世纪九十年代起，早期国内资本市场的不完善、相关法律法规的缺失催生了
一批在海外发展的红筹企业，早期如新浪、搜狐、网易，之后包括完美世界、盛大、
巨人等知名企业纷纷选择赴美融资。而近年来受两方面因素的影响，其一，中概股
企业受海外资本认可度普遍较低、海外第三方机构蓄意做空中概股现象频发以及经
营成本高昂等；其二，我国资本市场逐渐走向完善、企业在 A股融资的政策要求不
断放宽，伴随着国内互联网行业快速发展，相关公司在国内的资本市场上都能够取
得较高的市场价格，导致中概股纷纷走向私有化或者退市、回归A股的浪潮逐渐形
成。但由过往案例来看，协议控制架构的拆除、同股不同权结构、长期盈利未达标
等问题在很大程度上阻碍了企业的回归。2018年6月6日,证监会第4次常务全体
会议投票表决通过审议并正式批准制定通过《存托凭证发行与交易管理办法(试
行)》,奠定了当前我国发行中国存托凭证在完善法律的适用和加强金融风险综合监
管上的若干项基础性政策原则。2020年10月29日，上交所科创板迎来国内首支存
托凭证，九号公司成为中国存托凭证发行的先行者，这一成功案例为广大境外企业
提供了全新的回归思路。本文以九号公司通过发行中国存托凭证回归 A股案例为研
究对象，试图从中了解并分析总结出值得学习和效仿的经验，以期为日后陆续回归
A股的企业提供借鉴意义。
文章首先介绍了九号公司的基本情况并把回归的整个流程进行梳理。其次，对
九号公司中国存托凭证发行分别从发行动因、市场效应以及潜在风险等几个角度进
行剖析，在发行动因方面，首先指出以往中概股企业回归 A股私有化退市方式成本
过高的缺点，其次通过CDR相关政策法规的出台以及境内资本市场环境两个方面论
证了中国存托凭证对于期待回归 A股的企业的吸引力；在运作机制方面，将九号公
司回归过程中中国存托凭证的发行、交易、监管机制与成熟完善的美国存托凭证进
行对比，探究其不断走向完善的路径；在潜在的风险方面，指出协议控制架构的保
留、双重股权结构、中国存托凭证投资者保护方面法律的缺失以及中国存托凭证不
能与基础证券自由兑换带来的风险。最后，在文章末尾从推进中国存托凭证自由兑
换以及推进注册制改革探索中国存托凭证分层监管两个方面给出了案例研究的启
示与建议,旨在为未来相关法律法规的完善提供参考。
关键词：中国存托凭证上市方式回归 A 股制度设计
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ABSTRACT
Since the 1990s,the imcomplete of domestic capital market and lack of relevant laws
has spawned a number of red chip enterprises that developed overseas. Such as Sina,
Sohu and NetEase, and in the later period, including Perfect World, Shanda, Giant and
other well-known companies have chosen to go to the US for financing. In recent years,
it has been affected by two factors-one is that China's concept stock companies are
generally less recognized by overseas capital, overseas third-party institutions
deliberately do aerial stock stocks frequently, and operating costs are high; second,
domestic capital market is gradually improving, the policy requirements for companies to
raise funds in A-shares are continuously wide, with the rapid development of Chinese
Internet industry, most relevant companies can obtain higher market valuations in the
domestic capital market-Chinese concept stocks have been privatized and delisted,
returning to the A shares. However, judging from past cases of Chinese concept stocks’
return, the removal of the VIE structure, the structure of different rights in the same stock,
and the long-term profit failure has become obstacles on the road. On June 6, 2018, the
4th Chairman’s Office Meeting of the China Securities Regulatory Commission reviewed
and passed the "Administrative Measures for Issuance and Trading of Depositary
Receipts (Trial)", laying the foundation for the China Depository Receipts is the basic
principle of law application and supervision. On October 29, 2020, the fisrt domestic
depositary receipt login the SSE Science and Technology Innovation Board，Ninebot
Limited has become the forerunner in issuing China Depository Receipts,s providing a
brand new opportunity for overseas companies to return. This article takes the case of
Ninebot Limited, trying to summarize the experience which worth learning and
emulating, in order to provide reference for red chip enterprises which will return in the
future.
The article firstly introduced the basic situation of Ninebot Limited and sorted out the
entire process of this case. Secondly, the article analyzes the case from three perspectives
including operation mechanism, cause of issuance, and potential risks. In terms of
operation mechanism, it compares the issuance, transaction and supervision mechanism
of CDR in the return of Ninebot Limited with ADR, explore the path of CDR's
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