瑞银发表报告指，美国财长贝森特在媒体上提及中概股在美国除牌作为贸易谈判的部分条件。纵使2021年及2022年曾出现除牌恐慌并导致中概股平均下跌22%，预期今次情况更为可控，基于不少大市值中概股已在港双重上市、且当中大部分在港持股已在三年内升30个百分点至近市值六成，且港股通南向投资者在港股市场持股占比显著上升。但中美关系未来不确定性短期内令该等股份受压。
该行预期中概股在美国除牌带来多项影响，包括减少对美国市场接入、股份成交减少、增加中美金融脱钩忧虑，以及在投资者基础与流动性减少下影响潜在估值，但难以量化。
中概股过去两次除牌风险，涉及外国公司问责法案下美证交会定出的新标准，以及2022年3月阿里(09988.HK) 被列入潜在被禁名单。基于有关经验，最受影响中概股为未有双重上市股份、负债比率较高及负现金流企业、如电动车及数据中心，以及小型股。该行亦预期美国优先投资政策将针对可变权益实体(VIE)架构的企业。(fc/da)(港股报价延迟最少十五分钟。沽空资料截至 2025-04-11 16:25。)
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