釋疑：蔚來“介紹上市”與IPO有什麼不同？
2月28日據港交所文件，蔚來將以介紹形式於聯交所上市，預計3月10日開始買賣。同日，蔚來宣佈已向新加坡證券交易所主板提出以介紹方式第二上市申請，具體上市日期正在審覈中。
什麼是介紹上市？它和小鵬、理想此前在香港二次上市有什麼不同？
介紹上市的定義和條件：
介紹形式上市是指公司在上市前不需要實質上拿出股票向社會公衆銷售，而直接申請上市。指股份公司向證券交易所申請獲得將其證券在市場上掛牌買賣的資格，本身並不涉及即時資金的籌集，所以無需在證券的銷售方面作出任何安排。
要想得到當局準予以這種方式上市，必須滿足的基本條件有：準備上市的證券，需要有一定數量已被廣泛持有，即假定證券上市時市場會有適當的流通量。
介紹上市有什麼優點：
介紹上市可以把企業融資和證券上市在時間上分開，給企業以更大的靈活性。
比如說，有些企業有分拆上市的需求，但暫時沒有融資需求。因爲按照不同的業務分拆上市有利於減少關聯交易，使單個業務獲得獨立發展的平臺，這樣對原有股東是有利的，因爲它避免了發行新股時產生的攤薄效應。即使企業有融資需求，但上市時可能融資環境相當惡劣，此時有條件的企業可先介紹上市，等市場環境好轉時再進行融資。實際上，境內資本市場也曾出現過類似的模式。
介紹形式上市的缺點：
對公司來說，集資是上市的一大目的，透過介紹形式上市，是不能爲公司帶來新資金，並且由於沒有公開集資，一般媒體對此類上市的報道也沒有IPO那麼積極，會使得公司受到市場關注度較低，宣傳效果相對較弱。
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