A Study On The Overseas Listing For Chinese Nonstate-Owned Company

Recently the government and enterprises that overseas listing can not only help to finance, but also promote the further reformation of the non-state-owned enterprises have recognized it. By putting the non-state-owned enterprises in the competitive international environment with direct supervision of the international investors, China may probably achieve a double objective一'pricing and reforming'一of the non-state-owned enterprises in a short time.In this thesis, the overseas listing of the non-state-owned enterprises is reviewed and analyzed, and different ways of overseas listing are compared. The complete process of the overseas listing is also studied of XX High-technology & Industrial Corporation. This thesis involves a series of proper procedures of the joint-stock system of the non-state-owned enterprises----pre-listing restructuring, lead manager selecting, assets valuation, road show, pricing and allocation, and overseas listing, and therefore analyzes the joint-stock system of the non-state-owned enterprises both in theory and in real cases.It is pointed out at the same time that there still exist some problems in the overseas listing boom in China today. Some companies undertake pre-listing restructuring in haste, and some others blindly go overseas for listing before the time is ripe. Those actions will eventually exert pernicious influence on the reform of the companies or even that of the whole nation. To counter that tendency, several proposals are presented here: make full preparation for the overseas listing, standardize the corporate behavior, and decide on the proper way of listing by comparing the domestic capital market environment and then abroad.