Study On Overseas Listing Strategy Of Private High-tech Enterprises

With Chinese economy's internationalization, private high-tech enterprises are becoming more and more important. High-tech economy already plays a significant role in China. So, Chinese private high-tech enterprises need lots of funds to improve their companies. The most direct method to finance is to go on market. However, Chinese capital markets are the main home of big state-owed companies. And more and more international securities are open to China, so Chinese private high-tech enterprises would much like to go on market abroad. This dissertation designs some strategies for those corporations, and gives them some methods about how to design strategies of listing abroad.This dissertation analyzes the overseas listing modes and international securities firstly. Chinese private high-tech enterprises have two kinds of overseas listing modes. There are direct modes and the indirect ones. Chinese private high-tech enterprises prefer the indirect modes. They are reverse merger, alternative, special purpose acquisition corporation, convertible and the like. And Chinese private high-tech enterprises should much like the securities in the USA, Hong Kong, the United Kingdom and Singapore. The dissertation compares the structure and rules of four countries'securities. With the characteristics of different securities, the dissertation designs the portfolio strategies of overseas listing modes and markets. Then it designs the overseas listing strategies of Chinese private high-tech enterprises, based on the portfolio strategies and Comparative Advantage. That provides Chinese private high-tech enterprises the right way to make the strategies of overseas listing. The overseas listing strategies start from one private high-tech enterprise and draw its capacities like scale, financial strength, profitability, technical capacity, international degree, the ability to find international investors and registered in the duty-free island's capacity. Finding out which capacities have the comparative advantage, the dissertation gives different strategies to the different enterprises, and tests whether it is right. In the end of this dissertation, some real cases are analyzed. The dissertation analyzes these cases'overseas listing, using the overseas listing strategies of Chinese private high-tech enterprises. Testify the right and practicability of the overseas listing strategies of Chinese private high-tech enterprises again.