The Research Of A-H Dual-listing Model

Dual-listing, also known as cross-border listing, refers to a company’s stock listed on the inside and outside(the two or more) market at the same time. On the ripe capital market,Dual-listing is very common, it is a important financing mechanism and measure,with a great deal of advantages. Since the H stock of Qingdao Beer come back to SSE(Shanghai Stock Exchange) in 1993, more and more companies at home and abroad both listed at SSE and HKSE(Hong Kong Stock Exchange). Although Dual-listing have many advantages,but there are also some problems in the process of development.At first,based on the actuality、related effect and the problem of Dual-listing, this article analyzes and reviews related literatures.Secondly,in the Dual-listing companies,there are three listing models: “first H later A model ”、“ first A later H model” and “A+H simultaneously model”. Each model has advantages and disadvantages, and successful and failure cases. With the increasing correlation of inland and Hong Kong, and with the increasing openness of domestic market,more and more companies will choose Dual-listing. It is worth to think about which kind of listing model will be good for the development of a company. At the third chapter, a comparative analysis is made for the industry distribution, listed time, issue price, and the circulation of these three models, and provide the theoretical basis for companies which model should be chosen.Thirdly,this article makes a detailed instructions of the problems and influence of these three Dual-listing models. And the readers will understand which model is better, based on the acknowledge of the company and capital market influence of these three models.At the end, this article makes a conclusion of “ first A later H model” should be a prospect. And gives some targeted policy suggestions of the problems.