A Case Study Of Perfect World Return To A-Shares

As the emerging enterprises,especially the Internet companies in the early days of business is difficult to achieve profitability,can not meet the domestic stock market demand for corporate earnings conditions,so they began to look at the corporate profitability requirements are not harsh,but more emphasis on the growth of enterprises of the overseas market.However,in recent years,the Chinese concept stocks have been short,the overall reputation of the Chinese concept stocks have a great impact,involving the overall valuation of the Chinese concept stocks,so return from the United States to return to A-shares to regain the high valuation become a lot of overseas business goals.The Chinese concept stocks return generally follow the traditional path of privatization return – A-shares backdoor listing.But the Perfect World used the traditional path of the opposite(pre-funded completion of A-shares backdoor listing – privatization return – capital has completed the backdoor listed company)to complete their own return process,creating a Chinese concept stocks were listed companies mergers and acquisitions approach precedent.This article takes the return path of the Perfect World as the main line,through the combination of theoretical review and case analysis,to conduct a specific analysis of the case.First of all,combined with the industry background,strategic objectives and national policy and other aspects of the Perfect World return to the reasons for the listing of A-shares analysis,and then return from the privatization of the previous A-shares layout,Perfect Video shell resource selection,the key point of Perfect World privatization process,The key point of Perfect World VIE framework to remove,Perfect World capital injection options five angles to conduct a specific path analysis.And analyzes the effect of Perfect World return to Ashares through three angles: enterprise value,financing ability and strategic coordination.Finally,the paper concludes the conclusion of the study,summarizes the general revelation of the enterprises to be reverted to the Chinese concept stocks,and suggestions are given for the return of privatization.This article mainly has the following research findings: Firstly,the Perfect World of private return time is short due to the choice of A-shares ahead of the layout,how to advance layout,grasp the time of convergence,rather than simply follow the trend to return to Ashares;Secondly,combined with the current reorganization of the major assets of listed companies,the return path of the Perfect World can still be used for reference,thereorganization plan can still be implemented,has certain research significance;Thirdly,this article through case analysis,make relevant recommendations for the Chinese concept stocks enterprises,hope that the Chinese concept stocks after the completion of the return of the domestic capital market can be more stable development.At the same time because the case occurred in the near future,in line with the current large economic environment,there is a certain timeliness.