Study On Performance Of Overseas-listed Chinese Internet Companies' IPO

According to the economic globalization,domestic internet companies more prefer to finance overseas by listing.Since 1999 that the China net listed on NASDAQ,there were nearly 70 Chinese Internet companies listed on the overseas market during these 18 years.And these companies got high popularity while they successfully financing from the overseas capital market.Based on this situation,this thesis has practical meaning to study targeted on performance of overseas-listed Chinese internet companies' IPO.Based on carding the history of Chinese Internet companies' overseas listing from 1999 to 2016,this thesis analyzes the development stages of Chinese Internet companies' overseas listing which were separated into five stages.In the analysis,the inference that the behavior of overseas listing of these Internet companies related to the attributes and the preferences of these companies can be made.And since analyzing based on the different aspects of Internet companies overseas listing such as the situation that before and after the IPO,the listing location,and the listing way etc.,it can be concluded that the main incentives of these Internet companies overseas listing are being optimistic to the mature foreign capital market,the relative loose requirements of listing,and conducive to the improvement of companies' self-management etc.In this case,through the performance analysis of the share price in the first year listing of these Chinese fifty-seven overseas listed Internet companies,it can be concluded that the IPO performances of these overseas listed Internet companies were not superior to the market performance.In the last,basing on the statistical analysis and empirical analysis of the previous part of this thesis and in order to promote the development of Chinese Internet industry,some relative suggestions about the Chinese middle and small-size Internet companies and the Chinese capital market are thrown out in this thesis.