| Since the development of China’s domestic capital market,it has grown from a weak capital to a big capital,from no capital to the development of capital everywhere.The rapid development of the Chinese securities market,despite its twists and turns,can be regarded as a miracle in China’s reform and opening up and a booster for China’s economic growth.A large number of high-quality companies have gathered in the domestic multi-level capital market.These enterprises have raised capital through the capital market,and have developed and strengthened their strengths.They have created the cornerstone of the Chinese economic miracle.However,at the same time,domestic companies need to go through strict requirements in order to access the A-share market.The issuance approval system requires a lengthy period of waiting for review.As a result,some high-quality enterprises have turned to more relaxed US stocks and Hong Kong stocks to access the capital market,seeking to increase corporate awareness and expand financing channels.According to the public information of the Hong Kong Stock Exchange’s website as of the end of 2017,253 companies have been listed on Hong Kong H-shares.With the development of Chinese economy and the gradual expansion and transformation of the domestic capital market,the global capital markets have begun to compete for high-quality corporate resources,allowing enterprises with high-quality core competitiveness and core innovation capabilities to return,and also help protect the core discourse rights and core control rights of these core enterprises.In this paper,through splitting the first case of successful return of A shares from H-shares,namely,Digital China Information Service Company successfully listed in Shenzhen A-share market,this paper uses a combination of data analysis and comparative analysis.In the article,the first is the definition of the A-shares and H-shares market and the related theory of spin-off listing.The background comparison of the split-listing of A-shares and H-shares is followed by the parent company Digital China Holdings,its subsidiaries,Digital China Information Service Company and the Shell Company too.Optical Telecom introduced the discussion,followed by analysis and research on the causes and processes of spin-off and listing,processes and methods,and analysis and evaluation of the effects and financial quality before and after the spin-off and listing.Finally,the conclusions and inspirations were summed up to provide a good overseas listing.The company returned to the domestic capital market for advice and advice.Shenzhou Holding’s successful spin-off of Digital China Information Service Company not only allows Digital China Information Service Company to obtain an independent financing platform in the mainland market,enhances corporate visibility and better accepts public supervision,but also reduces the negative synergies brought by Digital China Holdings,enabling the parent company to More energy is put into its main business,to carry out better strategic layout and more precise R&D investment.As the leading enterprise in China’s software and information service industry,China Information is committed to leading and promoting the development of China’s informatization process and information service industry with business model innovation and technology product applications,and providing integrated and innovative IT services for key domestic industries.Enterprises return to the A-share market to provide a good reference. |
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