| Since the 1990s,due to the slow development of domestic capital markets,capital supply is not enough,and domestic policies have restrictions on foreign investment in certain industries,Chinese companies have begun to export domestic companies overseas under the circumstances of accepting foreign capital.The Chinese stock company came into being and gradually became an important part of the US stock market.In the past 20 years,a large number of companies have gone overseas to solve the financing problem.As of 2018,there are still 214 Chinese companies listed on the US stock exchange.In recent years,as China's economic transformation has begun,traditional industries have shown a recession,and China's economy has begun to transform into a new economy of "new technologies,new industries,new formats,and new models." Good investment opportunities are becoming scarcer,and new types of enterprises are domestically Obtained unprecedented pursuit and high valuation.At the same time,due to differences with national conditions,China Stocks gradually became cold in the US stock market,facing low valuation and short-selling threats.Many Chinese stocks are eager to return to the domestic market.On March 30,2018,the General Office of the State Council forwarded to the CSRC "Several Opinions on Piloting the Issuance of Stocks or Depositary Receipts in Innovative Enterprises",and the issue of "unicorns" returning to the A-share green channel was widely debated.High-tech new industry unicorn companies such as data,cloud computing and biomedicine are favored,and they have also raised the attention of the capital market for unicorn companies.At present,in the context of the capital market's support for the "four new economy",the M&A and IPOs of the Unicorn Company can enjoy a fast track and provide a new opportunity for the return of the Chinese stocks.Therefore,based on the attention of the current capital market on the return of unicorn companies and China stocks,and the particularity of Wu Xi Pharma Tech's spin-off listing and the listing of the first IPO main board,Wu Xi Pharma Tech was selected as the case study object.There is a literature review and a summary of the stock return to the A-share market,analyze the path,motivation,risks,advantages and effects of Wu Xi Pharma Tech's return to the A-share market,and explore the stock returns to A-shares in the new economic context.The advantages of the market are also provided by the novel regression model and the opportunity to return to overseas companies to provide ideas and references.This paper is divided into six chapters.The first chapter is the introduction about the background and significance of the research.The second is the theoretical basis and literature review.The related literature and theoretical basis are explained and combed.Chapter 3 introduces The overview of the stock return to the A-share market will pave the way for the post.The main parts of the article in Chapter 4 and Chapter 5 introduce and analyze the case of Wu Xi Pharma Tech's return to A shares.Wu Xi Pharma Tech delisted from privatization in April 2015 for the purpose of concentrating equity,improving valuation,adjusting strategy and favorable policies.It was successfully delisted in December 2015.In the choice of the return path,Wu Xi Pharma Tech adopted a subsidiary and a fullpharmaceutical listing of the New Third Board,the divestiture of the macromolecular bio-pharmaceutical business for the listing of Yaoming Bio in Hong Kong stocks and the main drug Mingkang in the A-share motherboard IPO The spin-off business model is listed,with the advantages of time selection,strategic choice and strategic execution.At the same time,there are risks at different stages such as large capital demand,litigation possibility,and industry environment change.Finally,data from market reaction and finance In terms of performance and strategic adjustment,it analyzes the beneficial effects of privatization delisting and returning to the A-share market on Wu Xi Pharma Tech in the context of the new economy.The sixth chapter is the conclusions and suggestions,and the corresponding enlightenment and suggestions are put forward from the three levels of the listed companies,the regulatory layer and the investors,reflecting the final research value of the article.The innovation of this paper is to choose Wu Xi Pharma Tech as a research case with novel and typical.In the context of the opening of the Unicorn Channel at the regulatory level,Wu Xi Pharma Tech quickly passed the meeting in May 2018,becoming the first Chinese company to return to the A-share main board market in the form of IPO.The case is time-sensitive and representative.Wu Xi Pharma Tech has adopted a new model of "one-three-break-off" spin-off business listing,and studies the equity structure setting and listing model in the return path,which has extremely high research value.In addition,the current domestic stocks returning to the A-share market are mostly Internet and media industries.Wu Xi Pharma Tech is a typical unicorn enterprise with a market value of over 10 billion in the bio-pharmaceutical industry.It analyzes its privatization delisting and its The advantages and risks of return can provide reference for similar enterprises.The shortcoming of this paper is that the data analysis is not deep enough,there is no empirical analysis and data testing to form a deeper data mining,and the persuasiveness is insufficient.Since the drug is just listed in May 2018,the new annual report has not been disclosed.For the long-term verification of the performance of its IPO after listing. |
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