Under The New Situation,Chinese Concept Stocks Regression Listing Path Selection Research

The 19 th big meeting,the chairman xi put forward our country has entered a new era of China's economy is in the midst of the old and the new kinetic energy conversion period,the urgent need for new technology and new industry new formats(hereinafter referred to as the four new)economic support,technologydriven business model change instead of low-cost labor and export-led become the new driving force for the future of China's economic development.Therefore,in the capital market,the CSRC Shanghai stock exchange and shenzhen stock exchange and other relevant competent departments have expressed that they will strongly support the listing of four new companies,and the Chinese concept stocks represented by four new companies are the top priority.In this context,the return of Chinese concept stocks will face a new situation: first,the new situation of domestic policies.In the past,the government was cautious about the return of Chinese concept stocks,and no actual policies were introduced.However,in 2018,more policies were introduced to support the return of Chinese concept stocks.Second,polarization is stock return in the future will appear in,although the official support of generalized regression,but at the same time,the official also endorsed is back,four new enterprise therefore represent the future development direction of new economy in line with the state,in the industry to become the unicorn enterprise will get the green channel in domestic market,to accelerate the return to three with the constant improvement of policies and regulations of relaxed,may return the emergence of a new path to the future instead of the previous traditional return path,it will shorten the time of return and reduce the risk of the enterprise is the new normal In the past,as new economy enterprises were new things,the regulatory system and laws and regulations were in a blank state.However,with the gradual understanding of new economy enterprises and the accumulation of experience,the regulatory system and relevant laws and regulations would be introduced one after another,and the regulation of new economy enterprises would become the new normal.In this context,Qihoo 360 and Wu Xi App Tec,representatives of the four new economies in Chinese concept stocks,were the first to make a successful comeback in 2018.However,Qihoo 360 and Wu Xi App Tec chose a completely different path suitable for themselves according to the actual situation.Qihoo 360,as a Chinese concept stock company with a return scale of nearly $10 billion,and the particularity of network security in the industry,chose the traditional Chinese concept stock return path,namely privatization--dismantling VIE structure--backdoor listing.But this path leads to a long time,and the return of the huge cost and Wu Xi App Tec according to oneself circumstance,grasp the opportunity to take policy changes of the innovative way of return path,namely the privatization after break up first,then back to the way of the domestic IPO,which avoids the return of the high cost,but there is no perfect path selection,Wu Xi App Tec while avoiding the high costs,choosing the way of discount to the IPO but did not complete the company's fundraising goal.Chinese concept stock enterprises should choose a suitable path to complete the target of regression according to their own situation and the change of external environment.In this paper,combining with the latest policy direction and trends of the country,and according to the actual situation of Chinese concept stocks' path selection,the factors affecting the path selection of Chinese concept stocks are put forward,and the regression of Chinese concept stocks is analyzed from another perspective,which provides a new perspective in theory.In this way,it answers why Chinese concept stocks return to Chinese concept stocks under the new situation.Under the influence of the policy timing,the path innovation has the advantages and disadvantages of the existing path and is suitable for the situation of the company.It hopes to provide some references for the Chinese concept stocks that are going to return to China in the future and relevant aspects...