Research On The Path Choice Of Chinese Concept Shares Returning To A Share Market

A Chinese concept share's company refers to a private enterprise or individual company registered and listed overseas,with controlling shareholders or actual controllers directly or indirectly affiliated to mainland China.In recent years,the return of Chinese concept share's companies to the A-share market has become one of the hot spots in the capital market.As a representative of emerging industries,Chinese concept share's companies have independent intellectual property rights and core technologies,strong innovation capability and advanced operation mode.Because different return paths have different advantages and limitations,the first problem faced by Chinese concept share's companies returning to the domestic capital market is which path to choose.On the basis of combing the domestic and foreign literatures,this paper firstly analyzes and compares the advantages and disadvantages of four ways for Chinese concept share's companies to return to the domestic capital market: backdoor listing,IPO listing,curve listing and CDR listing.Secondly,it takes WuXi AppTec's "one split and three returns" to the domestic capital market as an example to analyze and summarize from the aspects of return motivation,risk aversion and path selection.Finally,it puts forward some countermeasures and suggestions to help Chinese concept share's companies return to the domestic capital market from the perspectives of enterprises and regulators.