Research On The Path And Effect Of WuXi AppTec's Return To The Domestic Capital Market

With the development of the global economy,some enterprises are no longer satisfied with the level of financing in the domestic capital market,so many enterprises,especially emerging industries,choose to list abroad.The shares of these Chinese enterprises listed in overseas capital markets are known as Chinese stocks.However,due to various factors,such as the short selling crisis of Chinese stocks and differences in corporate culture,many investors are unable to recognize the business model of Chinese stocks and the business philosophy of Chinese stocks.As a result,the market value of Chinese stocks is undervalued,the business development of Chinese stocks is affected,and the financing capacity is limited.As a result,Chinese stocks are withdrawn from the market and the domestic capital market has also begun to study and analyze the phenomenon of Chinese stocks returning.For Chinese stock companies,they can choose a variety of paths during the return process.Many factors will affect the return process.Chinese stock companies need to choose the appropriate return path.Therefore,it is of practical significance to study and analyze the cases of Chinese stock return path.This article uses the research method of combining theoretical analysis and case analysis to explain the return of Chinese stocks.It chooses WuXi AppTec as the as the sample to study and elaborates its return path of "split +IPO".It analyzes the return motivation,path selection and return effect of enterprises from three angles.This paper consists of five parts.The first part mainly elaborates the research contents,sorts out the research ideas and constructs the research framework of this paper.The second part is the theoretical basis and literature review.It studies the application of the theoretical basis such as information asymmetry theory and principal-agent theory.Then it summarizes and combs the domestic and foreign literature on the motivation and path of overseas listing,privatization delisting,and the return of Chinese stocks,laying the theoretical foundation for the case analysis part of this article.The third part introduces the basic situation of the research object,and then expounds the process of it's return to the domestic capital market based on the time node,thus deepening the understanding of the return path of the case enterprise.The fourth part is the case analysis,which analyzes the reasons why the case enterprises return to the domestic capital market,and compares the advantages and disadvantages of the three return paths of backdoor listing,IPO overall listing and split listing.when analyzing the path of "split +IPO" selected by the case enterprises,it is carried out from three aspects,namely,regulatory policy,financing demand and equity structure.through analyzing its advantages,it then analyzes the effect of WuXi AppTec's return to the domestic capital market from three aspects of market response,financial performance and corporate governance.The fifth part is the conclusion and enlightenment.According to the analysis of the case study,it is concluded that the difference in valuation between China and foreign countries is the main reason for the return of WuXi AppTec.WuXi AppTec's "split +IPO" return is the right choice at the right time and WuXi AppTec's return to the domestic capital market is the right choice.It also provides reference for Chinese stock companies,market regulators and investors in the capital market who have the intention to return.