Study On The Motivations,paths And Economic Consequences Of Chinese Concept Stocks Returning To A-share By IPO

Through literature analysis and relevant case studies,this paper sorts out the regression path of Chinese concept stocks "overseas listing--privatization and delisting--return to A shares".In the early stage of the development of China’s capital market,compared with the overseas capital market,the valuation is not high,and the listing threshold is strict,the cycle is long and the cost is high.However,the registration system represented by the American capital market is more efficient,so a number of domestic innovative enterprises choose to go to overseas listing.Subsequently,due to the development of the domestic capital market,the valuation of Chinese concept stocks in the domestic market is higher than that in the overseas capital market.In addition,the short selling trend of Chinese concept stocks in the US stock market leads to the crisis of trust in Chinese concept stocks,and the overall market value remains depressed.Chinese concept stocks have been privatized and seek to return to the A share market.In order to achieve A faster return to A shares,backdoor listing is often adopted by Chinese concept stocks.However,backdoor listing also causes adverse effects such as "shell resources" speculation.Subsequently,the policy of backdoor listing is tightened,and the partially privatized Chinese concept stocks are caught in A dilemma.With the economic transformation and upgrading,domestic listing policies began to favor new economy enterprises.As A member of the new economy and Chinese concept stocks,Wu Xi App Tec seized the policy window of embracing new economy unicorns in China,and finally returned to A shares in the form of IPO through the layout of "one for three".Firstly,this paper analyzes the motivation of Wu Xi App Tec privatization and delisting as well as the choice of IPO to return to A shares,and finds that factors such as increasing market value,avoiding the merger wave of overseas industry giants and not being favored by overseas investors in its strategic layout promote its privatization to return.The policy tightening to backdoor listing and the policy tilting to the pharmaceutical industry are the reasons for its return in the form of IPO.Then the regression path is studied and it is found that the innovative capital operation of "one split three" provides support for Wu Xi App Tec to finally realize the IPO listing of ashares.Finally,the paper discusses the economic consequences of Wu Xi App Tec IPO’s return to a-share market,and finds that in terms of the impact of capital market,Wu Xi App Tec has established A multi-level capital market financing system at the group level after the return of enterprise value and financing ability.From the perspective of the influence of business efficiency,the financial performance of Wu Xi App Tec has been improved,the increasing ability and intellectual capital to enhance market share and ownership concentration can better display strategy to ascend.Finally,this article combines the latest CDR policy and the launch of the science and technology board,and put forward suggestions from the perspective of the China concept stocks and the regulators.Firstly,Chinese concept stock companies should rationally choose the regression mode according to their own operating characteristics and market environment.Secondly,improve delisting system,strengthen the supervision and regulation;Finally,establish and improve the multi-level capital market financing system.