| At the early stage of the Internet wave,domestic Internet enterprises had a strong demand for financing and urgently needed to be listed to solve the problem of funds.But at that time,the A-share market adopted the approval system,and the examination and requirements of enterprises were particularly strict.Internet enterprises generally could not meet the A-share listing standard.Therefore,many high-quality Internet enterprises went to ocean to carry out overseas listing and financing.After the listing of these Internet enterprises,It is called "China Concept Stock" by investors.After a period of development abroad,financial scandals continue to break out.Foreign investors' trust in Chinese companies has been reduced,and the valuation of China Concept Stocks has been declining,even affecting the refinancing activities of enterprises.With the change of investment concept of foreign investors,the intervention of SEC,the sharp decline of stock price and the severe decline of market value of relevant Chinese stock companies,the professional short report and the intervention of SEC force Chinese stock companies to re-examine the changes of capital environment at home and abroad and make corresponding strategic adjustments.Since2014,there has been a bull market in A-share market.The performance of China Concept Stocks is obviously weaker than that of similar stocks in A-share market.Chinese stock companies feelhuge valuation differences and cultural differences between the two markets,so they choose to return to the A-share market one after another.Firstly,starting with specific cases,this paper analyses the return of 360 to A-share market.This paper studies the regression process,motivation and performance.For the third step,there are many ways,such as IPO direct listing,backdoor listing,new third board listing,CDR issuing and GEM listing.Secondly,this paper analyses the return motivation and performance of China's stock companies represented by 360.The main reasons for the return of 360 to A-share market are undervaluation,shorting institutional threat,changes in national policies and strategic adjustment.This paper summarizes the motivation into two aspects.On the one hand,cross-market arbitrage,which includes undervaluation,shorting institutional threat and strategic adjustment.On the other hand,changes in national policies.This paper evaluates the company's performance in returning to A-share market from two perspectives,one is the change of stock price in secondary market,the other is the change of financial indicators.Finally,it summarizes the commonalities of the return of stock estimate,draws general conclusions and puts forward relevant suggestions,first conclusion is that the performance of "China Concept Stock" is excellent on average,with a high premium rate.Investors in the secondary market can explore future trading and investment opportunities.The second is that the motive for the return of China stock market to A stock market is consistent with the motive for privatization.Third,the improvement of short-term financial performance does not come from the change of business environment,but through the change of ownership structure and the deletion of poor performance business,to achieve the purpose of optimizing financial indicators for re-listing.The suggestions are divided into two levels.The first level points out that the appropriate timing should be chosen for the return of China's proposed shares.The second level considers that China's proposed shares can learn from the successful case of 360 by changing the ownership structure,retaining high-quality business and improving the level of financial performance. |
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