The Motivation Analysis And Effect Evaluation Of HX.Inc Listing In USA

With the development of economic globalization towards a more open and win-win direction,overseas listing has increasingly become an important way for China’s Internet financial enterprises to achieve financing.Due to the relatively strict listing standards in the domestic capital market,the Internet financial enterprises at this stage are relatively late in establishment and relatively weak in profitability,which is difficult to meet the entry threshold for China’s stock market.Overseas listing or backdoor listing of the new H-board has become the main way to realize listing and financing.On December 18,2015,YRD successfully knocked on the New York Stock Exchange and became the first P2 P online loan platform listed in the United States.This has made it a pioneer in the hot red sea of China’s internet finance,and has also increased the confidence of other unlisted internet finance enterprises in overseas listing,making overseas listing an industry trend.On November 3,2017,China’s internet finance company HX officially landed in the United States,becoming the first internet finance company listed on Nasdaq.In April of the same year,China Banking Regulatory Commission issued a document requesting that the " cash loan" business activities be cleaned up and rectified,and a thorough investigation began to be carried out everywhere.Compared with the previous YRD company’s hot listing of Chinese stocks and the looser regulatory environment,overseas listing is even more icing on the cake.HX Company is confronted with the dilemma of the rapid cooling of the industry.It is looking forward to offering timely help to the public and injecting new vitality into the company’s development.In view of this,this paper chooses HX Company as the case study object,and on the basis of expounding the motivation theory and listing process of overseas listing of enterprises,makes a comprehensive and in-depth analysis of the cases of HX Company listing in the United States,with a view to providing reference and experience for Chinese enterprises to be listed overseas.This paper is divided into five parts: The first part is the introduction.Starting from the background of the topic selection,it elaborates the research content,research ideas and methods,research significance and main innovations of the topic selection.At the same time,it introduces the domestic and foreign research results related to the topic selection in recent years.The second part is an overview of overseas listing theory,which mainly introduces the implementation motivation theory of overseas listing and related theories of effect evaluation.The third part,HX listed in the United States case analysis.This paper sorts out the specific path and transaction process of its overseas listing,and summarizes the characteristics of the mode of internet finance companies’ overseas listing.Finally,the case is analyzed,which mainly includes the motivation analysis of HX company’s overseas listing behavior,the market response and financial performance analysis after listing,and the impact analysis of listing behavior on corporate governance and internal control based on the conclusions of the first and second parts.Part IV: Evaluation of the listing effect of Internet financialcompanies,starting with the financing effect,profitability,market development,technological innovation and other aspects,the evaluation index system of overseas listing effect is constructed,and the analysis and evaluation are made on the realization effect of the listing purpose of sample companies.The fifth part,research conclusions and policy recommendations,summarizes the successful experience and shortcomings of HX overseas listing,points out the deficiencies in the research,and prospects the research prospects.