Case Analysis Of Overseas Listing Of Qudian Inc.

With the deepening of the globalization of capital market,overseas listing has gradually become an important channel for enterprises to achieve financing.The history of overseas listing of Chinese enterprises can be traced back to the early 1990 s.In July 1993,Qingdao beer,Shanghai Petrochemical and other enterprises successfully landed in the overseas capital market,which opened the prelude of overseas listing of Chinese enterprises.In the following 20 years,Chinese enterprises have set off a wave of overseas listing again and again.On December 18,2015,Yirendai Ltd.successfully landed on the New York Stock Exchange of the United States,becoming the first Internet financial enterprise in China to successfully realize overseas listing,setting off an upsurge of overseas listing of Internet financial enterprises in China.Following the Yirendai Ltd.,China Rapid Finance Limited was listed on the New York Stock Exchange on April 28,2017.After that,Qudian Inc.successfully landed on the New York Stock Exchange on October 18 of the same year.After the overseas listing of Qudian Inc.,five more Internet financial enterprises have successfully listed overseas in 2017,and 10 Internet financial enterprises have successfully landed in the overseas capital market in 2018.In addition,in 2018,five other Internet financial enterprises have submitted prospectus and are waiting in line for listing.It can be seen that in recent years,it has become a trend for Chinese Internet financial enterprises to choose overseas listing.As one of the first three Internet financial enterprises that have successfully landed in the overseas capital market in China,Qudian Inc.is the only one among the three enterprises whose stock price has risen sharply on the first day of listing.Since then,the stock price of Qudian Inc.has declined all the way and the market value has shrunk nearly 60%.Therefore,the analysis of the case of Qudian Inc.'s overseas listing is of great significance for other Internet financial enterprises in China.Based on the analysis of the motivation of overseas listing,the mode of overseas listing,the reason of choosing this mode for overseas listing and the effect of overseas listing,this paper concludes the enlightenment for other Internet financial enterprises in China who want to go overseas listing and the policy suggestions for Chinese government departments.Through the case study of overseas listing of Qudian Inc.,we can see that after the overseas listing of Qudian Inc.,its stock price has experienced a short period of rise,and then its stock price began to fall all the way.This paper analyzes the reasons for the sharp rise of the stock price of Qudian Inc.on the first day of listing and the subsequent decline of the stock price,and analyzes the changes in the financial situation of Qudian Inc.after its overseas listing from three aspects of solvency,growth ability and profitability,so as to draw a conclusion from the preparation before listing and the operation and development after listing.Meanwhile,from the two aspects of improving the policies related to VIE mode and establishing and improving the supporting policies for overseas listing of enterprises,the paper concludes the policy suggestions for the government departments in improving the policies and regulations for overseas listing of enterprises.