| The return of China capital stock has always been the focus of the capital market In the first place,the immaturity of the domestic capital market and the imperfection of the system forced the early enterprises to choose the overseas capital market for listing and financing.The return is mainly due to the inadequate understanding and acceptance of Chinese enterprises in the overseas capital market.China capital stock is often encountered overseas Various adverse situations,such as malicious attack,valuation deviation,strict supervision and other factors.In addition,the domestic market has been improved in recent years,and the policy environment has been gradually relaxed,which has formed the return trend of China equity market.However,according to the past experience,the return of China capital stock often needs to go through privatization and then return to A-share listing,which is a very cumbersome and time-consuming process,with certain risks.On November 26,2019,Alibaba group landed on the Hong Kong Stock Exchange in the form of second listing,and became the "king of shares" of the Hong Kong stock exchange.It also created the first Internet medium-sized enterprises to return to the Hong Kong Stock Exchange in the form of second listing,which provided a new return idea for the majority of medium-sized enterprises.This paper also takes Alibaba's second listing return case as the research object,trying to understand and analyze the experience that is worth learning and imitating,in order to provide reference for the following return of China equity companiesFirstly,the article introduces the basic situation of Alibaba group and combs the whole process of regression,and briefly explains some important concepts and relevant information necessary for understanding the article.Secondly,this paper analyzes the whole case from four perspectives:return motivation,path choice,return impact and potential risk.In terms of motivation,it points out that Alibaba's return to Hong Kong stock exchange is mainly due to the increase of information disclosure risk caused by the strict supervision of the US stock market,the search for better liquidity and valuation advantages in the mainland market,and the satisfaction of its own global strategic development needs In terms of path selection,it is pointed out that the choice of Hong Kong stock exchange is due to the direct impact of institutional change and the consideration of higher maturity of Hong Kong stock exchange.The choice of second listing is the scheme with the lowest cost compared with other forms.The purpose of splitting ADR is to reduce the difficulty of financing,so that more investors can participate in it In terms of return impact,on the one hand,Alibaba's return mode enhances the attractiveness of Hong Kong stocks to listed companies and investors,on the other hand,it successfully disperses the single market risk for Alibaba group;on the other hand,in terms of potential risk,it points out that Alibaba Group's return will bring the difficulty of market value management for the follow-up stock price linkage between China and the United States,and to a certain extent It weakens the vital interests of small and medium-sized investors.At the end of the paper,the author gives the enlightenment and suggestions of case study from the perspective of the choice of return location,the policy-making of regulators and the balance of interests,hoping to contribute a little to the historical topic of the return of China equity market. |
PDF Full Text Request