| Since reform and opening,with the rapid development of our economy,many new industries emerge as the times require.In order to promote the development of emerging industries,China’s capital market has undergone many reforms in recent years,with financial deregulation and the promulgation of a number of policies to make the market more open.At the same time,the U.S.market regulatory environment has become more stringent.Under the guidance of changing market conditions and policies,many Chinese companies previously listed in the United States choose domestic dual listing to avoid market risks,broaden financing channels and expand corporate influence.In recent years,the Hong Kong Stock exchange has carried out many favorable reform of Chinese companies listed in Hong Kong,helping many companies listed in Hong Kong successfully.When the Hong Kong Stock Exchange’s listing rules came into effect in April 2018,many Chinese companies opted to list on the Hong Kong Stock Exchange.The Foreign Companies Accountability Act was signed into federal law in December 2020,and the external environment for Chinese companies is getting worse.Meanwhile,in November 2021,HKEX further reformed the corporate listing system and lowered the threshold of dual listing.More and more Chinese concept stocks chose dual listing on HKEX to raise more external funds,diversify market risks and improve corporate performance.Therefore,it is of practical significance to analyze the motivation and effect of dual listing.This paper chooses Xiao Peng Automobile as the case object to study,on the one hand,because Xiao Peng Automobile belongs to the emerging industry--new energy automobile industry,is one of the new power of domestic car manufacturing enterprises,many new energy automobile enterprises also take dual listing as their own development strategic layout;On the other hand,Xiao Peng Motor is the first Chinese concept stock directly listed on the Hong Kong Stock Exchange in the past four years,which has certain reference significance.Taking Xiao Peng Automobile as a case study,this paper uses literature research method,case study method and event study method to analyze the process,motivation and subsequent effects of dual listing of enterprises and in-depth analysis of the reasons for the results,so as to explore how to diversify market risks,expand financing channels and improve business performance through dual listing.This paper is divided into six parts.The first part introduces the research background and significance,literature review,research ideas and methods as well as the basic framework of the paper.Among them,the literature review is carried out from the motivation,listing place and effect of dual listing.The second part describes the related concepts.The concept and theoretical basis of dual listing include the meaning,motivation,effect evaluation method and the introduction of the theoretical basis of dual listing.The third part briefly introduces the development of the new energy automobile industry at home and abroad,the general situation of Xiao Peng Automobile and the specific process of dual listing.The fourth part analyzes the reasons for Xiao Peng Automobile to list in New York Stock Exchange and Hong Kong Stock exchange respectively,mainly from the perspectives of financing,market risk diversification,enterprise development,etc.The fifth part mainly studies the effect of the dual listing of Xiao Peng Automobile and analyzes the reasons for the effect.The effect is analyzed from three aspects: market response,financial index and non-financial index.Among them,the market reaction uses the event study method to analyze the influence of the dual listing of Xiao Peng Automobile on the two capital markets of the US stock market and Chinese Hong Kong stock market and finds that it has a positive effect.A detailed analysis of the financial indicators from the four abilities found that the operation ability,profitability,development and solvency of Xiao Peng Automobile have been improved to a certain extent after the dual listing.The non-financial indicators are analyzed from the market share,core competitiveness and enterprise strategy three aspects.It is found that after dual listing,Xiao Peng Automobile has got good results in these three aspects.Then through the analysis of Xiao Peng Automobile results found that Xiao Peng mainly implemented the equity incentive,strengthen the internal management of the enterprise and vigorously build supporting facilities to achieve good results.The sixth part is the conclusion and enlightenment to the full text.It can be seen from the analysis of the full text that the dual listing of Xiao Peng Automobile alleviates the capital pressure and is supported by investors in both places;To a certain extent,it improves the financial performance of enterprises,increases the market share of enterprises,and promotes the technological research and development and long-term development of enterprises.In addition,through the case of the dual listing of Xiao Peng Automobile,the following three lessons are summarized: First,enterprises should always pay attention to the international and capital market policy changes;Second,enterprises should choose dual listing rationally according to their specific conditions;Third,enterprises after dual listing need to strengthen the internal management in time to consolidate the long-term effect. |
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