Study On The Path And Effectiveness Of Ming Yang Intelligence’s Return To A-share

At the beginning of the 21 st century,with the rapid growth of China’s economy and the rise of emerging industries,many companies in Chinese Mainland are facing severe financing needs while rapidly expanding their business.In the process of growth,companies will choose to list in the capital market for financing or expanding their influence.Due to the difficulty of listing in the domestic capital market and the long waiting time for approval,some Chinese companies eager to go public may choose to list in relatively easy overseas capital markets,and their stocks are referred to as Chinese concept stocks.However,in recent years,due to the economic downturn,many Chinese concept stocks have been short sold,and with the introduction of policies in China to encourage the return of Chinese concept stocks to the market,more and more Chinese concept stocks have announced privatization and delisting,and plan to return to the domestic A-share market for listing.The phenomenon of returning to the domestic market after delisting overseas has received widespread attention from both domestic and foreign academic circles.However,due to the short period of the rise of the return wave,the analysis of the reasons,paths,and effects of the return behavior is still incomplete.At the same time,the return of Chinese concept stocks has also brought some impacts to China’s capital market.For example,"shell speculation" occurs from time to time,and overvalued foam pervade China’s capital market.In response,relevant parties have also released a series of documents to regulate the return of concept stocks in China.However,the return of China’s capital market has only just begun,and whether it is worth it,how to do it,and what kind of impact it will have are still urgent issues to be solved on the path of China concept stocks returning home.In the early stages,most Chinese concept stocks chose backdoor or asset mergers and acquisitions,while relatively few chose IPOs or spin off listings.In January 2019,the IPO of Mingyang Intelligent,which was once listed on the New York Stock Exchange,returned to the A-share market,attracting high attention from the market and providing us with a good opportunity to explore the return of Chinese concept stocks.Therefore,this article takes the IPO of Mingyang Intelligent as the starting point,and based on cost-benefit theory,analyzes the return drivers of the company’s IPO from both political and economic perspectives.Based on the drivers,it explores why Mingyang Intelligent chose to return to the domestic capital market through IPO,and comprehensively evaluates the effectiveness of the company’s listing from multiple perspectives such as the company itself,other Chinese concept stocks,and domestic peers.Finally,draw conclusions and provide insights from the perspectives of Chinese concept stocks,investors,industry competitors,and regulators,enriching the relevant content of the return of Chinese concept stocks.It can also provide valuable reference experience for other Chinese concept stocks on the path of returning to China,in order to promote the healthy development of China’s capital market.This study found that the motivation for the return of Mingyang Intelligence can be summarized from a political perspective as the advantages of domestic return policies and industry policies;From an economic perspective,the differences in valuation and the cost of maintaining a listing on Meigao are important factors driving its return;Through the study of the choice of regression path,we can see that Mingyang Intelligence made a rational decision after comprehensive consideration of its regression motivation and its own conditions;With the return of Chinese concept stocks,Mingyang Intelligent has not only made significant improvements in the market,finance,and operations,but also has a positive impact on other Chinese concept stocks and A-share wind power industry competitors.In addition,from the perspective of policy evaluation,according to the current policies on the return of Chinese concept stocks,it can help them return in a healthy and feasible way,and also inject new vitality into China’s capital market.At the same time,through the analysis of Mingyang Intelligent’s return to A-shares,we found that there is a dynamic interaction between the return process of Chinese concept shares and the regulation of China’s capital market.Under this interaction,the relevant systems are gradually improving.