| With the rapid development of digital economy,E-sports has been diffusely concerned around the world,and it has rised to become another big industry affecting the world,However,compared with the existing circumstances of the global e-sports industry in the ascendant,there are few E-sports enterprises listed in the world.Now the world’s first listed e-sports club Astralis group successfully listed on the Nasdaq Copenhagen market On its first day of listing,the market performance of Astralis group E-sports club was poor-the closing price fell below the issue price,which attracted investors’ attention.Astralis group as the first e-sports club to be listed successfully,it explores a new development path for the e-sports industry and becomes a model in the e-sports industry.However,its first day of IPO breaking,affecting investors’ confidence in the development of e-sports industry and hindering the development of E-sports.In theory,The theoretical results of studying the factors of stock breaking from various angles have been quite rich.The research on e-sports industry is still in a relatively preliminary stage,and the research mainly focuses on the business model.From the existing literature,the research on E-sports enterprise IPO breaking is still less,therefore,in the era of digital economy,it is of great significance to study the causes for stock breaking of E-sports clubs.In order to to study the causes for the IPO breaking of Astralis group E-sports club.Firstly,this paper reviews the literature of e-sports and IPO underpricing,Clear the theoretical basis of this paper.Secondly,it introduces the listing conditions,process,pricing mechanism and listing situation of Nasdaq First North Growth Market,and analyzes the development status of global e-sports and the current status of e-sports investment and financing.Then,understand the basic situation and operation mode of Astralis group E-sports club.On this basis,we deeply analyze the motivation of E-sports Club listing,and sort out Astralis group listing process and market performance.Then,according to the theories of intrinsic value,investor sentiment,information transmission and market climate,the paper compares Astralis group with Guild Esports,the second listed E-sports club in the world,from five aspects: financial status,stock market maturity,IPO pricing,market climate and investor sentiment,It is found that the difficult valuation of E-sports club,market atmosphere and investor sentiment are not the important reasons for IPO breaking of the listing of Astralis group E-sports club.The pricing mechanism of the Nasdaq First North Growth Market and the immaturity of the market are the important reasons for the IPO breaking of the first day of the listing of Astralis group E-sports club.Finally,in view of the reasons for the first day breaking of Astralis group E-sports club,this paper puts forward some suggestions.From the perspective of e-sports companies,strengthen IPO information disclosure and improve the quality of information disclosure;on the basis of drawing lessons from traditional sports club valuation models,seek scientific and reasonable valuation and pricing methods;attach importance to social recognition of e-sports companies,and continuously improve society’s prejudice against e-sports companies.From the government level,improve the regulatory system and strengthen market supervision;Promoting the marketization of issue pricing. |
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