| In the early stage,China’s capital market system is not perfect and the listing requirements are high,so many enterprises went to Hong Kong and the United States capital market listing.However,since 2012,tremendous changes have taken place in domestic and foreign capital markets,and the current situation of H shares and Chinese concept stocks is not optimistic.Meanwhile,with the weak economic growth in Hong Kong and the trade sanctions imposed by the United States,the local capital market has been increasingly unable to meet the financing needs of listed companies and expand their influence.At the same time,the domestic capital market environment continues to improve,the country continues to release the signal of capital marketization,policy tilt,especially high-tech enterprises,has been very high valuation.Therefore,many H shares,Chinese concept shares,especially high-tech enterprises have delisted from Hong Kong and the United States and returned to China A share market.This paper takes The privatization and delisting of Luo Xin Pharmaceutical from Hong Kong and the return of the backdoor Dong Yin shares to the domestic capital market as the research object.Firstly,it introduces the research background and significance of Luo Xin’s backdoor listing,summarizes the theories and views related to backdoor listing in China,further expounds the research content and methods of this paper,and obtains the framework of this paper.Secondly,it introduces the concepts,theories,modes and performance evaluation methods of backdoor listing,which lays a theoretical foundation for the study of this paper.Then it introduces the background of Luo Xin pharmaceutical’s return,the background of shell buyer and seller and the transaction motivation,the overview of the backdoor transaction process and the company profile after backdoor.Then,the market performance and financial performance of the company before and after the backdoor(2016-2021)are empirically analyzed by event analysis method,financial index analysis method and EVA analysis method.Finally,according to the above analysis,it is concluded that the backdoor listing of Luo Xin Pharmaceutical really improves the short-term market performance and financial performance of the enterprise,and puts forward some suggestions for the backdoor listed companies,investors and regulators. |
