A Study On The Path And Economic Consequences Of H Stock Market’s Return To A Stock Market

Since the 1990 s,due to the development of the market economy system,the demand of Chinese enterprises for capital market has increased,and the domestic securities market has formed and developed rapidly,however,due to the relative lack of a multi-level capital market and the relatively high issuance threshold in China,some enterprises with huge development potential that do not meet the requirements for a-share issuance have started to go to Hong Kong to list for financing,investors call these traded shares,which are registered in the mainland but listed in Hong Kong,H shares.However,due to the limited investment scope of foreign companies in Hong Kong,low market valuation and other factors,H-share companies in recent years there has been a return to scale.At present,domestic and foreign scholars research on capital market mainly focuses on the reasons,risks and consequences of delisting and going public.The research on the conversion of the listed market in the process of enterprise development is not comprehensive,and now the research is mostly focused on the research of the mid-stock regression,the h-stock regression a-stock research is less.In order to promote H-share companies to take a rational view on the phenomenon of delisting and returning to the domestic market,this paper studies the economic consequences of H-share companies returning to the domestic capital market through a case study.In this paper,combining the theoretical analysis and case study,based on both at home and abroad have done A large number of research,to H shares listed company rossing domestic pharmaceutical industry after delisting successful backdoor east holdings and return to A shares,for example,according to the current of the return of Hong Kong’s stock market on the present situation,the history background,the company’s own conditions about rossing pharmaceutical regression motives and its return process has carried on the detailed summary,It also analyzes the causes of its successful return to A shares,and analyzes the choice of the path and specific strategies of its privatization return to A shares.On this basis,from the market reflection,financing objectives,financial performance,business risk four aspects to analyze the economic consequences of The return of Luo Xin pharmaceutical to the A-share capital market.And the economic consequences are divided into positive impact and negative impact two aspects of the summary,highlighting the problem oriented.Then,based on the essence of the case of return to A-share,it puts forward measures to solve the existing problems of the case company,and puts forward suggestions to external regulatory agencies and other H-share enterprises pre-return to A-share.Through the study,it is found that the return motive of the case of Luo Xin Pharmaceutical successfully returning through backdoor Dong Audio After privatization and delisting can be roughly summarized as the unsatisfactory financing environment in Hong Kong,the failure of board conversion,the low valuation of Hong Kong stocks,and the orientation of industry policies.In terms of the analysis of economic consequences,the return of H shares to the domestic market can promote the perfection of the capital market system,realize the successful strategic transformation,the improvement of valuation level and the improvement of decision-making efficiency.But it also aggravates the financial crisis of the company,and there are problems such as high cost of stock buyback and poor operation effect.Finally,relevant conclusions are drawn based on the research content of this paper,and the case analysis of Roxin Pharmaceutical’s return to A-share market is summarized,providing reference for other H-share companies’ quasi-return behavior.