Research On The Path Choice And Performance Of The Return Of Chinese Concept Shares

With the increasingly strict regulation of Chinese concept shares in overseas capital markets,a large number of high-quality Chinese concept shares frequently face short selling and pressure to delist.At the same time,the domestic capital market system is constantly improving,with increasing openness,presenting good market valuations,attracting more and more different types of Chinese concept shares enterprises to return to the domestic capital market.The existing research on the return of Chinese concept shares is mostly focused on internet companies,while there is insufficient research on the technology based companies that are currently experiencing more returns.There is still a lack of theoretical and practical guidance on how to return to the domestic capital market for technology-based enterprises with high capital investment,long capital recovery period,and high financing constraints.Therefore,this article selects the new path of Montage Technology’s return to the STAR Market,a concept stock in the chip industry,as a case study to deeply explore its return motivation and path,and measure its return performance.This paper uses literature analysis and case study methods to study the case of Montage Technology’s privatization returning to the STAR Market.Firstly,based on existing theories and research,a comprehensive analysis of the reasons for the return of privatization of Montage Technology is conducted based on the internal characteristics of the enterprise and the external environment.It is found that the internal factors include higher market valuations,financing needs,and the need for strategic adjustments.The external factors include the dividend of A-share market reform,a more relaxed regulatory environment for domestic capital markets,more favorable industrial policy support,and market demand.Secondly,analyze the return path of Montage Technology from two aspects: listing method and listing sector.From the perspective of listing method selection,research has concluded that considering policy orientation,one’s own equity structure,and financing constraints are important factors in the selection of IPO return method;The listing conditions,sector attributes,as well as the implementation conditions and scope of equity incentives for each sector are important considerations in the selection of the return sector of the Science and Technology Innovation Board.Finally,the performance of Lanqi Technology’s privatization return was measured from multiple perspectives including market performance,financial performance,and non-financial performance.The conclusion shows that the privatization of Montage Technology has significantly improved its market valuation and financial performance,achieved corporate strategic adjustments and short-term incentive requirements,but there are also some shortcomings that urgently need further improvement and improvement in product structure optimization,fund management efficiency,corporate governance effects,and other aspects.This paper provides an in-depth analysis of the return of technology based concept stocks to the STAR Market,and summarizes the reasons for the return based on the internal characteristics and external environment of the enterprise.This paper analyzes the underlying logic of return path selection from two aspects: return method and sector selection,and explores return performance from multiple perspectives.It can provide a good reference for formulating return plans,reducing return costs and risks for other technology innovation based concept stocks with return needs.