Research On The Motivation And Path Selection Of The Return Of Chinese Concept Stocks

As the trade war between the United States and China intensifies,U.S.stock regulation becomes increasingly politicized,and foreign short sellers attack Chinese companies,the situation for Chinese companies is increasingly difficult.More and more Chinese concept stocks choose to return to the domestic capital market,and set off round after round of return boom,then the deep motivation of the return of Chinese concept stocks is worth studying.With the deepening reform and maturity of China’s capital market,the path of innovative return also emerges at the historic moment.Under the traditional return path of Chinese concept shares,the main way of early return of Chinese concept shares is to complete privatization and delisting abroad first,and to go public through backdoor listing or re-IPO in China.However,as the traditional way of return,either backdoor listing or re-IPO are faced with huge time cost and risk factors,resulting in many Chinese concept stock companies in overseas markets have not been able to successfully return to the domestic market.Domestic capital market has been carrying out reform and innovation,has been able to better undertake the return of Chinese concept stocks demand.Hong Kong stock market can accept dual main listing,as the first place to undertake the return of Chinese concept stocks;The A-share market has also launched innovative ways or sectors such as depositary receipts,science and technology innovation board and growth enterprise Board.Among them,the science and Innovation board is the pilot plate of the registration system,which also provides support for the listing demand of enterprises that have not yet made profits and have special shareholding structure.Through the innovative regression path,China Concept shares can be listed in the domestic market without overseas privatization delisting,which not only avoids the legal risks of overseas delisting,but also greatly improves the time efficiency,and finally realizes the multi-channel financing of China Concept shares.Under the dual effect of unfavorable factors in overseas market and favorable conditions in domestic market,more and more Chinese concept stock enterprises return to A shares or Hong Kong shares,and the choice of return path is very important for Chinese concept stock.This paper selects Beigene as a case study,analyzes the regression mode of innovative forms and evaluates the effect of regression by analyzing the motivation and path of the two regressions of Beigene,and draws the following conclusions: First of all,the return of Chinese concept stock enterprises is in line with their long-term strategic development needs.The instability of overseas markets and the fluctuation of financing efficiency make enterprises consider returning to the domestic market.Secondly,whether from the perspective of the maturing of domestic capital market or the efficiency of fund allocation of Chinese concept stock enterprises,multi-place listing is the most consistent with the regression mode of Chinese concept stock enterprises,and has become the primary choice of Chinese concept stock return at present.