The Research On SPAC Listing Mode Under The Background Of Return Of China Concept Stock

In recent years,China concept stocks have been undervalued and high operating costs in the US stock market.Meanwhile,under the background of the escalating political game between China and the US,the US regulation has become increasingly strict.In 2020,the introduction of the US Foreign Accountability Act made a large number of Chinese companies face the risk of delisting from the US stock market,leading to the urgent need for Chinese companies to find a quick way back.As the fastest listed SPAC mode in 2022 in Hong Kong Stock Exchange official operation,for the return of China concept stock provides a new development path and more rapid,flexible scheme.In this context,this paper adopts the method of theoretical analysis and case verification to explore the role and advantages of SPAC listing model in the process of Chinese concept stock regression,aiming to verify the feasibility and advantages of the combination model of "Dual Listing +SPAC",so as to provide the basic rationale and practical cases for the rapid regression of Chinese concept stock.This study is logically oriented to raise,analyze and solve problems.First of all,the core research question of this paper is put forward by combing the literature related to Chinese concept stock regression and SPAC listing mode.Based on the system background and reality of China concept stock,combined with national policies,market data,financial data and non-financial data,the process,motivation and path of China concept stock regression are sorted out and analyzed,and the basic path of China concept stock regression is concluded.Combined with the SPAC listing mode,"Privatization +SPAC" mode and "Dual Listing +SPAC" mode are proposed,which lays a theoretical foundation for the case analysis in the following paper.Finally,the paper analyzes the practical case of IMAB successfully launching SPAC in Hong Kong stock market.Based on the current situation of IMAB company,from the motivation analysis,after comparing SPAC listing modes in multiple regions,the application and advantages of Hong Kong stock market SPAC in IMAB regression were deeply explored,and the development of IMAB regression trend was studied and evaluated.The regression path tendency of IMAB was "Dual Listing +SPAC" mode,and the following conclusions were drawn: First,the main reasons for China Concept stock’s return include undervalued stock prices,high overseas operating costs,severe market environment in the United States and stable improvement in the Chinese market.Second,the SPAC listing model provides a new idea for the multilevel construction of the capital market,and shows its unique advantages under the background of the return of Chinese concept stocks.Third,the reasons for IMAB to choose the "Dual Listing +SPAC" listing mode regression mainly include four aspects:the regression trend of Chinese concept stocks,financing needs,market value management and dual-pipeline business model.Therefore,the "Dual Listing +SPAC" model can provide a regression path with short listing time,strong flexibility,low cost and high financing success rate for IMAB,and provide reference standards for its subsequent return to the domestic stock market.