| In the early stage,the conditions for the development of China’s capital market were not mature.Some enterprises chose to list in the overseas capital market in order to meet their financing needs.In recent years,China concept shares have been raided by overseas shorting institutions one after another,which has affected the company’s share price and operating performance.In 2018,the State Council issued a notice allowing the issuance of depositary receipts,and in 2019,the science and Innovation Board was established and the registration system was piloted.All these have brought new opportunities for the return of China concep’t shares.More and more Chinese companies choose to return to the sci-tech innovation board.So it is worth studying what kind of regression path is adopted by zhonggai shares and how the effect is after the regression.This paper selects three companies,Lanqi technology,SMIC international and No.9 com,pany,as the research objects.Through combing the relevant literature and policies at home and abroad,this paper uses the case study method to analyze the reasons why the three companies choose to return to the scientific innovation board and the applicability of different paths,analyzes the market effects of the three companies after the return,and uses the financial indicators and principal component analysis method to analyze the financial perform,ance after the return.It also analyzes the greater development opportunities after the return of the three companies and the optimization of corporate governance structure.The research results are as follows:(1)the reasons for the return of China concept shares include the attack of foreign short selling institutions,the trust crisis of China concept shares,the undervaluation of enterprise value,the strategic development needs of the company,the financing needs of the company and the encouragement of the relevant systems of the science and innovation board.(2)Each of the three regression paths has its own advantages and disadvantages.Privatization first and then sci tech Innovation Board IPO audit process is simple,but it costs money;Dual listing of direct IPO is beneficial to broaden financing channels and long-term development of enterprises,but it is not applicable to enterprises with vie structure;Issuing CDRs can avoid dismantling the vie structure and broaden financing channels,but CDR transaction prices are vulnerable to fluctuations.(3)Enterprises with sufficient funds are suitable for privatization before IPO;Enterprises listed in Hong Kong without vie structure are applicable to direct IPO dual listing;Start up technology enterprises with vie structure and large financing demand are suitable for issuing CDRs.(4)After the return of the three Chinese concept stocks,the market effect is good,the financial performance is slightly improved,more development opportunities are obtained,and the corporate governance structure is more reasonable.Finally,based on the research conclusion,this paper puts forward the Enlightenment of stock concept in the regression:when returning to the scientific innovation board,it should pay attention to three points:considering whether it is suitable for the scientific innovation board in combination with the enterprise situation,knowing the characteristics and applicability of each regression path,and selecting the regression path in combination with the enterprise characteristics;The paper puts forward the enlightenment to the regulators:China still needs to further improve the multi-level capital market system,promote the diversification of the return path of Chinese concept shares,improve the relevant audit system and improve the supervision of information quality. |
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