Study On Characteristics Of Chinese Internet Companies’ Overseas List

By the globalization of world’s economy, Chinese Internet Companies are fond of cross-broad list. In 2014, Internet Companies represented by Dangdang, Jingdong, and Alibaba are all announced plans to list overseas. Therefore, research Chinese Internet Companies’overseas list has obvious practical significance. To discuss the characteristics of Chinese Internet Companies’overseas list, this article will research the reason, the listing way, the listing market and the performance of Chinese Internet Companies’overseas list.Firstly, after study the history of Chinese Internet Companies’overseas list, I think that the develop process of Chinese Internet Companies’overseas list can be divided into three stages:The beginning stage (1999-2000), The developing stage (2003-2008) and The mature stage (2009-Now)Secondly, after analysis the reason, the listing way and the listing market of Chinese Internet Companies’ overseas list. I found that the reasons could be conclude to two types:The external reason and The Internal reason. The external reasons include: the red tape of domestic list, strictly listing conditions of domestic list, and underdeveloped capital markets. The internal reasons included:financing motivation, governance motivation, reputation motivation and enterprise strategy, etc. After in-depth investigation of the listing way and listing market, I conclude that for Chinese Internet Companies:"Backdoor listing" is not a suitable listing way, it would lead to the underestimate of enterprise’s value; The NASDAQ stock market is a more suitable listing market.In the end, "event analysis method" was used to study the market performance of Chinese Internet Companies after their overseas list. We’re trying to explore the performance difference between listed overseas and listed domestic. I select the one-year’s stock data of 35 sample enterprises after their overseas list. Through the research, I get the conclusion:on one hand, the Chinese Internet Companies’market performance of after-list is worse to the performance of overseas market’s average performance; On the other hand, overseas market’s average performance is better than the domestic market’s average performance.