The Research Of The Return For Date Being Purchased Into The New Three Board (an Over-the-counter Market For Growth Enterprises)

In 1990s, Benefitting from Chinese Opening policy, Many domestic companies try to land in foreign capital market. Owing to China's taking part in WTO, Chinese technology companies start spring up, at the same time, their demands of financing increases. However, Considering the safety and the ideology of this country, our government don't allow foreign capital to invest these emerging industry. In order to make the best use of these external resources, many emerging companies choose America and HK as the final place to land.2010 witnesses the peak to America, this year, sixty—four Chinese companies coming into American capital market.From the second half year of 2010,American—listed Chinese companies face terrible credit crisis. Many reasons such as attacked by professional short bodies, doubted by their investors, cannot adapt to supervision and so on lead lots of American—listed Chinese companies choose to delist. From 2011 to 2015,the number of companies that have received privatization offer or fulfilled privatization is ten times as that twenty years ago. In 2015,Chinese stock market rises suddenly and sharply, after tearing down VIE structure, Baofeng.com created a consequent thirty times limit up record, this promotes American—listed Chinese companies return to a high tide.In December 2015, FMCN.O successfully completed the system of return, as the first fluky one. After this, return way has made progress, There are PWRD.O being purchasing by Chinese—listed company and SFUN.N spinning off its business in order to come back the domestic motherboard market. Facing Chinese Securities Commission people paying attention to American—listed Chinese companies taking advantage of shell resources of the capital market, these corporations have to change their way coming back on the May 6,2016.On the December 6,2015, Baihe.com release news of buy out the Date. O, the Date. O became the main issue as the first one return three new board by the industry company. Why did it choose this different way in its transition period? How would it conduct this project? Will this way is feasible and replicable? These questions attract our interests to explore this new way of return three new board.This article is based on the case of the Date being purchased to the three new board by the Baihe.com,summary the profile and reasons of this return with comparative analysis, chart analysis, financial index analysis. Through these methods, we conclude advantages of this new way, judge its risks and promotional value so that we can put forward suitable advice to different people. This article consists of six parts as follows.The first part is introduction. This part mainly elaborates selected topic background, the research content, methods and related theory and review literature, which lay the foundation and specify the direction for further study. The second part presents American—listed company from four aspects. Firstly, giving an overview of current return situation, then, telling us why these companies want to come back, after that, displaying the traditional methods aimed at landing the main board market, finally, analyzing the new way to the three new board at present strict supervision circumstances. The third part introduces the case of Date from four levels, too. The fourth part concentrates on reasons, advantages and risks to explore this instance in order to make a further thorough inquiry. The fifth part pay more attention to the thought where we discuss the M & A institution of three new board, we analyze the promotion value of this new way and give advice to three related parties. The last part we get the answer of this new way for this American —listed company return trend.Although from this case, the Date can benefit a lot, especially purchased by competitors in the same industry so that will produce great synergies, the risk behind this transaction is worth concerning. There are many decisions such as whether they should choose to come back, where they may go and which way they should choose for American—listed companies should be made based on its fact. For investors, we must be cautious about risks behind these magnificent capital operations. For regulators, when we consider keeping most investors out losses, we also should take the demand of most companies into account. Giving more freedom and space in three new board to corporations like what American has done.In conclusion, becoming the first returning to three new board American— listed company, The creation of Date is worth studying to adapt to present strict supervision.This article makes three great contributions. Firstly, the research for Date has not appeared in academia, this thesis focuses on the return of the Date, lay the foundation of further study on this topic. Secondly, systematic research about American—listed company return make up the missing of our academia. Finally, the purpose of this paper can spread to investors and regulators using the newest data is helpful for the development of our capital market.