A Case Study Of Mindray Privatization Return To A-share Market

At the initial stage of the development of China's capital market,many enterprises in emerging industries cannot meet the listing conditions and choose to go to the overseas capital market mainly to list on the American market for financing.At the initial stage of overseas listing,Chinese concept stocks are sought after by market investors,but with the impact of financial fraud,investors' doubts and shorting institutions to carry out a series of actions against the stock price of Chinese concept stocks lead to the stock price of Chinese concept stocks to decline after a setback,the financing of Chinese concept companies blocked,business development is also suppressed.However,the domestic capital market develops rapidly and the capital market system is gradually improved.At present,the main board market,small and medium-sized board market,gem market,science and innovation board market and other market segments have been formed.Encouraged by national policy,a large number of probable companies choose privatization,and then return to the domestic market,including mindray medical equipment industry's leading enterprises in the privatization in China after delisting selection IPO return directly,this kind of situation in privatization is in regression is a rare case,the uniqueness and extremely representative significance.On the basis of previous studies by scholars,this paper combinedrelevant theories and case study methods to analyze the regression cases of mindray privatization,sorted out the process of mindray privatization regression,and analyzed and summarized the causes of mindray privatization regression and the reasons for its success.By using the event study method,the financial ratio analysis method and the case itself,this paper analyzes the influence of mindray privatization return on corporate financial performance,market performance and corporate governance structure.Finally,the study concludes that there are three reasons for the return of mindray privatization: changing the status quo of undervalued enterprise value,adjusting enterprise development strategy and avoiding strict regulation.The reasons for mindray's return to the market include making full use of its own funds and bank loans,concentrating the voting rights of the management before privatization,and timely adjusting the return to the market.The return to privatization of mindray improved the financial performance of the enterprise,improved the short-term market performance of the enterprise,improved the corporate governance structure,and brought positive impact to the enterprise as a whole.Finally,according to the above conclusions,this paper gives some enlightenment from the three aspects of Chinese enterprises,domestic investors and domestic regulators.