Analysis Of The Construction Process And Listing Performance Of Ping An Good Doctor VIE Model

It has become an industry consensus that it is difficult and time-consuming for companies to list in China,and there are various restrictions on direct listing overseas.The successful listing of Sina on the NASDAQ in the United States in 2000 opened a new era of overseas listing under the VIE model.The overseas listing of the VIE model is less difficult,faster,and can avoid industry restrictions.To a certain extent,it has solved the problems in the development process of many enterprises,and finally achieved overseas listing financing and capital expansion.At present,most of the discussions on VIE model focus on law,and there is very little literature specifically analyzing how the VIE structure of Chinese companies' overseas listing is set up,and the performance of VIE model after listing.In the new environment,how to choose a listing method,how to set up a VIE structure in the early stage of listing,and subsequent performance,management,and tax risks of listing have become new issues.Based on the above reasons,this article selected Ping An Good Doctor as the case company.Ping An Good Doctor was the first Chinese company to split from the A-share(Ping An Group)listed company and use the VIE model to achieve overseas listing of "Internet + medical" companies.It has strong representation..This article analyzes the motivation,process characteristics,and performance of Ping An Good Doctor's listing in Hong Kong Stock Exchange with VIE model,and provides experience and reference for companies that are relatively small in the negative list industry,unstable in early profitability,and have great potential for overseas listing,Which enriches the theory of overseas listing of companies,and provides certain operational guidance and experience.In terms of research methods,this paper mainly uses the literature analysis method,comparative analysis method,financial analysis method and economic value added method EVA.Firstly,it introduces the industry of Ping An Good Doctor and the business that Ping An Good Doctor run.It observes the literature on the reasons for the listing of the VIE model,and specifically analyzes the reasons why Ping An Group chose to spin off Ping An Good Doctor through the VIE structure.Secondly,it analyzes the uniqueness of Ping An Good Doctor in the process of setting up the VIE structure in terms of structure establishment and control.It analyzes the effect of PingAn Good Doctor's overseas listing from four perspectives: operating performance,financial indicators,market performance,and intrinsic value.The overall performance is evaluated,the opportunities and risks after the listing were analyzed.Finally,it is concluded that the reason why Ping An Good Doctor chooses VIE to be the way of listing is inseparable from its business model;The reorganization of Ping An Good Doctor's VIE structure and the design of the control level ensures that shareholders,interests and internal opinions are consistent,and the value-added is included in the parent company while maintaining control of the subsidiary;The listing in VIE model has brought Ping An Good Doctor a certain degree of financial,value,market and operating performance,positive effects.In addition,this article gives specific suggestions and improvement measures in the three aspects of the future company's choice of listing methods,the design of the VIE architecture construction process,and the risk prevention measures under the VIE agreement.Providing certain operational guidance and experience for related companies that intend to list overseas in the future.