| With the continuous adjustment of China's industrial structure,the tertiary industry has risen rapidly,and the scale of these enterprises has continued to expand,and their financing needs have also expanded.Due to its strength,the US capital market has attracted a large number of companies(this article mainly focuses on the US stock companies in the US market).However,in 2011,China Stocks was affected by the deliberate short selling of third-party institutions overseas,causing dissatisfaction among the Chinese stock companies.Therefore,when affected by domestic policy support,Chinese stock companies have embarked on a return journey.The return of China stocks generally requires three steps: first,delisting from foreign capital markets through privatization;second,dismantling the VIE framework;third,re-listing in the domestic market.When re-listing in China,companies can choose different methods according to their own circumstances and domestic policies.Because the backdoor listing has great advantages in time to market and cost,it has been favored by China Stocks and has become the first choice for returning to the A-share market.However,in this way,choosing a good "shell" is crucial,which seriously affects the successful return of the Chinese stock companies.However,in the current case study,there is relatively little research on shell resource selection.Therefore,this article takes the case of Focus Media's backdoor listing as the research object.Firstly,the process of the return of Focus Media to the A-share market was studied,and the process was introduced in detail.Then,for the event that Focus Media selected HTC New Materials and HEDY holding CO LTD as its target companies in the process of backdoor listing,the background,the factors of influence selection and the reasons for the first failure were summarized.Finally,through the specific data calculation analysis,Focus Media selected HEDY holding CO LTD to obtain the effect of the backdoor listing and the market reaction to the behavior.Therefore,this paper draws three inspirations: First,when companies choose the listed capital market,they should choose according to their own strategies and goals,not blindly follow the trend,and for the Chinese stocks that have already listed overseas.In the process of returning,it is not smooth sailing.The Chinese stock companies that intend to return to the A-share market should rationally decide whether to return to the A-share market.Second,when selecting a specific listing method,the Chinese stock companies still need to dialectically think about their specifics.Situation;Third,to enhance the awareness of risk prevention and take corresponding measures is also an important factor affecting the successful return of enterprises.At the same time,China's regulatory authorities must continuously expand the financing channels of enterprises,create an unobstructed market delisting channel,and strengthen the supervision of corporate information disclosure to promote the vigorous development of China's capital market. |
