| At the end of the twentieth century,the policy of opening up had brought new vitality to Chinese enterprises.Internet technology enterprises rose rapidly.But in the result of narrow financing channels,a large number of companies fought for domestic limited capital resources.In that time,Chinese capital market was relatively backward,so it was unable to meet the funding needs of these enterprises to develop.And the government had many restrictions on foreign investment,domestic enterprises began to try to develop with the help of overseas capital markets,setting off a wave of listing.Many companies went abroad.The event that they went to the United States to obtain financing was forced by the situation.In more than two decades,a total of five climaxes were launched in the United States.In 2010,64 domestic enterprises chose to go public in the United States.Many of them were technology stocks.This year reached the peak of the wave of listing in the United States.However,since the second half of 2010,the hot market for Chinese stocks in the United States has not continued.On the one hand,the reason is that domestic and foreign investors have different understandings on the business models and concepts of Internet companies restrict the development of such enterprises.On the other hand,in the face of the attacks of professional short positions and the different regulatory environment between the U.S.and China,it is difficult for Chinese enterprises to adjust.Therefore they withdraw from the capital market in the United States gradually.As the domestic A-share market surges,more and more Chinese stocks began to seek ways to return to the domestic capital market in order to develop in China.In 2015,more than 30 Chinese stocks received their offer of privatization,setting off a wave of returning to China.In 2015,Storm Tech demolished the VIE structure for the first time,returned to the domestic capital market,and successfully registered on the domestic GEM.At the end of2015,Focus Media also began to seek ways to return to the domestic capital market and explored a new path of “privatization and delisting-the removal of the VIE structure-a successful backdoor and A-share listing”,which provided important for other companies.reference.Subsequently,giant network,SouFun and other companies have used thisreturn path to successfully return.However,the China Securities Regulatory Commission has tightened the supervision on the backdoor listing of China's stocks.This route has been blocked,and the return method is in urgent need of innovation.In 2016,Perfect World has created a new path for Chinese stocks to return to A-shares by way of mergers and acquisitions of listed companies,and has become the focus of the return of Chinese stocks.However,the Perfect World is in a challenging period of transition.Why is it trying to find a way out when it develops on the ice? How does this new path of returning to the domestic market with the M&A formula return? Is this new model a viable option? What will it get or what will it suffer? Will this way is feasible and replicable? What lessons does this case bring to us? It is worth our attention and research.This article takes the case of perfect world M&A returning to the A-share market as the main research object.With the aid of literature analysis methods,graph analysis methods and other research methods,this paper comprehensively reviews the status quo and causes of the regression of China's stocks,and at the same time carries out this regression path.Summary and research.Through the analysis,we explore the benefits and risks of its return and summarize the enlightenment and make suggestions for the investors,regulators and investors in the MNC.Finally,it concludes that the return of China Stock Market has been recognized by the market in terms of operating income and development prospects.It has a positive impact on itself and the A-share market. |
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