A Case Study On The IPO Of CATL-A Unicorn Listed Company

Since 2018,China has vigorously promoted the development of science and innovation enterprises,and encouraged "unicorns" enterprises to list in China or return to the A-share market.The government's work report in 2018 regards encouraging and supporting innovative enterprises to list and finance as an important strategic part of economic work.The "Several Opinions on Pilot Issues of Stocks or Depositary Certificates in Innovative Enterprises" issued by the SFC is intended to attract high-quality enterprises to list in A-shares with more flexible mechanisms and means.On June 11,2018,Contemporary Amperex Technology Co.,Limited(hereinafter referred to as "CATL")was listed on the Shenzhen Stock Exchange.It took only 24 days from the announcement of the prospectus to the meeting to refresh the record of the shortest time of the IPO meeting and become the third Unicorn company listed in A shares.Previously,due to a series of problems faced by A-share listing of Unicorn enterprises,most of our Unicorn enterprises listed in overseas capital markets,and most of the unlisted ones did not meet the domestic IPO conditions.Under the new policy background and the influence of Unicorn enterprises on regional economy,local governments have put forward plans to cultivate Unicorn enterprises and issued a series of policies and measures to encourage and attract enterprises to go public.This paper selects the CATL as research object,firstly studies the listing route and influencing factors of the unicorn enterprise.Secondly,it gives a comprehensive introduction to the case from the enterprise profile,IPO motivation,listing process and social influence of CATL.Thirdly,based on the perspective of regional environment,IPO conditions,financial performance and market reaction,this paper comprehensively analyzes the IPO cases of CATL.Finally,on the basis of listing cases in CATL,this paper puts forward some countermeasures and suggestions on related enterprises,local governments and the improvement of China's listing mechanism.