A Study On The Motivation And Effect Of Yao Ming Kang De's Return To A-shares

For a long time,due to the harsh conditions in the domestic listing,audit is very strict,resulting in some growth of good companies do not meet the conditions for domestic listing,choose to go to the overseas listing,these enterprises are called Chinese concept enterprises.Since the Chinese companies listed in the United States,the development process can be described as ups and downs.From at the beginning of the market is not optimistic,to the later rapid development of the rise,and finally faced with difficulties and the emergence of China concept crisis,as a result of the emergence of China concept of delisting and privatization wave.However,the way of the return is not plain sailing,but with a variety of obstacles and difficulties.Chinese concept shares want to return,can only through the privatization channel,backdoor return needs a lot of capital support,IPO return queue time is long,high threshold of review,also is not general enterprise energy consumption can afford.As the first Chinese concept stock enterprise to return to a-share through IPO,Yao Ming Kang De provides reference and reference for other Chinese concept stock enterprises by analyzing the innovation and motivation of its regression path.This paper is mainly composed of five chapters.The first chapter is the introduction,which mainly describes the research background and significance of this paper.Then,it collects and integrates domestic and foreign literature on Chinese concept stocks.The second part is the theory of Chinese concept regression,the concept of Chinese concept,the model of regression and the theoretical basis of Chinese concept regression.The third part is the overview of the case of Yao Ming Kang De's regression,including the background of yao Ming Kant's case,the company profile,the mode and process of regression and the motivation of regression.The fourth part is the influence of Yao Ming Kang De's return to a-shares,mainly including the following contents: from the financial performance,market performance,equity structure,company size,corporate governance and related transaction indicators to measure;The fifth part,based on the analysis and discussion in the previous chapter,finally draws the conclusion that the return of Yao Ming Kang De is a successful case,which improves the financial status of enterprises.The research enlightenment is divided into three aspects: for Chinese stock,for regulators and for investments from different pe rspectives,and then gives the research inspiration through the study found that main business separation,weed out the bad assets,and not profitable business,finally return to a-share market IPO,improve the enterprise's financial condition,improve the market performance,increased the wealth of shareholders,shareholding structure than before more concentrated,is advantageous to the production and management decision-making,company's size is much bigger than the listed before.Related party transactions also decreased,which enhanced the quality of operating revenue and reduced the risk of infringement of shareholders' rights and interests.In the long run,it was necessary to pay attention to operational capacity and investment activities.In general,the return of wuxi was relatively successful.Therefore,in view of the conclusion of the case analysis,this paper puts forward the following enlightenment: Chinese concept should correct the regression motivation,should choose the appropriate regression model;Regulators can push forward the reform of approval system to registration system in a timely and steadymanner.To promote the diversification of the regression path of Chinese concept stocks,to provide convenience for the regression of Chinese concept stocks;And investors should always keep rational,do not follow suit.