A Study On The Causes,Paths And Economic Consequences Of The Privatization Of China Concept Stocks Returning To A-share Market

In recent years,due to the influence of malicious short selling,financial fraud and other factors frequently encountered by some foreign research institutions,the stock price and valuation of Chinese concept shares companies listed in the U.S.have been greatly reduced.In addition,in recent years,China has vigorously promoted the reform of the financial market,and the A-share market has recovered.The U.S.capital market has set off a wave of private delisting of Chinese concept shares companies,and Chinese concept shares companies have been seeking for more and more Return to the A-share market.In a few cases of successful privatization and return to the domestic capital market,Wuxi apptec is the first medium-sized company to successfully return to A-share in the form of IPO.It participated in the privatization wave in 2015,and as a unicorn enterprise,it has attracted much attention.The return method and path have high research value.Wuxi apptec not only provides high-quality target assets for domestic investors,but also develops a new way when the backdoor return mode is cold.It successfully completes the privatization delisting and A-share re listing by the innovative return mode of "one split three".With the help of the green channel of IPO,it only completed the meeting in 50 days,bringing more possibilities for the diversity of the return path of Chinese concept stocks.On the basis of the existing research,this paper takes Wuxi apptec as an example to analyze the motivation,path choice and economic consequences of the privatization of Chinese concept shares enterprises and summarize the process and characteristics of the return path,so as to enhance the integrity and credibility of the case study conclusion.Firstly,this paper briefly introduces the research background,significance,research ideas and so on.Then,it expounds the related concepts and theories of China concept stocks,and analyzes the motivation and current situation of China concept stocks listing and delisting overseas.Then,the paper expounds the optional path of private delisting and re-listing of Chinese concept shares enterprises.On this basis,this paper makes an in-depth case study of Wuxi apptec.Through the analysis of its market environment,political environment,cultural environment and other factors,we can get the motivation of its return to the domestic capital market.Then,the paper focuses on the path planning of Wuxi apptec's return to the domestic capital market,and analyzes the reasons and advantages of its IPO strategic choice of "one break three".Then it analyzes the market reaction and financial effect caused by the return of privatization of Wuxi apptec,and explores its cumulativeexcess return,stock price,price earnings ratio and financial performance by using the event study method and financial index analysis method.Finally,the paper summarizes the conclusions of the study,and puts forward targeted suggestions from the aspects of enterprises,supervision and capital market investors,in order to provide useful reference for other Chinese concept shares enterprises preparing to return abroad.The conclusion of this paper also has important reference value for improving capital market supervision,promoting domestic financial reform and economic development.