A Case Study Of Shengda Game Returning To A-share Market

The return of Chinese concept stocks has always been a hot topic.Since 2005,the wave of Chinese concept stocks has never stopped,not only because the valuation of most Chinese concept stocks in overseas capital markets is far lower than that of domestic A shares.In the market,there is huge arbitrage space,and more importantly,the business models of many domestic Internet companies are not recognized by overseas capital markets.In recent years,as domestic policies have improved,interest in China concept stocks has continued to increase,and more and more Chinese concept stock companies have chosen to privatize and delist and return to the domestic capital market,which has initiated a wave of Chinese concept stocks returning to A shares.In this context,the author uses Shanda Games as a case study to study the return of Chinese concept stocks to A shares,and provides experience for Chinese concept stocks to return to the domestic capital market.This article uses a combination of theoretical analysis and case analysis to comprehensively analyze the process of Shanda Games returning to A shares,put forward enlightenments and suggestions,and finally draw conclusions.This article is divided into five chapters: The first chapter is the introduction,including the research background and significance,research methods and content,the current situation of domestic and foreign research,and the innovations of the thesis;the second chapter is related concepts and theoretical foundations,mainly introducing The concept of privatization and VIE structure,the privatization method and transaction process,the construction and dismantling of the VIE structure,the path of the return of China concept stocks is combed from the traditional return path and the innovation return path,and the analysis involves the return of China concept stocks and mergers and acquisitions.The theoretical basis is elaborated to provide help for the case analysis later;the third chapter is the case description of Shanda Games returning to A shares.For the background of the case and the three related parties involved in the case,it describes the whole process of Shanda Games returning to A shares,from privatization and delisting,dismantling VIEs,and finally returning to A shares.The fourth chapter is the case analysis of Shanda Games returning to A shares.First,analyze the motivation analysis of Shanda Games’ return to A-shares.This chapter focuses on the analysis of Shanda Games’ return path selection and the risks faced in the process of re-listing,and secondly,analysis of the valuation and market effects of Shanda Games before its return.The fifth chapter is enlightenment and suggestion.The enlightenment is drawn from the case itself,and the suggestions are made from the three perspectives of government departments,Chinese concept stock companies,and investors.