SMIC Cross-listing Performance Research

High-tech enterprises are the most active groups in my country's scientific and technological innovation,and the development of high-tech industries is the source of my country's technological innovation and economic progress.Compared with traditional industries,high-tech industries generally have the problems of difficult and expensive financing,which limit the development speed of high-tech enterprises in my country.Due to the high threshold for listing in my country's capital market,a considerable number of high-tech industries chose to raise funds in overseas capital markets in the early stage,including Chinese concept stocks like SMIC.In recent years,Chinese stock companies in overseas markets have been raided by short sellers from time to time,resulting in depressed stock prices and reduced market value.The start of the Sino-US trade war has suppressed Chinese stock companies and reduced their financing capabilities.At the same time,due to the rapid development of my country's capital market and the encouragement and promotion of govermment regulatory authorities,a considerable number of Chinese concept stocks have chosen to return to A-shares to achieve cross-listing.Based on this background,this paper fully draws on the relevant literature,uses the method of combining theory and practice,financial performance and market response,aiming at the financing problems of high-tech enterprises with the background of Chinese concept stocks,firstly from the financing constraint theory,investor cognition theory,etc.From the perspective of relevant theories,this paper analyzes the motivation of SMIC's cross-listing;secondly,using traditional financial index method and factor analysis method to analyze SMIC's financial performance after cross-listing,the results show that the realization of cross-listing does bring The improvement of SMIC's financial performance has come;the market performance after SMIC's cross-listing is analyzed using the long-term and short-term event research method.The results show that the long-term and short-term market reactions of the Hong Kong stock market after SMIC's cross-listing are equally it is negative,but because the stock price fluctuation is affected by many factors,the stock price fluctuation is affected by the change of international relations,so the comprehensive financial performance and market reaction believe that cross-listing is beneficial to the development of the company Therefore,returning to A-share cross-listing can be used as a financing path for high-tech enterprises in China concept stocks;finally,relevant suggestions are put forward based on the research conclusions.As a leading company in my country's chip industry,SMIC's research on the performance of SMIC's return to A-share cross-listing is of great significance for alleviating the financial tension of hightech enterprises and promoting the development of high-tech enterprises.The process of successfully realizing A+H cross-listing for Chinese concept stocks also provides a reference for the return of other Chinese concept stocks.