Research On The Path Of Sixiang Unlimited Listing

In recent years,with the development of China's new economy,many private enterprises need more funds to maintain and expand their operations.However,due to the restrictions on domestic fund-raising conditions,especially for private enterprises,whether to borrow funds or apply for listing,are difficult.Therefore,overseas listing has become the choice of many large-scale private enterprises.In recent years,the capital activities of domestic companies listed abroad are also in full swing.In addition to the path of Chinese and foreign stocks listed in the United States in the early days,there is now a way to list abroad-SPAC.SPAC,as a new listing tool,has become one of the measures for many Chinese enterprises to raise funds and go public.Using SPAC listing,not only can reduce the cost of enterprise financing,shorten the listing time,but also can open the company to enter the capital market threshold,for Chinese enterprises kill two birds with one stone.Therefore,through the case study of SPAC listing,we can provide basis and enlightenment for those companies that are preparing or going to list SPAC.Based on the literature review of SPAC listing,this thesis makes a comprehensive review of the basic concept,operation mode and operation flow of SPAC listing mode,clear SPAC to help companies listed on the U.S.Stock Market Logic and principles.After that,this thesis selects a typical case of Sixiang Infinity,which successfully listed on Nasdaq via SPAC,to conduct an in-depth case study,this thesis analyzes the applicability of SPAC listing model to Sixiang unlimited listing from the following aspects: The motivation analysis of SPAC listing,the listing process and the effect analysis after SPAC listing.Based on the full-text research,this thesis draws the following conclusions: First: Emerging Growth Enterprises can get rid of domestic financing constraints by choosing SPAC,compared with a shares,H shares listed directly,for private enterprises with limited financing channels in China,reverse merger,Reverse takeover and other ways of listing,using SPAC listing is not a better choice;Second: SPAC is a low-cost and high-time-effective way to promote product internationalization,which can not only contact international capital to the greatest extent,but also raise international funds for enterprises,Third,investor arbitrage may lead to the risk of equity discount.Fourth,SPAC is a highly professional and complex financing method,from the selection of M ? A COMPANIES TO THE FORMULATION OF M ? A programs,M ? A companies are in a state of Information asymmetry,therefore,the intermediary institutions of the pros and cons will lead to the operation of this process there is a certain risk.In addition,SPAC listing is an offshore transaction,as well as other transactions,need to comply with our country and the United States dual regulatory regulations.Through the full-text study,this thesis puts forward relevant suggestions.First,enterprises should choose SPAC according to their own characteristics.Second,both SPAC parties carefully select the intermediary.Third,to avoid the risk of SPAC operation and SEC legal supervision.Fourth,pay attention to long-term development to avoid short-term arbitrage impact on the value of the company.Fifth,the introduction of financial investors to protect the founder's right of control.