A Case Study On The Risk Diversification Effect Of Multiple Listing Layout And Of Chinese Concept Stocks Under Institutional Delisting Pressure

The U.S.stock market and the characteristics of development,maturity,attracted many Chinese enterprises to the U.S.listing,this wave of listing in the U.S.capital market opened the door,but also brought difficulties.At the beginning of this century,the Sarbanes-Oxley Act imposed strict requirements on overseas companies listed in the United States,making many companies pay high implementation costs to achieve the objectives of the Act.In recent years,trade protectionism and counter-globalization have been on the rise.In order to defend its interests in economic and technological hegemony,the United States has enacted the Foreign Companies Accountability Act,which contains provisions that clearly discriminate against Chinese enterprises,and has suppressed hundreds of Chinese companies and institutions by including them on the "list of entities." The bill not only makes it harder for Chinese companies to list in the U.S.,but also puts pressure on listed Chinese companies from U.S.institutions and exchanges to delist.By the end of 2022,159 U.S.stocks were included in the delisting list,forced to bear the greater risk of forced delisting,the development prospects of enterprises more difficult.From the current Sino-US trade relationship,the development of Sino-US audit supervision cooperation has greatly affected the possibility of economic sanctions against listed companies in the United States.In addition,US shorting agencies are eyeing two short campaigns in 2011 and 2018.After the Lucky Coffee Event,Chinese companies are facing a more severe crisis of confidence in the US,and companies in China are facing extremely high risk of shorting,so it is hard to avoid the pressure of delisting.Under such increasing pressure for institutional delisting,the success of Alibaba’s secondary listing in 2019 set off a multiplex listing upsurge,and the companies with shares in shares in shares in shares in shares in shares in shares in shares in shares in shares in shares in shares in shares in shares in shares in shares in shares in shares in shares in shares in shares in shares in shares in shares in shares in shares in shares in shares in shares in shares in shares in shares in shares in shares in shares in shares in shares in shares in shares in shares in shares in shares.In order tofurther verify whether the multiple listing layout is conducive to dispersing the risks caused by the institutional delisting pressure,this thesis selects three enterprises,Weilai Automobile,Xiaopeng Automobile and Ideal Automobile,as cases to sort out the institutional delisting pressure and related risks faced by them in the United States.By analyzing the dispersion effect of their financing channels,globalization layout effect,organizational structure optimization effect and financial effect after their multiple listing in different places,it concludes that the multiple listing layout of the Chinese stock enterprises is conducive to dispersing risks under the institutional delisting pressure in the United States.In 2022,the Party’s Central Economic Conference defined the major policies and key tasks for future economic work,namely,to create a more stable and predictable international regulatory cooperation environment.Under the current international background,the enterprises themselves should actively plan the multiple listing layout,find a way out for the escalating crisis of forced delisting,and actively respond to the impact and risks brought by the "long arm jurisdiction" of the United States.