| In 1992,after Brilliance Auto went public in the United States,it began the journey of domestic companies going public in the United States,and these enterprises were called Chinese concept stock enterprises.After 2010,due to the impact of foreign shorting turmoil and the proposal of the domestic registration system,Chinese concept stock enterprises have successively been privatized and delisted from the US stock market and returned to the domestic capital market.Since2018,the external environment faced by Chinese concept stock companies has undergone earth-shaking changes,on the one hand,the promulgation of the US Foreign Companies Accountability Act has put these companies at risk of delisting.On the other hand,the Hong Kong Stock Exchange has successively revised its listing policy to allow a large number of Chinese concept listed companies to use secondary or dual listing methods to list on Hong Kong stocks.As a result,these two models have become the enthusiastic return methods of Chinese concept stock enterprises in the past two years.In this paper,two cases of NIO,which was listed in Hong Kong using the secondary listing route,and ideal automobiles that were listed in Hong Kong using the dual listing route,were selected to study and analyze the characteristics of these two paths and the effects after regression through the use of literature analysis method,case analysis method and comparative analysis method.First of all,for each case,this article summarizes the reasons why enterprises choose this path by combining their own factors and the characteristics of the regression path.Secondly,each case analyzes the economic consequences of the return of enterprises from the market level,financial indicator level and non-financial indicator level.Finally,by comparing the relevant policies of these two paths with the economic effects of the two enterprises after their return,this paper summarizes the characteristics of these two paths,draws corresponding conclusions,makes suggestions for the choice of return paths for Chinese concept stock enterprises that have yet to return,and puts forward relevant suggestions to regulators.This paper finds that both NIO and Li Auto have chosen the most appropriate regression method according to the company’s own perspective and external environment changes,so the regression mode of the two is not the same.In addition,the performance of Li Auto after its return is significantly better than that of NIO.Through the comparison of these two cases,it can be found that the advantages of the secondary listing path are more reflected in the listing link,and enterprises can be listed with lower thresholds and more relaxed conditions.In addition,post-listing enterprises can enjoy certain exemptions.However,since the listing of enterprises in Hong Kong stocks is not independent,this path cannot well prevent the risk of delisting from US stocks.The advantage of this path of dual listing is that it can largely avoid the risk of delisting from the US stock market,and enterprises can also be included in the Hong Kong Stock Connect to attract A-share investors.In addition,the return to this method has better performance than secondary listings,and can also get a more positive market response when announcing the listing news.However,the disadvantage of this approach is that because the stocks of corporate U.S.stocks and Hong Kong stocks are not liquid with each other and are relatively independent,if the Hong Kong stock market does not perform well,its negative sentiment will be transmitted to U.S.stocks and affect the stock price fluctuations of U.S.stocks.Therefore,in view of the current changes in the international environment,the best way for enterprises to return is dual listing.If the enterprise cannot meet the dual listing conditions,it can adopt a secondary listing and then convert to dual listing.NIO and Li Auto are both leaders in the new energy automobile industry,but they have adopted a completely different model when they return.Through the summary of the reasons for the choice of the return path of these two enterprises and the comparative analysis of the economic effects after the return,we can provide some reference and reference for Chinese concept stock enterprises that have yet to return to the Hong Kong stock market. |
