Study On The Motivation,Path And Economic Consequences Of Red Chip Enterprises Returning To A-Share Market

In the 1990 s,China’s Internet industry flourished.Due to domestic listing requirements’ high standards,a large number of enterprises have gone overseas listing.After entering the 21 st century,with the development of China ’ s market economy and the deterioration of foreign environment,these enterprises have been greatly affected,so they have chosen to return to domestic listing.At the same time,with the opening up of domestic policies,a number of red chip enterprises registered abroad,which have not yet been listed,also give up the plan of overseas financing and gradually return to domestic listing.Since the process of red chip enterprises returning to A-share listing is relatively complex,and such phenomena have occurred in recent years,there are few relevant studies.This thesis starts from this to explore the motivation,path and economic consequences of red chip enterprises returning to A-share listing.This thesis adopts the method of theoretical analysis and case study.Firstly,it analyzes the current situation,motivation,path and influence of red chip enterprises returning to A-share listing.Then select the path of issuing CDR,combined with the typical case of Segway-Ninebot which is listed in A-share for the first time,the motivation,detailed methods and procedures,possible risks and economic consequences of its return to A-share are discussed in detail.Through the study concluded that: on the one hand,for red chip enterprises,should be a detailed analysis of their own conditions,and take the most appropriate way to go public;on the other hand,for the regulatory authorities,the successful issuance of Segway-Ninebot has witnessed the practical application of CDR in China’s capital market.However,compared with the mature and complete application system of depositary receipts abroad,CDR still needs to be carried out in institutional design,laws and regulations.