Research On The Motivation And Performance Of Kingsoft Office's Spin-off And Return To A-share

Before 2019,in China’s practice,regulatory authorities did not make clear provisions for domestic spin off listings,resulting in relatively few cases of domestic spin off listings.With the establishment of the SSE STAR Market in 2019 and the CSRC’s approvalof SSE STAR Market spin-off,the A-share market of our country is expected tousher in a return upsurge of SSE STAR Market spin-off.For information technology companies with large R&D investment,they have a strong demand for spin off listings.Kingsoft Office is a leading domestic office software enterprise,Kingsoft Office Software is the first Hong Kong stock company to apply for an IPO on the SSE STAR Market and successfully spin-off and return to the SSE STAR Market.What is the motivation for the spin-off of Kingsoft Office Software,what is the reason for its successful spin-off,and what is the impact on the performance of Kingsoft Office Software after the return of the spin-off,all of which have important reference significance for relevant research and the subsequent practice of the spin-off and return of enterprises to A-share.This paper expounds the following main viewpoints:(1)After the failure of listing on the growth enterprise market,Kingsoft Office improved the path to return to A-shares,increases its own scientific and technological innovation attribute through various strategies,enables it to enjoy policy benefits,and makes full preparation at the early stage,which saves time for achieving fast regression;(2)Kingsoft Office fails to successfully list the A-shares on the growth enterprise market.One of the reasons for this failure was due to the defects of the approval system itself,that is,the audit time was too long and the audit efficiency was too low,so it actively abandoned the application for IPO on the GEM when the Science and Technology Innovation Board was about to be established.This paper first introduces the basic information of Kingsoft Office and its subsidiary company,then analyzes the reasons for the spin-off,and then uses the event study,financial index analysis and non-financial index analysis.In the long run,the effect of spin-off and listing is limited.Only by strengthening the core competitiveness of enterprises can performance be improved radically.Through the successful experience of Kingsoft Office return to A-share listing,the following enlightenment can be obtained:(1)Based on the long-term development,carefully examine the reasons for the separation and return;(2)Pay attention to regulatory trends and select appropriate spin-off places;(3)Pay attention to changes in macro-political environment and improve policy sensitivity.