A Comparative Study Of The Motivations And Influencing Factors Of Jumei Youpin's Two Privatization Delisting

For a company,listing in the capital market will not only enhance its financing ability,but also improve its operation and management mechanism.The domestic capital market is late in development,the rules and regulations are not perfect,and the listing procedures are cumbersome.In contrast,foreign capital markets are mature and the threshold for listing is low.In the context of economic globalization,overseas markets opened up and many domestic companies chose to go public in the U.S.and obtained a large amount of financing opportunities in a short period of time.However,the good times did not last long,the foreign capital market was cold and the financing ability of enterprises was restricted,coupled with the strict regulation of listed enterprises in the U.S.and the deliberate destruction of shorting agencies,the survival space of Chinese companies in overseas decreased.2015 many Chinese stocks chose to privatize and delist,opening the tide of privatization and delisting.With the gradual improvement of China’s domestic capital market and the registration system reform on the agenda,the U.S.government released the latest bill in 2020,which imposed stricter regulation on Chinese stocks,while the stock market plummeted due to the emergence of the new crown epidemic,coupled with the further intensification of Sino-US friction,Chinese companies once again chose to privatize and delist.This paper takes Jumei Youpin as the research object,firstly,introduces the process of Jumei Youpin’s two privatization delisting,and analyzes the motives of Jumei Youpin’s two privatization delisting by using the existing privatization delisting motive theory.Secondly,we compare the factors influencing the two privatization delisting of Jumei Youpin.Using research methods such as factor analysis,event analysis,and quantitative and qualitative analysis,we conduct in-depth analysis from three perspectives and find that financial performance and changes in the external environment affect the psychological expectations of small and medium shareholders and the needs of companies.Finally,based on the above analysis,other similar cases are cited to further corroborate that appropriate timing of privatization delisting and reasonable acquisition price can enhance the efficiency of privatization delisting.From the perspective of enterprises,it is necessary to be cautious when going public in the U.S.,make a good risk assessment,and grasp the timing when going private;from the perspective of the regulator,it is necessary to improve the supervision mechanism of privatization delisting,improve the process of privatization delisting,ensure the smooth implementation of privatization delisting and protect the interests of investors.