| Since the 19 th National Congress of the Communist Party of China,Comrade Xi Jinping has proposed that China’s financial industry should be opened up "sooner rather than later,sooner rather than later".To this end,the Chinese government has promulgated a number of policies and measures in order to open the access threshold of the capital market.A few years ago,China’s capital market system was not perfect,so a number of high-quality unicorns chose to go public overseas,which prevented domestic investors from enjoying the capital dividend of high-quality enterprises.So what should we do? One important measure is the pilot issue system of CDR(Chinese depositary Receipts).On October 29,2020,the Science and Technology Innovation Board of the Shanghai Stock Exchange welcomed the first Depositary receipt in China,and Segway-Ninebot became the pioneer of the issuance of Depositary receipts in China.This successful case provides a new return idea for the majority of overseas unicorn enterprises.Segway-Ninebot as the first successful issue CDR overseas company of China’s capital market has experienced three rounds of inquiries and many meetings,set in the process that listed risks and problems of its own,problems of CDR tools,at the same time the capital market in China is not perfect enough,it also produced some obstacles for the promotion of the CDR.Therefore,taking Segway-Ninebot as an example,this paper studies the application of CDR in China.At the first,the combination of theory and case analysis is to integrate the basic concepts and historical evolution,ADR and TDR experience and CDR development of depositary receipts.Secondly,it analyzes the issuance process of CDR of Segway-Ninebot in detail,including the basic situation of Segway-Ninebot,industry status,the reasons for issuing CDR,the process of IPO login to the science and innovation board and the purpose of fund-raising.Third,we analyze the issues and risks that Segway-Ninebot may encounter during the listing process,the issues that exist in CDR tools,and areas of improvement in China’s capital environment.Analysis has shown that regulators are paying more attention to the sustainable operational capabilities of unicorn companies.the risks and scientific and technological content brought by vie structure,and the conversion and delisting system of CDR tools and underlying securities has not been improved,China’s legal system needs to be improved under the protection of CDR investors,and China’s Unicorn enterprise valuation system has not been improved.Finally,after drawing the analysis conclusion,In order to solve the defects of CDR system exposed by shell objects,corresponding suggestions for implementing CDR in China are put forward,hoping to provide some contributions to the better implementation of CDR in China in the future.This paper hope through to the "Unicorn" listed companies using the CDR Science and Technology Innovation Board on the Segway-Ninebot of this typical case analysis,the key by Segway-Ninebot in the process of using the CDR listed to show their own problems and risks,CDR tools as well as the deficiency of the capital market system in our country the rough edges of the three dimensions were analyzed,and it aims at revealing,It provides reference for unicorn companies to return to China’s A-share market and puts forward suggestions on the development of CDR tools. |
