A Case Study On The Return Of China Depositary Receipts Issued By No.9 Company To A Shares

At the beginning of 2021,a sudden news attracted public attention.The three major operators,including China Mobile,were asked by the New York Stock Exchange to withdraw from the U.S.stock market as soon as possible.The announcement of this news will not only have a lot of impact on the three operators,but also send a warning to other Chinese stocks listed in the United States.Since the rapid development of China’s economy and its increasingly important position in the world,the United States has united with some western countries to try to oppress China in many aspects.These measures indirectly led to the restrictions on the development of China concept shares abroad.At the same time,the domestic capital market has been reformed on a large scale,many listing barriers have been broken,and the listing standards have gradually converged with the international market.Therefore,considering various factors,many large enterprises such as Alibaba,Netease and jd.com have chosen to return to the domestic market.How to choose the return path? Before Qihoo 360 backdoor listing,after Wuxi apptec’s spin off business chose IPO listing,and there were many options for the return path of zhonggai shares.In 2018,the state promulgated the pilot document on the issuance of depositary receipts,which opened a more convenient path for the return of zhonggai shares.Therefore,this paper selects the No.9 company that successfully issued depositary receipts and returned to a shares after the promulgation of the new policy as a case study.As the first "vie + CDR" share listed on the science and innovation board,this paper analyzes the motivation of its return to a shares,the implementation process of the return path,and how the bank and the government cooperate with enterprises to issue depositary receipts,and uses the financial index analysis method to analyze its post listing effect and the risk of issuing depositary receipts,Provide the following reference for zhonggai shares who want to return to the domestic market later: on the one hand,the choice of return path should be based on the enterprise’s own situation and market environment;on the other hand,we should see the risk of Issuing Chinese depositary receipts and take preventive measures in advance.