| In recent years,against the backdrop of the trade war between China and the United States,the United States government has continuously strengthened the supervision of Chinese companies.For example,in May 2020,the Foreign Companies Accountability Act passed by the US Senate set higher regulatory requirements for foreign companies listed in the US,which could be forced to delist if they fail to meet these requirements for three consecutive years.The introduction of the bill exposes Chinese companies to the risk of imminent delisting and a collapse in their share prices.At the same time,the malicious short selling of China Concept stocks by US short sellers led to a rapid decline in the confidence of US investors in China Concept stocks,which were seriously undervalued in the US market.In sharp contrast,China’s A-share market and Hong Kong stock market hold positive support for the return of Chinese concept shares.For example,on January 1,2022,the implementation of Consultation Summary on Reform Views on Optimizing the Listing System of Overseas Issuers lowered the threshold and provided convenience for the secondary listing of Chinese concept stocks and the return of dual-listed major companies to the Hong Kong stock market.In contrast with the attitude at home and abroad,most Chinese concept stocks choose to return to the domestic A-share market and Hong Kong stock market,which sets off the trend of Chinese concept stocks returning.Nowadays,it has been 21 years since the first Chinese stock market return.There are a lot of literatures exploring the motivation,path and performance of the return.However,there are few researches on the new path of "double major listing + introduction listing".Based on the above background,this thesis first summarizes the current situation of the return of Chinese Chinese summary shares,and compares five different types of summary shares’ return path,explaining the advantages and disadvantages of "double main listing +introduction listing" new way of return.Eleven Chinese concept stock companies were selected as the research object,and the principal component analysis method was used to analyze and compare the influence of five different regression paths on the performance of Chinese concept stock regression.Then,we choose Shell Company Limited(referred to as Shell Company),which returns to the Hong Kong stock market by the method of "dual main listing + introduction listing",as the case,and analyze the regression effect of shell company by using principal component analysis,event study and EVA method.Finally,this article discusses the inspiration,guidance for the investors and the influence on the future of Chinese stock market.The results show that:(1)"dual main listing + introduction listing" and backdoor listing after privatization delisting are significantly better than the overall IPO listing,spin-off listing and secondary listing in improving the performance scores of Chinese concept stocks.(2)The results of event study,EVA analysis and principal component analysis all show that the return of shell company to the Hong Kong stock market has a positive effect on promoting its own development and performance improvement.(3)"Dual primary listing + introduction listing",as a new way of return of Chinese concept stocks,points out a new direction for Chinese concept stocks intending to return to Hong Kong stocks.The advantage of this regression path lies in avoiding the risks of the original stock market while protecting the interests of shareholders,separating financing and listing in time,and giving enterprises greater flexibility. |
PDF Full Text Request