역외 상장된 중국 기업의 현황과 중국 증시 회귀 문제에 관한 연구

Abstract

This paper analyzed a series of trends in which Chinese companies leave the Chinese stock market and start listing on the offshore stock market and return to the Chinese stock market from the offshore stock market. Because it is difficult to list on the Chinese securities market when they are unable to escape chronic demand for money, Chinese companies have sought a new way of listing offshore. And securities authorities in each country want to develop the securities market by attracting Chinese companies to their securities markets. For an investment bank that takes over a company's listing, the listing of an Chinese company on the offshore securities market brings enormous profits. Under the circumstance, the offshore listing of Chinese companies has been in progress very actively. Due to investors' high expectations for listed Chinese companies, stock prices of Chinese companies were generally very high on the day they were listed. After listing, however, Chinese companies' stock prices fell across the board as problems such as accounting manipulation and false information were revealed. Thus, investors who invested in Chinese companies suffered considerable damage, and they became distrustful of Chinese companies. Damage from the low valuation of Chinese companies will not only occur to investors, but also to blue-chip Chinese companies listed on offshore stock markets. The undervalued Chinese company is again knocking on the Chinese stock market. It is very advantageous for offshore listed companies to return to the Chinese stock market as they can take advantage of the institutional advantage of bypass listing.