20世纪90年代,“中国概念股”随着中国资本市场与世界的接轨应运而生。然而时变境迁,中概股公司在海外资本市场的处境越来越艰难,于是远赴国外的中概股纷纷开启了回归之路。本文以网易集团为例,对中概股公司回归港股上市的动因及市场效...20世纪90年代,“中国概念股”随着中国资本市场与世界的接轨应运而生。然而时变境迁,中概股公司在海外资本市场的处境越来越艰难,于是远赴国外的中概股纷纷开启了回归之路。本文以网易集团为例,对中概股公司回归港股上市的动因及市场效应进行分析。其中回归后的市场效应从公司估值变化、市盈率变化以及基于事件研究法的市场反应等方面进行评测,得到的结果显示公司估值及市盈率在短期内均有提升,上市后美股及港股累计超额收益率均显著,表明其回归港股后各市场效应均良好。In the 1990s, “Chinese concept stocks” came into being with the integration of China’s capital market with the world. However, with the passing of time, the situation of Chinese concept stock companies in the overseas capital market is becoming more and more difficult, so the Chinese concept stock companies that have gone abroad have embarked on the road of re-listing. Taking the case of NetEase Company’s secondary listing as the research object, this paper analyzes the motivation and market effect of Chinese companies that are returning to Hong Kong stock market. The market effect after the return is evaluated based on the aspects of company valuation changes, PE changes, and market reactions based on the event research method. The results show that the company valuation and PE ratio have increased in the short term, and the cumulative Abnormal return of US and Hong Kong stocks after secondary listing is significant, indicating that the return of NetEase to Hong Kong stocks has produced positive market reactions in both markets.展开更多
文摘20世纪90年代,“中国概念股”随着中国资本市场与世界的接轨应运而生。然而时变境迁,中概股公司在海外资本市场的处境越来越艰难,于是远赴国外的中概股纷纷开启了回归之路。本文以网易集团为例,对中概股公司回归港股上市的动因及市场效应进行分析。其中回归后的市场效应从公司估值变化、市盈率变化以及基于事件研究法的市场反应等方面进行评测,得到的结果显示公司估值及市盈率在短期内均有提升,上市后美股及港股累计超额收益率均显著,表明其回归港股后各市场效应均良好。In the 1990s, “Chinese concept stocks” came into being with the integration of China’s capital market with the world. However, with the passing of time, the situation of Chinese concept stock companies in the overseas capital market is becoming more and more difficult, so the Chinese concept stock companies that have gone abroad have embarked on the road of re-listing. Taking the case of NetEase Company’s secondary listing as the research object, this paper analyzes the motivation and market effect of Chinese companies that are returning to Hong Kong stock market. The market effect after the return is evaluated based on the aspects of company valuation changes, PE changes, and market reactions based on the event research method. The results show that the company valuation and PE ratio have increased in the short term, and the cumulative Abnormal return of US and Hong Kong stocks after secondary listing is significant, indicating that the return of NetEase to Hong Kong stocks has produced positive market reactions in both markets.
