In fact, many "Chinese enterprises" are no longer Chinese enterprises, and a large part of their VC and PE are foreign capital. A-round financing like Easy Car Network is invested by Lenovo Venture Capital, but even Lenovo Venture Capital itself is overseas capital, let alone Easy Car Network. Many enterprises are like this, and the place of registration is often not China, perhaps the Cayman Islands, or other places. Because their capital has an overseas structure, these capitalists hope that they can go public overseas, so that they can better help.

second

The reason is the company's own strategic goal. For example, Peak's strategic goal is to build an international brand, so it chose Hong Kong listing instead of China A-share market. Because Hong Kong is relatively close and the cultural differences are relatively small, it is better to go public in Hong Kong. However, it should be noted that the main board in Hong Kong is a market that likes large-cap stocks. Its listed net assets are not less than 400 million yuan, its financing is not less than 50 million dollars, and its after-tax profit in the past year is not less than 6,000 yuan, which meets the financial requirements of listed companies. Then, in fact, many Internet-related enterprises, the best of which are listed overseas, such as Sina, Sohu, Netease, Tencent, Baidu, Ctrip, Giant and Shanda. There are many listing thresholds in the domestic A-share market, but these enterprises have not reached this threshold yet. For example, the A-share market requires three consecutive years of profit, and companies in emerging industries simply can't do it, so they can only choose overseas listing.

Overseas listing also requires high corporate governance and strict supervision system, which will force enterprises to control water.

Ping by going up one flight of stairs. For example, the company's risk needs to be written at the beginning of the prospectus listed in the United States, because

Explain that these risks of the enterprise have been clearly stated in advance, and in case the stock price falls due to these risks, invest.

People can't sue us The issuance of the A-share market is like a pamphlet, which does not force enterprises to improve public interests at all.

The influence of corporate governance.

As far as a single enterprise is concerned, it is necessary to pay attention to:

1 listing process. Probably in the domestic A-share market, it will take a long time because of the examination and approval system. Like the United States, it is registered.

System, as long as all meet the requirements can be listed.

2 valuation level. Although the P/E ratio of China A-share market is the highest in the world, it is hard for all other markets to reach, but

But if it is a new industry, their listing in the United States can achieve the same effect.

3 cost. Listing in the United States obviously costs a lot, and requires the approval reports of good accounting firms and law firms, but it is invisible.

Low. Listing in China has low explicit cost and high implicit cost, which is full of various shallow rules.

4 Follow-up financing. It is as difficult to issue shares in the domestic market as IPO, but it is difficult to issue shares in overseas markets.

It has dropped a lot.

5 brand promotion or strategy. If you only need to meet the domestic consumer market, then you can go public in China, but if you play

Going international, overseas listing is the first choice.