The Return Path Selection of Red-chip Enterprises:Comparative Analysis Based on Multiple Cases
Based on the irreversible trend of red-chip enterprises returning to the A-share market,this paper takes China Mobile,SMIC and Ninebot as case samples to conduct an exploratory study on the paths and potential risks of overseas red-chip enterprises returning to local listing.It is found that the current return of red-chip enterprises mainly includes the traditional path and the innovative path,and their applicability to enterprises differs,as shown by the fact that enterprises meeting the requirements of the pilot scope can choose between the innovative path,while non-scope enterprises can only adopt the traditional path.Meanwhile,the IPO model in the innovative path involves the risk of legal,internal control,termination of listing and control transfer,while the product risk and VIE structure risk of the CDR model also cannot be ignored.In the traditional path,companies need to consider the asset restructuring,benefit distribution and tax risks arising from the dismantling of the red-chip structure.The research conclusion can provide a useful reference for more red-chip enterprises to return to domestic listing in the future and the risks they may encounter in the process.