Overseas Listing of Chinese Companies： An Overview
摘要
This paper provides a broad-based overvtew oat Chinese compantes listed the United States, Hong Kong SAR, and Singapore. As more and more Chinese companies are seeking listing on international stock exchanges, they must fully understand the costs and benefits associated with overseas capital-raising activities. Above all, they must be committed to addressing investors' concerns over accountability, transparency and corporate governance in general. Examinations of the pricing and post-offer performance of those listed in the U.S. market indicate that American depositary receipts (ADRs )from China have a moderate positive return on the first day of trading but underperform the U.S. stock market in the first three years after offer. These results are generally consistent with the stylized facts about newly listed companies recognized in the prior literature.