中国企业海外IPO地点选择与定价影响因素分析——以拼多多赴美IPO为例

Analysis of Influencing Factors of Overseas IPO Location and Pricing of Chinese Enterprises ——Taking PDD U.S. IPO as an Example

以电商企业拼多多赴美IPO为例,分析了影响中国企业海外IPO在地点选择与定价方面的关键因素。研究发现:海外证券市场的机制优越性、更短的上市周期、更高的估值水平、更强的融资能力等特点是影响中国企业选择海外IPO地点的关键原因,企业的财务状况、所处行业的特性、市场供求状况和承销商行为会对海外IPO定价产生关键影响,中国企业海外IPO要树立正确的上市观念、打造专业的人才团队、选择正确的中介机构、自身正确定位,恪守市场制度、制定合理计划,选择最佳上市方案。

Taking the IPO of PDD,an e-commerce enterprise,as an example,this study analyzes the key factors affecting the location and pricing of Chinese enterprises’overseas IPO.It is found that the advantages of overseas securities market mechanism,shorter listing cycle,higher valuation level and stronger financing ability are the key factors influencing Chinese enterprises to choose overseas IPO.At the same time,the financial condition,the characteristics of the industry,the supply and demand of the market and the behavior of underwriters also have a key impact on the pricing of overseas IPO.Finally,this study puts forward some reasonable and feasible suggestions for Chinese enterprises’overseas IPO,such as setting up the right concept of listing,building professional team and choosing the right intermediary.